Lakshmi Mittal, Moni Varma settle case outside court hours before hearing

Just hours before their case was to begin in the High Court, NRI steel tycoon Lakshmi N Mittal and India-born rice baron Moni Varma on Tuesday decided to settle their multi-million-pound dispute out of court.

"Moni Varma and Lakshmi Mittal are pleased to announce that their differences have been resolved. They shall be making no further comment," said a statement issued by the parties on Tuesday.

Mr Mittal, 63, Britain's richest man and chairman and CEO of ArcelorMittal was being sued by former friend and fellow millionaire, Moni Varma - owner of Veetee Rice, over allegations that Mr Mittal reneged on an agreement to pay fees on a major deal he brokered for him in oil-rich Nigeria.

In documents presented to the court, the rice baron claimed to have facilitated a deal in 2006 for Mr Mittal to access two unexplored oil fields in the Niger Delta, and to have arranged a meeting with former Nigerian president Olusegun Obasanjo.

It is believed Mr Obasanjo had been lined up to give witness evidence in the case.

However, the claim had been dismissed as "opportunistic and speculative" by Mr Mittal, who is worth an estimated 12.7 billion pounds.