China had earlier this month announced up to 9 per cent rebate on exports of steel products to boost the shipment and production of the commodity. The Indian steel industry, along with its global counterparts, had taken strong exception to it and demanded import-restricting measures be imposed urgently.
Steel czar Lakshmi N Mittal is keen on selling half of his stake in a Kazakhstan oil field to state-run ONGC Videsh Ltd to tide over the severe financial constraint affecting his planned expansion in energy sector.
'However, we have seen weakness in our active pharmaceutical ingredients business.'
Both the accused placed on record the apex court's order and submitted separate personal bonds.
Indian-born steel tycoon Lakshmi Mittal became the third richest person in the world, trailing only Microsoft chief Bill Gates and US investment guru Warren Buffett.
Chinese steel industry has for the first time openly expressed concern over the merger of global steel giants, Mittal with Arcelor saying it posed "great challenge" for the domestic industry.
ArcelorMittal is spending $5bn to double the output of its plant in Kazakhstan in a further expression of confidence by the world's biggest steelmaker in the likelihood of robust economic growth outside the main developed regions. Some $1.2bn of the investment is geared to improving health and safety at the steel plant in Temirtau and associated coal and iron ore mines.
NRI steel tycoon Lakshmi Mittal has lost a long-running dispute with his neighbour, a member of the Saudi Arabian royal family over construction of a new block of flats.
'Interim Budget has ignited the entrepreneurial spirit.'
Britain's richie-rich club saw their wealth melting away by more than half to 200 billion pounds in a year marked with a severe economic downturn, while Indian-origin steel tycoon Lakshmi Mittal took the biggest hit.
ArcelorMittal does not favour futures trading in steel, as it could distort the prices of the commodity completely.
It had a $4.3 billion write down related to company's European businesses.
The Manipur government on Friday told the Supreme Court that it has filed a status report on the issue of recovery of arms from 'all sources' in the ethnic violence-hit state.
The Supreme Court on Friday directed the Manipur government to apprise the apex court-appointed committee of the steps taken to secure places of public worship in the state where ethnic clashes have claimed more than 170 lives since May.
In an affidavit filed before the Supreme Court, the chief secretary of Manipur said it was unfortunate that the platform of the top court was being "misutilised", apparently referring to the lawyer's claim.
"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.
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.
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.
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 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.
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.
Mukesh Ambani has raced ahead of Gautam Adani to become the richest Indian on a list of wealthiest people in the country. The 66-year-old chairman of the diversified Reliance Industries saw his wealth growing by a marginal 2 per cent to Rs 8.08 lakh crore, while Adani's fortune plummeted by 57 per cent to Rs 4.74 lakh crore, as per the 360 ONE Wealth Hurun India Rich List 2023. Anas Rahman Junaid, managing director and chief researcher at Hurun, attributed the decline in Adani's wealth to the Hindenburg report published in January. In January,
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.
"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.
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 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.
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 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
"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.
Telecom powerhouse Bharti Airtel's boss Sunil Mittal donated $1 million (Rs 4 crore) on Wednesday for education of underprivileged children in villages.
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.
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