Freedom from the License Raj

Mittal’s empire, which started from nothing in the 1970s, will now produce over 50 million tonnes of steel. The Tata group was the richest by far in India when Lakshmi’s father, M L Mittal, was still a scrap dealer. But the Mittals had skills and gumption, and that mattered far more. Lakshmi Mittal took over one bankrupt company after another, in one country after another, and turned all of them around.

TISCO (Tata Iron and Steel Co) started in 1912, close to a century ago, yet produces barely four million tones of steel, in contract to the Mittals who produce 50 million tonnes. read more >>>