Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.


Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence


Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Lakshmi Mittal's bid to buy UK mountain sparks protests

The 2,850-feet-high Blencathra mountain towers above the Northern Fells in the picturesque Lake District region of Cumbria.

Press Trust Of India

Updated:August 4, 2014, 8:36 AM IST
Lakshmi Mittal's bid to buy UK mountain sparks protests
The 2,850-feet-high Blencathra mountain towers above the Northern Fells in the picturesque Lake District region of Cumbria.

London: Indian steel tycoon Lakshmi Mittal has bid for an iconic mountain range in Britain, sparking protests from local people who believe the move could make the area a playground for the super-rich. The 2,850-feet-high Blencathra mountain, which towers above the Northern Fells in the picturesque Lake District region of Cumbria, was put on the market by Earl of Lonsdale Hugh Lowther in May, with an 1.75 million pounds asking price.

Funds from the sale of the 2,676-acre plot will go towards paying off the reported 9 million tax he owes from his father's inheritance, who died eight years ago. Nicknamed the Saddleback due to its distinctive, sweeping ridge, the mountain was celebrated as "one of the grandest objects in Lakeland" by renowned fellwalker and author Alfred Wainwright, and was an inspiration to Lake Poet Samuel Taylor Coleridge.

Concerned that the announcement of the sale would see the mountain become a playground for the super-rich, 'the Friends of Blencathra' local residents group put in a bid for the mountain, and applied to Eden District Council to make the area a community asset to secure it from private hands, the 'Independent' newspaper reported. But on Friday, John Robson, director of selling agents H&H Land and Property, confirmed the Friends of Blencathra were unsuccessful. He explained in a statement that the Lonsdales had accepted an offer from an unnamed party which exceeded the guide price for the mountain.

It has now emerged the unnamed party is the London-based Mittal, CEO of world's largest steel-maker ArcelorMittal and one of the richest Indians. This has resulted in the Friends of Blencathra lodging a protest to prevent the historic peak from falling into the hands of a foreign landowner.

The agent's statement read, "Prior to reaching this decision we had discussions earlier today with representatives from The Friends of Blencathra. We have taken into account both their offer and the fact that there is a significant shortfall between this and the successful offer." "The reason behind the sale of Blencathra is to realise capital for inheritance tax following the death of the 7th Earl of Lonsdale in 2006. The Estate's solicitor has been instructed to proceed with the sale and we expect the matter to be completed reasonably quickly," the statement said.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

Read full article
Next Story
Next Story

Also Watch

Most Active
Company Price Change %Gain
20 Microns 32.95 -3.51
Hexaware Tech 381.65 1.09
Atul 3,541.05 -2.26
Amrutanjan Heal 290.20 0.80
Company Price Change %Gain
Reliance ETF PS 269.05 -2.63
ABB India 1,359.15 -0.37
Aegis Logistics 202.25 0.07
Amara Raja Batt 612.15 -1.26
Ambalal Sarabha 11.78 -3.84

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results