Advertisement

HindustanTimes Thu,10 Jul 2014

LN Mittal slips to No 4 on UK richlist

Dipankar De Sarkar, Hindustan Times  London, April 21, 2013
First Published: 19:19 IST(21/4/2013) | Last Updated: 02:24 IST(22/4/2013)

A Russian industrialist with extensive mining, media and mobile phone interests has ended India-born steel magnate and Arcelor-Mittal’s chairman LN Mittal’s seemingly unending reign as King of the UK richlist.

Advertisement

Mittal relinquished his number one spot on the Sunday Times Rich List for the first time in eight years — the longest run by anyone in that coveted place — as Alisher Usmanov, part-owner of Arsenal football club, moved up. Usmanov is worth £13.3 billion.

The fortunes of Mittal and family have been declining for some years due to a global slump in steel demand but he never looked like being upstaged from the top spot. http://www.hindustantimes.com/Images/Popup/2013/4/22_04_13-buss19d.jpg

But the Kolkata-born tycoon fell to fourth place this year, as his wealth fell by £2.7 billion to £10 billion. Usmanov’s rise in Britain has been plagued by controversy over his past.

These include a Soviet-era conviction for corruption that was subsequently overturned.

Meanwhile, brothers Srichand and Gopichand Hinduja - who run a global trading and manufacturing empire - overtook Mittal for the first time in nearly a decade, taking third place.

"The Hinduja brothers are on a roll," declared the Sunday Times. The stock market value of their IndusInd Bank shot up from $2 billion to $4.6 billion in 2012. And their $1.1 billion acquisition of the US company Houghton International was the largest Indian investment outside India last year.


Advertisement
more from Business

Analysis: FM Jaitley pegs fiscal deficit target at 4.5%

Finance Minister Arun Jaitley said the country will stick to the fiscal deficit target of 4.1% of gross domestic product (GDP) set by the previous government for the year ending March 2015. Jaitley added the fiscal deficit would narrow to 3.6% of GDP by fiscal 2015/16 and to 3 % by 2016/17.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved