ArcelorMittal's Orissa R&R package is significant because South Korean steel major Posco, which had signed an MoU with the state government to establish a 12 million tonne plant at Paradip 18 months before the Mittals came up with their Orissa proposal, is yet to finalise its R&R package. Meanwhile, ArcelorMittal has presented its R&R plan to the Keonjhar district administration. It plans to spend the earmarked amount over a period of more than five years.
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.
Indian billionaire Lakshmi Mittal-led ArcelorMittal, the world's biggest steelmaker, has become the first foreign company to acquire controlling stake in a Chinese steel firm -- China Oriental -- in a deal valued at about $1.6 billion.
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.
The Sunday Times said Lakshmi Mittal embodied the rise of a new breed of Indian entrepreneur: confident and commanding on the world stage.
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Jharkhand Chief Minister Madhu Koda has assured Arcelor Mittal, the world's largest steel making company
Aditya Mittal, the son of LN Mittal, the family that pulled off the audacious Arcelor acquisition just last year proves that a businessman of Indian origin can actually rule the world.
NRI steel magnate Lakshmi Mittal earns a pay packet of over $3.6 million in cash as Arcelor Mittal's chief executive officer - a figure which is over 33 times of the average annual compensation of a CEO in India.
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
India has the third highest number of billionaires in the world after the US and China, according to a new list by the prestigious Forbes magazine, which said Reliance Industries chairman Mukesh Ambani reclaimed his spot as Asia's richest person, dethroning Chinese business tycoon Jack Ma who was the richest person in the region a year ago.
The world's largest cruise ship Harmony of the Seas, is all set for its maiden voyage.
The Times daily quoting sources close to Nippon Steel of Japan on Monday reported that a powerful clause in its 2001 technology tie-up agreement with Arcelor could dramatically reduce a would-be buyer's interest in the French-run company.\n\n
Around 241 companies were sent for liquidation under the IBC by various NCLT benches and in only 58 cases have the resolution plans been accepted
Metal prices from copper to aluminum and tin have shot up by about 7-32 per cent in the past three months.
Prime Minister Manmohan Singh and Congress president Sonia Gandhi have been named among the top 20 most powerful persons in the world by Forbes magazine in its annual power rankings which placed United States President Barack Obama as number one for a second year in a row.
The steel magnate, however, said that with the measures that the Indian government has announced in last couple of months, the confidence is starting to build up.
The panel also recommended deduction of bank guarantee of four mines, including one given jointly to the world's largest steel producer ArcelorMittal and GVK Powers, an official statement said.
Meeting in the midst of a raging controversy, an inter-ministerial group on coal blocks on Monday skirted a decision on cancelling allotments of 58 mines, but firmed up the guidelines for forfeiting of bank guarantees for failure to develop them.
It will not shut down two blast furnaces at the Florange facility which will retain 650 workers whose jobs were under threat.
Air Asia is partnering with Tata Sons and little known Arun Bhatia for their India entry.
Amidst the storm over CAG report on coal block allocation, the Prime Minister's Office has expressed displeasure over inaction by the Coal Ministry in cancelling blocks where mining has not taken place and asked it to expedite the matter by September 6.
Former Indian American Goldman Sachs director Rajat Gupta is facing trial in one of the most high profile cases of insider trading in the US that will likely see investment guru Warren Buffet and Arcelor Mittal Chairman Lakshmi Mittal as potential witnesses.
Mittal confirmed ArcelorMittal's partnership with ONGC not over, even as there are few projects they are discussing.
Indian CEOs are to be now offered the choice of outsourcing all or part of their managerial responsibilities for a specified period.
Total number of billionaires, this year, has increased to a record 1,210 from 1,011 last year. Though America has the 33 per cent of the mega-rich, Asia-Pacific region has surged forward and overtook Europe for the first time.
In the domestic segment, demand is currently led by rural markets, oil and gas, LPG and B2C segments like roofing and sheeting.
The government on Monday said it would decide next month the fate of captive coal blocks lying idle with 82 companies, including ArcelorMittal, Tata Steel and NTPC, who have been issued notices for not developing them within the stipulated time.
Yoga guru Baba Ramdev's Patanjali Ayurved on Wednesday made its first big acquisition when it paid Rs 4,350 crore to take over soya food brand Nutrela-maker Ruchi Soya through an insolvency process. The acquisition will help Patanjali acquire edible oil plants as also soyabean oil brands such as Mahakosh and Ruchi Gold.
According to data available on the website of World Steel Organisation, only eight steelmakers produced over 20 million tonne (mt) steel in 2009 with ArcelorMittal, leading at 77.5 mt.
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.
It is raining mega investment in Orissa, but none of the big ticket projects have made any headway.
The Union government has threatened to cancel coal block allocations of as many as 17 companies for failure to develop those allotted to them years before. These include big companies such as Tata Iron and Steel, Sterlite Energy, GMR Energy, ArcelorMittal India, Reliance Energy, GVK Power, Lanco Group and Rungta Mines.
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.
According to the Asian Rich List 2010, brought out by Eastern Eye, a publication of the Asian Media & Marketing Group, 59-year-old Mittal is followed by the Hinduja brothers -- Srichand and Gopichand -- with estimated wealth of 8 billion pounds, Anil Agarwal of mining group Vedanta Resources with 4 billion pounds, Sir Anwar Pervez of Bestways with 715 million pounds and industrialist Swraj Paul of Caparo with 510 million pounds.
In an interview to the Financial Times in Tokyo, Mittal has said that his new strategy was to have a number of smaller steelmaking hubs in different parts of the country each capable of making a few million tonnes of steel a year.
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