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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.

A sharper growth push from Tata Steel is reshaping a long-running contest with JSW Steel and shifting the market’s loyalties. But can it keep its expansion-hungry rival at bay?
Acquisition of the German steelmaker would give the Indian steel entrepreneur substantial global heft. But it might also end up extracting a heavy price on his already-stretched group and its investors.
The two IPO-bound startups are showing signs of a slowdown and will be looking over their shoulders as online B2B marketplaces launched by the conglomerates grow fast.