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HindustanTimes Wed,22 Oct 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.

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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.


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