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NRI Mittal, steel tycoon, richest Asian in Britain in 2006


UK, April 09, 2006
Rajiv Sharma

NRI, Lakshmi Mittal, London-based steel magnate with a fortune worth 14.8 billion pounds is richest Asian in Britain. Mittal, Chairman of Mittal Steel, the world's largest steel company, was worth 14.8 billion pounds in 2005 and maintained his position as the richest Asian in Britain in 2006 as well, according to a report in The Sunday Times.

  • NRI, Mittal began his career in his family's Calcutta steel business. He founded his first steel plant in Indonesia in 1976 before moving on to turn around a business in Trinidad and Tobago.

  • In 1980s he was a major player in world steel, and has strengthened his position ever since, buying up companies in Mexico, Canada, Germany, Ireland and Kazakhstan.

  • In 2005, he joined his two steel companies, LNM Holdings and Ispat International, into Mittal Steel, the world's largest producer _ awarding himself a 1 billion pound (US$1.8 billion, euro1.5 billion) bonus in the process _ and oversaw a US$4.5 billion (euro3.7 billion) takeover of U.S-based International Steel Group.

  • In April 2004, he paid 70 million pounds (US$125 million, euro110 million) for a 12-bedroom London mansion, next door to one owned by the Sultan of Brunei , that was reported to be the world's most expensive house.


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