PM Manmohan Singh's interfernce in Mittal fisco with Chirac is worst diplomacy for India
Anil Rane
Feb. 15, 2006

Luxembourg's bid to thwart NRI steel tycoon Lakshmi Mittal's takeover of his nearest rival Arcelor is likely to figure in the discussions Prime Minister Manmohan Singh will have with French President Jacques Chirac who visits India next week.

This could certainly be one of the issues to come up during the discussions, official sources said, adding that it was too early to say at this stage in what form the matter is raised. The Government of Luxembourg, a shareholder of European steel major Arcelor, has indicated that it could rush through a bill aimed at thwarting the NRI industrialist's US$23 billion hostile bid to take over Arcelor. Commerce and Industry Minister Kalam Nath has already flayed the efforts to prevent Mittal Steel to acquire Arcelor. Industry sources here described the move as discriminatory and termed it racial in nature. The French President arrives on a three-day visit to India from February 19.


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