Ispat is controlled by Pramod and Vinod Mittal, the brothers of the world’s fifth richest man, billionaire Lakshmi Mittal, who heads the world’s largest steelmaker Arcelor Mittal.

Lakshmi Mittal branched out on his own in 1976 due to differences with the family.

Ispat has posted losses for the past five years except for fiscal year 2008. Its net loss narrowed to 3.2 billion rupees in the year-ended March 2010 compared with a loss of Rs 690 crore in 2008-09 year.

Kotak Investment Banking represented Ispat on the deal, sources previously told Reuters.

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