In the eye of storm over his $22.7 billion takeover bid for Arcelor, NRI steel tycoon Lakshmi Mittal faced fresh charges of "excessive pricing" policy over the sale of steel to the local industry in South Africa.
The Times daily quoting sources close to Nippon Steel of Japan on Monday reported that a powerful clause in its 2001 technology tie-up agreement with Arcelor could dramatically reduce a would-be buyer's interest in the French-run company.\n\n
Indian family-run business houses have in recent years seen ugly public spats between owners over control. But metals-to-ports conglomerate Essar's Ruia family seems to be an exception. Three generations of the Ruia family - founder brother Shashi and Ravi Ruia, their children and grandchildren - continue to live under one roof and jointly run the business empire.
The 'Iron Man of India' has emerged a contender to buy English Premiership football club Birmingham City after making an initial inquiry, The Daily Telegraph reported on Wednesday.
NRI steel tycoon L N Mittal will arrive in New Delhi on July 7 to review his India plans, just days after reaching an agreement to merge Mittal Steel with it nearest rival Luxembourg-based Arcelor to create the world's largest steel conglomerate.
With the threat of a third Covid-19 wave looming large, companies are scrambling to protect employees and keep operations safe--from a no-jab-no-entry-at-workplace policy to ramping up vaccination, it's an all-out effort to prevent the scale of devastation seen in the first two waves. At least two top steel companies--Tata Steel and ArcelorMittal Nippon Steel India (AM/NS India)--are pushing for vaccination certificates for entry into work premises. AM/NS India, a joint venture between world's leading steelmaker, ArcelorMittal, and Japan's Nippon Steel, is set to make vaccination the certificate a requirement from July 1.
Many other Indians are heading the businesses at companies abroad.
Steel baron Lakshmi Mittal, on his first visit to India after acquiring world No.2 steel firm Arcelor, will meet Prime Minister Manmohan Singh on Friday
Amid the raging controversy over Mittal Steel's takeover bid for rival Arcelor, the European Union on Tuesday said it was against racial discrimination
Mukesh Ambani continues to remain the richest man in India.
Top ten billionaires in India.
NRI billionaire LN Mittal is among the front runners for a committee being set up to improve ethical behaviour of crisis-ridden Goldman Sachs, says a media report.
The Mittal family stake has shot up to £14.881 billion ($26.517 billion), according to the Sunrise Rich List.
Worried by a spike in Chinese imports, the Indian Steel Association (ISA) plans to take up the matter with the government and seek measures to fix "trade distortions". Alok Sahay, secretary general of the group that represents the country's steel producers, said systemic changes were needed. "In order to take any trade measure, it takes a minimum of 15 months' time, due to prevalence of lesser duty rule in India, making India an easy target. "We are going to write to the government on this," he said.
Corporate India is starting to step up its capital expenditure plans amid government incentives and signs of rising demand, company executives and analysts have indicated. This coincides with the Reserve Bank of India (RBI) recently citing a double-digit growth in private capital expenditure. Healthy balance sheets of banks and corporates, along with increasing capacity utilisation and improving business sentiment, are contributing to a favourable environment for sustained growth in private sector investments, the RBI said in its policy last week.
Sections in France may still be sore about Laxmi N Mittal's takeover of Arcelor but Luxembourg, where the factory is located, is certainly not afraid of the owner of the world's largest steel manufacturer of Indian origin.
Esmark Inc. has entered into a joint venture with Brazilian iron-ore producer Companhia Vale do Rio Doce and Ukrainian steelmeker Industrial Union of Donbass Corp to purchase the plant.
'The concept of an MP IPL team is the brainchild of Kamal Nath.' 'If the Congress government comes to power in the state, he will assemble an IPL team for MP with the assistance of his business contacts.'
Around 241 companies were sent for liquidation under the IBC by various NCLT benches and in only 58 cases have the resolution plans been accepted
The festive season will mean business for the steel industry as it is the time when automotive and consumer appliance companies bump up demand to prepare for higher sales, experts have said. Ranjan Dhar, chief marketing officer at ArcelorMittal Nippon Steel India (AM/NS India), said that bookings by auto and consumer appliance industries are 20 per cent higher ahead of the festive season compared to last year. "While this could be for a couple of months, it could normalise later at approximately 10 per cent," he said.
The Hinduja brothers, who run the multinational Hinduja Group conglomerate with interests across automotive, real estate and oil, moved up from third position last year to top the UK's billionaire charts this year.
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.
Ambani is also the year's biggest gainer, adding USD 9.3 billion to his wealth amid the continuing success of his Reliance Jio broadband telco service.
Reliance Industries chairman Mukesh Ambani continues to top India's richest list, according to the Hurun India Rich List 2014.
59 of the 101 millionaires have seen an overall increase in net worth.
Mukehs Ambani, KLakshmi Mittal, Azim Premji features in top ten rich Indians list.
When the world was upended by the Covid-19 pandemic, metals got its shine back. In the last two years, infrastructure spending by major economies spurred demand, energy transition and intermittent supply disruptions fuelled a scorching rally in metals after a downturn during the first Covid wave. Now, Russia's war on Ukraine is ensuring that elevated prices stay the course.
India has the third highest number of billionaires in the world after the US and China, according to a new list by the prestigious Forbes magazine, which said Reliance Industries chairman Mukesh Ambani reclaimed his spot as Asia's richest person, dethroning Chinese business tycoon Jack Ma who was the richest person in the region a year ago.
"Lady candidates need not apply." So read the postscript in a job notice from Telco (now Tata Motors) on a notice board in the corridors of the Indian Institute of Science, Bangalore (now Bengaluru), in 1974. Irked, Sudha Murty, who was then pursuing her masters in computer science at the institute, wrote a postcard to JRD Tata, expressing her surprise at this gender discrimination, especially since the Tata Group were pioneers on many fronts. Shortly, Murty became the first woman on the firm's shop floor.
Others in the top 10 include Uday Kotak at the 6th place with a wealth of Rs 94,100 crore, Cyrus S Poonawalla at 7th position with Rs 88,800 crore assets, Cyrus Pallonji Mistry at 8th spot with a wealth of Rs 76,800 crore, Shapoor Pallonji at 9th position with a net worth of Rs 76,800 crore and Dilip Shanghvi at 10th slot with Rs 71,500-crore wealth.
Jeff Bezos of Amazon tops the list for the second consecutive year with networth of $147 billion.
Schuldschein is an alternative way to raise funds instead of loans or bonds and deals can run from $12 million to more than $1.13 billion. These instruments include tranches of different maturities and currencies and investors are spread across the world.
Analysts said even though the Indian economy is expected to slow down to 7.2 per cent in fiscal 2020, it is still the best bet for investment for foreign investors.
Posco will have to bid for an iron ore licence to feed its plant.
Insolvency and Bankruptcy Code bound stocks have witnessed a steep fall in 2018.
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