Wednesday, October 28, 2020
ADVT 
India

Lakshmi Mittal Donated 10,000 Pounds To Boris Johnson's UK PM Campaign

Darpan News Desk IANS, 01 Aug, 2019

    UK-based Indian-origin steel magnate Lakshmi N Mittal contributed 10,000 pounds to back Boris Johnson in his campaign to become the UK's new Prime Minister last month, according to an official document.


    The 69-year-old CEO of ArcelorMittal, the world's largest steelmaker, is among a group of wealthy donors logged in the obligatory Register of Members' Financial Interest maintained by the UK's Parliamentary Commissioner for Standards for all MPs to keep a public record of any monetary or linked benefit the country's lawmakers receive.


    Lakshmi Mittal is registered as a "private and individual" donor whose contribution to the Boris Johnson camp was received on July 16, a week before he was declared the winner of the Conservative Party leadership contest after he beat former foreign secretary Jeremy Hunt to replace Theresa May.


    The only other Indian-origin name to feature on the updated parliamentary register among Mr Johnson's recent donors is that of Amit Bhatia, Lakshmi Mittal's son-in-law who is married to his daughter Vanisha.


    The British Indian businessman, who is chairman of the Queens Park Rangers football club, is also registered as a private and individual donor whose donation, "or nature and value if donation in kind", last month is recorded as being worth 10,000 pounds.


    Mr Mittal's office said the London-based billionaire would not comment on the donation or the related issue of Brexit, which had formed the basis of Boris Johnson's campaign as part of a "do or die" commitment to exit the European Union (EU) within the October 31 deadline.


    The Rajasthan-born steel tycoon was famously caught on camera last year on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland, discussing Brexit with former Prime Minister David Cameron, who had called the referendum on Britain's membership of the 28-member economic bloc in June 2016.


    Mr Cameron was seen telling Mr Mittal that Brexit is "a mistake, not a disaster" and that it had turned out "less badly than we first thought".


    Lakshmi Mittal's association with Boris Johnson dates back to his time as the Mayor of London, having backed the ArcelorMittal Orbit during the 2012 Olympic Games in the UK capital.


    The giant 114.5-metre steel sculpture, designed by Indian-origin artist Anish Kapoor, involved an investment of around 19.6 million pounds from ArcelorMittal.


    "It makes me very proud that ArcelorMittal plants from across the world contributed to this showcase of the strength and versatility of steel," Mr Mittal had said at the time.


    It marked a political shift as the Mittal family was previously associated with the Labour Party, now in Opposition, during Tony Blair's time as Prime Minister in the early 2000s.


    Mr Mittal, who slipped from No. 5 to be ranked 11th in the 2019 "Sunday Times Rich List" amid a fall in profits for his company, also unveiled the latest quarterly results for Luxembourg-headquartered ArcelorMittal on Thursday.


    The company registered a loss of USD 0.447 billion for the June quarter and said the company would drop European production levels in light of the weak demand and high import levels in Europe.


    "After a strong 2018, market conditions in the first half of 2019 have been very tough, with the profitability of our steel segments suffering due to lower steel prices combined with higher raw material costs," Mr Mittal said in the half-yearly report.


    "Global overcapacity remains a clear challenge. We have reduced capacity in Europe in response to the current weak demand environment," he said.


    As the world's leading steel manufacturer, he flagged that further action is required to address the increasing level of imports entering the European continent due to "ineffective safeguard measures" and said that ArcelorMittal will continue to engage with the European Commission to create a level playing field for the sector.


    "A supportive regulatory and funding environment is also crucial to our ambition to significantly reduce our emissions as announced in our recent Climate Action report," he said.

    MORE India ARTICLES

    India Cites "Grave Concern" To US Over Decision To Monitor Pak F-16 Jets

    India has conveyed its "grave concern" to the US over its decision to provide military assistance to Pakistan.

    India Cites "Grave Concern" To US Over Decision To Monitor Pak F-16 Jets

    Failures Shouldn't Be Taboo: Finance Minister On Coffee Baron's Death

    VG Siddhartha Death: Responding to the debate on the Insolvency and Bankruptcy Code (IBC) in the Lok Sabha, Nirmala Sitharaman said that businessmen should get honourable exit or resolution to the problem in letter and spirit of the IBC.

     

    Failures Shouldn't Be Taboo: Finance Minister On Coffee Baron's Death

    Investigation: How DKS-VGS Friendship Cost Siddhartha His Life

    The V.G. Siddhartha (VGS) suicide has cast a pall of gloom over Indian business and in the main the breeding ground of entrepreneurship - Bangalore.

    Investigation: How DKS-VGS Friendship Cost Siddhartha His Life

    India's Housing Mess: 1.74 Lakh Homes Stalled Across Major Cities

    The magnitude of the country's real estate sector's dark reality can be gauged from the fact that around 1.74 lakh homes in 220 projects across the top seven cities in the country are completely stalled, as per the data from Anarock Property Consultants.

    India's Housing Mess: 1.74 Lakh Homes Stalled Across Major Cities

    Zomato Rider ‘Hurt’ Over Customer’s Refusal to Get Food From ‘Non-Hindu’ Delivery Executive

    Zomato on Wednesday had defended its decision of not changing the delivery executive because of his religion.

     

    Zomato Rider ‘Hurt’ Over Customer’s Refusal to Get Food From ‘Non-Hindu’ Delivery Executive

    Image Of Lt. Col Dhoni Signing Bat In South Kashmir Goes Viral

    Former Indian captain M.S. Dhoni has kicked-off his stint with the Territorial Army and an image of the the 38-year-old has gone viral on social media in which he is seen signing a cricket bat for one of the soldiers.

    Image Of Lt. Col Dhoni Signing Bat In South Kashmir Goes Viral

    PrevNext