For Authentic Gossip
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Inset : Pramod Mittal   

Balasore Alloy Reports Sick After Brash Billionaire Pramod Mittal’s Bankruptcy – What Next?

His rise was meteoric, so was his downfall. Rapid. Billionaire Pramod Mittal (65), the younger stepbrother of steel tycoon LN Mittal, who reportedly spent $82 million for his daughter’s marriage, is bankrupt. He has lost everything from coast to coast — business empires in Bosnia, Bulgaria, Africa, Philippines. Ditto: India. His steel business Ispat Steel was sold to Sajjan Jindal controlled JSW in 2010. The only saving grace was the Orissa-based Balasore Alloys, earlier Ispat Alloys. This listed company, with captive mines, is one of the largest manufacturers and suppliers of high carbon ferrochrome. Now, this cash rich company too has turned sick. The plants have been shuttered close to a year with hundreds of workers, employees, vendors, banks and utilities not paid. Reportedly, some of the top brass including finance director, company secretary, and independent directors have resigned over non-payment of dues and fees. People close to the company say this plant, a legacy of Pramod’s father Mohan Lal Mittal, will require a fund infusion of Rs 1,000 crore to start operations. Analysts are surprised that at a time when commodity cycle is on upswing how come this company has turned sick? For now Balasore Alloys future hangs in a balance –waiting for knights in steely armour.