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Round Up Economic News You Can Use For Exams Like, IIFT, FMS, NIFT, MAT & JC CAT
Lakshmi Mittal richest business tycoon in South Africa Q: Who is Lakshmi Mittal? A: Lakshmi Narayan Mittal is the Indian steel tycoon and the chairman and chief executive officer of ArcelorMittal, the world’s largest steelmaking company. Q: What is the news all about? Indian steel magnet Lakshmi Mittal remains the richest business tycoon in South Africa for the sixth consecutive year despite hit hard by the global financial crisis. Mittal heads the 'Rich List', a ranking of the 100 wealthiest businessmen in South Africa released here by the weekly 'Sunday Times', even though he is not living in South Africa. Q: How has he attained this status? A: Mittal's listed holdings of R 21.5 billion ($3.4 billion) in Arcelor- Mittal, which was born out of state-owned steel manufacturer Iscor, got him the top slot as the three richest men in South Africa remained unchanged from last year. Mittal first provided technical assistance to turn the ailing Iscor around before buying it out in 2001 as he expanded his global steel empire. Q: Who are the other Indians who have featured in the list? A: Only three South African Indian businessmen made the list of 100, mostly at the bottom end. to read more SUBSCRIBE NOW |
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