| Company type | Steel and Metallurgy |
|---|---|
| Industry | Material science and Metallurgical Engineering |
| Genre | Commercial Public |
| Founded | 1939[1] |
| Founder | Mian Barkat Ali Muhammad Sharif Mian Muhammad Siraj Mian Muhammad Bashir Mian Abdul Aziz Mian Muhammad Shafi Mian Meraj Din[2] |
| Defunct | 2004[3] |
| Fate | Acquired by Al-Rehmat Group of Companies of Faisalabad in 2004[3] |
| Successor | Al-Rehmat Group of Companies |
| Headquarters | , Pakistan |
Key people | Mian Muhammad Sharif Chairman |
| Products | Hot rolled steel Products Billets Cold rolled steel Products Galvanised steel Products Electronic materials |
| Services | Production of Iron and Steel |
Ittefaq Group, a Pakistani integrated steel producer, started by seven brothers in 1951, with headquarters in Lahore. At its peak, it was a manufacturer of diesel engines up to 200 hp, lathes, road rollers, agricultural equipment, and electric fans.[4]
Its steel division was sold to Al-Rehmat Group of Companies in 2004.[1][3]
History
It was founded by seven brothers in 1939 as a small foundry.[3] Among the founders, the major contributions were made by the brothers Mian Barkat Ali and Muhammad Sharif. It was setup with a total investment estimated at Rs. 15 million.[4] The word Ittefaq in some context means Unity in English language (implying unity among 7 founding brothers).[1][2]
The father of Muhammad Nawaz Sharif (former Prime Minister), initially set up an iron-melting furnace in, Lahore and quickly expanded this business in the early years of Pakistan.[2]
Upto 1960, the company expanded internationally. During 1965, they were the largest importers of steel in South Asia Region. By 1971, it was Pakistan's largest steel industry starting to make presence in steel industry in Pakistan.[5] In 1972, Prime Minister Zulfikar Ali Bhutto nationalized the steel industry, including the Ittefaq family business empire, as it was the biggest profit making industry for Pakistan 3— Ittefaq Group.[5]
After nationalising this industry, its earnings were deadly dropped but despite all the efforts by Ittefaq Family it was not privatised due to various political issues.
In 1978, General Mohammad Zia ul-Haq returned the business after developing political links with the Sharifs. In 1983, Zia ul-Haq appointed Nawaz Sharif as finance minister in the Punjab provincial cabinet. Then after the Pakistani general election, 1988, Nawaz Sharif formed and headed the provincial government in Punjab. In November 1990, Nawaz Sharif became the Prime Minister of Pakistan for the first time.[2]
In 2004, the Ittefaq Group steel division was acquired by Al-Rehmat Group of Companies of Faisalabad for Rs. 2.159 billion.[3] The sell-out was called by the Lahore High Court to pay up the loan which Ittefaq Group steel division had taken between 1982 and 1988.[3]
Upon the plea of family of Mian Mehraj Din (one of the seven brothers who set up Ittefaq Group and founder of Haseeb Waqas Group of Companies [6]) that the evaluation of assets is wrong Ittefaq Foundry was finally sold out to Al-Rehmat Group for Rs. 6 billion.[7]
References
- ^ a b c Global Security. "Profile of Sharif Family". globalsecurity.org website. Retrieved 30 July 2017.
- ^ a b c d Pike, John (3 January 2018). "Detailed Profile of Sharif Family". GlobalSecurity.org website. Retrieved 8 January 2018.
- ^ a b c d e f "Notices to Ittefaq Group owners: Sale of steel units to clear debt". Dawn (newspaper). 23 July 2004. Retrieved 8 January 2018.
- ^ a b "Ittefaq Foundry history" (PDF).
- ^ a b Baker, Raymond (2005). Capitalism's Achilles heel: Dirty Money and How to Renew the Free-market System. John Wiley and Sons (GoogleBooks). pp. 82–83. ISBN 978-0-471-64488-0. Retrieved 30 July 2017.
nawaz sharif ittefaq.
- ^ "Welcome to Haseeb Waqas Group".
- ^ "Adjusting loan: Al-Rehmat to buy Ittefaq subsidiaries". 27 May 2014.
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This page was last edited on 2 June 2024, at 18:05