ArcelorMittal, the world's largest steelmaker, is in talks to buy a stake in unlisted Indian steel producer Bhushan Power & Steel Ltd to gain access to its plant and mining rights, the Economic Times said.
Christophe Cornier, a member on the board of ArcelorMittal, and chief technology officer Pierre Gugliermina were in New Delhi recently and met senior Bhushan Power officials, the newspaper said on Thursday, quoting people familiar with the development.
Bhushan Power Chairman Sanjay Singal told the paper there was no such plan. "ArcelorMittal hasn't approached us and we are not talking to the company," he was quoted as saying.
Officials at ArcelorMittal could not immediately be reached for comment.
Bhushan Power has seven steel plants with a combined annual capacity of 1.5 million tonnes, according to its website. It posted a turnover of Rs38.73 billion ($850 million) in 2008.
The Economic Times said ArcelorMittal, which has about 8 percent of the global market, would gain access to a steel mill and some mining rights in eastern Indian state of Orissa if it succeeds in buying a stake.
Comments