"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.
Mittal Steel Company, owned by NRI steel tycoon Lakshmi Mittal, has earned a record net income of $4.7 billion for the twelve months ended December 31, 2004.
The world's largest steel manufacturer, Arcelor Mittal, has received approval from the US and Mexican competition authorities to acquire Sicartsa from Grupo Villacero for an enterprise value of $1.43 billion (about Rs 6,006 crore).
The company, however, maintained that the appointment is 'interim' and shareholders approval would be sought next year to make it a full-time engagement.
With global major Mittal Steel likely to foray into India with its proposal to set up a five million tonne steel plant in Jharkhand, Tata Steel has asked the government to check its track record before inviting the company.
It had a $4.3 billion write down related to company's European businesses.
Deepening global credit crisis is taking a toll not just on financial institutions but is eroding individual wealth as well, with Britain's richest man Lakshmi Mittal losing nearly pound seven million per hour in the last four months, media reports said in London.
ArcelorMittal has entered into binding agreements to reduce its economic and voting interest in Dillinger Hutte from 51.25 per cent to 33.4 per cent in line with existing governance rights through sale of shares to Struktur-Holding-Stahl GmbH & Co KG aA and Dillinger Hutte Saarstahl AG, a company statement said. Dillinger Hutte enterprise value is estimated to be about $2.6 billion, the statement said.
"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.
The government is likely to come out with 10 per cent stake sale offer of Oil India in the second fortnight of this month, followed by NTPC's issue in the first 14 days of February, a Finance Ministry official said.
800 gets so lost in celebrating its grand subject that it forgets something pretty elementary: Cricket is a team sport!, notes Sreehari Nair.
The Union Cabinet on Thursday allowed Non-Resident Indian steel baron Lakshmi N Mittal to pick up 49 per cent stake in state-run Hindustan Petroleum Corp's Bhatinda refinery.
ArcelorMittal has identified land in Jharkhand for its steel plant. It is now awaiting necessary approvals.
Steel tycoon Lakshmi Mittal has just been named the richest person in the UK for fourth year in a row, but when it comes to being a powerful businessperson, he lags behind four others in the British manufacturing industry.According to a list of 100 most-powerful business people in the UK's manufacturing sector released by the Daily Telegraph, India-born Mittal has been ranked fifth.
It was his nerves of steel and perseverance that helped the world's largest steel producer Laxmi Niwas Mittal clinch the $33-billion deal for Luxembourg-based Arcelor Steel despite hostility.
Even as the government today gave Saurabh Chandra, secretary, department of industrial policy and promotion (DIPP), the additional charge of secretary, Department of Commerce, Dinesh Kumar Mittal has emerged as the front runner for the post.
The founder chairman of the Mittal Group M L Mittal has said that time is ripe to invest in India as the government is opening up more and more sectors for private investment.\n\n
Money and power being "natural bedfellows" is not necessarily true in the British business world, except for steel tycoon Lakshmi Mittal who figures right on the top of a new 'Richest Power List', compiled after combining two separate rankings of the most powerful and the most richest in the UK.
The online world is filled with love gurus promising to teach "how to woo someone in minutes", unlike those who talk about the need to do the self-work.
"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.
A day after NRI steel tycoon Lakshmi Mittal jacked up his offer for rival Arcelor to euro 25.8 billion
A right-wing trade union movement in South Africa has launched a campaign to prevent Britain-based Indian origin steel baron Lakshmi Mittal's move to take control of two steel companies in the country.
Telecom powerhouse Bharti Airtel's boss Sunil Mittal donated $1 million (Rs 4 crore) on Wednesday for education of underprivileged children in villages.
Sanjay Hegde, the Karnataka counsel in the Supreme Court, said that this is the maximum punishment Mittal could attract if found guilty.
PIOs have also emerged among the most powerful businessmen of their respective sectors, led by the likes of steel tycoon Lakshmi Mittal and telecom titan Arun Sarin. While Mittal, recently named UK's richest persons for fourth year in a row, has been identified as the fifth most powerful in the UK manufacturing business, Sarin has beaten all to grab the top slot in the 100 most powerful persons list for country's technology and telecom sector.
Other panelists of the 23-member council includes external affairs minister S M Krishna, City group CEO Vikram Pandit, NRI entrepreneur Karan Bilimoria, economist Jagdish Bhagwati, educationist Sam Pitroda.
Company says no project in Jharkhand without allotment of SAIL-owned Chiria mines.
The latest Fortune list is topped by Apple Computer CEO Steve Jobs.
He likes to try and try again, as the renewed merger talks with MTN have demonstrated.
Future Gaming and Hotel Services whose director is the lottery magnate Santiago Martin is the top purchaser of electoral bonds having purchased bonds worth Rs 1,368, according to data uploaded by the Election Commission of India on its website on Thursday.
People given to hyperbole would say that Gopal Vittal's rise at Bharti Airtel has been "meteoric". But in his case, superlatives could perhaps be forgiven. Here's why
Indian telecom czar Sunil Mittal and NRI businessman Anil Agarwal are among the four Indians featuring in the list of '48 Heroes of Philanthropy' compiled by business publication Forbes.
Mittal said his steel plants were getting gas at no less than $6 per million British thermal unit (mBtu), much lower than the $4.33 per mBtu price proposed by RIL.
The Delhi Police filed an 800-page chargesheet against the seven accused on April 1 and the case was subsequently committed to a sessions court.
Aditya Mittal, the son of LN Mittal, the family that pulled off the audacious Arcelor acquisition just last year proves that a businessman of Indian origin can actually rule the world.
ArcelorMittal on Tuesday said it has cut expenditure on research and development by 4 per cent.
The Asia Society also honoured chairman and CEO of Citigroup Charles O Prince with the Leadership Award for his contribution to the financial sector.
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