It is raining mega investment in Orissa, but none of the big ticket projects have made any headway.
The Union government has threatened to cancel coal block allocations of as many as 17 companies for failure to develop those allotted to them years before. These include big companies such as Tata Iron and Steel, Sterlite Energy, GMR Energy, ArcelorMittal India, Reliance Energy, GVK Power, Lanco Group and Rungta Mines.
In the domestic segment, demand is currently led by rural markets, oil and gas, LPG and B2C segments like roofing and sheeting.
According to the Asian Rich List 2010, brought out by Eastern Eye, a publication of the Asian Media & Marketing Group, 59-year-old Mittal is followed by the Hinduja brothers -- Srichand and Gopichand -- with estimated wealth of 8 billion pounds, Anil Agarwal of mining group Vedanta Resources with 4 billion pounds, Sir Anwar Pervez of Bestways with 715 million pounds and industrialist Swraj Paul of Caparo with 510 million pounds.
In an interview to the Financial Times in Tokyo, Mittal has said that his new strategy was to have a number of smaller steelmaking hubs in different parts of the country each capable of making a few million tonnes of steel a year.
Yoga guru Baba Ramdev's Patanjali Ayurved on Wednesday made its first big acquisition when it paid Rs 4,350 crore to take over soya food brand Nutrela-maker Ruchi Soya through an insolvency process. The acquisition will help Patanjali acquire edible oil plants as also soyabean oil brands such as Mahakosh and Ruchi Gold.
Most economists say the impact on inflation could be substantial, considering that steel prices rose by over 9 per cent in the past year.
Steel giant ArcelorMittal's chief financial officer Aditya Mittal is ranked fourth in the Fortune magazine's list of 40 rising business stars under 40.
An analysis of the financial performance of nine leading global companies during January-June 2009 showed that only three of them registered profits, with SAIL's profit being the highest.
Notwithstanding the presence of global steel giants like ArcelorMittal and Posco in the country, domestic steel firms are still "better placed" to grow in the lucrative Indian steel market, global research firm Macquarie says.
The main reason for the move is the volatility in prices and inconsistent supplies for value-added grades.
In the Asian region, Japanese benchmark Nikkei 225 and Hong Kong's Hang Seng jumped in the range of 3-4 per cent. The gains in Asian markets, except India, followed the overnight rally on the Wall Street triggered by hopes of a new leadership at the White House. European stocks, however, slipped into red after a flurry of disappointing corporate announcements, including steel maker ArcelorMittal cutting its full-year forecast.
Tata Group ranks 13th, Reliance Industries 15th and Infosys 26th. Tata Group and Reliance Industries have been ranked ahead of American industrial conglomerate General Electric (17), German car manufacturer BMW (20), Japanese auto firm Honda Motor (22) and telecom major AT&T (23), among others. However, while the Tata Group slipped in ranking from the sixth place in 2008, Reliance Industries has improved on its previous year's 19th rank. Infosys was not in the list in 2008.
Steel magnate L N Mittal on Thursday proposed setting up a Rs 30,000 crore (Rs 300 billion) integrated steel plant in Karnataka when he called on the southern state's Chief Minister B S Yeddyyurappa.
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.
Emerging multinationals with new business models can pose a disruptive threat to Western companies.
China had earlier this month announced up to 9 per cent rebate on exports of steel products to boost the shipment and production of the commodity. The Indian steel industry, along with its global counterparts, had taken strong exception to it and demanded import-restricting measures be imposed urgently.
Only three Indian businessmen feature in Forbes magazine's first-ever World's Most Powerful People list: Reliance Industries chairman Mukesh Ambani, ArcelorMittal chairman Lakshmi N Mittal, and Tata Group chairman Ratan Tata.
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.
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.
ArcelorMittal chief Lakshmi Mittal is the richest man in British football.
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.
Goldman Sachs had late last month announced appointment of Mittal, estimated to have a net worth of over $50 billion and CEO of the world's largest steelmaker ArcelorMittal, as an independent director effective June 28. Mittal will serve on the Audit, Compensation and Corporate Governance and Nominating Committees of the Board and would take the Goldman Sachs' board strength to 13 directors, including 10 independent directors.
Standard Chartered, the UK-based emerging markets bank, and ArcelorMittal, the world's largest steel company, are considering listing in India using a domestic depositary receipt programme. The proposed listings are still at an exploratory stage.
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.
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.
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.
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.
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.
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.
With $120 billion worth of deals, 2018 was the best year on record. Many also blame frequent policy flip-flops and increasing tax scrutiny as big dampners for business.
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.
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.
"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.
Many other Indians are heading the businesses at companies abroad.
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.
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