Lakshmi Mittal close to buying Kazakhastan-based firm: Report

Lakshmi Mittal, who controls ArcelorMittal, is close to buying Kazakhastan-based engineering, procurement and construction firm KazStroyServices Ltd (KSS) in his personal capacity, the Business Standard reported on Sunday.

KSS owns 52.47% stake in India's Petron Engineering Construction Ltd and the buy will give Mittal control over the Indian firm involved in construction of oil and gas pipelines and refineries, the report said, citing two unidentified sources.

"The deal at the parent level is expected to be finalised and announced in a month's time and after that, there would be an open offer for the Indian shareholders," the report quoted a source as saying.

"We are not aware of any deal of this sort," the report quoted Petron Engineering Construction's spokesperson as saying while ArcelorMittal group told the newspaper through an email, the group does not comment on market speculation.

The deal value could not be ascertained, the report said.

Officials of Petron Engineering Construction and ArcelorMittal could not be reached immediately for a comment by Reuters.