London-based billionaire steel baron Laxmi N. Mittal is
looking at India as an investment destination and has assured his support in
the technological development of Rajasthan where he hails from.

"Ours is a global company with global vision. We look for opportunities
globally all the time. India is on our radar and we continue to look at what
can be done in India," Mittal said here Sunday evening.

"India has always been a destination for investment. Whenever I meet
foreigners and all the public around the world, I always tell them that
India is a great destination but it depends from industry to industry," he
said.

"We are seeing a growth in the Indian economy and every one is saying that
the Indian economy would grow at the same pace as that of China," Mittal,
here in connection with inauguration of LNM Institute of Information
Technology, added.

Mittal is the chairman and CEO of Mittal Steel Company NV, one of the
largest steel makers of the world, with a shipment of 42 million tonnes and
revenues of over $22 billion in 2004.

Dressed in a blue striped shirt and black pants, Mittal looked
cheerful as he mingled freely with the crowd and also danced with
traditional dancers.

He assured his full cooperation in the technological development of
Rajasthan, the state he hails from. He also promised new IT scholarships for
the students of the institute and expressed his jubilation over the
excellent performance of Indian technocrats at international levels.

The institute offers courses in IT and has been set up by the Lakshmi and
Usha Mittal Foundation, a charitable trust, in collaboration with the
government of Rajasthan.

In reply to a question, he said his group was not planning to diversify. "My
focus remains on steel," he said.

He said the steel industry was very stable at the moment, adding: "You can
see some softness in strength but generally it is stable." He was also
optimistic on the demand for steel in certain sectors and certain regions
are growing.

"Demand for steel is growing in China, Southeast Asia, the Middle East and
South Africa. All the growing economies are growing but in Western economies
and in the US markets the demand is stagnant. However, there is a lot of
momentum in the steel industry.

"The industry is also consolidating at the same time. We see a lot of
changes happening in the steel industry," he said. "Demand and supply of the
product is impacted by oil prices and the news about the economy. So it is a
dynamic situation," Mittal added.