Steel magnate Lakshmi N Mittal has helped his cash-strapped younger brother Pramod clear dues he owed to State Trading Corporation, helping avoid legal troubles.
This is the second instance in as many weeks of wealthy siblings bailing out their brothers from a crisis. Last week, richest Indian Mukesh Ambani helped younger brother Anil avoid a jail term by paying of dues he owed to Swedish telecom equipment supplier Ericsson.
Pramod Kumar Mittal, 57, owner of Global Steel Holdings, thanked his elder brother's generosity in helping him clear a significant portion of Rs 2,210 crore dues.
"I am very grateful to my brother Lakshmi Mittal for helping settle the liabilities to State Trading Corporation of India. This generosity ensured compliance with the order from the Supreme Court," he told
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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