Indians hail Arcelor-Mittal merger

"There is a new economic architecture in India and countries, which had a different mindset, now have to face it that in the new global architecture, India has to be a major player," said Nath, who is currently on a tour to the United States.

Associated Chambers of Commerce and Industry of India (ASSOCHAM) president, Anil Agarwal, in an interview to Asia News International (ANI) said that the Indian industry and the ASSOCHAM in particular was happy with the Mittal-Arcelor deal.

"The Indian Industry, the Indians in general and the Assocham specifically, are happy that the deal has come through and now the Arcelor-Mittal will become world's largest steel company," said Agarwal.

"Mittal Steel will have 10 percent of the total production in the world. They will have some three lakh employees the world over. With this merger and acquisition, Mittal Steel will become 'the steel-maker of the world’," Agarwal added.

He said the deal has given rise to a lot of aspirations the world over.

"It is looking bright and there is a lot of work to do. This deal has given rise to a lot of aspirations the world over, as the world was watching this deal for a while now and there will be a lot of stakes on this now," Agarwal said.