Steel tycoon L N Mittal, who had acquired 69 per cent stake in state-owned Polish firm Polskie Huty Stali in 2004, has signed a pact with the Polish government to buy the remaining stake for $2.3 billions.
Incidentally, the shareholders' approval for Shravin Mittal's appointment with an annual salary of up to Euro 250,000 (nearly Rs 1.50 crore), came on the same day (September one) when Wipro promoted chairman Azim Premji's son Rishad as chief strategy officer. Shravin would be a staff member in Bharti Airtel International (Netherlands) BV, or BAIN.
According to the newspaper, Lakshmi Mittal said large parts of manufacturing industry would not suffer the same problems as those parts of the world economy more closely linked to banking and finance such as housing and consumer goods. The India-origin billionaire indicated that substantial parts of the broad industrial sector across the world would perform in a satisfactory way in the next one to two years.
NRI steel tycoon Lakshmi N Mittal may partner with Hindustan Petroleum Corp Ltd in the state-run firm's under-construction $3 billion refinery at Bhatinda in Punjab.
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.
Software industry body Nasscom expects the country's information technology (IT) services sector to grow 13-14 per cent in the current financial year and to touch $225 billion (Rs 13.22 lakh crore) by 2020.
World's biggest steel maker Arcelor-Mittal's plans to sell Dofasco to German steel giant ThyssenKrupp has hit a roadblock, with the Dutch foundation that controls the its Canadian unit deciding against its dissolution.
There seem to be some more delays in the pipeline for the decade-old Bathinda refinery project of Hindustan Petroleum Corporation in which Mittal Investments recently announced its decision to pick up 49 per cent stake.
Special CBI Judge O P Saini adjourned today's proceedings after advocate Siddharth Agarwal, appearing for Mittal, said the Supreme Court is scheduled to hear in March the separate pleas filed by Mittal and Ruia challenging the March 19, 2013 order of the trial court summoning them as accused in the case.
Mittal Steel is offering about $23.2 billion cash and its own shares for Arcelor.
Supreme Court had on October 24 upheld government contention that non-core revenue in telecoms groups should be included in adjusted gross revenue. According to DoT's calculations, Bharti Airtel faces a liability of around Rs 42,000 crore after including licence fees and spectrum usage charges while Vodafone-Idea may have to pay about Rs 40,000 crore.
Mittals Champions Trust Sports Foundation has agreed to sponsor 15 boys -- five each from senior, junior and sub-junior category.
Arcelor and LN Mittal will hold a press conference on Monday at Arcelor's headquarters in Luxemoburg at 5.30 pm (IST) on Monday to highlight the broader issues that led to one of the biggest mergers in the steel industry.
After an intense battle of nerves, the world's cheapest steel-maker Tata seems to have outrun the world's biggest steel-maker Mittal in the race to acquire South Africa-based Highveld Vanadium and Steel.
Taken aback by the attack, Orissa government promised early clearances to mega steel projects, including Mittal's.
The European Parliament should discuss and debate Lakshmi Mittal's $23 billion bid for Arcelor, Josep Borrel, President of the Parliament has said.
Kavin Bharti Mittal, son of Airtel's Sunil Mittal, speaks about why he came back to India from the UK, his new business venture, paying for mobile apps and the need for co-founder support.
Mittal, who is the head of services business of Hewlett Packard for Asia Pacific and Japan, will succeed Karin Karnik and will assume office from January 2008.
NRI steel tycoon Lakshmi Mittal is considering relinquishing his controlling stake - a move that could lower the barriers to shareholders accepting his $22.1 billion
Steel giant Arcelor has said it would be ready to receive a written proposal from Mittal Steel about an unspecified "industrial project" related to the steel industry, a media report said on Saturday.
In the eye of storm over his $22.7 billion takeover bid for Arcelor, NRI steel tycoon Lakshmi Mittal faced fresh charges of "excessive pricing" policy over the sale of steel to the local industry in South Africa.
The apex court had on December 4 last year, reserved the verdict after hearing counsel for corporate honchos and the Central Bureau of Investigation.
India has expressed concern over the French government's strong opposition to Mittal Steel's hostile bid to take over its rival European group Arcelor.\n\n
The OVL-Mittal joint venture had also bagged two blocks in Nigerian deepwater, OPL 279, in which OMEL has 40 per cent stake, and OPL 285, in which the company owns 60 per cent, the other partners being French oil major Total, and Nigerian EMO. The Turkmenistan block covers an area of 5,663 sq km and is located close to discovered and producing fields.
Mittal's wealth dropped with the Arcelor Mittal share price falling
The Cabinet Committee on Economic Affairs last evening gave OVL, the overseas arm of the state-run explorer, approval to invest its share of $204 million in the oilfield. Over and above these, the two have committed a minimum exploration investment of $165 million and an additional optional exploration expenditure of $235 million.
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.
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.
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.
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.
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.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances