In Mumbai, ONGC Chairman R S Sharma confirmed Mittal's pullout. OVL had anticipated such a move and had a few months back sought Cabinet approval to invest all of the $400 million in the Satpayev on its own in case Mittal walked out.
The Orissa government on Thursday pulled up ArcelorMittal, for "not making any investment" so far in its proposed 12mtpa greenfield steel plant at Keonjhar, questioned its "actual intentions".
What started in 2009 as a five-location service has seen a steep expansion.
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.
Special CBI Judge O P Saini adjourned Monday's proceedings in the wake of stay granted by the Supreme Court on separate pleas filed by Mittal and Ruia challenging the March 19 order of the trial court summoning them as accused in the case.
Lakshmi Mittal-led Mittal Steel reported on Wednesday a 43.7 per cent increase in its first quarter net profit, while beating its own forecast due to accelerated synergy generation from its $38 billion takeover of Arcelor last year.
The Supreme Court on Monday directed the Manipur government, the Central Bureau of Investigation (CBI) and the National Investigation Agency (NIA) to file reports elaborating on the status of probe and the charge sheets filed in cases of ethnic-violence to help it take a decision on whether the trials can commence in Assam or be undertaken in Manipur.
Non-Resident Indian industrialist and chairman of Mittal Steel, Lakshmi N Mittal plans to buy Rising Sun, the biggest private yacht in the world.
World's largest steel maker Mittal Steel on Saturday signed an MoU with the Jharkhand government, committing to invest approximately Rs 40,000 crore (Rs 400 billion) to enter mining and steel making operations in the state.
Mittal confirmed ArcelorMittal's partnership with ONGC not over, even as there are few projects they are discussing.
Sunil Bharti Mittal, chairman and managing director of Bharti Tele-Ventures, sold 3,13,005 shares on March 9 and 24,36,995 shares on March 10 of his holding in the company.
NRI steel magnate Lakshmi Mittal earns a pay packet of over $3.6 million in cash as Arcelor Mittal's chief executive officer - a figure which is over 33 times of the average annual compensation of a CEO in India.
In its annual ranking of the world's richest people released last month, Forbes had named Mittal at the eighth place with a net worth of $19.3 billion.
Observing that steel prices will continue to rise in view of its demand, London-based steel magnate Lakshmi Mittal said his company will make an investment of over $5 billion in the next five years in the sector.
NRI steel tycoon Lakshmi Mittal has suffered a $50 billion decline in the value of shares he holds in the ArcelorMittal following the global financial meltdown, a leading economic daily has claimed.
Indian-origin steel magnate Lakshmi Mittal has joined the board of the investment bank major Goldman Sachs as an independent director.
According to the Rich List, Mittal remains at the top of the list despite the value of his stake in Arcelor Mittal SA having come down to more than half in the past year.
Bharti Airtel is the country's largest telecom operator.
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.
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.
The court, after going through the apex court's order on separate petitions filed by Mittal and Ruia, listed the matter on April 16 for further proceedings. The apex court will hear their pleas on April 15.
ONGC and Mittal had in July 2005 come together to form two joint ventures -- ONGC Mittal Energy Ltd and ONGC Mittal Energy Services Ltd.
Noting its role in reviving the US economy and creating jobs, President Barack Obama will visit a steel plant owned by NRI tycoon Lakshmi Mittal whose company is the largest supplier of steel to the US auto manufacturing sector.
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.
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.
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.
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.
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.
Exercise. Check e-mails. Wake up to a cup of tea.
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."
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.
"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.
He feels that the reserve price set by the government for the 2G spectrum auction was very high.
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.
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