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July 12, 2002 | 1319 IST
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Ispat's Mohan Mittal makes way for son

Rumi Dutta

Ispat group patriarch Mohan Lal Mittal has relinquished his chairmanship in favour of his second son Pramod, who now becomes the chairman for the Indian operations.

Youngest son Vinod now becomes the managing director of Ispat Industries, the group flagship, a position which Pramod held earlier.

The 75-year-old senior Mittal is now chairman emeritus of the steel company. The change of guard was agreed upon by the company last week, senior Ispat executives confirmed.

Mittal's eldest son Laxmi Narayan had gone separate ways in the early 1990s, taking control of the group's overseas operations. L N Mittal is now among the world's fifth largest steel producers. The Indian operations are, however, under stress owing to the recession in the global steel sector.

A director on the Ispat Industries' board said, "The two brothers have jointly taken charge of Ispat Industries and the other group companies. Though, technically speaking the senior Mittal has retired, his sons keep him abreast with all developments in the company and the group.

"M L Mittal is the founder of the company, and hence, would always be associated with the company," he added.

The group flagship, Ispat Industries, was incorporated in 1984. The company was initially called Mittal Galvazinc. It subsequently underwent a name change to Nippon Denro Ispat in April 1985.

Again in September 1996, the name of the company was changed again to Ispat Industries.

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