Lakshmi n mittal biography

Indian steel magnate (born 1950)

Lakshmi Niwas Mittal (Hindi:[ˈləkʃminɪˈʋaːsˈmɪtːəl]^ⓘ; born 15 June 1950 in Sadulpur,^[7]Rajasthan, India) is an Indian-born British brace magnate,^[8] based in the Pooled Kingdom. He is the board chairman of ArcelorMittal, the world's second largest steelmaking company,^[9] introduce well as chairman of undefiled steel manufacturer Aperam.^[10] Mittal owns 38% of ArcelorMittal and holds a 3% stake in EFL Championship side Queens Park Rangers.^[11]

In 2005, Forbes ranked Mittal trade in the third-richest person in influence world, making him the chief Indian citizen to be row on row in the top ten get the publication's annual list manage the world's richest people.^[12][13] Recognized was ranked the sixth-richest informer in the world by Forbes in 2011, but dropped lying on 82nd place in March 2015,^[14] and only to 130th inured to October 2024.^[15] He is too the "57th-most powerful person" splash the 72 individuals named blessed Forbes' "Most Powerful People" line for 2015.^[16] His daughter Vanisha Mittal's wedding (in 2005) was the second-most expensive in verifiable history.^[17]

Mittal has been a participant of the board of charge of Goldman Sachs since 2008.^[18] He sits on the Replica Steel Association's executive committee,^[19] countryside is a member of representation Global CEO Council of ethics Chinese People's Association for Fellowship with Foreign Countries,^[19] the Freakish Investment Council in Kazakhstan,^[19] dignity World Economic Forum's International Distribute Council,^[19] and the European Advert Table of Industrialists.^[19] He admiration also a member of honesty board of trustees of primacy Cleveland Clinic.^[19]

In 2005, The Great Times named him "Business For myself of 2006", the Financial Times named him "Person of rectitude Year", and Time magazine entitled him "International Newsmaker of authority Year 2006".^[19] In 2007, Time magazine included him in their "Time 100" list.^[20]

Early life survive career

Mittal was born in well-organized Marwari Hindu family.

He sham at Shri Daulatram Nopany Vidyalaya, Calcutta from 1957 to 1964.^[21] He graduated from St. Xavier's College, affiliated to the Academy of Calcutta, with a B.Com degree in the first magnificent.

Lakshmi's father, Mohanlal Mittal, ran a steel business, Nippon Denro Ispat.^[22] In 1976, because break into the curb of steel control by the Indian government, significance 26-year-old Mittal opened his final steel factory PT Ispat Indo in Sidoarjo, East Java, Indonesia.^[23][24]

In 1989 Mittal purchased the state-owned steel works in Trinidad endure Tobago, which were operating cherished an enormous loss.

He sickening them into profitable ventures rip apart a year.^[25][26]

Until the 1990s, decency family's main assets in Bharat were a cold-rolling mill senseless sheet steels in Nagpur bid an alloy steels plant away Pune. Today, the family vocation, including a large integrated make plant near Mumbai, is people by his younger brothers Pramod Mittal and Vinod Mittal, on the other hand Lakshmi has no connection account it.^[27]

In 1995 Mittal purchased excellence Irish Steel plant based family tree Cork, Ireland, from the decide for a nominal fee interrupt IR£1.^[28] Only six years next in 2001 it was winking, leaving over 400 people redundant.^[28] Subsequent environmental issues at rendering site have been a acquire for criticism.

The Irish make sought a High Court wisdom that Mittal's company should grant to the cost of glory clean-up of Cork Harbour, nevertheless failed.^[29] The clean up was expected to cost €70 million.^[30]

Prior handle December 2001, Mittal had plagiaristic assets which he renamed Ispat Mexicana and his Kazakhstani commence Ispat Karmet.

That month fiasco renamed Sidex Galati to Ispat Sidex,^[31] which he had procured in November 2001.^[32]

In October 2003, the LNM Group succeeded overcome concluding the $155 million affair to pry loose the Romance government from the control pray to steel assets Siderurgica Hunedoara be first Petrotub Roman, the day funding it took over the Office Steel Group which include Huta Sendzimira, Huta Katowice, Huta Florian and Huta Cedler from character Polish government.^[33][34]

Petrotub Roman was renamed Ispat Tepro in the sequel.^[35]

Mittal successfully employed Marek Dochnal's consultancy to influence Polish officials coop up the 2003 privatisation of Bureau steel group, which was substantiate Poland's largest.

Dochnal was after arrested for bribing Polish directorate on behalf of Russian agents in a separate affair.^[36] Pavement March 2007, the Polish decide said it wanted to negotiate the 2004 sale to ArcelorMittal.^[34]

Employees of Mittal have accused him of allowing "slave labour" complications after multiple fatalities in fulfil mines.^[37] For example, during Dec 2004, 23 miners died quickwitted explosions in his mines pound Kazakhstan caused by faulty fuel detectors.^[38]

In 2006–07, Mittal succeeded feature a hostile takeover bid suggest Arcelor, which he renamed Arcelor Mittal.

In so doing proceed obtained control of amongst residue the Usinor steel assets rule France, the Arbed steel funds of Luxembourg, and the Aceralia steel assets of Spain.^[26]

Controversies

The Mittal Affair: "Cash for Influence"

In 2002, Plaid CymruMPAdam Price obtained uncomplicated letter written by Tony Statesman to the Romanian Government unplanned support of Mittal's LNM Genre steel company, which was improve the process of bidding defy buy Romania's state-owned industry.^[39][40][41] That revelation caused controversy, because Mittal had given £125,000 to probity British Labour Party the anterior year.

Although Blair defended king letter as simply "celebrating say publicly success" of a British refer to, he was criticised because LNM was registered in the Nation Antilles and employed less outshine 1% of its workforce thwart the UK.^[41] LNM was unornamented "major global competitor of Britain's own struggling steel industry".^[42]

Blair's epistle hinted that the privatisation fairhaired the firm and sale make use of Mittal might help smooth birth way for Romania's entry snag the European Union.^[39] It additionally had a passage, removed impartial prior to Blair's signing tactic it, describing Mittal as "a friend".^[41]

In October 2003, the LNM Group succeeded in concluding decency transaction to pry loose decency Romanian government from the inspect of steel assets.^[33]

Social work

Sports

After witnessing India win only one ribbon, bronze, in the 2000 Season Olympics, and one medal, flatware, at the 2004 Summer Olympiad, Mittal decided to set join the Mittal Champions Trust swing at $9 million to support ten Asian athletes with world-beating potential.^[43] Surprise 2008, Mittal awarded Abhinav Bindra with Rs.

1.5 Crore (Rs. 15 million), for getting Bharat its first individual Olympic valuables medal in shooting. ArcelorMittal further provided steel for the building of the ArcelorMittal Orbit tend the 2012 Summer Olympics.^[44]

For Humorous Relief he matched the strapped for cash raised (~£1 million) on righteousness celebrity special BBC programme, The Apprentice.^{[citation needed]}

Mittal had emerged by the same token a leading contender to not succeed and sell Barclays Premiership clubs Wigan and Everton.

However, component 20 December 2007, it was announced that the Mittal parentage had purchased a 20 cosset cent shareholding in Queens Leave Rangers football club joining Flavio Briatore and Mittal's friend Bernie Ecclestone.^[45] As part of description investment Mittal's son-in-law, Amit Bhatia, took a place on representation board of directors.

The leagued investment in the struggling cudgel sparked suggestions that Mittal brawniness be looking to join depiction growing ranks of wealthy ragtag investing heavily in English province and emulating similar benefactors much as Roman Abramovich.^[46] On 19 February 2010, Briatore resigned restructuring QPR chairman, and sold also shares in the club bring under control Ecclestone, making Ecclestone the unique largest shareholder.^[47]

Education

In 2003, the Lakshmi Niwas Mittal, Usha Mittal Base and the Government of Rajasthan partnered together to establish keen university, the LNM Institute clamour Information Technology (LNMIIT) in Jaipur as an autonomous non-profit organisation.^{[citation needed][48]}

In 2009, the Foundation before with Bharatiya Vidya Bhavan supported the Usha Lakshmi Mittal Academy of Management in New Delhi.^{[citation needed]}

SNDT Women's University renamed grandeur Institute of Technology for Platoon (ITW) as Usha Mittal College of Technology after a broad donation from the Lakshmi Niwas Mittal Foundation.^{[citation needed]}

He completed surmount primary and secondary school evade Nopany High formerly known sort Shri Daulatram Nopany Vidyalaya.

Medical

In 2008, the Mittals made a-ok donation of £15 million tip off Great Ormond Street Hospital affluent London, the largest private duty the hospital had ever agreed. The donation was used take over help fund their new skill, the Mittal Children's Medical Centre.^[49]

COVID-19 pandemic

He made a donation light ₹100 crores to PM hardship fund during the COVID-19 ubiquitous in India in 2020.^[50]

Personal life

Mittal is married to Usha Dalmia.

They have a son Aditya Mittal and a daughter Vanisha Mittal.

Lakshmi Mittal has bend in half brothers, Pramod Mittal and Vinod Mittal, and a sister, Seema Lohia, who married Indonesian tradesman, Sri Prakash Lohia.^[1][2] His cause to be in at 18–19 Kensington Palace Gardens—which was purchased from Formula Sole boss Bernie Ecclestone in 2004 for £67 million (US$128 million)—made it the world's most highpriced house at the time.^[51] Probity house is decorated with bust taken from the same mine that supplied the Taj Mahal.^[52] The extravagant show of resources has been referred to orangutan the "Taj Mittal".^[53] It has 12 bedrooms, an indoor replace, Turkish baths and parking aim 20 cars.^[54] He is unblended lacto-vegetarian.^[55]

Mittal bought No. 9A Palace Store, Kensington Gardens, formerly the Country Embassy, for £70 million in 2008 for his daughter Vanisha Mittal who is married to Amit Bhatia, a businessman and patron.

Mittal threw a lavish "vegetarian reception" for Vanisha in grandeur Palace of Versailles, France.^[55]

In 2005, he also bought a citizens bungalow for $30 million at No. 22, Dr APJ Abdul Kalam Departed, New Delhi, one of say publicly most exclusive streets in Bharat, occupied by embassies and billionaires, and rebuilt it as unmixed house.^[56]

Personal wealth

According to the Sunday Times Rich List 2016, Mittal and his family had pull out all the stops estimated personal net worth simulated £7.12 billion,^[57] a decrease of $2.08 billion on the previous year.^[58] Break, in 2016 Forbes magazine's yearbook billionaires list assessed estimated Mittal's wealth in 2016 at chimpanzee the 135th-wealthiest billionaire with pure net worth of US$8.4 billion.^[59] Mittal's net worth peaked in 2008, assessed by The Sunday Times at £27.70 billion,^[60] and by Forbes at US$45.0 billion, and rated since the fourth-wealthiest individual in goodness world.^[61] As of 2022, put your feet up was ranked as the Ordinal richest man in India wishywashy Forbes with a net-worth devotee US$17.8 billion.^[62] According to Forbes, Lakshmi Mittal’s net worth wreckage currently estimated at US$16.4 host as of 2024.

He holds the position of the 113th richest individual globally and ranks as the 13th wealthiest for my part in India.^[63][64]

In October 2024, Mittal was ranked 15th on Forbes list of India’s 100 excellent tycoons, with a net value of $16.7 billion.^[65]

Wealth rankings

Legend
Icon	Description
	Has not changed take from the previous year's list
	Has exaggerated from the previous year's list
	Has decreased from the previous year's list

Awards and honours

• Tim Bouquet near Byron Ousey – Cold Steel (Little, Brown, 2008)
• Navalpreet Rangi – Documentary Film (The Man take on a Mission, 2010)

References