Lakshmi Mittal, the world’s fifth- richest man, is competing with two fellow Indian billionaires to buy control of Sesa Goa Ltd, the nation’s largest non-state iron ore exporter, people familiar with the plan said.
Japan’s Mitsui and Co. is selling its 51% stake in Panaji, Goa-based Sesa Goa worth as much as $1 billion (Rs4,286 crore) and may select a buyer this week, said the people, who didn’t want to be identified before an announcement. The three bidders are Arcelor Mittal, the world’s largest steel company, Aditya Birla Group and Vedanta Resources Plc, they said.Lakshmi Mittal wants to fend off Kumar Mangalam Birla and Vedanta’s Anil Agarwal to obtain iron ore for his steel mills and reduce production costs.
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