The Ittefaq Group (English ''The Unity Group'') was a Pakistani integrated

steel Steel is an alloy made up of iron with added carbon to improve its strength and fracture resistance compared to other forms of iron. Many other elements may be present or added. Stainless steels that are corrosion- and oxidation-resistant ty ...

producer with minor operations in

Punjab Punjab (; Punjabi: پنجاب ; ਪੰਜਾਬ ; ; also romanised as ''Panjāb'' or ''Panj-Āb'') is a geopolitical, cultural, and historical region in South Asia, specifically in the northern part of the Indian subcontinent, comprising ...

. It was sold to Al-Rehmat Group of Companies in 2004.

History

It was founded by seven brothers in 1972 as a small foundry. Among the founders, the major contributions were made by the brothers Mian Barkat Ali and

Muhammad Sharif Mian Muhammad Sharif ( Punjabi, ur, ;18 November 1919 – 19 October 2004) was a Pakistani businessman who is known as the co-founder of Ittefaq Group and founder of Sharif Group. Two of his three sons, Nawaz and Shehbaz became Prime Mini ...

. The word ''Ittefaq'' in some context means ''Unity'' in English language (implying unity among 7 founding brothers). The father of

Muhammad Nawaz Sharif Mian Muhammad Nawaz Sharif (Urdu, Punjabi: ; born 25 December 1949) is a Pakistani businessman and politician who has served as the Prime Minister of Pakistan for three non-consecutive terms. He is the longest-serving prime minister of Paki ...

(former Prime Minister), initially set up an iron-melting furnace in Landa Bazar,

Lahore Lahore ( ; pnb, ; ur, ) is the second most populous city in Pakistan after Karachi and 26th most populous city in the world, with a population of over 13 million. It is the capital of the province of Punjab where it is the largest city. ...

and quickly expanded this business in the early years of Pakistan. By 1971, it was starting to make presence in steel industry in Pakistan. In 1972, Prime Minister

Zulfikar Ali Bhutto Zulfikar (or Zulfiqar) Ali Bhutto ( ur, , sd, ذوالفقار علي ڀٽو; 5 January 1928 – 4 April 1979), also known as Quaid-e-Awam ("the People's Leader"), was a Pakistani barrister, politician and statesman who served as the fourth ...

nationalized the steel industry, including the Ittefaq family business empire — Ittefaq Group. In 1974, Muhammad Sharif founded the Sharif Group of Companies. In 1978, General

Mohammad Zia ul-Haq General Muhammad Zia-ul-Haq HI, GCSJ, ร.ม.ภ, (Urdu: ; 12 August 1924 – 17 August 1988) was a Pakistani four-star general and politician who became the sixth President of Pakistan following a coup and declaration of martial law in ...

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 General elections were held in Pakistan on 16 November 1988 to elect the members of the National Assembly and Senate. The elections saw the resurgence of Pakistan Peoples Party (PPP) under the leadership of Zulfikar Ali Bhutto's daughter, B ...

, 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. In 2004, the Ittefaq Group was acquired by Al-Rehmat Group of Companies of Faisalabad for 2.159 billion. The sell-out was called by the Lahore High Court to pay up the loan which Ittefaq Group had taken between 1982 and 1988. 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 ) that the evaluation of assets is wrong Ittefaq Foundry was finally sold out to Al-Rehmat Group for 6 billion.

References

Manufacturing companies based in Lahore Steel companies of Pakistan Sharif family Manufacturing companies established in 1970 Defunct manufacturing companies of Pakistan Manufacturing companies disestablished in 2004 Mergers and acquisitions of Pakistani companies 2004 mergers and acquisitions Pakistani companies disestablished in 2004 {{Pakistan-company-stub