Steel giant ArcelorMittal's chief financial officer Aditya Mittal is ranked fourth in the Fortune magazine's list of 40 rising business stars under 40.
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.
The Telangana agitation over the Centre's decision to create a new state in the region has forced several companies, including Bharat Forge, the Lakshmi Mittal Group and the NTPC-BHEL joint venture, to either put their expansion plans on hold or explore other states.
Steel baron Lakshmi Mittal has spent millions of dollars for lobbying with US lawmakers on a variety of issues, including support for action against China's unfair trading practices and export restrictions.
Under the scorching economic recession, houses have become cheaper by an average of about five million pounds in the 'billionaire's row', but the tag of UK's costliest street still remains with this tree-lined avenue where Lakshmi Mittal and his family owns three houses.
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.
With the steel sector rebounding earlier this year, Mittal's wealth according to this list of the UK's rich and the powerful, doubled from 2009-levels to 22.45 billion pounds.
Though the preparatory work has been under way for two years, the financial effect of abandoning the plants would be 'negligible' since no land had so far been acquired and no building work has been done.
Indian-origin steel magnate Lakshmi Mittal has joined the board of the investment bank major Goldman Sachs as an independent director.
Samajwadi Party General Secretary Amar Singh contributed anywhere from $1 to $5 million to the Clinton Foundation, and so did industrialist Lakshmi Mittal, chief executive of ArcelorMittal, according to information released by the non-profit organisation set up by the former President Bill Clinton to fund a variety of charitable activities around the world, including combating the scourge of HIV/AIDS.
Steel tycoon Lakshmi Mittal on Wednesday asked investors not to be perturbed by the fall in valuation of ArcelorMittal saying he is the largest stakeholder and is interested in creating more wealth for shareholders.
The 20 contenders for the title, short-listed by the BusinessWeek magazine, also included Apple Computer CEO Steve Jobs, media baron Rupert Murdoch and Google CEO Eric Schmidt.
The nation is now home to 52 billionaires, up from 27 last year and only two short of what India had at the peak of its stock market boom in 2007.
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.
NRI steel tycoon Lakshmi Mittal has bought his third major property for 70 million pounds in Kensington Palace Gardens, London's most expensive street.
Lakshmi Mittal-led ArcelorMittal made an offer to buy an additional 29.4 per cent stake in domestic steel firm Uttam Galva Steel at Rs 120 a share.
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.
One of the youngest - and most enigmatic - executives in any large company is Aditya Mittal, the 32-year-old chief financial officer of ArcelorMittal, the world's biggest steelmaker.
Like many families with the means to do so, the Ambanis wanted to build a custom home.
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.
Indian billionaire Lakshmi Mittal-led ArcelorMittal will get Energy Star Partner of the Year award. This award is given by the EPA and the US Department of Energy for companies making outstanding contributions to protecting the environment and reducing greenhouse gas emissions through energy efficiency. To cut the company's energy and carbon intensity, it had launched ArcelorMittal Energy Reduction Initiative in 2006. ArcelorMittal will get the award in Washington on April 1.
India's Anil Ambani has emerged as the biggest wealth creator while Warren Buffet is labelled as the richest man. With wealth soaring by $23.8 billion since the last list, Anil has come out as the biggest gainer.
NRI steel tycoon Lakshmi Mittal has suffered a $50 billion decline in the value of shares he holds in the ArcelorMittal following the global financial meltdown, a leading economic daily has claimed.
The car maker, which filed for bankruptcy protection under Chapter 11 on Monday, owes $172.81 billion in total debts to its 50 largest creditors, including ArcelorMittal. In its filing with the bankruptcy court in the southern district of New York, GM said it has a 'trade debt' of $9.55 million to be paid to NRI-billionaire Lakshmi Mittal-led ArcelorMittal. According to the filing, the auto maker has assets worth $82.29 billion.
TATA Group Chairman Ratan Tata and India-born steel tycoon Lakshmi Mittal will be among seven international business leaders to attend the three-day International Investment Council to be hosted by President Thabo Mbeki this weekend in South Africa.
ArcelorMittal is likely to have to make permanent cuts of up to 10 per cent in its steelmaking capacity as the industry reels from the impact of the worst global recession in decades, industry observers have warned.
"It is very unlikely that we get an M&A opportunity in India as Indian entrepreneurs are doing very well and whatever expansion we are planning in India would be through greenfield projects," Lakshmi Mittal told journalists.
A Mumbai lane, where India's richest person Mukesh Ambani is building a $2-billion home, has joined the league of the world's 10 most expensive streets, but is outranked by over three-times costlier London's Billionaires Row where steel tycoon Lakshmi Mittal owns three houses.
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.
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.
Arun Sarin-led British mobile giant Vodafone has been named as the world's fifth most accountable firm by Fortune Magazine in a list of the world's 100 Most Accountable Companies 2007. The list has Mittal Steel, headed by NRI billionaire Lakhsmi Mittal, at 96th position.
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 government had relaxed the foreign direct investment norms from the existing 26 per cent to 49 per cent, as a one-off case, to allow Mittal to take a share in the Bathinda refinery.
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.
Four years ago, steel tycoon Laxmi Mittal purchased his first house on Kensington Palace Gardens for about pound 57 million. Last year, he purchased a pound 70 million house for his daughter Vanisha and a pound 117 million mansion for his son Aditya in the same street. At the time, the combined value of the three properties was valued at about pound 440 million. Today, the houses are worth about $ 200 million, an amount almost equivalent to the purchase prices.
\n\nNRI steel tycoon Lakshmi Mittal appears to have crossed the first hurdle with three European regulators publishing the official $22.1 billion bid for his takeover of the Luxembourg-based Arcelor steel company.\n
NRI steel tycoon Lakshmi Mittal is likely to buy the costliest mansion in London, worth 117 million pounds ($230 million), for his son Aditya.
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).
A senior executive with global investment banking giant Goldman Sachs, Sanjay Patel, has been named among the UK's 20 most powerful fund managers. Currently in his second spell at Goldman Sachs, after leaving it for an alternative asset management fund house GSC Partners, Patel is co-head of Goldman Sachs' European PE and Indian capital equity businesses. Patel returned to Goldman Sachs in February 2006.
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