Indians hail Arcelor-Mittal merger

Although born in India, Mittal has no operations in his native country. His company is headquartered in the Netherlands, with plants spread over 14 countries - from Trinidad and Tobago to Kazakhstan. The steel magnate lives in London.

But Mittal is a symbol of success here, and a source of inspiration for many Indian entrepreneurs with global ambitions.

Top Indian business and government officials were ecstatic.

"We are happy and proud that an Indian-born entrepreneur is the biggest steel maker in the world," Finance Minister P. Chidambaram told The Economic Times.

Commerce Minister Kamal Nath, who once described the hostile reaction by officials from France and Luxembourg to Mittal's bid for Arcelor as "xenophobia," told reporters he was glad "some countries have realized that globalization is not a one-way street."

Nath said that Mittal's bid demonstrated the "intellectual ability" of Indians and people of Indian origin.