Though the preparatory work has been under way for two years, the financial effect of abandoning the plants would be 'negligible' since no land had so far been acquired and no building work has been done.
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.
ONGC and Mittal had in July 2005 come together to form two joint ventures -- ONGC Mittal Energy Ltd and ONGC Mittal Energy Services Ltd.
Exercise. Check e-mails. Wake up to a cup of tea.
American business magazine Forbes said on Monday that India-born steel tycoon Lakshmi Mittal is being conferred the third Forbes Lifetime Achievement Award, which honours heroes of entrepreneurial capitalism and free enterprise.
The steel magnate, however, said that with the measures that the Indian government has announced in last couple of months, the confidence is starting to build up.
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.
Steel tycoon Lakshmi N Mittal's move to revive and take over the sick steel plant of his brother, Pramod Mittal, in Bulgaria is facing hurdles after a major trade union representing over 2,000 workers raised its opposition.
India's Ankur Mittal won silver medal in the men's double trap event at the ongoing ISSF World Shotgun Championship, in Moscow, on Tuesday.
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.
NRI steel baron Lakshmi Niwas Mittal's LNM Foundation announced on Wednesday the launch of Rs 36 crore (Rs 360 million) IT institute near Jaipur in association with the Rajasthan government.
On receiving the award at a glittering function, Mittal said: "This is a tremendous honour and I would like to thank the GSM Association for considering me worthy of this award."
He feels that the reserve price set by the government for the 2G spectrum auction was very high.
The federal agency started its operation in the morning, with around 100 officers mobilised to swoop down at the 30 locations in multiple cities of Jammu and Kashmir, Punjab, Haryana, Uttar Pradesh, Bihar and Rajasthan, besides Delhi and Mumbai, the officials said.
"Their (Arcelor Mittal) management board member Malay Mukherjee was here in Ranchi. He said the company is satisfied with the development of the proposed steel project in Jharkhand," Chief Minister Madhu Koda told reporters in Ranchi. He was reacting to a query that steel tycoon L N Mittal reportedly expressed disappointment with his projects, both in Jharkhand and Orissa, last week.
The world's largest steel maker, Mittal Steel Company, has made a long-term commitment to China by setting up a research institute for metals in central Hunan province.
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.
Their downside is that the donor relinquishes all control over the transferred property, and certain tax implications may also arise.
The two-year-old Mittal Champions Trust, set up by the world's richest Indian Lakshmi Niwas Mittal, is not satisfied with the results at the Beijing Olympics that yielded just one medal from the 56-strong Indian squad.
Singapore based telecom firm SingTel, which holds over 30 per cent stake in Bharti Airtel, on Wednesday said it has full faith in the company's corporate governance standards under the leadership of company's chairman Sunil Bharti Mittal.
Says spending $3 billion every year on networks alone
Lakshmi Mittal and Arun Sarin, two India-born entrepreneurs, have figured out in UK's Power 100 list.
While Airtel's financial performance started improving from third quarter of 2013-14, the the drop in the total remuneration of Mittal has been mainly because of Rs 75 lakh (Rs 7.5 million) reduction in performance-linked incentive, as per the latest Annual Report of the company.
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.
Airtel has pitched for a hike in mobile and data tariffs.
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).'
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.
The transaction, subject to antitrust authorities approval, is expected to be completed by the end of this year, said Gonzalo Urquijo, member of the Group Management Board of ArcelorMittal.
Mittal Steel on Friday announced that it had bought a 37.17 stake in Hunan Valin Steel Tube Wire, a subsidiary of Hunan Valin Iron & Steel of China for $314 million.
Striking a different chord with Prime Minister Manmohan Singh, who prescribed a social charter for the industry, Confederation of Indian Industry's new president Sunil Mittal on Friday
Coercion does not work. People will find ways to come around it. No one can legislate that industry cannot spend, or not be ostentatious, says Sunil Mittal.
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.
Calling his a friend, Sarkozy said he has asked steel magnate L N Mittal to justify shutting down of his steel plant and compensation for the job losses.
The Sunday Times said Lakshmi Mittal embodied the rise of a new breed of Indian entrepreneur: confident and commanding on the world stage.
Airtel acquired African telecom operator Zain in 2010 for $10.7 billion.
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.
Focus on building a healthy, happy, and fulfilling relationship instead of comparing them with your ex, suggests rediffGURU Ravi Mittal, QuackQuack.
'The magnitude of responsibility one has while portraying a real life legend like Mr Muralitharan is not lost on me.'
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