Skip to content
Search

Latest Stories

Steel magnate Lakshmi Mittal's brother held in Bosnia

Indian industrialist Pramod Mittal, the younger brother of steel magnate Lakshmi Mittal, was arrested Wednesday (23) in Bosnia for suspected fraud and "abuse of power", a prosecutor said.

The case is related to the running of a coking plant in the northeastern town of Lukavac, which Pramod Mittal has co-managed since 2003. It has a 1,000 employees.


"Police, who acted upon the order of the prosecutor, arrested the president of the supervisory board of GIKIL, Pramod Mittal," prosecutor Cazim Serhatlic told reporters.

GIKIL was founded in 2003 and is co-managed by Pramod Mittal's Global Steel Holdings and a local public company (KHK).

The coking plant in Lukavac employs a thousand people.

Two other company officials -- general manager Paramesh Bhattacharyya and another member of the supervisory board -- were also arrested.

They are suspected of "organised crime, notably the abuse of power and economic crimes," the prosecutor said.

Serhatlic said that if found guilty the suspects could get jail sentences of up to 45 years.

An arrest warrant has been issued for a fourth man "considered to be a member of this organised criminal group with Pramod Mittal on top".

The suspects will appear before a judge on Wednesday.

According to the Zurnal.info website which covers organised crime, the suspects were believed to have embezzled "at least five million marks" (2.5 million euros, $2.8 million).

Lakshmi Mital, the CEO of global steel giant ArcelorMittal, has bailed out his cash-strapped brother Pramod in India.

Pramod Mittal owns several companies in the Balkans.

More For You

modi-trump-getty
Trump shakes hands with Modi during a joint press conference at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)

Key issues in India, US trade talks

TRADE talks between India and the US have hit a roadblock over disagreements on duties for auto components, steel and farm goods, Indian government sources said to Reuters, dashing hopes of reaching an interim deal ahead of president Donald Trump's July 9 deadline to impose reciprocal tariffs.

Here are the key issues at play:

Keep ReadingShow less
Anil Agarwal

Vedanta Resources, which is based in the UK and owned by Indian billionaire Anil Agarwal, has been working on reducing its debt. (Photo credit: Getty Images)

Getty Images

Anil Agarwal’s Vedanta Resources signs £438 million refinancing deal

VEDANTA LTD said on Thursday that its parent company, Vedanta Resources, has signed a loan facility agreement worth up to £438 million with international banks to refinance existing debt.

The refinancing move, where old loans are replaced by new ones, often at better terms like lower interest rates, has led ratings agencies such as S&P Global Ratings and Moody's to upgrade their outlook on the company this year.

Keep ReadingShow less
Trump-Getty

Trump said that while deals are being made with some countries, others may face tariffs.

Getty Images

Trump says major trade deal with India may be finalised soon

US PRESIDENT Donald Trump on Friday said a "very big" trade deal could be finalised with India, suggesting significant movement in the ongoing negotiations between the two countries.

“We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India," Trump said at the “Big Beautiful Bill” event at the White House.

Keep ReadingShow less
Asda suffers nearly £600m loss as debt and IT costs surge

Asda co-ownerMohsin Issa. (Photo: Asda)

Asda suffers nearly £600m loss as debt and IT costs surge

ASDA, one of Britain’s largest supermarkets, has reported a pre-tax loss of £599 million for 2024, swinging sharply from a £180 million profit the previous year.

The loss comes despite total sales rising by over £1 billion to £26.8bn, as the retailer faces mounting debt costs, falling sales, and spiralling spending on a major IT overhaul, the Telegraph reported.

Keep ReadingShow less
Mounjaro

Mounjaro, or tirzepatide, is part of a new class of weight-loss medications, with trials showing patients losing an average of 20 per cent of their body weight after 72 weeks.

Reuters

Lilly to sell Mounjaro pens in India as Wegovy enters market

ELI LILLY said on Thursday that it has received approval from India's drug regulator to launch pre-filled injector pens of its weight-loss drug, Mounjaro.

The move gives the company more options to compete with Novo Nordisk, which recently launched its weight-loss drug Wegovy in the country.

Keep ReadingShow less