No sellers in India, focus on projects to continue: Mittal

NRI steel tycoon L N Mittal today said valuation of steel companies in India had come down significantly but there were no sellers.     

"Today is not the time for acquiring companies... these companies are very cheap today but I do not believe that there are sellers to sell these companies," Mittal said replying to a query on whether he would look at acquisition in India in view of delays in his proposed 24 mn-tonne greenfield projects in the country at an investment of Rs 80,000 cr.      

He, however, asserted that ArceolorMittal would not lose its focus on its major presence in the country.     

High on good quarterly results with net profits growing by 29 per cent to $ 3.8 bn, Mittal told PTI in a telephonic interview from Luxembourg that "everyone is looking for an opportunity".     

Mittal, who has created the world's largest steel empire and threw a slew of mergers and acquisition across the globe, was responding to a query whether he would prospect for more companies as global valuations of entities have come down.     

When asked about the India market, he said "our long-term strategy for India is unchanged.

We continue to believe in India. We continue to believe in its future growth. Globally India is considered as a growth market". "I can clearly see a bright prospect and future for India," he added.     
On the current economic scenario, he said everyone is waiting for quick return to normal scenario.
"There are production cuts in China, in India, all over the world... de-stocking should take place".      He said the Indian government and policy makers should take more steps to create a conducive atmosphere for generating higher demands.