Britain's richest Asian

Published April 4, 2004

KARACHI, April 3: From an Indian village without electricity to a nine million pound home in of the London's richest enclaves - Lakshmi Mittal has emerged as Britain's wealthiest Asian.

The Indian steel tycoon has seen his fortune more than double in the past year to 3.5 billion pounds, adding more to his wealth than anyone else who is expected to appear in this year's Sunday Times Rich List.

His business empire's growth in 2003 means that he has taken billionaire brothers Sri and Gopi Hinduja to top the list of Britain's richest Asians.

Mittal, 53, the son of a steel executive, was only the tip of a rapidly growing pyramid of Asian Millionaires flourishing all over Britain. He came into public attention two years ago when it emerged that Tony Blair had lobbied the Romanian government in favour of Mittal's plan to buy a steel plant in the country - only four weeks after the tycoon had donated 125,000 pounds to the Labour Party.

The key to the growth of his LNM steel company - the world's second largest - has been a combination of surging demand from China and the acquisition of formerly run down mills in eastern Europe.

The Rajhistan born tycoon did his schoolwork from 6.30 a.m. to 9.30 a.m. before taking on a full day in his father's steel business. Mittal is renowned for his lavish parties but does not court publicity.-Sunday Times

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