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<ul><li><keyword id="6368035" type="General" weightage="100" keywordseo="essar" source="Orion">Essar</keyword> on Friday announced signing definitive agreements with Arcelor Mittal Nippon Steel (AM/NS) for certain Ports and Power infrastructure assets which are primarily captive to Hazira steel plant operations.</li><li>The deal also envisages a 50-50 Joint Venture partnership, for building a 4 MTPA LNG terminal at Hazira, Gujarat, between Essar and <keyword id="47654" type="General" weightage="50" keywordseo="arcelormittal" source="Orion">ArcelorMittal</keyword>.</li><li>With this deal, Essar will conclude its planned asset monetisation programme and complete the debt repayment plan of $25 billion (Rs 2,00,000 crore) with the Indian banking sector being almost fully repaid.</li></ul>In one of the largest post-pandemic M&amp;A deals in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, Essar on Friday announced signing definitive agreements with Arcelor Mittal Nippon Steel (AM/NS) for certain Ports and Power infrastructure assets which are primarily captive to Hazira steel plant operations. The deal also envisages a 50-50 Joint Venture partnership, for building a 4 MTPA LNG terminal at Hazira, Gujarat, between Essar and ArcelorMittal. <keyword id="124029" type="General" weightage="50" keywordseo="rewant-ruia" source="Orion">Rewant Ruia</keyword>, Director, Essar Ports &amp; Terminals Limited, said: "With this deal, which yields a multifold return on our investments, Essar Ports &amp; Terminals has unlocked value for all its stakeholders and will continue to focus on building new and modern core infrastructure assets in India and overseas." Prashant Ruia, Director, <keyword id="275818" type="General" weightage="50" keywordseo="essar-capital" source="Orion">Essar Capital</keyword>, said: "Essar is now repositioned for growth and resurgence. After consolidating our businesses over the last 4 years, we have now entered the next growth phase focused on helping build a sustainable energy future that will impact lives and livelihoods for a greener world." With this deal, Essar will conclude its planned asset monetisation programme and complete the debt repayment plan of $25 billion (Rs 2,00,000 crore) with the Indian banking sector being almost fully repaid. Essar's aggregate revenues will stand at $15 billion (Rs 1.2 lakh crore) and an AUM (Asset Under Management) of $8 billion (Rs 64,000 crore) comprising of various assets spread across India and overseas. These assets under Energy sector include a 10 MTPA refinery in the UK, 15 TCF reserves (including some producing fields) of Unconventional Hydrocarbons in India &amp; Vietnam and a 1,200 MW Power Plant in India; Infra sector assets include a storage terminal in UK of 3 million m3 capacity and a 20 MTPA Port in India; Metals &amp; Mining sector assets include a major iron ore mine and pellet project in the US; Technology &amp; Services sector assets include Global EPC business and IT solutions provider with centres across 30 plus countries. By monetizing assets in a planned and strategic manner, that were built with earlier technologies over the last several years, Essar is now poised to reinvest in new assets with the latest, more efficient and ESG-compliant technologies to last the next several decades. Essar has planned significant investments in its core sectors of energy, infrastructure, metals &amp; mining, and technology &amp; services. While ongoing businesses will provide operational stability, our renewed focus will be to transition existing assets to green and invest in sector-transforming clean businesses around the investment themes of decarbonisation and digitisation. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dreamfolks-services-ipo-subscribed-56-68x-on-day-3-on-strong-institutional-retail-investor-demand/articleshow/93804359.cms">Dreamfolks Services IPO subscribed 56.68x on day 3 on strong institutional, retail investor demand</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/sequoia-capital-offloads-2-of-its-stake-in-zomato/articleshow/93802868.cms">Sequoia Capital offloads 2% of its stake in Zomato</a>

Arcelor Mittal Nippon Steel signs ₹19,000 crore deal to buy Essar's port and power assets

<ul><li><keyword id="45609" type="CITY" weightage="20" keywordseo="JSW-Steel">JSW Steel</keyword> Chairman Sajjan Jindal said that they don’t see ArcelorMittal as a challenge </li><li>Tata Steel’s CFO Koushik Chatterjee also said there should be competition in the market. </li><li>SAIL chairman A K Chaudhary said that ArcelorMittal's entry will promote healthy competition. </li></ul>Presence of more companies in the market will lead to more innovations, quality and R&amp;D activities, said domestic steel players on Thursday while reacting to the entry of global steel giant ArcelorMittal in India.
 "We don't see ArcelorMittal as a challenge," JSW Steel Chairman Sajjan Jindal told on the sidelines of the ISA Steel Conclave here.
 More the number of players, more the research &amp; development (R&amp;D) activities, innovations, quality in the market, he added reacting to a question how will the ArcelorMittal's entry benefit the consumers.
 Jindal Steel and Power Chairman Naveen Jindal said, "We see its (ArcelorMittal's) entry as a positive step."
 Tata Steel Chief Financial Officer Koushik Chatterjee also said there should be competition in the market.
 Steel Authority of India Ltd (SAIL) Chairman A K Chaudhary said, "ArcelorMittal's entry will promote healthy competition in market."
 The industry looks forward to work with them in future, he added.
 Last week, the Supreme Court paved the way for ArcelorMittal's takeover of debt-ridden Essar Steel for Rs 42,000 crore and set aside the July 4 NCLAT order giving equal status to financial creditors and operational creditors.
 Following the verdict, ArcelorMittal said it expects to complete the acquisition of the debt-ridden company by the end of this year.
 Essar Steel was auctioned under the new Insolvency and Bankruptcy Code to recover Rs 54,547 crore of unpaid dues of financial lenders and operational creditors. ABI HRS

Tata Steel and JSW welcome competition from ArcelorMittal after it buys Essar

<ul><li>India's Supreme Court ruled status quo on the sale of Essar Steel to ArcelorMittal. </li><li>Essar Steel's lenders had appealed against the verdict of National Company Law Appellate Tribunal. </li><li>The NCLAT verdict had put banks at par with other suppliers who were owed money from the bankrupt Essar Steel. </li><li>ArcelorMittal had offered ₹42,000 crore to Essar Steel's lenders and promised to invest another ₹8,000 crore in the company. </li></ul> The <a href="https://www.forbes.com/profile/lakshmi-mittal/#284bbf8b191e">$12 billion Lakshmi Mittal</a>, chairman of ArcelorMittal, has been fighting to take over Essar Steel for over two years now. Finally, in June 2019, it's $6.1 billion bid for the bankrupt steel company, owned by the Ruia family, was approved by a lower court but the Supreme Court of India has put the proposal on hold once again. A bench headed by Justice Rohinton F. Nariman admitted the appeals by Essar Steel lenders and ArcelorMittal challenging the order of the National Company Law Appellate Tribunal (NCLAT). The share price of ArcelorMittal jumped over 3.7% in trade in Amsterdam. The court said it will conduct detailed hearing on the contentions made in the appeal and also look into the issues emerging from the verdict after two weeks. ArcelorMittal had offered ₹42,000 crore to Essar Steel's lenders and promised to invest another ₹8,000 crore in the company. Banks were hoping to get a lion's share of the money for what Essar Steel had owed them but then the NCLAT order had put the banks at par with other suppliers of the company at par with the suppliers with unpaid dues. Essar Steel is under a debt of ₹30,030 crore to financial creditors and ₹11,969 crore to operational creditors. The tribunal has asked the committee of creditors to engage professional firms to finalise the exact amount to be distributed among each operational creditor. In the case of Essar Steel, the operational creditors include energy companies Indial Oil, ONGC, NTPC, BPCL, and GAIL. Both the banks and the suppliers would have received 60% of the dues. However, the standoff between the lenders and the vendors has not landed in the Supreme Court putting on hold steel tycoon's bid for the bankrupt Essar Steel once again. SEE ALSO: <a href="https://www.businessinsider.in/indian-banks-are-recovering-over-1-5-times-as-much-money-under-the-ibc-but-its-still-painfully-slow/articleshow/69323112.cmshttps://www.businessinsider.in/indian-banks-are-recovering-over-1-5-times-as-much-money-under-the-ibc-but-its-still-painfully-slow/articleshow/69323112.cms">Indian banks are recovering over 1.5 times as much money under the bankruptcy code — but it's still painfully slow</a>

ArcelorMittal's $6.1 billion bid for Essar Steel is on hold again

<ul><li>The National Companly Law Appellate Tribunal has allowed ArcelorMittal's bid for bankrupt Essar Steel.</li><li>The order also sets precedents on how the sale proceeds shall be distributed and limits the discretion available to the committee of creditors.</li><li>Lakshmi Mittal has been fighting to take over Essar Steel for over two years now.</li></ul> Global giant Arcelor Mittal had made a bid for a bankrupt Indian company Essar Steel. Simultaneously, the order also sets precedents on how the sale proceeds shall be distributed and has redefined the status of different kinds of companies that a bankrupt company owes money to. The order has said put financial creditors, like banks that lend money, at par with operational creditors (suppliers awaiting payment). In the case of Essar Steel, the operational creditors include energy companies Indial Oil, ONGC, NTPC, BPCL, and GAIL. Both the banks and the suppliers will get 60% of the dues from the about ₹42,000 crore offered by ArcelorMittal. However, the committee of creditors that will approve the resolution plan for a bankrupt company does not include the suppliers. The <a href="https://www.forbes.com/profile/lakshmi-mittal/#284bbf8b191e" data-type="tilCustomLink" target="_blank">$12 billion Lakshmi Mittal</a>, chairman of ArcelorMittal, has been fighting to take over Essar Steel for over two years now. The former promoter of the bankrupt company has not given up yet despite his bid to settle the case and regain control has been ruled out. "t appears that new facts regarding ineligibility under Section 29A, which emerged only after the previous judgement of the Supreme Court, have not been given due consideration," an <a href="https://www.livemint.com/companies/news/appellate-tribunal-rejects-ruias-plea-in-essar-steel-case-1562236908498.html" data-type="tilCustomLink" target="_blank">Essar Steel spokesperson told the Mint</a>. SEE ALSO: <a href="https://www.businessinsider.in/indian-banks-are-recovering-over-1-5-times-as-much-money-under-the-ibc-but-its-still-painfully-slow/articleshow/69323112.cms" data-type="tilCustomLink" target="_blank">Indian banks are recovering over 1.5 times as much money under the bankruptcy code — but it's still painfully slow</a>

ArcelorMittal's bid for the bankrupt Essar Steel clears another hurdle that will give banks 60% off their dues-- but the appellate order has done something more

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> has generated a good number of billionaires, many of them even ranking substantially among the richest persons in the world. Hailing from a variety of industry backgrounds, Indian billionaires have helped build the country’s economy in a significant way. Wealth is bound to fluctuate under the volatile market conditions, especially since most billionaires have their fortune invested in publicly traded stocks. Here is the latest ranking of 10 richest persons in India in 2022 as per ‘The World’s Real Time Billionaires 2022’ published by Forbes. <cmsannotation type="cmsannotation" annotationid="1. Gautam Adani and family" comment="subhead" text="1. Gautam Adani and family">1. Gautam <keyword id="76451" type="General" weightage="20" keywordseo="adani" source="Orion">Adani</keyword> and family</cmsannotation> India’s first richest person, Gautam Adani &amp; family has a staggering net worth of $135.8 billion. Gautam Adani controls the Mundra Port, which is the largest in Gujarat. Adani Group has its interests spread across sectors like power generation and transmission, real estate, commodities and infrastructure. In September 2020, Adani acquired a 74% stake in the second busiest airport of India, the Mumbai International Airport. Adani also owns a coal mining project in Australia known as Abbot Point. <cmsannotation type="cmsannotation" annotationid="2. Mukesh Ambani" comment="subhead" text="2. Mukesh Ambani">2. Mukesh <keyword id="10924" type="General" weightage="20" keywordseo="ambani" source="Orion">Ambani</keyword></cmsannotation> Scoring tenth place among the richest persons in the world in 2022, Mukesh Ambani has $91 billion in net worth. The founder and chairman of Reliance Industries has his interests across petrochemicals, oil and gas, retail and telecom. The launch of 4G phone services in the Indian telecom market by Reliance in 2016 spiked a price war creating strong whirls and sending several networks out of business. During the COVID-19 lockdown period, Mukesh Ambani sold one third of Jio to some investors like Google and Facebook raising over $20 billion. <cmsannotation type="cmsannotation" annotationid="3. Shiv Nadar" comment="subhead" text="3. Shiv Nadar">3. <keyword id="44903" type="General" weightage="50" keywordseo="shiv-nadar" source="Orion">Shiv Nadar</keyword></cmsannotation> Shiv Nadar, the cofounder of HCL ranks in the third place among India’s richest billionaires with his wealth estimated at $25.5 billion in 2022. HCL started in 1976 manufacturing calculators and microprocessors and today it is among the largest providers of software services in the country with a $102 billion revenue. HCL technologies has employed 169,000 people across 50 countries. After Shiv Nadar stepped down as the CEO of HCL in 2020, his daughter occupied his seat. Shiv Nadar is currently chairman emeritus. A leading philanthropist in the country, he has given away over $662 million to Shiv Nadar Foundation to support causes related to education. <cmsannotation type="cmsannotation" annotationid="4. Cyrus Poonawalla" comment="subhead" text="4. Cyrus Poonawalla">4. Cyrus Poonawalla</cmsannotation> Cyrus Poonawalla’s net worth stands at $21.6 billion making him the fourth richest person in India in 2022. He founded Serum Institute of India in 1966, which is today the largest vaccine maker in the world in terms of doses. The firm produces more than 1.5 billion doses of a variety of vaccines for flu, polio and measles. His son Adar is the CEO of Serum which has also invested around $800 million to build a new factory producing Covid-19 vaccines. <cmsannotation type="cmsannotation" annotationid="5. Radhakishan Damani" comment="subhead" text="5. Radhakishan Damani">5. Radhakishan Damani</cmsannotation> Radhakishan Damani’s $17.7 billion net worth places him in the fifth place among India’s richest persons. The champion of Avenue Supermarket, he became the retail king of the country after the supermarket chain completed the I|PO in March 2017. He started retailing in India with just one supermarket in the suburb of Mumbai. Now the retail chain has over 221 DMart stores across the country. Damani has his stakes in other businesses like the tobacco firm VST and India Cements. He owns the 156-room <keyword id="3532545" type="General" weightage="50" keywordseo="radisson-blu-resort" source="Orion">Radisson Blu Resort</keyword> in Alibag, which is a famous beachfront getaway near Mumbai. <cmsannotation type="cmsannotation" annotationid="6. Savitri Jindal and family" comment="subhead" text="6. Savitri Jindal and family">6. Savitri Jindal and family</cmsannotation> With their $17.3 billion net worth in 2022, Savitri Jindal and family occupy the sixth position among the richest persons in India. The interests of Jindal Group range across power, cement, infrastructure and steel. The group is now chaired by Savitri Jindal, widow of Om Prakash Jindal who founded the Jindal Group. In 2005, Om Prakash Jindal died in a helicopter crash after which the group’s firms were divided under his four sons. <cmsannotation type="cmsannotation" annotationid="7. Dilip Shanghvi" comment="subhead" text="7. Dilip Shanghvi">7. Dilip <keyword id="2739999" type="General" weightage="50" keywordseo="shanghvi" source="Orion">Shanghvi</keyword></cmsannotation> Dilip Shanghvi’s $16.2 billion net worth places him in the seventh position among the country’s richest persons in 2022. In 1983, his father gave him $200 to start Sun Pharma manufacturing psychiatric drugs. Today, the firm is among the nation’s leaders in pharmaceutical supplies with an annual revenue of $4.5 billion. Sun Pharma grew through several acquisitions and the notable one was the purchase of Ranbaxy Laboratories in 2014 in a deal worth $4 billion. Over the recent past, Shanghvi has also invested in oil and gas and renewable energy. <cmsannotation type="cmsannotation" annotationid="8. Lakshmi Mittal" comment="subhead" text="8. Lakshmi Mittal">8. Lakshmi <keyword id="6367997" type="General" weightage="80" keywordseo="mittal" source="Orion">Mittal</keyword></cmsannotation> The eighth rank in the list of India’s richest persons in 2022 is scored by Lakshmi Mittal who has a net worth of $15.9 billion. He is the chairman of ArcelorMittal, the largest steel and mining company of the world in terms of output, generating $53.3 billion in revenue. In 2019, Arcelor and Nippon Steel acquired Essar Steel, earlier controlled by billionaires Ravi Ruia and Shashi. After ceding the firm’s CEo position to his son Aditya Mittal, Lakshmi Mittal continues to be Arcelor Mittal’s executive chairman. <cmsannotation type="cmsannotation" annotationid="9. Sunil Mittal and family" comment="subhead" text="9. Sunil Mittal and family">9. <keyword id="6358599" type="General" weightage="50" keywordseo="sunil-mittal" source="Orion">Sunil Mittal</keyword> and family</cmsannotation> The ninth place in the list of India’s top 10 richest persons is occupied by Sunil Mittal with his $15.7 billion net worth. Founder and chairperson of Bharti Enterprises, <keyword id="6442632" type="General" weightage="50" keywordseo="sunil-bharti-mittal" source="Orion">Sunil Bharti Mittal</keyword>, a first-generation entrepreneur is the owner of India's second largest telecom company – Bharti Airtel. Mittal is also known to work towards educating India through the Bharti Foundation, the philanthropic arm of Bharti Enterprises. <cmsannotation type="cmsannotation" annotationid="10. Kumar Birla" comment="subhead" text="10. Kumar Birla">10. Kumar Birla</cmsannotation> Kumar Birla is the tenth richest person in India with his $15.1 billion net worth. Known as the commodities king, he is the head of the Aditya Birla Group making $46 billion in revenue. The group has its interests in aluminum and cement besides offering telecom and financial services too. In August 2021, Kumar Birla stepped down as the chairman of Vodafone India, a debt strapped firm after which Idea Cellular and Vodafone India merged in 2018.

Top 10 richest persons in India in 2022

<keyword id="11911527" type="General" weightage="100" keywordseo="akasa-air" source="Orion">Akasa Air</keyword>, which started operations less than a month ago, has suffered data breach resulting in certain customer information being accessed by unauthorised individuals. The airline on Sunday apologised for the data breach and said the incident has been "self-reported" to the nodal agency, the Indian Computer Emergency Response Team (CERT-In). Akasa Air also said that based on its records, there was "no intentional hacking attempt" but has advised users to be conscious of possible phishing attempts. In a communication posted on its website, the airline said a temporary technical configuration error related to its login and sign-up service was reported on August 25. "As a result, some Akasa Air registered user information limited to names, gender, e-mail addresses and phone numbers may have been viewed by unauthorised individuals. "We can confirm to you that aside from the above details, no travel-related information, travel records or payment information was compromised," it said. On being made aware of the incident, Akasa Air said it immediately stopped this unauthorised access by completely shutting down the associated functional elements of its system. Subsequently, having added additional controls to address this situation, we have resumed our login and sign-up, the communication said. "We would like to clarify that basis our records there was no intentional hacking attempt, but that the situation was reported by a research expert through a journalist for which we are grateful," Akasa Air's Co-Founder and Chief Information Officer <keyword id="936815" type="General" weightage="50" keywordseo="anand-srinivasan" source="Orion">Anand Srinivasan</keyword> said in a statement. He also said the information was proactively shared with customers who could have been potentially impacted. Specific details about the incident could not be immediately ascertained. The system security and protection of customer information is paramount at the airline, <keyword id="45963" type="General" weightage="50" keywordseo="srinivasan" source="Orion">Srinivasan</keyword> said. "While extensive protocols are in place to prevent incidents of such nature, we have undertaken additional measures to ensure that the security of all our systems is even further enhanced," he said in the statement. Akasa Air also said the system security and protection of customer information is paramount. "We sincerely apologise to you for any inconvenience caused as a result of this," it added. Akasa Air, the first Indian carrier to be launched in nearly a decade, operated its inaugural flight on August 7 from Mumbai to Ahmedabad. <keyword id="14837504" type="General" weightage="50" keywordseo="billionarie-rakesh-jhunjhunwala" source="Orion">Billionarie Rakesh Jhunjhunwala</keyword>, who passed away earlier this month, had made substantial investment in the airline. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/financial-bids-for-reliance-capital-to-be-submitted-on-monday/articleshow/93845467.cms">Financial Bids for Reliance Capital to be submitted on Monday</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/arcelor-mittal-nippon-steel-signs-19000-crore-deal-to-buy-essars-port-and-power-assets/articleshow/93804544.cms">Arcelor Mittal Nippon Steel signs ₹19,000 crore deal to buy Essar's port and power assets</a>

Akasa Air suffers data breach, asks passengers to be conscious of phishing attempts

New Delhi, Mar 17 () The Luxembourg-based parent firm of ArcelorMittal Nippon Steel India has tied up USD 5.146 billion (around Rs 38,000 crore) from a consortium of lenders to refinance the debt taken by the Indian joint venture arm for acquiring Essar Group's steel plant at Hazira in Gujarat, ArcelorMittal said on Tuesday. ArcelorMittal Nippon Steel India (formerly Essar Steel) is a 60:40 joint venture between L N Mittal-owned ArcelorMittal and Nippon Steel Corporation (Nippon Steel) which acquired the Hazira steel plant through an insolvency process last year. The resolution plan, which was approved for AMNS India, was of Rs 42,785 crore. The plan included a further Rs 8,000 crore capital injection."AMNS Luxembourg Holding S A (AMNS), the parent company of the AMNS India joint venture between Nippon Steel Corporation (Nippon Steel) and ArcelorMittal, entered into a USD 5.146 billion ten-year term loan agreement with Japan Bank for International Cooperation, MUFG Bank, Ltd, Sumitomo Mitsui Banking Corporation, Mizuho Bank Europe N.V. and Sumitomo Mitsui Trust Bank, Limited (London Branch)," ArcelorMittal said in a statement. The proceeds of the loan, it said, will be used to refinance in full the amounts borrowed by AMNS in connection with the acquisition of ArcelorMittal Nippon Steel India Limited (formerly known as Essar Steel India Limited), "including the amounts borrowed under the USD 7 billion bridge term facilities agreement guaranteed by ArcelorMittal", it said. ABI MRMR

AMNS India parent signs USD 5 bn term loan to refinance Essar Steel acquisition

New Delhi, Feb 18 () Billionaire Sanjeev Gupta-led GFG Alliance on Tuesday announced the acquisition of Adhunik Metaliks and its arm Zion Steel for about Rs 425 crore, marking its entry into the Indian steel market. London-based GFG Alliance is a global group of energy, mining, metals, engineering and financial services businesses, which was eyeing Indian market for long and has become the second global company to enter the local steel market in past two months. In December 2019, L N Mittal's ArcelorMittal completed the acquisition of Essar Steel to enter the Indian market. GFG Alliance on Tuesday completed the strategic acquisition of Adhunik Metaliks Ltd (Adhunik) and Zion Steel Ltd (Zion) in a Rs 4.25 billion or USD 60 million cash deal. The transaction marks the Alliance's entry into India, one of the world's fastest growing steel markets, the London-based group said in a statement.The immediate focus, it said, will be on reviving and restoring the facilities and operations of the two companies, and once stabilised the business will begin its integration into the Liberty Steel Group, a part of GFG Alliance.Commenting on the acquisition, India-born British businessman and Executive Chairman of GFG Alliance Sanjeev Gupta said: "Today marks an important milestone in our global steel strategy with the purchase of Adhunik Metaliks and our entry into India. India is one of the fastest growing and most vibrant steel markets in the world." Adhunik has an integrated steel plant located at Chadrihariharpur near Rourkela in Odisha. The plant has both blast furnace and Electric Arc Furnace steel making capability with 0.5 million tonne per annum (MTPA) capacity, and a 34 MW captive power plant.Adhunik along with Zion Steel's steel rolling facility has a combined capacity of 400,000 tonnes per annum. The sites produce products for automotive, energy, engineering and oil and gas sectors. ABI MRMR

London-based GFG Alliance acquires Adhunik Metaliks, its arm to mark India entry

New Delhi, Feb 25 () ArcelorMittal chief L N Mittal on Tuesday called on Union Steel Minister Dharmendra Pradhan and discussed ways to boost domestic steel consumption and make the sector more competitive. Pradhan in a tweet said that they had discussion on driving domestic steel demand and making the Indian industry more vibrant among other issues. "Had a fruitful meeting with Mr. Lakshmi Niwas Mittal, Chairman &amp; CEO of ArcelorMittal @ArcelorMittal. We had good discussions on sustainable energy, driving domestic steel demand, boosting steel consumption and making our steel and oil &amp; gas industry more vibrant and competitive," Pradhan tweeted. This was the second meeting between Mittal and Pradhan since December 2019. ArcelorMittal made its foray into the Indian market by acquiring Essar Steel in December 2019 through insolvency process. ArcelorMittal has set up a joint venture with Nippon Steel Corporation, called ArcelorMittal Nippon Steel India Limited, which will own and operate Essar Steel. ArcelorMittal holds 60 per cent in the JV. The global steel major had also entered into an MoU with state-run SAIL in 2015 for setting a high-end automotive steel plant under a joint venture in the country. A SAIL official said that the steel PSU had received no response from the global steel company over the plans to set up a joint plant. ArcelorMittal had earlier said that it needs time as it was busy with Essar Steel.In December 2017, Steel Authority of India Ltd (SAIL) board had approved a proposal to enter into a JV with ArcelorMittal for manufacturing high-end automotive steel. The definitive agreement in this regard was to be finalised later. ABI MRMR

ArcelorMittal chairman calls on Pradhan

New Delhi, Dec 14 () Global steel major ArcelorMittal is keen to expand its presence in India, Steel Minister Dharmendra Pradhan said on Saturday.
 Pradhan, who met ArcelorMittal Chairman and CEO Lakshmi Niwas Mittal here, assured him of full support to leverage the country's large market.
 The meeting comes a day after ArcelorMittal initiated payment of Rs 42,000 crore for acquiring debt-laden Essar Steel, which it had won in an insolvency process.
 "Had a fruitful meeting with Mr. Lakshmi Niwas Mittal, Chairman &amp; CEO of ArcelorMittal @ArcelorMittal. We had wide ranging discussions on ways to boost domestic steel production through technology upgradation &amp; attracting more investments in the steel sector, " Pradhan said in a tweet.
 In another tweet, the minister said ArcelorMittal is keen to expand its presence in India and he has assured the company of full support and cooperation to help leverage India's large and diverse market, rising demand and investor friendly regime.
 The decks for acquisition of Essar Steel by the L N Mittal-led company were cleared by the Supreme Court last month.
 Essar Steel was auctioned under the new Insolvency and Bankruptcy Code to recover Rs 54,547 crore of unpaid dues of financial lenders and operational creditors. ABI ABM
ABM

ArcelorMittal keen to expand presence in India: Pradhan

Business scenario is constantly changing all over the world and equally fast in India. If you are interested to know who rules the entrepreneurial domain in India, here are the top 10 businessmen in India. 1. <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> 
 
 
 <div type="image" title="Mumbai: Reliance Industries Chairman Mukesh Ambani with his wife Nita Ambani at ..." msid="69547985" hostid="261" caption="&amp;lt;p&amp;gt;Reliance Industries Chairman Mukesh Ambani with his wife Nita Ambani at the solo art exhibition titled &amp;quot;A Tale Untold&amp;quot;, in Mumbai on Tuesday, August 21, 2018.Photo)&amp;lt;/p&amp;gt;"></div>






 Ruling the petrochemicals, oil and gas sector in India, Mukesh Ambani has a net worth of $47.3 B. He is the chairman of $90 B enterprise in the giant of Oil and Gas domain called as Reliance Industries. Reliance also is one of the leaders in the telecom market in India that serves more than 300 million customers with free domestic calls, cheap data services and free smartphones. 2. <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> 
 
 
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 Azim Premji’s net worth is $21 B and he is one of the leaders in the software services in India. He is a popular tech magnet in the country. His outsourcing firm Wipro is the third largest in India. His innovation center in Silicon Valley develops new technologies and collaborates with startup businesses. 3. Lakshmi Mittal 
 
 
 <div type="image" title="download (1)" msid="69548101" hostid="261" caption="&amp;lt;p&amp;gt;Reuters&amp;lt;/p&amp;gt;"></div>







 The third richest man in India, Lakshmi Mittal has a net worth of $18.3 B. He is a leader in the steel industry in India. He is the CEO of the world’s biggest steel manufacturing company Arcelor Mittal. In November 2018, his firm completed the $2.1 billion acquisition of Ilva, Italy’s steel group. 4. Hinduja brothers 
 
 
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 Hinduja brothers, the fourth richest persons in India with a net worth of $18 B own establishments with diversified interests dealing with lubricants, banking and cabling industries. 5. <keyword id="6689214" type="PERSON" weightage="20" keywordseo="pallonji-mistry">Pallonji Mistry</keyword> 
 
 
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 Pallonji Mistry is the fifth richest businessman in India with a net worth of $15.7 B. he controls Shapoorji Pallonji Group, the construction company based in Mumbai. His family also own an 18.4% stake in Tata Sons that holds an outfit of $100 billion in Tata Group. 6. Shiv Nadar 
 
 
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 With a net worth of $14.6 B, Shiv Nadar is the sixth richest entrepreneur in India. A pioneer in the IT sector of India, Shiv Nadar is the cofounder of the HCL starting initially with the production of calculators and microprocessors. Today, HCL Technologies is an $8.2 billion company in the country. 7. <keyword id="2349569" type="PERSON" weightage="20" keywordseo="Godrej-family">Godrej family</keyword> 
 
 
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 The seventh place among the richest businessmen in India goes to Godrej family. With a net worth of $14 B, the Godrej family controls the <keyword id="133008" type="COMPANY" weightage="20" keywordseo="Godrej-group">Godrej Group</keyword> which is a giant player in the consumer goods segment in India. 8. Dilip Shanghvi 
 
 
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 The net worth of Dilip Shanghvi is $12.6 B. A leading player in the pharmaceuticals industry, Dilip Shanghvi chairs the India’s largest pharmaceutical establishment and the world’s fourth largest specialty drugs manufacturing company Sun Pharmaceutical Industries. 9. Kumar Birla 
 
 
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 Kumar Birla with a net worth of $12.5 B is the head of Aditya Birla Group dealing with diversified offerings namely cement, aluminium, telecom and financial services. In 2018, his firm Idea Cellular acquired Vodafone India, India’s largest telecom firm. 10. Gautam Adani 
 
 
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 With a net worth of $11.9 B, Gautam Adani is the tenth richest businessman in India. Dealing with commodities, power generation and transmission and infrastructure, Gautam Adani is a ports Tycoon who controls Mundra Port, the largest port of India in Gujarat. 
 See also: <a href="https://www.businessinsider.in/the-top-10-richest-person-in-india/articleshow/68352802.cms">Meet the top 10 richest people in India</a> <a href="https://www.businessinsider.in/These-are-the-10-richest-people-in-India/articleshow/65957318.cms">These are the 10 richest people in India</a>

You Searched For "arcelor mittal acquires essar" and got 11 results

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