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Indices down 0.5% as rupee breaches 56 markMay 23 2012 16:25
Ispat denies reports of ArcelorMittal buying stake in co
MUMBAI (makemystocks): Ispat Industries Ltd denied reports of ArcelorMittal buying stake in the company.
"All rumours circulating about ArcelorMittal taking 30% stake, or any stake for that matter, in Ispat Industries are wholly untrue and purely speculation," Monaesha Pinto, vice-president, corporate communications, said in a release.
Earlier, there were reports that debt-laden Ispat was looking to infuse equity from a strategic partner to bring in cash and was in talks with world's largest steel maker ArcelorMittal for selling stake.
Ispat Industries faced a massive cash crunch which has forced the company to shut down operations at its plant in Dolvi, Maharashtra.
"All rumours circulating about ArcelorMittal taking 30% stake, or any stake for that matter, in Ispat Industries are wholly untrue and purely speculation," Monaesha Pinto, vice-president, corporate communications, said in a release.
Earlier, there were reports that debt-laden Ispat was looking to infuse equity from a strategic partner to bring in cash and was in talks with world's largest steel maker ArcelorMittal for selling stake.
Ispat Industries faced a massive cash crunch which has forced the company to shut down operations at its plant in Dolvi, Maharashtra.
