September 07, 2008

ArcelorMittal plans India listing - Report

It is reported that Mr LN Mittal president & CEO of ArcelorMittal said that he wants to list the company on the Indian stock exchanges by using the Indian Depository Receipts.

He was cited as saying that ‘‘we want to give Indian investors an opportunity to be a part of the world’s largest steel company and would like to list ArcelorMittal in India. Much as I would like to right away current government norms for this purpose are not so feasible. So, we will have to wait a little while before going ahead with our plans.’’

As per reports, the problem is that India is yet to see capital account convertibility that means the money raised by a foreign company in Indian rupees from the Indian markets cannot be repatriated back to its country of origin freely.