One of China's largest steel companies, Baotou Iron & Steel is in talks with the world's top steel maker, Arcelor Mittal over the possible sale of 49 per cent stake, the official media reported on Friday.
At the zenith of his success in capacity consolidation marked by acquisition of Arcelor in June 2006, and, in the process creating a steel behemoth of over 100 million tonnes (MT) capacity, Lakshmi Mittal, credited with spotting opportunities ahead of his peers, used to say that his squaring the circle would be complete with his setting foot in China and 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 Valin Group and ArcelorMittal will directly invest in the building of 2 mills of Lianyuan Steel.
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.
Mittal is in talks to take 20 per cent stake in state-run Bharat Petroleum Corp Ltd's Rs 9,100 crore (Rs 91 billion), six million tons a year Bina refinery that is to be commissioned by 2010-11, industry sources said.
Indian steel tycoon Lakshmi N Mittal on Monday rubbished media reports here suggesting that he had bid for an iconic mountain range in Britain.
NRI steel tycoon L N Mittal pays Rs 500 crore (Rs 5 billion) as first instalment for picking up 49 per cent stake in HPCL's Bhatinda Refinery.
Steel magnate Lakshmi Mittal's demand for a 50 per cent stake in China's Baotou Iron and Steel Group has led to collapse of talks for a joint venture as Beijing will not allow foreign steel giants to take a controlling stake.
Jharkhand Chief Minister Madhu Koda has assured Arcelor Mittal, the world's largest steel making company
"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.
"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."
India-born billionaire Lakshmi N Mittal may take 49 per cent stake in Hindustan Petroleum Corp Ltd's under-construction $3 billion refinery at Bhatinda in Punjab.
\n\nNRI steel tycoon Lakshmi Mittal appears to have crossed the first hurdle with three European regulators publishing the official $22.1 billion bid for his takeover of the Luxembourg-based Arcelor steel company.\n
Mittal's total remuneration dipped marginally by 2.52 per cent.
The company's statement comes amid reports that the steel tycoon will get a one billion pound windfall from a European scheme to curb global warming, if it chooses to sell its excess carbon credits.
A CII delegation, led by Confederation of Indian Industry president and Bharti Enterprises CEO Sunil Bharti Mittal, called on US Democratic presidential candidate Senator Hillary Rodham Clinton at the Capitol Hill in Washington, DC on Wednesday.
The Mittal family stake has shot up to £14.881 billion ($26.517 billion), according to the Sunrise Rich List.
Non-Resident Indian steel magnate Lakshmi Mittal has donated £2 million to the Labour party.
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The world's largest steelmaker, Mittal Steel Co. will buy 36.7 per cent stake for $316 million in China's Hunan Valin Steel Tube & Wire Co.
The L N Mittal-led giant is also said to be looking for a tie-up with Grupo Villacero, a steel distribution company in Mexico.
There was some cheer for India after two barren days as the duo of Jitu Rai and Heena Sidhu triumphed in the 10 metre mixed team air pistol event of the ISSF World Cup.
In corporate India where family disputes have become far too common, the Miglanis work as a team.
The Competition Commission of India (CCI) on Wednesday declined an interim relief order that would restrain Google from levying service fees on app developers until a final decision is made by the regulator. The CCI also said the Director General (DG) would continue its investigation as ordered by the commission in its March 15 order. "The Commission is of the considered opinion that no case whatsoever has been made out by the informants which warrant the grant of interim relief. Resultantly, the applications stand dismissed," said the CCI while rejecting the plea by app developers in its order.
Mexican billionaire Carlos Slim remained the richest person in the world with $74 billion in assets, while NRI steel magnate Lakshmi Mittal ranked sixth and Indian industrialist Mukesh Ambani is placed ninth in the US magazine Forbes annual list of world's top billionaires.
The Centre on Saturday night announced that the probe into alleged irregularities in the medical entrance exam NEET will be handed over to the CBI for a comprehensive investigation.
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.
L N Mittal's foray into oil and gas trading business through a joint venture with ONGC is facing fresh opposition from refiner Indian Oil Corp, which feels the JV is ineligible to bid for its tenders.
Reliance Industries Chairman Mukesh Ambani on Monday said his company is open to joining hands with Bharti Airtel for improving telecom network for 4G services in Punjab.
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.
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.
The Enforcement Directorate (ED) has filed its first chargesheet in connection with a money-laundering probe linked to alleged irregularities in the Delhi Jal Board (DJB), official sources said on Saturday.
Chinese steel industry has for the first time openly expressed concern over the merger of global steel giants, Mittal with Arcelor saying it posed "great challenge" for the domestic industry.
Indian-born steel tycoon Lakshmi Mittal became the third richest person in the world, trailing only Microsoft chief Bill Gates and US investment guru Warren Buffett.
The company, headed by NRI billionaire Laxmi N Mittal, had clocked $0.345 billion net loss in the January-March quarter of the last year.
Both the accused placed on record the apex court's order and submitted separate personal bonds.
