Ispat chairman Pramod Mittal (left) with MD Vinod Mittal in Calcutta on Tuesday. Picture by Kishor Roy Chowdhury

Calcutta, Sept. 27: Global Steel Holding Ltd, the London-based holding company of Pramod and Vinod Mittal ? siblings of steel baron L.N. Mittal ? is exploring more acquisitions.

Pramod Mittal, who is also the chairman of Ispat Industries in which Global Steel has a 54 per cent stake, said the holding company would consider new acquisition opportunities.

The group, which is consolidating its businesses by bringing Ispat Industries under the Global Steel fold, has operations in five countries and a total capacity of 14 million tonnes.

The steel maker has expanded rapidly through acquisitions, the last of which was in Bulgaria.

?Global Steel or its subsidiaries will be the vehicle for acquisitions, not Ispat Industries,? Pramod said. However, he declined to divulge the shareholding pattern of Global Steel ? the holding company.

Pramod, the younger of the two brothers, said the group was already consolidating its business.

?The recast exercise will be completed in six to nine months,? he added. The brothers were in the city to attend the 20th annual general meeting of Ispat Industries.

Ispat investment

Ispat Industries, which has undertaken a corporate debt restructuring programme, will invest Rs 1,100 crore in expansion this financial year. Of this, the company has already spent about Rs 650 crore.

The lion?s share of the capital expenditure will come from internal accruals, while Rs 100-200 crore will be borrowed from banks and institutions.