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According to Sunday Times, London based NRI, Lakshmi N Mittal has become the richest man in South Africa, ousting the traditional leaders - the Oppenheimer and Rupert families, says a national weekly. This follows London-based Mittal's takeover of former state-owned steel producer Iscor.
Mittal's 50 per cent stake in Mittal Steel SA won him this new status. The new company was born out of Iscor, which he turned around with a huge cash injection and cost-cutting technologies after first taking an interest four years ago when Iscor was ailing. The value of Mittal's interest in Mittal Steel is 10.22 billion rands, putting him ahead of Nicky Oppenheimer of Anglo American plc, whose four per cent stake in the company is worth 9.28 billion rands. The Rembrandt Trust, belonging to the Rupert family, has investments worth 6.1 billion rands, giving it third place. After that, investment values start dropping rapidly, with only two South African Indians making the top 150 - filmmaker Anant Singh, whose stake in Kagiso Media is worth 107.5 million rands; and AK Peer of the clothing retailer LA Group, worth 85.6 million rands.
Although Mittal's interest in South Africa is worth over 10 billion rands, this is reportedly only about five per cent of his total wealth, according to the Forbes list. Mittal moved up 59 places to become the third richest man in the world in the Forbes list after his many acquisitions worldwide of steel companies that have made Mittal Steel the largest steel company in the world.
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