LN Mittal faces high court action over the purchase of a £70-million house in London, after a property consultant accused him of not paying her commission.
Global steel giant Mittal Steel owned by NRI billionaire Laxmi Mittal is to cut consumption of natural gas at its Ukrainian steel plant following steep hike in gas price by Russia.
In the July-September quarter last year, the company had a net profit of $910 million, ArcelorMittal said.
NRI steel tycoon Lakshmi Mittal is likely to buy the costliest mansion in London, worth 117 million pounds ($230 million), for his son Aditya.
It had posted $659 million profit during the third quarter last year.
Vijay Bhatnagar, chief executive officer of ArcelorMittal India, said, "The move is aimed to ensure that these people, who have never handled large sums of money, do not get misguided by unscrupulous elements and end up losing their money. The objective is to figure out ways for these people, who have very little or no education and financial knowledge, to get the highest possible returns through the safest possible investments."
It is Aditya Mittal, son of steel tycoon Lakshmi Mittal and CFO of ArcelorMittal, who persuaded his father to accept a shareholding of below 51 per cent in the company post its takeover of European giant Arcelor. Before Arcelor takeover, Mittal family held an 88 per cent stake in Mittal Steel. Aditya, who visited a steel plant first at the age of eight, joined his father in early 1997, after working for less than a year as an investment banker at CSFB.
Non-Resident Indian steel magnate Lakshmi N Mittal, the richest Asian in the United Kingdom, has bought a central London house for a record price of £70 million, a leading daily reported on Sunday.
Lakshmi Mittal, India-born chairman and chief executive officer of the world's largest steel producer, ArcelorMittal, said despite the expanding steel making capacity in India, the country is set to face a massive shortfall in supply in the coming decades.
The police had filed charges in December against Bharti Airtel and Vodafone's India unit.
Billionaire L N Mittal, who runs the steel behemoth, is keen to set up a central office in Rajarhat near the city, for which the company has sought land from the state government, Bhattacharjee said in Kolkata, inaugurating the 36th World Congress on Housing Science.
Steel tycoon Lakshmi Niwas Mittal has intensified efforts to acquire his younger brother Pramod Mittal's ailing Kremikovtzi steel plant in Bulgaria, even as workers of the plant continued to protest over delayed wages. "Around 1,000 workers at Kremikovtzi continued their protests on Thursday over delayed salaries and food allowance payments," the Steel Business Briefing reported quoting a spokesman for the trade union Militzi.
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.
NRI steel tycoon L N Mittal on Wednesday said valuation of steel companies in India had come down significantly but there were no sellers.
ArcelorMittal on Thursday reported a net loss of $728 million for the first quarter ended March 31
In a list of Britain's costliest streets, the top slot has been grabbed by Kensignton Palace Gardens, popularly known as Billionaire's Row, where Mittal family has purchased three houses and was once home to late Princess of Wales Diana.
Manisha Malhotra, CEO, Mittal Champions Trust, is determined that the Indian athletes her organisation sponsors bring gold for India. She shares her plans with Rediff.com's A Ganesh Nadar.
A group of lawyers, including senior advocate Harish Salve and Bar Council of India chairperson Manan Kumar Mishra, has written to the Chief Justice of India, alleging that a "vested interest group" is trying to put pressure on the judiciary and defame courts "on the basis of frivolous logic and stale political agendas".
Mittal will purchase 91 million common units of IPIT at the offering price that will be determined through a book building process, but would 'not be obliged to subscribe and pay' for any of the units if the subscription cost exceeds Singapore dollar100.1 million (about $73 million).
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.
"Our Group Management Board has approved the constitution of a 15-member technical team for our steel projects in Orissa and Jharkhand under the supervision of our Chief Technical Officer Pierre Gugliermina," ArcelorMittal Brazil Chief Executive Officer Jose Armando Campos told PTI.
Incidentally, ArceloreMittal announced lower than expected net profit of $1.7 billion for the second quarter, while admitting this was the effect of the slowdown in Europe and a demand dip in China.
The Ruias of the Essar group have decided to get into yet another takeover battle. And this time they are taking on none other than Lakshmi Narayan Mittal, the owner of world's largest steel maker, ArcelorMittal, to take over the Bulgarian steel firm, Kremikovtzi AD, an ailing steel mill owned by Mittal's younger brother Pramod Mittal.
Sunil Mittal is confident that Airtel will retain its numero uno position, inspite of Vodafone's competition.
Out of the world's 10 wealthiest CEOs, four positions have been grabbed by Indians -- Lakshmi Mittal is ranked at the second place followed by Mukesh Ambani (6th place), Anil Ambani (7th) and Wipro chief Azim Premji (9th). The list has been topped by Warren Buffet, the chief executive of Berkshire Hathaway with a fortune of $52 billion.
Months after mounting a blistering attack on the Indian system of governance that prevented big ticket projects, global steel giant ArcelorMittal on Friday exuded confidence that its mega Rs 1.30 lakh crore (Rs 1.30 trillion) investment would take off soon as some states were very 'proactive'.
ArcelorMittal on Thursday reported a net income of $679 million in the first three months of this year mainly on account of improved steel demand.
Arcelor-Mittal has shortlisted three sites in Jharkhand for setting up a Rs 20,000 crore (Rs 200 billion) 12 million tonne steel project. The three sites are at Galudih, Saraikela and Torpa, said Malay Mukherjee, one of the eight members of the Arcelor-Mittal management team.
Indian businessman Pramod Mittal has signed a preliminary agreement for sale of debt-ridden club CSKA Sofia to Bulgarian company Titan.
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.
Steel magnate L N Mittal on Thursday proposed setting up a Rs 30,000 crore (Rs 300 billion) integrated steel plant in Karnataka when he called on the southern state's Chief Minister B S Yeddyyurappa.
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.
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.
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.
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.
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