Ittefaq group
| Ittefaq group | |
|---|---|
| legal form | |
| Seat |
Lahore , Pakistan
|
| Branch | Conglomerate |
The Ittefaq Group is a Pakistani steel group and the largest industrial conglomerate in Punjab . The group also includes activities in the paper and textile industry and operates, among other things, the country's largest sugar mill .
history
Muhammad Sharif , who later became an industrial tycoon and father of the politicians Nawaz and Shahbaz Sharif , founded a foundry in 1939 in Punjab , India , with his six brothers , which moved to Pakistan in 1947 after the war of independence. Under Prime Minister Ali Bhutto , the steel industry was nationalized in 1972 and the family business became the core of the Ittefaq Group . After the military coup of General Zia-ul-Haq , who was politically close to the Sharif family, the factories were returned to them in 1980.
Ittefaq expanded rapidly in the 1980s and 1990s and currently includes foundries as well as 30 other companies that produce steel, sugar, paper and textiles. Net income is estimated at about $ 400 million.
Individual evidence
- ↑ First credibility test for Pakistan's military. The deadline for repaying bad loans has expired . In: Neue Zürcher Zeitung . November 18, 1999, p. 9 .
- ↑ Sarah Khan: Of uncles and regents . In: Frankfurter Allgemeine Zeitung . No. 127 , June 5, 2013, p. 29 ( online ).
- ^ Raymond W. Baker: Capitalism's Achilles Heel Dirty Money and How to Renew the Free-Market System . John Wiley & Sons, 2005, ISBN 0-471-74858-7 , p. 82.