Lakshmi Mittal retains top spot in Asian Rich List
London: NRI steel tycoon Lakshmi Mittal has retained his top position as the richest Asian in the UK.
According to the Asian Rich List 2011 by Eastern Eye, a weekly publication brought out by the Asian Media and Marketing Group, Mittal and his family`s wealth stood at 15.5 billion pounds, 1.5 billion pounds less than a year ago.
The Hinduja brothers - Srichand, Gopi, Prakash and Ashok, who have global business in many sectors, including oil, power, transport, IT and banking, have a wealth of 9 billion pounds, up 1 billion pounds over their wealth a year ago.
Leading NRI industrialist Lord Swraj Paul is listed sixth in the list with wealth worth 600 million pounds, 90 million pounds more than last year.
Vedanta chief Anil Agarwal came third with 4.5 billion pounds worth - 500 million pounds more than a year ago.
According to the list, Jet Airways boss Naresh Goyal is 10th richest Asian worth 425 million pounds - 68 million pounds less than last year.
Kishore Lulla, executive chairman of Eros International which distributes Bollywood films is worth 285 million pounds and 16th in the list.
Kartar Lalvani, Chief of Vitabiotics, multi-vitamins manufacturer is 23rd with wealth worth 150 million pounds.
Lord Diljit Rana, Northern Ireland`s most famous NRI, is 44th richest with wealth worth 90 million pounds, while Rami Ranger, chief of Sun Mark is 59th richest with wealth worth 66 million pounds.
According to the List, Lakshmi Mittal, Chairman and chief executive of ArcelorMittal, world`s largest steel producer, seems serious about investing in India, the fastest growing economy in the world after China.
Mittal now favours to build several smaller projects scattered across India instead of building a couple of giant steel plants in Orissa or Jharkhand.
Mittal was quoted saying "although 2010 continued to be a challenging year, as anticipated we saw a slow and progressive recovery which enabled us to deliver a substantially improved performance compared with 2009.
The gradual underlying demand recovery continues and we expect 2011 to be stronger than 2010.
"In 2010 as a whole when Mittal paid himself a 478 million dollar dividend, ArcelorMittal saw pre-tax profits hit 2.9 billion dollar, a improvement on the 157 million dollar made in the previous year when the recession caused a slump in steel demand.
Not content with owning three mansions in Kensington Palace Gardens in "Billionaires` Row" not far from Harrods in London, Mittal is planning to join Britain`s country set with the acquisition of a 340-acre estate in Surrey.
The property was bought for a relatively modest 5.25 million pounds but Mittal intends spending another 25 million pounds on the development.