When the Mittals first invested in the steelmaker back in 2009, it turned out to be a dud. Now, in its second avatar as part of AM/NS India’s downstream business, it holds the key to their plans.
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Chairman N. Chandrasekaran may have ensured a 500 million pound grant for the Port Talbot facility’s transition, but given the risks and money involved, the exercise will test the Indian parent’s patience with the loss-making business.
The JSW Group chairman is just days away from signing a deal to buy a 49% stake in the India unit of the iconic British brand. The deal, if successful, will change the face of the $23 billion group in more ways than one.
Five years after buying ESL Steel for what seemed like a bargain, the Vedanta founder is in a hurry to sell the company. Except, he hasn’t had much luck with finding a buyer.