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LN Mittal keen to take over Global Steel's ailing mill in Bulgaria
March 23, 2008: Steel tycoon Lakshmi Niwas Mittal has intensified efforts to take control of Global Steel Holdings Ltd's ailing Kremikovtzi steel mill in Bulgaria. The mill, run by Pramod Mittal -- the younger brother of L N Mittal, has seen labour unrest and faces the possibility of being re-nationalised by the Bulgarian government.
In a letter to the Bulgarian Cabinet, the senior Mittal has pledged to do the needful to restructure the mill and invest enough money to absorb its outstanding liabilities, likely to be around one billion dollars.
Source: Economic Times