Lakshmi Mittal runs the world's largest steel company

One newspaper called the develoment a "harbinger of things to come - economic superstardom [for India]".

'Mittal Steels A Global March', headlined The Economic Times

I am happy that some countries have realised that globalisation is not a one-way street India commerce minister Kamal Nath

"Call it the victory of Indian 'cologne' over European 'perfume'. For large swathes of corporate Europe, the message is loud and clear - India is leading the emerging markets' charge into developed economies, threatening to tilt the balance of corprate power," the newspaper wrote.

The newspaper quoted federal finance minister P Chidambaram as saying: "We are happy and proud that an Indian-born entrepreneur is the biggest steel maker in the world. We wish him well."

Federal commerce minister Kamal Nath echoed a similar sentiment.

"I am happy that some countries have realised that globalisation is not a one-way street. They are realising Indians are creating economic activity in their countries," he said.

"Mittal Gets What He Wanted", headlined The Times Of India.

"Sticking to business and ignoring the often-ugly, insular and racist overtones of his five-month battle to take control of the world's number two steelmaker, the tycoon from India proved that he has nerves of steel," the newspaper said.

The Indian Express said "economic logic has trumped political irrationality" after the deal.

The Financial Express called the deal Mr Mittal's "biggest gamble of his life".

"Mr Mittal conceded to the Arcelor board's demand of greater professionalism and better corporate governance by agreeing to a majority representation by Arcelor on the board of the merged entitity even though he will own 45% equity," the newspaper said.