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

Indiabulls Real Estate and 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 has power plants, while ArcelorMittal is the world’s largest steelmaker.

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. ArcelorMittal had announced plans to set up steel projects in Jharkhand in 2005 and Orissa in 2006.