Mittals steal the attention again

It was always there, but this time the rumour just got louder. The Mittal brothers — Lakshmi N Mittal and Pramod Mittal — have always been the focus of varied stories, on their being together or on their being separated. But the latest is that younger sibling Pramod’s Global Steel Holdings, a holding company for Ispat Industries, has agreed on a supply agreement with Mittal Steel.

According to sources, this arrangement may lead to a larger role by both the brothers especially as Mittal Steel has said it’s keen on the Indian and Chinese steel markets. Mr Mittal has also ann-ounced a 12-m tonne steel project in Jharkhand. However when contacted, a Mittal Steel official said Global Steel has no business links with Mittal Steel. But if the supply deal happens, it could boost the Indian steel market besides channelling large foreign investment into India. It may be recalled that Korea’s Posco has already said it is scheduled to invest $12bn for a steel project in Orissa.