ArcelorMittal’s focus on other assets may hit $1 billion Indian JV
ArcelorMittal’s interest in buying debt-ridden Indian steel companies could derail its planned $1 billion joint venture with Steel Authority of India Ltd a steel ministry report showed.
State-owned SAIL said any such buyout by the world’s top steelmaker, controlled by billionaire Lakshmi Mittal, could violate its exclusive partnership arrangement for manufacturing steel for cars, the document seen by Reuters showed.
ArcelorMittal and SAIL signed their preliminary agreement in 2015 but there has been little progress due to disputes over terms. Earlier this month, the steel ministry drafted a status report for Prime Minister Narendra Modi’s office which shows the two are nowhere near close to ironing out their differences.