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Home > India > Business > PTI > Report

L N Mittal is again UK's richest man

April 30, 2008 08:45 IST

Steel tycoon Lakshmi Mittal has just been named the richest person in the UK for fourth year in a row, but when it comes to being a powerful businessperson, he lags behind four others in the British manufacturing industry.

According to a list of 100 most-powerful business people in the UK's manufacturing sector released by the Daily Telegraph, India-born Mittal has been ranked fifth.

Besides, India-origin businessman Anil Agrawal, founder and chairman of mining giant Vedanta, has been ranked at 48th position, while Philippe Varin, CEO of Anglo-Dutch steelmaker Corus, now part of Indian conglomerate Tata group, is at 22nd.

"Mittal is the richest man in Britain. He inherited his steel making business from his father, who made a fortune in India despite his humble roots," the daily said.

The 58-year old business head of world's largest steel maker ArcelorMittal is "a Labour Party donor, and lives in the most expensive house in Britain, which he bought from Formula One supreme Bernie Ecclestone for 57 million pounds."

The publication said that "after witnessing India win only one medal, bronze, in the 2000 Olympics, and one medal, silver, at the 2004 Olympics, Indian-born Mittal set up Mittal Champions Trust with $9 million to support ten Indian athletes with world-beating potential."

Mittal was named this Sunday as UK's richest in the Sunday Times Rich List for fourth straight year with a net worth of 27.7 billion pounds.

Those having been ranked above Mittal in the most powerful businessmen list are mining major Anglo-American CEO Cynthia Carroll at fourth, another mining giant BHP Billiton's CEO Marius Klippers at third, defence systems maker BAE Systems' CEO Mike Turner at second and Rolls Royce CEO Sir John Rose at the top.

"Sir John Rose is Britain's most powerful industrial heavyweight, having transformed Rolls-Royce in his 11 years as chief executive," the Daily Telegraph said.

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