Indian businessman Pramod Mittal has signed a preliminary agreement for sale of debt-ridden club CSKA Sofia to Bulgarian company Titan.
Vinod takes centrestage as Pramod stays away from deal; uncertainty over the latter's continuity on Ispat board.
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.
Indian steel magnate Pramod Mittal was confirmed on Tuesday as Bulgarian premier league club CSKA Sofia's new owner.
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 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.
The steel plant will be closed down in 25 days unless an investor takes it over, operative executive director of the Bulgarian metallurgic enterprise Plamen Stoyanov told the Bulgarian media. Bulgaria's biggest steel plant has already shut down some of its production facilities, including two of its blast furnaces, and plans to stop operations completely by the end of this month.
Seeking ArcelorMittal be declared ineligible to bid for Essar Steel, the petition cited Section 29A of the Insolvency and Bankruptcy Code which bars promoters of defaulting companies from bidding for stressed assets.
The Vinod- and Pramod Mittal-controlled Ispat Group is all set to invest around $3 billion (Rs 12,000 crore) in Bangladesh in a gamut of sectors, including gas exploration and production, power, petrochemicals and coal mining.
The apex court had on December 4 last year, reserved the verdict after hearing counsel for corporate honchos and the Central Bureau of Investigation.
The events of September 24 have not only earned the country a whole lot of interest but also showed the world how a lot more can be accomplished with a shoestring budget.
GIHL had won a 10-year concession for the 1.3 million tonne Ajaokuta Steel and Nigerian Iron Ore Mining in 2005, after acquiring control of Delta Steel in 2004. However, Global Steel Holdings (formerly GIHL) in a statement today said GSHL/Global Infrastructure Nigeria has not been receiving the promised support from the Federal Government of Nigeria (FGN) as contemplated under the share purchase agreement.
Global Steel owns 70 per cent stakes in iron ore mine in Brazil and two coal mines in Columbia and Mozambique. The company is setting up three special purpose vehicles for isolating financial and regulatory risks. Ispat will purchase the stakes in these SPVs, which are held by Global Steel. The iron ore mine has an estimated reserve of 500 million tonne while the coal mines hold reserves of 120 million tonne.
'This four-member committee cannot supersede the four-five member ministerial committees, 25 top-level government bureaucrats, with whom we have had nine rounds of discussions each of which lasted for more than six-seven hours.'
Mittal said the evidence, on the basis of which he has been arrested, was not sufficient as no drugs, as per the tests carried out by the Apollo hospital, were found in Mahajan's body.
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The O P Jindal Group has emerged as a strong contender for Ispat Industries, the debt-laden company owned by Pramod and Vinod Mittal.
US President Barack Obama's proposals to amend the US tax structure since it allegedly encourages creation of ". . . a job in Bangalore, India, (rather) than create one in Buffalo, New York", has made the IT sector in India edgy.
The National Association of Software and Services Companies -- Nasscom -- on Monday announced the appointment of Ganesh Natarajan, deputy chairman and managing director, Zensar as the chairman of Nasscom for the year 2008-09. Pramod Bhasin, president and CEO, Genpact has been elected as the vice chairman of Nasscom for the current year.
Ispat promoters Pramod and Vinod Mittal will hold 26 per cent stake in the company.
This was Rahul's first interrogation after he was released on bail.
Fresh from getting a major concession from the corporate debt restructuring forum, the Pramod and V K Mittal-controlled Ispat Industries Ltd on Monday said it aims to be counted among the world's top five lowest cost producers of steel by 2005.
The appointments committee of the Cabinet headed by Prime Minister Narendra Modi cleared Bhalla's appointment as OSD in the ministry with immediate effect.
The Genie will contain lots of gamified apps.
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