The pact will boost the steelmaker’s India business and free up the Ruias to settle debts.
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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.
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.
Carmakers have put down recent price hikes to inflation. In reality, the increases are driven by vehicle demand rather than input costs, especially for Tata Motors.