ArcelorMittal, Indiabulls to form JV for coal, iron ore mining

Indiabulls Real Estate and LN Mittals ArcelorMittal will form a joint venture for mining coal and iron ore. The move is aimed at owning captive mines for the two companies businesses. Indiabulls is in the power generation business, while ArcelorMittal is the worlds largest steelmaker. The joint venture will look at all mining opportunities that will be offered in India, while for captive purposes, coal and iron ore are the two minerals we will be interested in, Indiabulls Executive Director Gagan Banga said. He declined to elaborate on likely investments, saying that mining operations will be carried out through special purpose vehicles. The move to form a joint mining venture is the latest by ArcelorMittal to establish a presence in the Indian steel market, considered the worlds second-largest after China. (September 7, 2010)