Industrial Development Authority (IDA) started its legal procedures to withdraw the license of constructing steel factory, which was granted to the Indian company Arcelor Mittal in 2008.
Maj. Gen. Ismail Nagdi, IDA Chairman, in statement to “Amwal Al Ghad”, said procedures of withdrawing the license started after IDA sent ultimatum to the company in order to start the construction processes; as the company justified its delay to the instability the country lives, although it had got the license since 4 years.
He added that the procedures came after a discussion with both of petroleum and electricity ministers about the authority’s legal stance.
The Indian company Arcelo Mittal is the whopping steel producer, and it won the license of construction a steel factory in Egypt in return for EGP 340 million; with $1 billion investments.
