Ittefaq Group

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Ittefaq Group
TypeSteel and Metallurgy
IndustryMaterial science and Metallurgical Engineering
GenreCommercial
Public
Founded1940; 82 years ago (1940)[1]
FounderMian Barkat Ali
Muhammad Sharif
Mian Muhammad Siraj
Mian Muhammad Bashir
Mian Abdul Aziz
Mian Muhammad Shafi
Mian Meraj Din[2]
Defunct2004[3]
FateAcquired by Al-Rehmat Group of Companies of Faisalabad in 2004[3]
SuccessorAl-Rehmat Group of Companies
Ittefaq Iron Industries
Headquarters,
Pakistan
Key people
Mian Muhammad Sharif
Chairman
ProductsHot rolled steel Products
Billets
Cold rolled steel Products
Galvanised steel Products
Electronic materials
ServicesProduction of Iron and Steel

The Ittefaq Group (English The Unity Group) was a Pakistani integrated steel producer with minor operations in Punjab. It was sold to Al-Rehmat Group of Companies in 2004.[1][3]

History[edit]

It was founded by seven brothers in 1940 as a small foundry.[3] Among the founders, the major contributions were made by the brothers Mian Barkat Ali and Muhammad Sharif. 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 Landa Bazar, Lahore and quickly expanded this business in the early years of Pakistan.[2]

By 1971, it was starting to make presence in steel industry in Pakistan.[4] In 1972, Prime Minister Zulfikar Ali Bhutto nationalized the steel industry, including the Ittefaq family business empire — Ittefaq Group.[4]

In 1974, Muhammad Sharif founded the Sharif Group of Companies.[2]

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 was acquired by Al-Rehmat Group of Companies of Faisalabad for 2.159 billion.[3] The sell-out was called by the Lahore High Court to pay up the loan which Ittefaq Group 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 [5]) that the evaluation of assets is wrong Ittefaq Foundary was finally sold out to Al-Rehmat Group for 6 billion.[6]

References[edit]

  1. ^ a b c Global Security. "Profile of Sharif Family". globalsecurity.org website. Retrieved 30 July 2017.
  2. ^ a b c d e Pike, John (3 January 2018). "Detailed Profile of Sharif Family". GlobalSecurity.org website. Retrieved 8 January 2018.
  3. ^ 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.
  4. ^ 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.
  5. ^ "Welcome to Haseeb Waqas Group".
  6. ^ "Adjusting loan: Al-Rehmat to buy Ittefaq subsidiaries". 27 May 2014.