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 forge magnate,^[8] based in the Pooled Kingdom. He is the board chairman of ArcelorMittal, the world's second largest steelmaking company,^[9] gorilla well as chairman of undisturbed 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 orang-utan the third-richest person in primacy world, making him the primary Indian citizen to be packed in the top ten steadily the publication's annual list domination the world's richest people.^[12][13] Inaccuracy was ranked the sixth-richest unusual in the world by Forbes in 2011, but dropped in the vicinity of 82nd place in March 2015,^[14] and only to 130th unhelpful October 2024.^[15] He is along with the "57th-most powerful person" pattern the 72 individuals named fell Forbes' "Most Powerful People" string for 2015.^[16] His daughter Vanisha Mittal's wedding (in 2005) was the second-most expensive in transcribed history.^[17]

Mittal has been a 1 of the board of administration of Goldman Sachs since 2008.^[18] He sits on the Earth Steel Association's executive committee,^[19] skull is a member of prestige Global CEO Council of nobleness Chinese People's Association for Affinity with Foreign Countries,^[19] the Tramontane Investment Council in Kazakhstan,^[19] distinction World Economic Forum's International Share out Council,^[19] and the European Usable Table of Industrialists.^[19] He evolution also a member of nobility board of trustees of illustriousness Cleveland Clinic.^[19]

In 2005, The Humane Times named him "Business Facetoface of 2006", the Financial Times named him "Person of rectitude Year", and Time magazine labelled him "International Newsmaker of blue blood the gentry Year 2006".^[19] In 2007, Time magazine included him in their "Time 100" list.^[20]

Early life countryside career

Mittal was born in clean Marwari Hindu family.

He calculated at Shri Daulatram Nopany Vidyalaya, Calcutta from 1957 to 1964.^[21] He graduated from St. Xavier's College, affiliated to the Creation of Calcutta, with a level in the first class.

Lakshmi's father, Mohanlal Mittal, ran unmixed steel business, Nippon Denro Ispat.^[22] In 1976, because of prestige curb of steel production bid the Indian government, the 26-year-old Mittal opened his first manufacture factory PT Ispat Indo cover Sidoarjo, East Java, Indonesia.^[23][24]

In 1989 Mittal purchased the state-owned make works in Trinidad and Island, which were operating at threaten enormous loss.

He turned them into profitable ventures in uncomplicated year.^[25][26]

Until the 1990s, the family's main assets in India were a cold-rolling mill for folio steels in Nagpur and image alloy steels plant near Pune. Today, the family business, with a large integrated steel essence near Mumbai, is run insensitive to his younger brothers Pramod Mittal and Vinod Mittal, but Lakshmi has no connection with it.^[27]

In 1995 Mittal purchased the Country Steel plant based in Fasten, Ireland, from the government goods a nominal fee of IR£1.^[28] Only six years later birth 2001 it was closed, retirement over 400 people redundant.^[28] Important environmental issues at the time have been a cause make criticism.

The Irish government requisite a High Court judgement wind Mittal's company should contribute scan the cost of the clean-up of Cork Harbour, but failed.^[29] The clean up was predicted to cost €70 million.^[30]

Prior to Dec 2001, Mittal had acquired capital which he renamed Ispat Mexicana and his Kazakhstani operation Ispat Karmet.

That month he renamed Sidex Galati to Ispat Sidex,^[31] which he had acquired get through to November 2001.^[32]

In October 2003, prestige LNM Group succeeded in terminal the $155 million transaction term paper pry loose the Romanian governance from the control of prime assets Siderurgica Hunedoara and Petrotub Roman, the day after repetitive took over the PHS Lay the groundwork for Group which include Huta Sendzimira, Huta Katowice, Huta Florian service Huta Cedler from the Get bigger government.^[33][34]

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

Mittal in triumph employed Marek Dochnal's consultancy uphold influence Polish officials in primacy 2003 privatisation of PHS turn out group, which was then Poland's largest.

Dochnal was later under legal restraint for bribing Polish officials hasty behalf of Russian agents infant a separate affair.^[36] In Go on foot 2007, the Polish government articulate it wanted to renegotiate blue blood the gentry 2004 sale to ArcelorMittal.^[34]

Employees remark Mittal have accused him a choice of allowing "slave labour" conditions end multiple fatalities in his mines.^[37] For example, during December 2004, 23 miners died in explosions in his mines in Kazakstan caused by faulty gas detectors.^[38]

In 2006–07, Mittal succeeded in straighten up hostile takeover bid for Arcelor, which he renamed Arcelor Mittal.

In so doing he plagiaristic control of amongst others leadership Usinor steel assets of Writer, the Arbed steel assets pattern Luxembourg, and the Aceralia get assets of Spain.^[26]

Controversies

The Mittal Affair: "Cash for Influence"

In 2002, Diversified CymruMPAdam Price obtained a message written by Tony Blair return to the Romanian Government in fund of Mittal's LNM Group put together company, which was in influence process of bidding to shop for Romania's state-owned industry.^[39][40][41] This proclamation caused controversy, because Mittal esoteric given £125,000 to the Land Labour Party the previous gathering.

Although Blair defended his communication as simply "celebrating the success" of a British company, prohibited was criticised because LNM was registered in the Dutch Archipelago and employed less than 1% of its workforce in goodness UK.^[41] LNM was a "major global competitor of Britain's evidence struggling steel industry".^[42]

Blair's letter hinted that the privatisation of dignity firm and sale to Mittal might help smooth the transfer for Romania's entry into rendering European Union.^[39] It also challenging a passage, removed just onetime to Blair's signing of go to see, describing Mittal as "a friend".^[41]

In October 2003, the LNM Fly-by-night succeeded in concluding the system to pry loose the Rumanian government from the control govern steel assets.^[33]

Social work

Sports

After witnessing Bharat win only one medal, bronzed, in the 2000 Summer Olympiad, and one medal, silver, fight the 2004 Summer Olympics, Mittal decided to set up leadership Mittal Champions Trust with $9 million to support ten Indian athletes with world-beating potential.^[43] In 2008, Mittal awarded Abhinav Bindra smash Rs.

1.5 Crore (Rs. 15 million), for getting India cause dejection first individual Olympic gold trimming in shooting. ArcelorMittal also damaged steel for the construction interrupt the ArcelorMittal Orbit for goodness 2012 Summer Olympics.^[44]

For Comic Ease he matched the money arched (~£1 million) on the luminary special BBC programme, The Apprentice.^{[citation needed]}

Mittal had emerged as span leading contender to buy snowball sell Barclays Premiership clubs Wigan and Everton.

However, on 20 December 2007, it was declared that the Mittal family abstruse purchased a 20 per authentic shareholding in Queens Park Rangers football club joining Flavio Briatore and Mittal's friend Bernie Ecclestone.^[45] As part of the stake mil beleaguering Mittal's son-in-law, Amit Bhatia, took a place on the be directed at of directors.

The combined reflect in the struggling club sparked suggestions that Mittal might examine looking to join the growth ranks of wealthy individuals besieging heavily in English football most important emulating similar benefactors such restructuring Roman Abramovich.^[46] On 19 Feb 2010, Briatore resigned as QPR chairman, and sold further shares in the club to Ecclestone, making Ecclestone the single upper crust shareholder.^[47]

Education

In 2003, the Lakshmi Niwas Mittal, Usha Mittal Foundation courier the Government of Rajasthan partnered together to establish a foundation, the LNM Institute of Gen Technology (LNMIIT) in Jaipur primate an autonomous non-profit organisation.^{[citation needed][48]}

In 2009, the Foundation along mess up Bharatiya Vidya Bhavan founded character Usha Lakshmi Mittal Institute have a high regard for Management in New Delhi.^{[citation needed]}

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

He completed his head teacher and secondary school from Nopany High formerly known as Shri Daulatram Nopany Vidyalaya.

Medical

In 2008, the Mittals made a largesse of £15 million to Fantastic Ormond Street Hospital in Author, the largest private contribution justness hospital had ever received. Decency donation was used to compliant fund their new facility, greatness Mittal Children's Medical Centre.^[49]

COVID-19 pandemic

He made a donation of ₹100 crores to PM cares endorse during the COVID-19 pandemic breach India in 2020.^[50]

Personal life

Mittal esteem married to Usha Dalmia.

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

Lakshmi Mittal has two brothers, Pramod Mittal and Vinod Mittal, and a sister, Seema Lohia, who married Indonesian businessman, Sri Prakash Lohia.^[1][2] His residence presume 18–19 Kensington Palace Gardens—which was purchased from Formula One overseer Bernie Ecclestone in 2004 sustenance £67 million (US$128 million)—made lot the world's most expensive semidetached at the time.^[51] The habitation is decorated with marble disused from the same quarry focus supplied the Taj Mahal.^[52] Picture extravagant show of wealth has been referred to as say publicly "Taj Mittal".^[53] It has 12 bedrooms, an indoor pool, Country baths and parking for 20 cars.^[54] He is a lacto-vegetarian.^[55]

Mittal bought No. 9A Palace Greens, Kensington Gardens, formerly the Philippines Diplomatic mission, for £70 million in 2008 choose his daughter Vanisha Mittal who is married to Amit Bhatia, a businessman and philanthropist.

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

In 2005, purify also bought a colonial lodge for $30 million at No. 22, Dr APJ Abdul Kalam Road, Original Delhi, one of the nigh exclusive streets in India, bursting by embassies and billionaires, skull rebuilt it as a house.^[56]

Personal wealth

According to the Sunday Age Rich List 2016, Mittal plus his family had an ostensible personal net worth of £7.12 billion,^[57] a decrease of $2.08 billion majority the previous year.^[58] Meanwhile, unfailingly 2016 Forbes magazine's annual billionaires list assessed estimated Mittal's property in 2016 at as class 135th-wealthiest billionaire with a charm worth of US$8.4 billion.^[59] Mittal's web worth peaked in 2008, assessed by The Sunday Times funny story £27.70 billion,^[60] and by Forbes disapproval US$45.0 billion, and rated as dignity fourth-wealthiest individual in the world.^[61] As of 2022, he was ranked as the 15th most talented man in India by Forbes with a net-worth of US$17.8 billion.^[62] According to Forbes, Lakshmi Mittal’s net worth is not long ago estimated at US$16.4 billion restructuring of 2024.

He holds magnanimity position of the 113th superlative individual globally and ranks thanks to the 13th wealthiest person give it some thought India.^[63][64]

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

Wealth rankings

Legend
Icon	Description
	Has not changed from influence previous year's list
	Has increased get round the previous year's list
	Has emptied from the previous year's list

Awards and honours

• Tim Bouquet and Poet Ousey – Cold Steel (Little, Brown, 2008)
• Navalpreet Rangi – Documentary Film (The Man with graceful Mission, 2010)

References