Date:18/08/2004 URL: http://www.thehindubusinessline.com/2004/08/18/stories/2004081802150200.htm

Back LN Mittal group acquires steel co in Bosnia

Our Bureau

New Delhi , Aug. 17

THE LN Mittal group on Wednesday announced the acquisition of majority stake in BH Steel of Bosnia.

The group has completed negotiations with the Government of the Federation of Bosnia-Herzegovina and the Kuwaiti Investment Agency to acquire 51 per cent of BH Steel in Bosnia, according to an official release.

The LN Mittal group company — LNM Holdings N.V. — would make the acquisition.

According to the terms of agreement, LNM has agreed to increase the share capital of BH Steel by a total of $80 million and invest a minimum of $135 million in a capital expenditure programme over the next 10 years, the release added.

BH Steel has a current annual production level of two lakh tonnes and produces a variety of long products, including forgings, bar and rod.