Why Pramod Mittal Gets Angry

Posted: Sunday, Jan 05, 2003 at 0000 hrs IST
Updated: Sunday, Jan 05, 2003 at 0000 hrs IST

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Mumbai, January 4:: House That Mittals Built

In 1994, at the peak of the IPO mania, the Mittals were among those promoters who believed that Indian and foreign investors would always be around to hand them money.
They had just raised $ 125 million with utmost ease, confident that post-issue scrutiny would be vague to non-existent. At that time, corporate India was busy raising money from the public and plonking it into real estate in Mumbai, until they built up a huge and unsustainable bubble in property prices too. Flush with GDR money, the Mittals then bought a Rs 73 crore property on Mumbai’s posh Peddar Road through a front company called Hasya Trading and Investment Pvt. Ltd.
Soon after, the property bubble crashed and prices have never recovered. At that time the Ispat Industries’ project cost was already a high ...

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