Global Steel buys Balkan coal mine.
Economic Times (New Delhi, India), June, 2007
Jun. 2--MUMBAI, India -- The Pramod and Vinod Mittal-led Global Steel Holdings, the international holding company of Ispat Industries, has acquired Ivangrad thermal coal mines in Montenegro for an undisclosed sum. The company plans to invest $1.1 billion to develop the mines and set up a power plant in the Balkan country,
The acquisition is in line with the strategy followed by the Mittal brothers -- including the eldest LN Mittal -- of buying loss-making and small units across the world and then turning them around. The Ivangrad "brown" coal mines, located 140 km north-east of the capital Podgorica, is estimated to have reserves of 150 million tonnes of thermal coal.
It also has a coal washing and separation plant attached to the mine that can...
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