Mittal's wealth rises by 2.2 bn pounds

None | ByPress Trust of India, London
Apr 20, 2006 06:42 PM IST

The fortune of Hinduja brothers shot up from 2.1 billion pounds last year to 3.6 billion pounds this year.

NRI steel tycoon Lakshmi Mittal's hostile bid to take over Luxembourg-based Arcelor may not have materialised so far but his effort has pushed up his fortune by 2.281 billion pounds since the bid, the Sunrise Rich List 2006 has revealed.

HT Image
HT Image

According to the List, the Mittal family stake, a week after the bid, was worth 12.6 billion pounds, and on Wednesday it has shot up to 14.881 billion pounds, showing that investors like what Mittal wants to achieve in the global steel market.

The 12.7 billion pound hostile bid was rejected by the Arcelor management while the French and Luxembourg governments were also hostile.

Philip Beresford is the author of this year's Rich List for the Sunrise Radio, which showed the combined wealth of the top 300 Asian multi-millionaires in Britain, has risen by 42.6 per cent since last year to 35.5 billion pounds.

The fortune of Hinduja brothers, Gopichand, 66 and Srichand,70, shot up from 2.1 billion pounds last year to 3.6 billion pounds this year as "many doors that were previously closed to them were now opening after they were cleared in the Bofors affairs by the New Delhi High Court in June 2005," Beresford told reporters on Tuesday.

"As a result, they have now gone into two new areas: insurance and real estate development," he said.

According to Beresford, the Caparo Group, headed by Lord Swraj Paul, is looking to make hefty investments in the booming Indian economy. "It will be a case of coming home for founder Lord Paul," he observed.

The NRI industrialist and the family of the Caparo Group, figure eighth in the Rich List.

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