Serial bomb blasts in Mumbai, India, during evening rush hour Wednesday have killed 20 people and injured 113, according to government reports. India’s home ministry is already calling it a terrorist attack. The federal government in New Delhi has rushed a team from the National Investigative Agency to Mumbai, and the National Security Guard has been deployed as well.
The three bomb explosions, taking place between 6.45 and 7 p.m, went off in some of the city’s most crowded areas in south Mumbai and one location in the mid-town area. The bombs were planted in a car, an electric meter box and at a bus stop.
The news of the multiple explosions jammed mobile phone lines and sent the city’s residents into a panic. Rumors suggest that more blasts could be imminent from bombs planted in unknown locations that have yet to explode.
The state chief minister Prithviraj Chavan, speaking to television channels, described it as “ an attack on the heart of India.” He would not speculate as to who was likely to have orchestrated the deadly explosions, although television reports suggested that militant groups, notably the Indian Mujahideen and the Lashkar- e -Taiba could be responsible. Any link to a Pakistani involvement could jeopardize the fragile relationship between the two neighbors and the latest impetus to mend fences.
Mumbai, India’s billionaire capital, had its last brush with terror three years ago in 2008 when a group of militants from Pakistan, stormed two prominent five-star hotels, a busy railway station and a Jewish outreach center, all in posh South Mumbai. The siege lasted a total of three days and killed over 160 people. Ajmal Kasab, the sole surviving militant is currently housed in a Mumbai jail. Earlier in 2002, bombs had ripped through suburban trains carrying commuters back home again during rush hour.
Speaking to Forbes, billionaire Adi Godrej, chairman of the Mumbai-headquartered Godrej Group, said the latest attack was regrettable. ” It’s a setback not just for Mumbai but for India as a safe destination, ” he added.
India’s richest resident Mukesh Ambani’s 27-story sky palace in Mumbai, built at an estimated cost of $ 1 billion, has no shortage of critics. But not all of them have gone public with their views and certainly not to a prominent British newspaper. So it came as a surprise that the normally circumspect Ratan Tata, chairman of the $67 billion (revenues) Tata conglomerate that owns iconic companies such as Jaguar, Land Rover, Corus Steel and Tetley Tea, would join the legion of critics to give Ambani a public ticking off for his over the top taste.
In an interview to The Times of London, published in its magazine section Saturday, Tata reportedly criticized Ambani’s opulent home. He’s quoted as saying: “ It makes me wonder why someone would do that… The person who lives in there should be concerned about what he sees around him and [asking] can he make a difference. If he is not, then it’s sad because this country needs people to allocate some of their enormous wealth to finding ways of mitigating the hardship that people have,”
The Indian press swooped down on the story, publishing the juiciest quotes from it. The Times of India newspaper’s Sunday edition had it emblazoned on the front page, eclipsing news of the second anniversary bash of India’s United Progressive Alliance government. (In the same interview to The Times, Tata reportedly slammed British managers as “lazy”)
Tata’s PR machinery got cracking to promptly issue a denial that dubbed the reports by the Indian press as “ mischievous and misleading”. The comments on wealth, said the statement, were made “ in the larger context of the growing disparity in the society. The comments seem to have been deliberately sensationalised.”
As for The Times article itself, “There have been words, individuals and statements that have not been mentioned by Mr Tata during the course of the interaction which are being attributed to him.” (The Times said it stood by its report)
Talk about an anti-climax. Tata’s views are hardly radical, echoing the cocktail chatter of India’s business crowd. Indeed, Ambani’s critics include several of his billionaire brethren who have felt uncomfortable with such a visible, monumental display of riches in a country where the wealthy have long hidden their expensive indulgences. (Vijay Mallya, India’s liquor baron who calls himself “the king of good times”, is a notable exception in that group) But none have had the courage to air their views partly for fear of antagonizing the powerful Ambani and partly for risking their own lavish lifestyles being exposed.
Tata, more than anyone else, stands on a stronger moral high ground to speak out loud against Ambani. Although the head of the storied Tata clan, he’s not personally wealthy and doesn’t feature anywhere among India’s richest. He lives in a relatively modest apartment in South Mumbai and zealously guards his privacy. His stake in Tata Sons, according to a statement issued by the house of Tata back in 1997, is under 1% .
That has to do with the largesse of Tata’s ancestors who earmarked their holdings for charitable purposes decades ago. A clutch of Tata trusts dating back to the early 20th century- the Sir Ratan Tata Trust, named after founder Jamsetji Tata’s son who died at 47, was established in 1919- are the major shareholders of Tata Sons, the holding firm which has stakes in various Tata companies. While Ratan Tata chairs the trusts which are among India’s biggest and most generous philanthropic institutions, he accrues no beneficial interest from them.
The single largest shareholder in Tata Sons is billionaire construction magnate Pallonji Mistry who acquired the shares as an outsider and much later got linked to the family when his daughter married Ratan Tata’s younger step-brother Noel. Now an Irish citizen, Mistry was ranked at No. 103 with a net worth of $8.8 billion in Forbes Billionaires list in March.
Given his roots in old money, Tata’s distaste for the flaunting of new money is understandable. Philanthropy is ingrained in the Tata DNA unlike Ambani who for all his riches has yet to make a noteworthy mark in the area of charity. (He recently ignored an invitation by Bill Gates and Warren Buffet to attend a philanthropy reception in New Delhi, to watch a cricket match).
But Tata, who’s facing a vulnerable time as he prepares to end his two-decade stint as chairman of the Tata Group, may be reluctant to take on Ambani on this count if at all. Transcripts of phone taps of a corporate lobbyist that led to the infamous telecom scam being exposed, also revealed embarrassing exchanges between Tata and the lobbyist. Moreover, his successor has yet to be named and it seems, from the controversial interview with The Times, he’s not exactly rooting for brother Noel. Notably, no denial was issued regarding his view that Noel was perhaps unprepared to succeed him.
India’s GVK Group, the Hyderabad-headquartered infrastructure major owned and chaired by G.V.Krishna Reddy who features among India’s 100 richest with a family fortune of over $1 billion, is among the top bidders for two Australian coal mines of Hancock Coal, owned by Gina Rinehart, Australia’s richest person ( net worth:$9 billion). According to recent reports, GVK is in negotiations with a group of investors to raise $850 million for its proposed purchase that is expected to cost between $1.5 billion to $2 billion. Other bidders reportedly include JSW Steel, a company run by Sajjan Jindal whose mother Savitri Jindal chairs the O.P.Jindal Group and is India’s fifth richest person with a $13.2 billion fortune.
Hancock’s two mines, Tad’s Corner (formerly Alpha Coal) and Kevin’s Corner, are located adjacent to each other in the Galilee basin in Queensland with combined thermal coal reserves of an estimated 7.6 billion tons. Hancock, which started prospecting in the region in the 1970s, calls the reserves which are said to have low sulphur and ash content, the “jewel in the crown” of the Galilee Basin, in a company presentation. The mines are located near Abbot Point Port which was recently acquired by billionaire Gautam Adani for $2 billion.
GVK is one among several Indian power producers racing to secure fuel linkages for its upcoming power projects. The group which was one of the first power producers in the private sector to set up a power plant in its home state of Andhra Pradesh, currently produces 900 megawatts of power. It has 3,500 megawatts under construction and development, including a 540 megawatt thermal coal-fired plant in North India.
Reportedly, the expansion of GVK’s gas-fired power plants has been dogged by uncertainties over gas supplies, notably from billionaire Mukesh Ambani’s Reliance Industries whose KG-6 basin off India’s East Coast in turn has been reporting lower than expected output.
GVK has been scouting for Australian coal assets for a while. Last year, it was one of the bidders for Australia’s ailing miner Griffin Coal, but lost out to Indian rival Lanco Infratech, controlled by L.Madhusudan Rao, also ranked among India’s richest with a fortune of $2.3 billion.
A farmer’s son, Reddy shot into the limelight in 2006 when he bagged the modernization contract for Mumbai airport, India’s busiest. The group also owns a 29% stake in Bangalore airport which it acquired for $250 million. The two airports between them handle 35 million passengers annually. India’s Supreme Court recently ruled that private airport developers like GVK were not to charge the airport development fee they had been collecting from passangers.
Shares of GVK Power & Infrastructure, the group’s flagship in which the family owns a 54% stake, have declined nearly 50% in the past year.
Big pharma’s romance with Indian drug makers, once derided for making cheap knockoffs, is in full bloom. The latest Western company to strike a significant deal in India is Paris-headquartered Sanofi which inked a licensing pact Monday with Glenmark Pharmaceuticals , a rising outfit known for its efforts in drug discovery.
The licensing agreement is for developing and marketing rights relating to Glenmark’s novel anti-inflammatory drug, codenamed GBR 500, to treat Crohn’s Disease, an intestinal ailment and other auto-immune disorders. The drug is in the early stage of clinical development, having completed a phase one dosing study in the US.
The agreement also gives Sanofi exclusive marketing rights for North America, Europe, Japan and certain countries in South America. The two firms will co-market the drug in Brazil, Australia, New Zealand and Russia with Glenmark retaining the rights for the Indian market.
Sanofi is paying $25 million upfront, followed by a second tranche of $25 million, contingent on data provided by Glenmark. Total milestone payments could amount to as much as $613 million, said Glenn Saldanha, Glenmark’s chief executive. “ This is the largest out-licensing deal by any Indian pharma player, “ he added.
The pact with Sanofi, Glenmark’s second with the French drugmaker, is the sixth first-world licensing deal for the Indian firm. Saldanha claimed that Glenmark has received $200 million from such licenses in the past decade. “ We have remained ahead of the industry. This deal validates our research capabilities, especially in monoclonal antibodies, “ he said.
Glenmark’s shares soared 14% on the Bombay Stock Exchange to 311 rupees, following the announcement. Investment advisor S.P.Tulsian, founder, sptulsian.com, said that while the news is positive, investors should take a longer term view on the stock, perhaps over a two year horizon.
Glenmark was started in 1977 by Gracias Saldanha, a former pharma executive who founded it with his pension money, naming the outfit after his two sons Glenn and Mark . He was ranked among India’s richest with a net worth of $790 million last year. In 2000, he handed over charge of Glenmark in which the family owns 48%, to Glenn under whom the company embarked on drug discovery. It employs 400 scientists in five research centers, including one in Switzerland. Their efforts have produced eight new molecules which are currently under development.
Glenmark’s discovery efforts have faced setbacks, dampening its share price. Two of its molecules had negative results in clinical trials, including one licenced to Forest Laboratories. Its stock price has remained static in the past year so today’s news is a welcome kicker. The company netted $100 million on revenues of $685 million in the fiscal year ended March 2011.
The Glenmark-Sanofi arrangement, follows similar recent deals by other Indian pharma outfits. Bangalore biopharma firm Biocon scored a coup last year when it signed a $350 million marketing deal with Pfizer for its recombinant human insulin to treat diabetes.
Veteran banker Kundapur Vaman Kamath, 63, was recently named chairman of Infosys Technologies, the $6 billion (revenues) Indian software services giant in Bangalore. He will be the first non-founder to occupy that position, albeit in a non-executive role, after N.R. Narayana Murthy, the company’s iconic billionaire founder steps down in August. A high achiever, Kamath is credited with transforming ICICI Bank from a stodgy wholesale lender to a fast-rising retail bank that under his watch as chief executive grew to become India’s second biggest bank. He’s been non-executive chairman of ICICI, a post he will continue to occupy, since stepping down as CEO in 2009. Kamath, who joined Infosys’s board two years ago, spoke to Forbes about the new challenge he’s taken on:
Rumors about your being selected chairman started last August. When did you first get an inkling and what was your reaction?
The committee started working on the succession plan 14 months ago. People may have speculated but honestly I didn’t know until the weekend we announced it. Infosys is a company I’ve respected enormously so it’s a joy to be able to get such a chance. It’s truly a first-class company that I’ve watched for a long time. Back in 1996, I figured that this was a company from which I could learn a lot. One person who has contributed to my personal development and also to the bank’s development is Narayana Murthy who was a director at ICICI Bank for several years. In those days, ICICI was transforming itself into a private sector bank. Murthy chaired our governance committee, playing a huge role in shaping our policies on human resources, governance, compensation, that in turn allowed us to attract the best talent.
Since joining the board in 2009, what have you learnt about Infosys that you didn’t know?
At Infosys it’s truly a collective effort. When you’re on the board you understand the business more deeply, the processes that underpin the business and the culture that drives the company. You can’t guage all of this from outside. This is a company that came into existence in the mainframe era. Today the equivalent of that mainframe of the 1980s is something we carry in our pockets. Infosys has traversed all these tech challenges, having undergone in three decades what a manufacturing company may experience in a century. It has successfully repositioned itself to be relevant in the marketplace
What are going to be your immediate priorities as chairman?
Initially I would like to understand Infosys a little better. I want to be available as a sounding board and make sure that we develop a strong slate of leaders. I expect to spend 30 days a year on this. I spend a similar amount of time at ICICI Bank
Infosys is lagging its peers and requires bold measures to pick up speed. What advice would you give the CEO?
This company has weathered strong headwinds lately which have since calmed down and the horizon is fairly clear. It has already chalked out a strategy which is under execution. You will see the outcome in due course. I would advise patience. We ended last year with 26% revenue growth which exceeded our guidance of 17% growth. We’re aware of the feedback from investors and will take it into account as we go forward.
As CEO of ICICI Bank, growth was on top of your agenda not margins. Now you’re chairing a company that’s fanatical about preserving margins, not growth.
The business opportunities are so vast in every vertical and geography that Infosys can continue with its focus on maintaining margins. The key input is people. The constraint is not business but the speed at which you deploy people. Infosys has followed the strategy of a 28-week training program for new recruits before putting them to work. Because we stick to this we’re seen as slower than others who may be following a month’s training for new recruits. But we aren’t willing to compromise on this count as we want to ensure a certain quality to our customers.
Is Infosys likely to become more of a risk taker with you at the helm?
Infosys has been a positively aggressive company, growing 20% year on year. I would ask myself whether it needs to be more of a risk taker if it has already achieved such growth. I must underscore that without the ability to take risks infosys wouldn’t have been able to survive and thrive as it has over three decades. If you can protect your margins and grow at acceptable rates, why should you revisit that equation?
Isn’t shepherding the company’s transition from being driven by founders to professionals an important part of your role?
Let me clear a misconception. This is a professional company, founded and led by professionals. The founders have subsumed themselves to other professionals even in terms of drawing benefits. They’ve never said “we are founders so we are special”. In my view, the company is transitioning from being led by professionals who are founders to professionals who are non-founders.
A senior Infosys executive recently alleged that at Infosys, seniority counts over merit. What is your view?
Murthy has already made a public statement that the policy of giving weightage to seniority was drafted by the person who made that allegation.
Infosys still seems to be a male bastion in its top ranks unlike ICICI where you handed charge to a woman CEO. What are your thoughts on improving diversity?
The HR head at Infosys is a woman but we will work on this. You will see more senior women executives at Infosys in the future.
Fifty Indians, including L.N. Mittal, the Ambani brothers and Azim Premji, have made it to the Forbes list of World Billionaires 2011, as Indians Chinese, Russians and Brazilians raced to catch up with Americans, still at the top.Indian steel czar Lakshmi Mittal with a net worth of USD 31.1 billion grabbed the sixth place with net profits of ArcelorMittal, world’s largest steel-maker, rising 18-fold to USD 2.9 billion in 2010 on recovery in demand for the commodity and higher margins.Mukesh Ambani with a net worth USD 27 billion was ranked ninth on the world list, while the head of consumer products to outsourcing giant Wipro, Azim Premji, was next ranked 36th with a net worth of USD 16.8 billion.”The largest such endowment by an individual in India makes Premji one of Asia’s biggest donors,” said the magazine, referring to a donation of USD 2 billion worth of shares last year to a trust to fund his Azim Premji Foundation.
Among the top 10 Indians on the list were Shashi and Ravi Ruia, with a net worth of USD 15.8 billion, Savitri Jindal and family (USD 13.2 billion), Gautam Adani (USD 10 billion), Kumar Mangalam Birla (USD 9.2 billion), Anil Ambani (USD 8.8 billion), Sunil Mittal and family (USD 8.3 billion), and Adi Godrej and family (USD 7.3 billion).For the second year in a row, Mexican telecom tycoon Carlos Slim Helu takes the title of world’s richest man with a record-breaking fortune of USD 74 billion. His net worth grew USD 20.5 billion in a year.Microsoft chairman Bill Gates, 55, was second again as his net worth rose USD 3 billion to USD 56 billion. Warren Buffett, 80, chief executive officer of Berkshire Hathaway Inc., held on to third place with USD 50 billion.
Mark Zuckerberg, the 26-year-old cofounder and chief executive officer of social-networking website Facebook Inc. jumped to 52nd this year from 212th place last year.There are now 1,210 billionaires in the world and 214 new members joined the club in 2010, while only 47 dropped off the list last year. The US still dominates, with 413 billionaires, compared to Asia, which came in second with 332.The US gained 23 new billionaires and lost 13, recording a net gain of 10. Asia cranked out 98 new billionaires last year, and their combined fortunes jumped 37 percent.
The BRIC (Brazil, Russia, India, China) countries alone accounted for 108 new billionaires, giving them a total of 301. China had the most new billionaires, with 54 and a total of 115. Moscow displaced New York as the city with the greatest number of billionaires with 79, compared with 58.The Asia-Pacific region had more billionaires than Europe for the first time in more than 10 years and gained the most billionaires of any region, with 105 newcomers.Here is a complete list of Indian billionaires in order of India Rank, World Rank, Name, Net Worth, Age, Source:
1.. 6 Lakshmi Mittal USD 31.1 B 60 Steel
2.. 9 Mukesh Ambani USD 27 B 53 petrochemicals, oil & gas
3.. 36 Azim Premji USD 16.8 B 65 Software
4.. 42 Shashi & Ravi Ruia USD 15.8 B 67 Diversified
5.. 56 Savitri Jindal & family USD 13.2 B 60 Steel
6.. 81 Gautam Adani USD 10 B 48 commodities, infrastructure
7.. 97 Kumar Birla USD 9.2 B 43 commodities
8.. 103 Anil Ambani USD 8.8 B 51 Diversified
9.. 110 Sunil Mittal & family USD 8.3 B 53 telecom
10. 130 Adi Godrej & family USD 7.3 B 68 Diversified
11. 130 Kushal Pal Singh USD 7.3 B 79 real estate
12. 154 Anil Agarwal USD 6.4 B 57 mining, metals
13. 159 Dilip Shanghvi USD 6.1 B 55 pharmaceuticals
14. 182 Shiv Nadar USD 5.6 B 65 Information technology
15. 265 Malvinder & Shivinder Singh USD 4.1 B 38 healthcare
16. 310 Kalanithi Maran USD 3.5 B 45 media
17. 347 Uday Kotak USD 3.2 B 51 banking
18. 376 Micky Jagtiani USD 3 B 59 Retail
19. 393 Subhash Chandra & family USD 2.9 B 60 media
20. 440 Pankaj Patel USD 2.6 B 57 pharmaceuticals
21. 440 Indu Jain USD 2.6 B 74 media
22. 440 G. M. Rao USD 2.6 B 60 infrastructure
23. 512 Cyrus Poonawalla USD 2.3 B 69 biotech
24. 540 Rajan Raheja & family USD 2.2 B 56 Diversified
25. 564 Desh Bandhu Gupta USD 2.1 B 73 pharmaceuticals
26. 595 N.R. Narayana Murthy & family USD 2 B 64 Software
27. 595 Gautam Thapar USD 2 B 50 engineering, paper
28. 595 Sudhir & Samir Mehta USD 2 B 56 Diversified
29. 595 Aloke Lohia USD 2 B 52 chemicals
30. 651 Venugopal Dhoot USD 1.9 B 59 electronics
31. 651 Chandru Raheja USD 1.9 B 70 real estate
32. 692 Nandan Nilekani & family USD 1.8 B 55 Software
33. 736 Ajay Kalsi USD 1.7 B N/A oil
34. 782 Rahul Bajaj USD 1.6 B 72 motorcycles
35. 782 Senapathy Gopalakrishnan & family USD 1.6 B 55 Software
36. 833 Brijmohan Lall Munjal USD 1.5 B 87 motorcycles
37. 833 K. Anji Reddy USD 1.5 B 69 pharmaceuticals
38. 879 Vijay Mallya USD 1.4 B 55 liquor
39. 879 Ajay Piramal USD 1.4 B 55 pharmaceuticals
40. 879 Vikas Oberoi USD 1.4 B 40 real estate
41. 938 Baba Kalyani USD 1.3 B 62 Engineering
42. 938 Rama Prasad Goenka USD 1.3 B 81 Diversified
43. 993 Keshub Mahindra USD 1.2 B 87 Diversified
44. 993 K Dinesh & family USD 1.2 B 56 Software
45. 993 Rakesh Jhunjhunwala USD 1.2 B 50 Investments
46. 993 Brij Bhushan Singal USD 1.2 B 74 Steel
47. 1057 Yusuf Hamied & family USD 1.1 B 74 Pharmceuticals
48. 1057 S.D. Shibulal & family USD 1.1 B 56 Software
The world’s most expensive70 million pounds house bought by Mittal
Mr Lakshmi N. Mittal
Chairman and CEO
Mittal Steel Company Ltd, United Kingdom
Mr. Lakshmi N. Mittal is the Chairman and CEO of Mittal Steel Company. He founded the company (formerly the LNM Group) in 1976 and has been responsible for the strategic direction and development of its businesses.
Mittal Steel is the only truly global steel producer in the world with operations on 14 countries, spanning 4 continents.
Mr. Mittal’s ability to guide the company in its identification, acquisition and turnaround of steel assets has led to its emergence as one of the world’s fastest growing steel producers.
Mr. Mittal began his career working in the family’s steelmaking business in India, and has over 30 years of experience working in steel and related industries.
Over the years, Mr. Mittal has also championed the development of integrated mini-mills and the use of Direct Reduced Iron or “DRI” as a scrap substitute for steelmaking and led the consolidation process of the global steel industry.
Other related activities of Mittal Steel include shipping, power generation and distribution, and mining.
Following the transaction combining Ispat International and LNM Holdings to form Mittal Steel in December 2004, together with the simultaneous announcement of the acquisition of International Steel Group in the US to form the world’s largest steel producer, Mr. Mittal was awarded Fortune magazines “European Businessman of the Year 2004”.
Previously, he was awarded “Steelmaker of the Year” in 1996 by New Steel in the USA, and the “Willy Korf Steel Vision Award” in June 1998, for outstanding vision, entrepreneurship, leadership and success in global steel development from American Metal Market and PaineWeber’s World Steel Dynamics.
Mr. Mittal is an active philanthropist and a member of various trusts. Mittal Steel is a significant contributor to local community and welfare activities for employees in countries where the Group operates.
Mr. Mittal is a member of the Foreign Investment Council in Kazakhstan, the International Investment Council in South Africa, the World Economic Forum’s International Business Council and the International Iron and Steel Institute’s Executive Committee.
He is a Director of ICICI Bank Limited and is on the Advisory Board of the Kellogg School of Management in the U.S.
He was born in Sadulpur in Rajasthan, India on June 15, 1950, and graduated from St. Xavier’s College in Calcutta where he received a Bachelor of Commerce degree.
He is married to Usha Mittal, and has a son, Aditya Mittal and a daughter, Vanisha Mittal
UPDATED-Oct. 20, 2009: ArcelorMittal is the world’s leading steel company, with operations in more than 60 countries. ArcelorMittal is the leader in all major global steel markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. With an industrial presence in over 20 countries spanning four continents, the Company covers all of the key steel markets, from emerging to mature.In 2008, ArcelorMittal had revenues of $124.9 billion and crude steel production of 103.3 million tonnes, representing approximately 10 per cent of world steel output.
I’m not done yet.. I’m still pretty young: Mittal
NRI BILLIONAIRE steel magnate Lakshmi Mittal received a lifetime achievement award here last night – but was quick to point out he is far from elderly.
‘It hasn’t escaped my notice that this award is a lifetime achievement award. But just to let you know that I haven’t finished yet… I’m still pretty young and… I’m a fit person,’ Mr Mittal, 58, quipped.
Mr Mittal, chairman and chief executive of ArcelorMittal, on Monday night accepted the Malcolm S. Forbes Lifetime Achievement Award from publishing tycoon Steve Forbes, chairman and CEO of Forbes, at a ceremony in the Shangri-La Hotel.
UK NRI Mittal steel tycoon wins Forbes Lifetime Achievement Award
UK NRI steel tycoon Lakshmi Mittal is the richest man in Europe with his fortune estimated, $45 billion will get Forbes Lifetime Achievement Award tonight at Forbes Global CEO (three day) Conference in Singapore
More than 425 business leaders with a combined net worth of more than 160 billion dollars from across the world are expected to attend. In March 2008, Forbes had named Lakshmi Mittal as fourth richest with a net worth of $45 billion of the world’s richest billionaires.
- In 2008, our theme at the three-day conference is “The Winning Hand” and would discuss strategies in dealing with the global uncertainty and issues such as US elections, real estate, China, India and entrepreneurship.
- The award honors heroes of entrepreneurial capitalism and those who embody and exemplify the ideals of free enterprise
- This is the highest award for global business success and the third such honour for heroes of entrepreneurial capitalism and free enterprise.
- At conference speakers will be:
- Singapore’s Prime Minister Lee Hsien Loong
- TCS CEO and MD S Ramadorai, Sajjan Jindal, Vice-Chairman and Managing Director of JSW Steel, Tulsi Tanti, Chairman and Managing Director of Suzlon Energy
Short Biography of both Families
Groom’s parents, Arun and Renu,
This 53-year-old billionaire is the richest non-resident-Indian in the world and the fifth richest man in Britain. He started his career in his family’s steel making business in India and now owns the LMN Group, the world’s second biggest steel producers.
He moved to Britain in 1995 and came to public attention three years ago when the British Government became embroiled in a “cash for favours scandal” after Tony Blair wrote in support of him to the Romanian government following a £125,000 (RM860,000) donation to Labour Party coffers. Mittal is a contributor to the Prince’s Trust. Most of his money is tucked away legally in offshore tax havens like the Dutch Antilles.
Mittal’s wife is the daughter of a money-lender. They met in Kolkata and, post-marriage, went to Indonesia in 1976 following his purchase of a failing local steel works there.
The couple with the groom’s parents, Arun and Renu, at the Jardin des Tuileris, before the ‘sangeet’.
Arun Bhatia :
The groom’s father is a low-profile Delhi businessman and deals in real estate. Wealthy in his own right, the Bhatia family home is in Jor Bagh, a posh area in the city.
Renu Bhatia :
The groom’s mother is from a prominent Indian family living in London. She plans to organise a reception for the couple in Delhi later this year.
The 23-year-old is the only daughter of steel magnate Lakshmi Mittal and, after completing a master’s degree at the School of Oriental & African Studies in London, joined her father’s company.
An alumnus of Delhi’s British School, Amit, 25, went to Cornell University in New York and works for Credit Suisse First Boston investment bank in London. Says Amit’s grandfather, Pasha Saigal, a prominent London Indian: “He was the captain of the school cricket team, plays squash and golf. He’s quite a catch.”
NRI steel wizard Lakshmi Mittal, the richest Asian in the UK has purchased a `Guinness Book Records-breaking’ central London house for a record price of 70 million pounds. The previous record was 62.7 million pounds for a 1997 sale in Hong Kong
This house is 12-bedroom house in the prestigious Kensington Palace Gardensr and it has garage space for 20 cars. This manson was sold by former Labour donor, Bernie Ecclestone, the Formula One racing boss, who bought it for his wife three years ago.
The Kensington Palace gardens houses are dubbed “billionaires” row. Nearby are Kensington Palace and the London home of the Sultan of Brunei. According to the Sunday Times Rich List 2004, his worthis an estimated 3.5 billion pounds
Taking positive cues from the global markets , gold added Rs 200 to touch a new peak of Rs 23,470 per 10 grams today on heavy buying by stockists and investors. The yellow metal crossed its last record level of Rs 23,270 set on July 16 this year.
Silver coins also followed suit and spurted by Rs 2,000 to Rs 65,000 for buying and Rs 66,000 for selling of 100 pieces.Trading sentiments bolstered as gold crossed the USD 1600 an ounce level overseas for the first time on concerns about US and Europe debt crisis.
Gold shot up by USD 11 to USD 1,605.10 an ounce, while silver added 3.26 per cent to USD 40.55 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity zoomed up by Rs 200 each to a fresh high of Rs 23,470 and Rs 23,350 per 10 grams, respectively.
Sovereigns followed suit and rose by Rs 50 to a record high of Rs 18,900 per piece of eight grams.
Silver ready moved further up by adding Rs 1,500 to Rs 59,500 per kg. It has gained Rs 1,500 in last two trading sessions.
Silver weekly-based delivery also shot up by Rs 1,245 to Rs 60,600 per kg.