Mumbai: The world’s biggest steel maker, ArcelorMittal, and Posco may start building $32 billion (around Rs1.55 trillion) of factories in India next year as domestic demand defies the global recession, steel minister Virbhadra Singh said.
“Posco is very keen and would like to start tomorrow,” Singh said in an interview. “I’m hopeful Posco will begin work next year. ArcelorMittal should also be able to start next year, at least on one of its two plants.”
Capital’s private equity fund exits MindTree
Mumbai: The US money manager with at least $171 billion (Rs8.27 trillion) in assets, Capital International Inc., sold its stake in MindTree Ltd, eight years after it invested in the Indian software developer.
One of Capital’s private equity funds sold its 10.97% stake in MindTree, Rajesh Narang, an official at the software company said on Wednesday. The sale of 4.29 million shares was worth Rs230 crore, MindTree said. Jim McGuigan, a partner at Capital’s global private equity unit, confirmed the firm’s exit from the investment.