JAKARTA, May 9 (Xinhua) -- Luxembourg-based steel maker ArcelorMittal has raised its investment cap for new operations in Indonesia to 10 billion U.S. dollars from 3 billion dollars that also includes bid to acquire shares in state-owned Krakatau Steel, local press said Friday.

    Representatives of the company have met with Minister of State-Owned Enterprises Sofyan Djalil in Jakarta to learn more about the government's plan to privatize Krakatau.

    Mittal's executive vice president for finance, mergers and acquisition Sudhir Maheshwari told reporters during a media briefing that during the meeting, the firm had explained it would spend up to 10 billion dollars.

    "But we still don't know how much we will set aside for buying a stake in Krakatau Steel. We're still waiting for the government's decision on the privatization plan," Maheshwari was quoted by major newspaper The Jakarta Post as saying.

    He added that the company was aiming to hold the maximum 49 percent stake in the company while also acquiring shares or a partnership with PT Aneka Tambang, the country's second largest nickel producer.

    "For Mittal there is nothing more critical, nothing more emotional, nothing more sentimental than coming back to Indonesia," he said, nostalgically recalling how the company had its humble beginnings in Surabaya, East Java, in the seventies.