When the news of steel baron LN Mittal getting into the energy sector without his Indian exploration and production partner, Oil and Natural Gas Corporation surfaced, there was much speculation about whether the alliance was on the verge of a break-u
India-born steel magnate LN Mittal met Prime Minister Manmohan Singh on December 8 to discuss his plans in the oil and gas sector in India. The meeting has led to reports that Mittal is interested in taking over Cairn India's assets, which includes prospective oil discovery in Rajasthan.
Lakshmi N Mittal would become president of the new steel giant Arcelor-Mittal, while Arcelor's current Chairman Joseph Kinsch would continue to be in the position till his retirement.
While mostly corporates, including established names and little-known ones, went for the top-denomination bonds, there were also several individuals who bought multiple such bonds.
Some people stand out just by being unassuming. Sanak Mishra, chief executive officer (CEO), Mittal Steel India, is one of them.
Billionaire Lakshmi Mittal will trust none other than his better half Usha when none of the directors are there to run the world's largest steel company.
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.
Mittal has been named at the top for third consecutive year with a net worth of 27.3 billion rand ($4 billion) in the latest annual list of 100 richest in South Africa, compiled by that country's weekly The Sunday Times.
Oil and Natural Gas Corporation, India's largest oil producer, will sign an agreement with global steel tycoon L N Mittal on Saturday for jointly hunting for overseas oil properties and energy business.
Arcelor and LN Mittal will hold a press conference on Monday at Arcelor's headquarters in Luxemoburg at 5.30 pm (IST) on Monday to highlight the broader issues that led to one of the biggest mergers in the steel industry.
The OVL-Mittal joint venture had also bagged two blocks in Nigerian deepwater, OPL 279, in which OMEL has 40 per cent stake, and OPL 285, in which the company owns 60 per cent, the other partners being French oil major Total, and Nigerian EMO. The Turkmenistan block covers an area of 5,663 sq km and is located close to discovered and producing fields.
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.
RP Singh, managing director of Bharat Oman Refineries Ltd, the special purpose vehicle implementing BPCL Bina refinery, had told Business Standard in August that the company was in talks with strategic investors to sell 15 to 20 per cent stake.
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.
LN Mittal, who is a frontrunner for acquiring a 51 per cent stake in Sesa Goa from Mitsui and has announced plans for projects in Jharkhand and Orissa worth Rs 40,000 crore each, is planning a $2 billion (Rs 8,600 crore) foundation.
The 68-year-old senior lawyer was earlier married to Meenakshi (his first wife) and Caroline Brossard later in 2020.
The LN Mittal-owned Arcelor-Mittal, the largest producer of steel in the world, is set to sign a memorandum of understanding with the Orissa government for its proposed 12 million tonne steel plant this week.
The five-way joint venture that also includes Hindustan Petroleum, Oil India Ltd and GAIL India, which had in October 2007 inked a preliminary MoU for the project, are looking at 4-5 year horizon from the zero date for commissioning the project. To start with, it will be an export refinery but in long-term some products will cater to Indian market.
Air Asia is partnering with Tata Sons and little known Arun Bhatia for their India entry.
IIT alumni's Gloabl Conference -- PanIIT 2008 -- has been organised for December 19-21, 2008.
The petroleum ministry has recommended a hike in the foreign direct investment cap in government-owned refineries to 49 per cent from the current 26 per cent.
"The economies of scale for a refinery are different for India and Africa. India being a net exporter of products, refineries need to have capacities to the tune of 15 mtpa to push products to the domestic market and for export. In Africa even a small refinery makes sense," the analyst said.
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