Unable to get regulatory approvals for its proposed USD 30 billion investment, world's largest steel maker ArcelorMittal has for the time being put on hold its India business plans.

Mr LN Mittal said that "It is very difficult to say any thing. When will start the construction, when we will really make the progress. We are not even counting them in our business plans for the next few years.”

Noting that ArcelorMittal is still in the process of securing various regulatory approvals, Mr Mittal further said that his company is waiting for a clear picture to emerge on various government policy initiatives like new mining bill.

He said that "New bills are coming in Parliament. There is a new policy for coal allocation. So, we are really watching the various developments and rules and regulations (that are) coming in. Then only we will have the visibility about the projects in India.”

The world's largest steelmaker has plans to build 2 mega steel plants of 12 million tonnes each in Jharkhand and Odisha and one 6 million tonnne plant in Karnataka at a total estimated investment of INR 1,30,000 crore (USD 30 billion).

(Sourced from ET)