A consortium led by the Aditya Birla Group emerged the lead bidder to acquire IPL franchise Royal Challengers Bengaluru for a whopping Aditya Birla Group-Led Consortium Acquire IPL Champions RCB for Rs Rs 16,660 crore.
The imposition of safeguard duty, an uptick in exports, and an increase in input cost are driving steel prices higher. The latest round of price increase took place on Friday, with some steel mills increasing hot-rolled coil (HRC) prices by ~500-750 a tonne, according to price reporting and market intelligence firm BigMint. HRC is a benchmark for flat steel.
FDI inflows into India are expected to register robust growth in 2026, supported by strong macroeconomic fundamentals, big-ticket investment announcements, sustained efforts to improve the ease of doing business, and a new generation of investment-linked trade pacts.
'We are expecting investment, public and private, of around Rs 40 trillion by 2029.'
India, the world's fourth largest economy, is set to maintain the 'goldilocks' phase with tailwinds of good growth, low inflation and robust banking performance as well as reform initiatives poised to sustain the economic pace witnessed during 2025.
Indian-origin steel magnate Lakshmi N Mittal, until now based in Britain and a regular on the country's richest billionaires tally, has decided to quit the UK as the Labour Party-led government's feared tax shake-up for the super-rich nears, according to a UK media report on Sunday.
'What made Gopi a man above others was his belief that business carried a broader purpose -- creating opportunity and bridging cultures.' Lakshmi Mittal, executive chairman, ArcelorMittal, pays tribute to Gopichand Hinduja who passed into the ages on November 4, 2025.
The Indian steel industry is faced with a paradox: Rising demand and falling prices. Demand continues to surge as user industries gather pace, with the World Steel Association projecting around 9 per cent annual growth for India over 2025 and 2026, the year domestic demand is projected to be almost 75 million tonnes (mt) higher than in 2020.
JSW Steel, owned by Sajjan Jindal, has emerged as the world's most valuable steelmaker, boasting a market capitalisation (mcap) of nearly $30.31 billion, according to Bloomberg data.
ArcelorMittal could be interested in Bhushan Steel or Essar Steel, two of the five steel companies referred by RBI for insolvency proceedings.
In 2009, ArcelorMittal had picked up a stake in Uttam Galva Steels. A new Section 29A of the IBC prohibits promoters of companies with NPAs of more than a year from bidding for these companies.
The "weaponisation" of economic activity - through tariffs and sanctions - is now a reality, with countries leveraging these tools strategically, External Affairs Minister S Jaishankar said at the Raisina Dialogue recently.
Essar group on Friday announced the signing of a USD 2.4 billion (Rs 19,000 crore) deal to sell certain ports and power infrastructure to ArcelorMittal Nippon Steel in one of the largest post-pandemic merger and acquisition deals in India. In a statement, the Ruia-run firm said the deal also envisages a 50-50 joint venture between Essar and ArcelorMittal for building a 4 million tonnes a year LNG import terminal at Hazira in Gujarat. Without giving details, it only identified certain ports and power infrastructure that are primarily captive to operations of the Hazira steel plant, which was acquired by ArcelorMittal Nippon Steel (AM/NS) in 2018-19, as part of the deal.
'We have to be prepared for the larger disruption that is likely to take place.'
Seeking ArcelorMittal be declared ineligible to bid for Essar Steel, the petition cited Section 29A of the Insolvency and Bankruptcy Code which bars promoters of defaulting companies from bidding for stressed assets.
What started in 2009 as a five-location service has seen a steep expansion.
India on Monday imposed a 12 per cent provisional safeguard duty for 200 days on five steel product categories, including hot rolled coils, sheets and plates, to protect domestic players from surge in imports. The decision follows a recommendation for the same by the Commerce Ministry's investigation arm DGTR. Last month, the DGTR suggested to impose the duty.
The Committee of Creditors have issued ArcelorMittal and its partner Japan's Nippon Steel & Sumitomo Metal Corp a Letter of Intent declaring them as the "successful applicant".
"The company expects to break ground on one of the Indian projects 'before the end of 2009'," CNN quoted ArcelorMittal's London-based head of investor relations Julien Onillon as saying last week. The two identical projects are to come up in the states of Jharkhand and Orissa and would add 24 MT annual steel production capacity.
Sources close to the development said a significant amount of around Rs 7,000 crore had been put into the SBI account with a proposal on escrow of the deposited funds.
Domestic steel prices have seen an increase over the past couple of months in anticipation of a safeguard duty, but a looming global trade war is likely to weigh as threat of import rises and prospect of export flounders. Data from BigMint showed that in March 2025, hot rolled coil (HRC) prices ex-Mumbai increased by Rs 600 per tonne month-on-month (M-o-M), rising from Rs 48,400 per tonne in February to Rs 49,000 per tonne.
"Our Group Management Board has approved the constitution of a 15-member technical team for our steel projects in Orissa and Jharkhand under the supervision of our Chief Technical Officer Pierre Gugliermina," ArcelorMittal Brazil Chief Executive Officer Jose Armando Campos told PTI.
Incidentally, ArceloreMittal announced lower than expected net profit of $1.7 billion for the second quarter, while admitting this was the effect of the slowdown in Europe and a demand dip in China.
Speaking on the sidelines of an event organised by the Confederation of Indian Industry, ArcelorMittal Design & Engineering Centre CEO Pierre Jonette said: "Our main objective is to bring down the total project cost by 20-22 per cent across all the green projects. We have internally decided to increase sourcing from local low cost destinations for most of our greenfield projects."
Robrecht Himpe, who is the CEO Flat Europe and Amaud Poupart-Lafarge (Africa and CIS) are the new members of the management committee. Further, Andre van den Bossche and Narendra Chaudhary would be retiring from the committee in due course. Bossche is in charge of Global Trade Policy, Steel Contact Groups, Mandates and Associations while Chaudhary is the CEO Africa and CIS.
ArcelorMittal announced on Wednesday a new leadership for India, where Vijay Bhatnagar will spearhead the company's operations and proposed steel projects in the country. Bhatnagar will take up the new position of Country CEO, India and will have ultimate responsibility for the company's operations and projects in the country, a statement from ArcelorMittal said.
The Orissa government on Thursday pulled up ArcelorMittal, for "not making any investment" so far in its proposed 12mtpa greenfield steel plant at Keonjhar, questioned its "actual intentions".
Months after mounting a blistering attack on the Indian system of governance that prevented big ticket projects, global steel giant ArcelorMittal on Friday exuded confidence that its mega Rs 1.30 lakh crore (Rs 1.30 trillion) investment would take off soon as some states were very 'proactive'.
The world's largest steel company ArcelorMittal, led by India-born Lakshmi Mittal, on Thursday said it will acquire a majority stake in steel maker China Oriental Group for about 6 billion Hong Kong dollars.
On Tuesday, ArcelorMittal Group Management Board Member Sudhir Maheshwari had said during a conference call that they have made 'a proposal to SAIL and are in discussion with SAIL (to set up a steel plant through joint venture).'
Business tycoons at the Ambani's pre-wedding celebrations at Jamnagar, Gujarat.
Lakshmi Mittal-led ArcelorMittal made an offer to buy an additional 29.4 per cent stake in domestic steel firm Uttam Galva Steel at Rs 120 a share.
The steel major, which had shifted its headquarters to Luxembourg had approached the authorities for related licenses.
Vijay Bhatnagar, chief executive officer of ArcelorMittal India, said, "The move is aimed to ensure that these people, who have never handled large sums of money, do not get misguided by unscrupulous elements and end up losing their money. The objective is to figure out ways for these people, who have very little or no education and financial knowledge, to get the highest possible returns through the safest possible investments."
A two-member bench headed by Justice S J Mukhopadhaya said there is no stay on the Resolution Professional of Essar Steel to disburse the funds among financial and operational creditors of the company.
"There could be a slight delay in getting the approval from SEBI, so there could be few days delay in starting the open offer but we are still on target to complete this transaction by middle of December."
"ArcelorMittal has shown interest in the stake buy and the due diligence will start soon," said an official familiar with the development. The Facor stock closed at Rs 23.5 a share on the Bombay Stock Exchange today. At the current price, the company has a market capitalisation of Rs 435 crore. However, the deal is expected at Rs 35 a share, about 50 per cent premium to the current market price.
"The most prominent suitors continue to be Russian producers, although India's Essar Group also has been mentioned prominently, according to market sources," the Metal Bulletin (MB) reported, adding that Essar has been the most recent company to express interest and has begun negotiations with Luxembourg-based ArcelorMittal.
"We are hopeful of taking physical possession of the land by the end of the current year to start construction for the greenfield steel project. The pre-land acquisition process has already been successfully initiated," ArcelorMittal CEO, India, Vijay Bhatnagar told PTI in Bhubaneswar. The response from local residents during the first Gram Sabha, held on August 6 as part of the pre-land acquisition process, was positive toward the Rs 40,000-crore (Rs 400 billion) project.
If it was Andhra Pradesh last Budget, it's poll-bound Bihar that has now turned to Centre with a list of demands. How the NDA government is delivering on promises.
