LN Mittal is getting a senior bureaucrat from the ministry of petroleum and natural gas to run his first-ever venture in the refining business, the Rs 18,919 crore (Rs 189.19 billion) Bhatinda refinery.
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.
The proposed FDI of Rs 503.37 crore (Rs 5.03 billion) by ArcelorMittal, Netherlands, has been approved by the Foreign Investment Promotion Board, the finance ministry said in New Delhi.
Indian steel tycoon Lakshmi N Mittal on Monday rubbished media reports here suggesting that he had bid for an iconic mountain range in Britain.
Reliance Jio has suggested an alternative plan to the The Telecom Regulatory Authority of India (Trai) under which spectrum required by non-geostationary orbit satellite (NGSO) operators to run their gateway terminals should be auctioned geographically, based on districts, rather than circles as done for mobile services. For spectrum which would be required to connect user terminals (like individual homes), Jio has suggested it should be auctioned frequency-wise and exclusively to an operator at a pan-India level. The move is significant as the auctioning of satellite space spectrum has been vehemently opposed by low earth orbit satellite operators (satellites which circle at low altitudes of 200-2000 km).
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.
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.
Steel baron Lakshmi N Mittal is eyeing to buy half of Hindustan Petroleum Corp's exploration arm Prize Petroleum for about Rs 200 crore (Rs 2 billion). Mittal, which made rapid advances in oil sphere this year first with a 49 per cent stake in HPCL's Bhatinda refinery and then partnering the state-run firm for a separate refinery on the east coast, is in talks with financial institutions to buy out their 50 per cent stake in Prize Petroleum.
India's Sunil Mittal has been adjudged Asia's Businessman of the Year by prestigious US magazine Fortune for steering his telecom business in the world's fastest growing wireless market.
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.
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.
Mittal's total remuneration dipped marginally by 2.52 per cent.
The Valin Group and ArcelorMittal will directly invest in the building of 2 mills of Lianyuan Steel.
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.
"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.
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.
In corporate India where family disputes have become far too common, the Miglanis work as a team.
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.
"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."
Jharkhand Chief Minister Madhu Koda has assured Arcelor Mittal, the world's largest steel making company
The IPO boom in 2023 added four new promoters to the billionaires' list.
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.
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
The way video is being watched and monetised is changing. This is the first thing that stands out as the penetration of smart TVs continues to rise.
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.
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.
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.
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.
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.
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.
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.
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