Indian Billionaires turning bankrupt is turning to be a common thing these days. After seeing Anil Ambani, another prominent businessman Pramod Mittal came into limelight on the bankruptcy notes. Pramod Mittal is the younger brother of UK based Indian Steel Industrialist Lakshmi Mittal.
As per the sources, Pramod Mittal allegedly owes Rs.24000 Crores to the lenders. This is due to the consent given by Pramod Mittal 14 years back, as a guarantor for debts of a Bosnian coke producer named GIKIL. He signed and acted as a guarantor for the debts of GIKIL on behalf of his Global Steel Holdings company. GIKIL failed to make payments to its steel trading guarantor firm in London which kept Pramod Mittal in the hot spot.
Known for his spending sprees, Pramod Mittal spent Rs.500 Crores on his daughter’s wedding in 2013. Looks like his brother Lakshmi Mittal is not bailing him out this time.
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