In the past four years, there has been some progress in allocation of iron ore and coal mine--the two key raw materials for steelmaking. The memoranda of understanding for the mineral rich states of Jharkhand, Orissa and Chhattisgarh started pouring in from 2005. Since then, many steel companies, JSW Steel, Tata Steel, Essar Steel, Tata Metaliks, and even ArcelorMittal have bagged either coal or prospecting licence for iron ore.
According to a British magazine, 59-year-old Mittal, who bought a 20 per cent stake in Queens Park Rangers Football Club for 200,000 in December 2007, is considered the wealthiest man among football club owners, with an estimated value of 18.4 billion at his command.
Non-Resident Indian billionaire Lakshmi Mittal has said he does not want a cricket team in the Indian Premier League, and was "glad" for not having bought one already, given the recent controversy shrouding the twenty-twenty format of the game.
With the steel sector rebounding earlier this year, Mittal's wealth according to this list of the UK's rich and the powerful, doubled from 2009-levels to 22.45 billion pounds.
Samajwadi Party General Secretary Amar Singh contributed anywhere from $1 to $5 million to the Clinton Foundation, and so did industrialist Lakshmi Mittal, chief executive of ArcelorMittal, according to information released by the non-profit organisation set up by the former President Bill Clinton to fund a variety of charitable activities around the world, including combating the scourge of HIV/AIDS.
Steel tycoon Lakshmi Mittal on Wednesday asked investors not to be perturbed by the fall in valuation of ArcelorMittal saying he is the largest stakeholder and is interested in creating more wealth for shareholders.
Orissa on Friday said it is geared up to resolve all issues hurting the proposed Rs 6-lakh crore investments in the state, including the Rs 1-lakh crore investments by the global steel giants--ArcelorMittal and Posco.
SAIL currently employs a little under 1,21,000 people. The freshers, to be roped in as management trainees (technical and administrative), would handle the extended operations of the company in near future. The company is in the process of expanding its production capacity to 26.3 million tonnes by 2010-11 for which its would be spending in excess of Rs 78,000 crore.
Billionaire Mukesh Ambani-led Reliance Industries has made it to the annual list of the world's 100 most respected companies compiled by the Wall Street Journal, topped by US-based healthcare products major Johnson & Johnson.
According to the newspaper, Lakshmi Mittal said large parts of manufacturing industry would not suffer the same problems as those parts of the world economy more closely linked to banking and finance such as housing and consumer goods. The India-origin billionaire indicated that substantial parts of the broad industrial sector across the world would perform in a satisfactory way in the next one to two years.
Steel czar Lakshmi N Mittal is keen on selling half of his stake in a Kazakhstan oil field to state-run ONGC Videsh Ltd to tide over the severe financial constraint affecting his planned expansion in energy sector.
Mukesh Ambani-controlled Reliance companies' market cap now exceeds $100 billion (as also Arcelor Mittal's). The new generation winners operate in a myriad sectors, including telecom, commodities such as steel and cement.
ArcelorMittal chief Lakshmi Mittal is the richest man in British football.
Arcelor's decision to unceremoniously dump Severstal for rival Mittal Steel has sparked a predictable backlaksh from Russia, with President Vladimir Putin saying Moscow would protect itself and its citizens from unfair competition.
India Ratings expects long products demand growth to be sharp, supported by a demand push from the government-led infrastructure investments in affordable housing, railways, rural electrification and road networks.
The NRI billionaire also asserted that the steel maker is bullish on India plans and committed to the investments there. ArcelorMittal is committed to its proposed Rs 1-lakh crore (Rs 1 trillion) investment in India, to set up two 12-million tonnes per annum steel mills in the state of Jharkhand and Orissa.
Feedback Ventures, an infrastructure consulting company, Arcelor-Mittal, and Reliance Retail are among the 25-30 companies that went to the Indian Institute of Management, Ahmedabad (IIM-A) this time.
NRI billionaire Lakshmi Niwas Mittal, along with his son Aditya and daughter Vanisha, will see a 15 per cent decline in salaries for their roles at ArcelorMittal, as the steel maker's top brass takes a pay cut in an added effort to contain cost this fiscal.
"It is very unlikely that we get an M&A opportunity in India as Indian entrepreneurs are doing very well and whatever expansion we are planning in India would be through greenfield projects," Lakshmi Mittal told journalists.
The stake was bought for Rs 447 crore (Rs 4.47 billion).
The Ruias of the Essar group have decided to get into yet another takeover battle. And this time they are taking on none other than Lakshmi Narayan Mittal, the owner of world's largest steel maker, ArcelorMittal, to take over the Bulgarian steel firm, Kremikovtzi AD, an ailing steel mill owned by Mittal's younger brother Pramod Mittal.
The Hinduja family is planning investments of about $50 billion (Rs 2 lakh crore) in the next five years in India and abroad, led by a foray into oil and gas in Iran. The closely held group, run by four billionaire brothers, is also planning large investments in real estate, automotives, power and infrastructure, mostly in India, Europe and West Asia.
It is Aditya Mittal, son of steel tycoon Lakshmi Mittal and CFO of ArcelorMittal, who persuaded his father to accept a shareholding of below 51 per cent in the company post its takeover of European giant Arcelor. Before Arcelor takeover, Mittal family held an 88 per cent stake in Mittal Steel. Aditya, who visited a steel plant first at the age of eight, joined his father in early 1997, after working for less than a year as an investment banker at CSFB.
Tata Steel has a technical tie-up with Nippon Corporation for automotive steel production. Nippon is also helping plan the layout of its proposed steel plant at Kalinga Nagar.
In Jharkhand, the company is hopeful of starting work as soon as the mines issue is resolved, while in Orissa, consultants for the detailed project report (DPR) and the socio-economic survey have been appointed.
Steel Minister Ram Vilas said in a meeting that the prime minister could intervene, if need be, to provide iron ore blocks to Lakshmi Mittal, CEO of ArcelorMittal, for his two proposed 12 mn tonne steel plants in India. The world's biggest steelmaker has signed MoUs with Jharkhand and Orissa governments to set up greenfield steel plants wherein it will invest a total of Rs 80000 cr. ArcelorMittal has already been allotted two coal blocks, one each, in Orissa and Jharkhand.
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Mittal Steel Company NV, which acquired Luxembourg's Arcelor SA for $38.3 billion last year, said on Thursday it would complete the transaction in a two-step merger this year.
Lakshmi Mittal and Arun Sarin, two India-born entrepreneurs, have figured out in UK's Power 100 list.
ArcelorMittal, Tata Steel and three other companies are in the race to get control over the iron ore mines in Kawardha, about 120 km from Raipur. The company winning the bid to mine 100 million tonnes of iron ore in Kawardha will have to set up a steel plant. "We have kept the matter pending and any decision on the allotment of the iron ore mines in Kawardha is likely to be taken after the state assembly elections," CMDC Chairman Gourishankar Agrawal said.
Queen's Park Rangers, the Championship football club co-owned by two of the billionaires behind F1, on Thursday welcomed one of the world's richest men into its fold when Lakshmi Mittal bought a 20 per cent stake, writes Roger Blitz.
The Sunday Times said Lakshmi Mittal embodied the rise of a new breed of Indian entrepreneur: confident and commanding on the world stage.
Seeks SEZ status for 12 million tonne steel unit.
Corus, which was acquired by Tata Steel for 6.2 billion in the beginning of this year, is eyeing global network alliances in automotive steel, as it aims to build a strong position in the international market.
Corus, which was acquired by Tata Steel for 6.2 billion pounds in the beginning of this year, is eyeing global network alliances in automotive steel, as it aims to build a strong position in the international market.
Arcelor Mittal will invest $20 billion to set up two steel plants in India, in Jharkhand and Orissa.
It was his nerves of steel and perseverance that helped the world's largest steel producer Laxmi Niwas Mittal clinch the $33-billion deal for Luxembourg-based Arcelor Steel despite hostility.
Arcelor-Mittal proposed two plants in Orissa and Jharkhand of 12-million tonne capacity each. These are the first greenfield projects anywhere by Mittal.
Billionaire Lakshmi Mittal will trust none other than his better half Usha when none of the directors are there to run the world's largest steel company.
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