Anil Ambani group firm Reliance Power (R-Power), has received US$1 billion funding from three Chinese banks for the Sasan ultra mega power project (UMPP) in Madhya Pradesh.

The fund raised from China Exim Bank, Chinese Development Bank and China Export & Credit Insurance Corporation (Sinosure).

Reliance Power is currently developing two power projects — Rosa Phase I (600 Mw) and Sasan UMPP (3,960 Mw).     

World’s largest integrated metals and mining company ArcelorMittal has acquired 70% stake in Manchester Tubos e Perfilados SA, a Brazilian steel processor and distributor, for an undisclosed amount.

ArcelorMittal said the move will reinforce its downstream position in Brazil and help it target the country's construction market as well.