India not prepared to handle mega projects: Mittal

NRI businessman,Lakshmi N Mittal,the CEO of ArcelorMittal,the world’s largest steel maker,has pronounced India ill-equipped to handle big-ticket investments inspite of the country needing over half a trillion dollars to shore up its infrastructure. Mittal,whose company’s projects worth $ 22 billion have been held up for over four years for want of regulatory clearances and land,told reporters this was so because no one quite saw the rapid growth coming.

“We blame the whole country for this because we did not experience this kind of growth,we did not experience this kind of interest in investments in India,” he said,adding that neither the Centre nor the states were prepared for this kind of investment in the steel industry.

In 2005,Mittal signed a pact with Orissa government for a 12 MTPA steel plant and shortly after announced plans for an identical project in Jharkhand,but they are yet to come up. “Clearly,we are not satisfied with the progress that ArcelorMittal has made so far. There have also been delays in processes because Indian government as well as the state governments have never received such… mega investments.”

“I am sure Prime Minister (Manmohan Singh) is also not satisfied with the progress. He has told many a times that these investments should be accelerated,” Mittal said.