Indiabulls up 5% amid JV talks with ArcelorMittal

Indiabulls Power today surged by nearly 5 per cent at the Bombay Stock Exchange in early trade, after reports that its parent firm Indiabulls is in talks with steel giant ArcelorMittal for setting up a mining joint venture in India.

Indiabulls Power zoomed by 4.7 per cent to Rs 28.05 on BSE. On the National Stock Exchange, it saw a similar trend and was quoting at Rs 28.10, up by 4.9 per cent.

The world's largest steel-maker, ArcelorMittal, is in talks with financial services and infrastructure major Indiabulls for scouting and mining iron ore in India.

The JV could be between an ArcelorMittal subsidiary or an investment arm of the Mittal family and an Indiabulls Group firm, according to sources.

While Indiabulls did not give details like the location of the proposed mining project or the investment involved, sources said it could be in Rajasthan.

Through LNM India Internet Ventures, it is said that L N Mittal already holds an 8.79 per cent stake in Indiabulls Power, which is developing various power projects across the country.

Meanwhile, the broader market Sensex was trading higher by 45.27 points at 18,605.32.