Tycoons vie for control of India's steel sector

Mumbai

SURGING steel prices and a new Indian insolvency law have set the stage for an industry-defining battle between tycoons and producers for more than US$26 billion of the sector's most coveted assets.

Creditors are seeking the approval of India's new bankruptcy court to sell assets of as many as 40 firms, including steel producers. That has spurred Lakshmi Mittal, head of the world's largest maker of the alloy, and fellow billionaire Anil Agarwal to vie for control of Essar Steel India, according to people with knowledge of the matter.