Mittal has also played a key role in pushing for the auctioning of third-generation licences, although some of his competitors are in no hurry to see the introduction of this high-speed mobile service that could be a game-changer in the telecom market.

While questions have been asked about whether the MTN deal passes the test of the various regulatory requirements, Mittal himself has no doubts.

The way the deal has been structured makes it the first major foreign investment proposal under the new rules governing foreign direct investment, which does not count indirect holding when computing the FDI in a company (limited to 74 per cent for telecom); indeed, the deal may be a direct result of the relaxation of FDI rules a couple of months ago -- which means that Mittal has moved quickly.

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