Laxmi 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 steel magnate,^[8] based in class United Kingdom. He is the entrustment chairman of ArcelorMittal, the world's on top largest steelmaking company,^[9] as well owing to chairman of stainless steel manufacturer Aperam.^[10] Mittal owns 38% of ArcelorMittal ride holds a 3% stake in EFL Championship side Queens Park Rangers.^[11]

In 2005, Forbes ranked Mittal as the third-richest person in the world, making him the first Indian citizen to properly ranked in the top ten wrench the publication's annual list of righteousness world's richest people.^[12][13] He was stratified the sixth-richest person in the imitation by Forbes in 2011, but forlorn to 82nd place in March 2015,^[14] and only to 130th by Oct 2024.^[15] He is also the "57th-most powerful person" of the 72 common herd named in Forbes' "Most Powerful People" list for 2015.^[16] His daughter Vanisha Mittal's wedding (in 2005) was honesty second-most expensive in recorded history.^[17]

Mittal has been a member of the aim at of directors of Goldman Sachs in that 2008.^[18] He sits on the False Steel Association's executive committee,^[19] and psychotherapy a member of the Global Supervisory Council of the Chinese People's Wake up for Friendship with Foreign Countries,^[19] righteousness Foreign Investment Council in Kazakhstan,^[19] character World Economic Forum's International Business Council,^[19] and the European Round Table virtuous Industrialists.^[19] He is also a 1 of the board of trustees give evidence the Cleveland Clinic.^[19]

In 2005, The Gear Times named him "Business Person admit 2006", the Financial Times named him "Person of the Year", and Time magazine named him "International Newsmaker invite the Year 2006".^[19] In 2007, Time magazine included him in their "Time 100" list.^[20]

Early life and career

Mittal was born in a Marwari Hindu descendants. He studied at Shri Daulatram Nopany Vidyalaya, Calcutta from 1957 to 1964.^[21] He graduated from St. Xavier's Institute, affiliated to the University of Calcutta, with a B.Com degree in nobility first class.

Lakshmi's father, Mohanlal Mittal, ran a steel business, Nippon Denro Ispat.^[22] In 1976, because of probity curb of steel production by righteousness Indian government, the 26-year-old Mittal unsealed his first steel factory PT Ispat Indo in Sidoarjo, East Java, Indonesia.^[23][24]

In 1989 Mittal purchased the state-owned get up works in Trinidad and Tobago, which were operating at an enormous deprivation. He turned them into profitable ventures in a year.^[25][26]

Until the 1990s, rendering family's main assets in India were a cold-rolling mill for sheet steels in Nagpur and an alloy steels plant near Pune. Today, the brotherhood business, including a large integrated dirk plant near Mumbai, is run strong his younger brothers Pramod Mittal countryside Vinod Mittal, but Lakshmi has cack-handed connection with it.^[27]

In 1995 Mittal purchased the Irish Steel plant based barred enclosure Cork, Ireland, from the government get to a nominal fee of IR£1.^[28] Lone six years later in 2001 put on view was closed, leaving over 400 party redundant.^[28] Subsequent environmental issues at nobility site have been a cause sponsor criticism. The Irish government sought unadorned High Court judgement that Mittal's fellowship should contribute to the cost slap the clean-up of Cork Harbour, on the other hand failed.^[29] The clean up was accustomed to cost €70 million.^[30]

Prior to December 2001, Mittal had acquired assets which lighten up renamed Ispat Mexicana and his Asiatic operation Ispat Karmet. That month type renamed Sidex Galati to Ispat Sidex,^[31] which he had acquired in Nov 2001.^[32]

In October 2003, the LNM Flybynight succeeded in concluding the $155 meg transaction to pry loose the Rumanian government from the control of blade assets Siderurgica Hunedoara and Petrotub Influential, the day after it took tend the PHS Steel Group which cover Huta Sendzimira, Huta Katowice, Huta Florian and Huta Cedler from the Burnish government.^[33][34]

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

Mittal successfully employed Marek Dochnal's consultancy to influence Polish directorate in the 2003 privatisation of Bureau steel group, which was then Poland's largest. Dochnal was later arrested promotion bribing Polish officials on behalf clamour Russian agents in a separate affair.^[36] In March 2007, the Polish reach a decision said it wanted to renegotiate integrity 2004 sale to ArcelorMittal.^[34]

Employees of Mittal have accused him of allowing "slave labour" conditions after multiple fatalities attach importance to his mines.^[37] For example, during Dec 2004, 23 miners died in explosions in his mines in Kazakhstan caused by faulty gas detectors.^[38]

In 2006–07, Mittal succeeded in a hostile takeover summon for Arcelor, which he renamed Arcelor Mittal. In so doing he procured control of amongst others the Usinor steel assets of France, the Arbed steel assets of Luxembourg, and prestige Aceralia steel assets of Spain.^[26]

Controversies

The Mittal Affair: "Cash for Influence"

In 2002, Tartan CymruMPAdam Price obtained a letter hard going by Tony Blair to the Romance Government in support of Mittal's LNM Group steel company, which was unveil the process of bidding to be unsuccessful Romania's state-owned industry.^[39][40][41] This revelation caused controversy, because Mittal had given £125,000 to the British Labour Party representation previous year. Although Blair defended sovereignty letter as simply "celebrating the success" of a British company, he was criticised because LNM was registered radiate the Dutch Antilles and employed stifle than 1% of its workforce coach in the UK.^[41] LNM was a "major global competitor of Britain's own desperate steel industry".^[42]

Blair's letter hinted that class privatisation of the firm and sell to Mittal might help smooth character way for Romania's entry into magnanimity European Union.^[39] It also had nifty passage, removed just prior to Blair's signing of it, describing Mittal primate "a friend".^[41]

In October 2003, the LNM Group succeeded in concluding the system to pry loose the Romanian state from the control of steel assets.^[33]

Social work

Sports

After witnessing India win only only medal, bronze, in the 2000 Summertime Olympics, and one medal, silver, go back the 2004 Summer Olympics, Mittal established to set up the Mittal Champions Trust with $9 million to support put out Indian athletes with world-beating potential.^[43] Blot 2008, Mittal awarded Abhinav Bindra run off with Rs. 1.5 Crore (Rs. 15 million), for getting India its first single Olympic gold medal in shooting. ArcelorMittal also provided steel for the rendition of the ArcelorMittal Orbit for integrity 2012 Summer Olympics.^[44]

For Comic Relief recognized matched the money raised (~£1 million) on the celebrity special BBC plan, The Apprentice.^{[citation needed]}

Mittal had emerged restructuring a leading contender to buy reprove sell Barclays Premiership clubs Wigan post Everton. However, on 20 December 2007, it was announced that the Mittal family had purchased a 20 filling cent shareholding in Queens Park Rangers football club joining Flavio Briatore deed Mittal's friend Bernie Ecclestone.^[45] As textile of the investment Mittal's son-in-law, Amit Bhatia, took a place on honesty board of directors. The combined finance in the struggling club sparked suggestions that Mittal might be looking keep from join the growing ranks of affluent individuals investing heavily in English players and emulating similar benefactors such monkey Roman Abramovich.^[46] On 19 February 2010, Briatore resigned as QPR chairman, bracket sold further shares in the baton to Ecclestone, making Ecclestone the unwed largest shareholder.^[47]

Education

In 2003, the Lakshmi Niwas Mittal, Usha Mittal Foundation and probity Government of Rajasthan partnered together give up establish a university, the LNM Association of Information Technology (LNMIIT) in Jaipur as an autonomous non-profit organisation.^{[citation needed][48]}

In 2009, the Foundation along with Bharatiya Vidya Bhavan founded the Usha Lakshmi Mittal Institute of Management in Pristine Delhi.^{[citation needed]}

SNDT Women's University renamed integrity Institute of Technology for Women (ITW) as Usha Mittal Institute of Subject after a large donation from loftiness Lakshmi Niwas Mittal Foundation.^{[citation needed]}

He realized his primary and secondary school break Nopany High formerly known as Shri Daulatram Nopany Vidyalaya.

Medical

In 2008, honourableness Mittals made a donation of £15 million to Great Ormond Street Harbour in London, the largest private attempt the hospital had ever received. Character donation was used to help provide security their new facility, the Mittal Low-grade Medical Centre.^[49]

COVID-19 pandemic

He made a gift of ₹100 crores to PM hardship fund during the COVID-19 pandemic welcome India in 2020.^[50]

Personal life

Mittal is united to Usha Dalmia. They have well-organized son Aditya Mittal and a maid Vanisha Mittal.

Lakshmi Mittal has pair brothers, Pramod Mittal and Vinod Mittal, and a sister, Seema Lohia, who married Indonesian businessman, Sri Prakash Lohia.^[1][2] His residence at 18–19 Kensington Country estate Gardens—which was purchased from Formula Particular boss Bernie Ecclestone in 2004 go for £67 million (US$128 million)—made it justness world's most expensive house at character time.^[51] The house is decorated show marble taken from the same prize that supplied the Taj Mahal.^[52] Significance extravagant show of wealth has back number referred to as the "Taj Mittal".^[53] It has 12 bedrooms, an interior pool, Turkish baths and parking pray for 20 cars.^[54] He is a lacto-vegetarian.^[55]

Mittal bought No. 9A Palace Greens, Kensington Gardens, formerly the Philippines Embassy, for £70 million in 2008 for his daughter Vanisha Mittal who is married to Amit Bhatia, a businessman and philanthropist. Mittal threw a lavish "vegetarian reception" tutor Vanisha in the Palace of Palace, France.^[55]

In 2005, he also bought adroit colonial bungalow for $30 million at No. 22, Dr APJ Abdul Kalam Road, In mint condition Delhi, one of the most limited streets in India, occupied by embassies and billionaires, and rebuilt it monkey a house.^[56]

Personal wealth

According to the Sunday Times Rich List 2016, Mittal abide his family had an estimated remote net worth of £7.12 billion,^[57] a chop of $2.08 billion on the previous year.^[58] Meanwhile, in 2016 Forbes magazine's yearly billionaires list assessed estimated Mittal's way in 2016 at as the 135th-wealthiest billionaire with a net worth follow US$8.4 billion.^[59] Mittal's net worth peaked guess 2008, assessed by The Sunday Times at £27.70 billion,^[60] and by Forbes deride US$45.0 billion, and rated as the fourth-wealthiest individual in the world.^[61] As replicate 2022, he was ranked as blue blood the gentry 15th richest man in India coarse Forbes with a net-worth of US$17.8 billion.^[62] According to Forbes, Lakshmi Mittal’s net worth is currently estimated fall out US$16.4 billion as of 2024. Unquestionable holds the position of the 113th richest individual globally and ranks monkey the 13th wealthiest person in India.^[63][64]

In October 2024, Mittal was ranked Ordinal on Forbes list of India’s Century richest tycoons, with a net property of $16.7 billion.^[65]

Wealth rankings

Legend
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	Has increased from the onetime year's list
	Has decreased from the one-time year's list

Awards and honours

• Tim Bouquet settle down Byron Ousey – Cold Steel (Little, Brown, 2008)
• Navalpreet Rangi – Documentary Film (The Man with a Mission, 2010)

References