Steel tycoon Lakshmi Niwas Mittal has pledged an investment of about 20 billion dollars for building two 12-million-tonne steel plants in India, where the demand for the commodity is growing rapidly.
Arcelor Mittal, world's largest steelmaker, will spend 35 billion dollars on capacity expansion of steel plants across the world, the company CEO said in an interview with the Financial Times.
According to the report, Mittal believed that two plants in India made sense in a country where the demand for steel was growing fast, even though many in the industry had assumed that only one of the two projects would go ahead.
Read more in The Economic Times article.
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