Although they lost the original bid, time has vindicated the Mittals persistence. It was a Malaysian-based corporate finance firm. Tael Capital which persuaded the younger Mittal brother. Pramod to renew his bid.
With close links to Danaharta, the Malaysian bad debt agency that controlled NSC’share capital, and to the Mittals through respected steel engineering consultants, McLellan & Partners Ltd. of United Kingdom. Tael teamed-up with CLSA Exchange Capital, the Manila investment banker headed by Luis "Buboy’ Virata.
Lawrence Anderson Burley, executive director and co-founder of Tael, said "Tael has a 12-year track record in putting together steel transactions." He added, "in 1996, we raised $220 million debt finance of Gunawan Iron & Steel Sdn Bhd in Malaysia. In 1994 we arranged a Swiss Fr 100 million equity-linked bond issue for Nakorn Thai steel, Thailand."
Tael’s co-founders have each over 20 years’ investment banking and fund management experience gained in the Swiss financial markets. Tael Ltd., parent of Tael Capital, maintains an office near Geneva. The firm apart from steel, has special strengths in shipping and in the marine-to-offshore (oil and gas) sectors.
McLellan on the other hand is responsible for the rehabilitation of the NSC plant. The Mittals’tapped the firm as technical advisors. The UK-based company has extensive experience in rehabilitation, enhancing and expansion of steel production plant including electric arc furnace, steel production billet casters, hot mills including steekel mills cold reduction mills and tinplate coasting lines.