New Delhi:
Steel billionaire L N Mittal has slammed the Indian government for not being equipped to deal with mega-investments.
Mittal, who is in Delhi, said the Prime Minister is aware of the delays in Mittal's huge steel projects in Jharkhand and Orissa. "We have to blame the whole country for this. We have not experienced this kind of growth and interest in investments in India and the states...neither the central government nor the states were prepared for such growth in the steel industry," said Mittal. He says he will share his concerns with the Prime Minister.
Mittal also refused to commit to a new 30,000 crore steel plant in Karnataka. The project, being pitched personally by Karnataka Chief Minister BS Yeddyurappa, would create 10,000 jobs and rest on 4000 acres. Although Yeddyurappa has assured him the land won't be a problem, Mittal wants guarantees.
That's not surprising. In Orissa, Mittal's steel plant has made no progress in the last four years. The land required has still not been acquired by the government because of local protests.
With its giant reserves of iron ore and its fast-growing market for steel, Mittal needs India. But his patience now seems to be wearing thin, and that could mean bad news for states like Karnataka which are desperate to do business with him.