Corporate | Sumitomo, Bhushan in talks on new India plant

Corporate | Sumitomo, Bhushan in talks on new India plant

Tokyo/ Mumbai:Sumitomo Metal Industries Ltd, Japan’s third largest steel maker, said it’s considering expanding overseas, including in India, after a ‘Nikkei’ newspaper report said it may form a venture with Bhushan Steel Ltd.

The company hasn’t decided on details in the report, Sumitomo Metal said in a statement through the Tokyo Stock Exchange. Nitin Johari, a director at New Delhi-based Bhushan, reiterated on Tuesday his 13 February comments that the two companies may set up a $1.8 billion factory in West Bengal.

“We are working out the details and will take a little more time," Johari said by telephone from New Delhi on Monday.

The blast furnace steel-making venture in India is slated to start operations around 2015 and expected to be majority-owned by Bhushan, with Sumitomo holding a 30-40% stake, the ‘Nikkei’ said on Tuesday.


Celebi will run New Delhi’s cargo terminal

Istanbul:Celebi Hava Servisi AS, a Turkish airport ground-handler, won a contract to modernize and operate New Delhi’s Indira Gandhi International Airport’s Brownfield cargo terminal for 25 years. Celebi will increase cargo traffic at the airport to 1 million tonnes per year within 10 years from 430,000 tonnes last year, Celebi said in a filing with the Istanbul Stock Exchange on Tuesday.

— Bloomberg


Mittal may sell half his stake in Kazakh oil field

New Delhi: Lakshmi N. Mittal is looking to sell half of his stake in a Kazakhstan oil field to ONGC Videsh Ltd (OVL).

Mittal Investment Sarl, the holding firm of the Mittal family, had in April 2007 acquired 25% stake in Caspian Investments Resources Ltd (CIR) from Russian oil firm Lukoil for $980 million. The acquisition was originally to be done by ONGC Mittal Energy Ltd (OMEL), the equal joint venture of OVL and Mittal Investment, but the billionaire went ahead on his own, citing opposition to OMEL from Lukoil.

However, Mittal is now keen on selling half of his stake in CIR, or 12.5%, to OVL, said people familiar with the matter, who declined being named.

“When L.N. Mittal had come to India, (he) had confirmed offloading stake to OVL and this was slated. This is an old asset and the decisions are still not been taken," a person aware of the development said on condition of anonymity.

OVL chairman R.S. Sharma, and managing director R.S. Butola, declined comment. OVL is the wholly owned overseas investment arm of state-run Oil and Natural Gas Corp. Ltd.

— PTI and Utpal Bhaskar


My Reads Logout