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The world's largest steelmaker had announced in in 2005 and
2006 with much fanfare setting up of two mega steel plants in
Jharkhand and Odisha.
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Exodus from ArcelorMittal India; CEO
Sanak Mishra leaves
READ MORE ON Sanak Mishra | Lakshmi Mittal | Jharkhand | Essar Steel | ArcelorMittal
NEW DELHI: ArcelorMittal is facing an
exodus of senior management at its India
office, with about 20 top executives,
including its CEO for Greenfield Projects
Sanak Mishra, quitting in frustrations of
having little or no work as company's
projects here have failed to take off so far.
The world's largest steelmaker had
announced in in 2005 and 2006 with much
fanfare setting up of two mega steel plants
in Jharkhand and Odisha, entailing an
investment of USD 12 billion on each
project. Later, it announced seting up
another project of USD 6 billion, this time
in Karnataka. All the projects, however, are
facing delays on some counts.
Last month it said the company was exiting
USD 12 billion project in Odisha citing
inordinate external delays, problems in
acquiring land and securing captive iron
ore resources.
Multiple talks with company's present and
former executives revealed that after
Odisha exit, they are not expecting any big
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Exodus from ArcelorMittal India; CEO Sanak Mishra leaves - The Econo... http://economictimes.indiatimes.com/news/news-by-industry/indl-goods/s...
1 of 5 11/08/2013 5:39 PM
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progress on the remaining two projects due to the prevailing issues, be it regulatory or
problems in acquiring land and securing captive iron ore mine.
Besides, slump in global steel demand in last few years has seriously hampered
ArcelorMittal's ability to proceed with mega investments and company's present focus is
on reducing debt.
Combination of all these factors leads to very little work for the employees in the coming
times in India, they said, while talking about their exits.
The biggest set back for the company was exit of Sanak Mishra, Vice President,
ArcelorMittal and CEO for Greenfield Projects in India. He was spearheading the Odisha
project and had joined the company in 2006 in its erstwhile avatar of Mittal Steel, after
spending 30 years with state-owned SAIL.
People in the know of development said that July 31 was Mishra's last working day in
ArcelorMittal.
Mishra, 68, is believed to be joining Essar Steel in the coming days though it
could not be confirmed from the Ruias-promoted firm. Mishra could not be reached for
comments.
Besides him, ArcelorMittal's Head of Corporate Responsibility Sudhir Sinha, Head of
Corporate Communications Mandakini Sud and Head (HR) had left the company some
months ago.
Its General Manager (Mines) in Jharkjhand S P Prayaga was deputed to Liberia in the
same capacity some time back, while the team, working for Odisha project, is now
disbanded.
Its entire Corporate Communications team had quit by December last year.
Sources also said that ArcelorMittal has surrendered a major portion of the office space
at its corporate office in the national capital as only about one-third of its original
employee strength in Delhi remains.
Queries sent to the company's current India spokesperson remained unanswered.
Besides Odisha, ArcelorMittal has not made much headway at its two other projects in
Jharkhand and Karnataka, involving USD 18 billion investments.
Exodus from ArcelorMittal India; CEO Sanak Mishra leaves - The Econo... http://economictimes.indiatimes.com/news/news-by-industry/indl-goods/s...
2 of 5 11/08/2013 5:39 PM
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NEXT STORY
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NEWEST OLDEST RECOMMENDED (1) MOST DISCUSSED AGREE LOGGED IN COMMENTSNEW!
Though Mittal has never set up a new plant, ever in his carrier. He is basically a Take Over
Tycoon. But it is also a case of Congress. You will notice that whenever Congress has
been in power, growth has always taken downward trend..!!
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Offensive
Had Modi been in center instaed of corrupt UPA2 then Arcelor would have dfinately stayed
and 18 billion investment would have changed India. Vote for Modi and kick out corrupt
UPA2.
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READ MORE ON Sanak Mishra | Lakshmi Mittal | Jharkhand | Essar Steel | ArcelorMittal
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8 Followers
23 Minutes ago
Seng Kally (India)
Silver: 4988
45 Minutes ago
Bhagao (UPA2)
2 3
Exodus from ArcelorMittal India; CEO Sanak Mishra leaves - The Econo... http://economictimes.indiatimes.com/news/news-by-industry/indl-goods/s...
3 of 5 11/08/2013 5:39 PM
Something must be wrong with managment...otherwise why so many top people should
leave???
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Offensive
Policy paralysis. Thanks to the politicians investors are running from country.
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Offensive
AN ALARMING INDICATION FOR THE COMPANY.
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Industry as a whole is in deep trouble and Arcelor's problems are not exclusive. The Steel
giants exit might be the strongest of the exits of its kind India might have ever seen.
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