Lakshmi Mittal, an Indian steel tycoon with a foundation in the UK, was born on June 15, 1950. He serves as the Executive Chairman of ArcelorMittal, the largest producer of steel in the world, as well as the Chairman of Aperam, a producer of stainless steel. Mittal owns 38% of ArcelorMittal and a 20% interest in Queens Park Rangers of the EFL Championship.
Mittal became the first Indian to be listed among the top ten on Forbes’ annual list of the world’s richest people in 2005 when he was rated as the third-richest person in the world. In 2011, Forbes classified him as the sixth-richest person in the world, but in March 2015, he plummeted to 82nd position.
Additionally, out of the 72 people listed on Forbes’ “Most Powerful People” list for 2015, he is the “57th-most powerful person.” The wedding of his daughter Vanisha Mittal was second-most costly in history.
Since 2008, Mittal has been on the Goldman Sachs board of directors. He serves on the World Steel Association’s executive committee and belongs to the European Round Table of Industrialists, the Kazakhstan Foreign Investment Council, the Global CEO Council of the Chinese People’s Association for Friendship with Foreign Countries, and the World Economic Forum’s International Business Council. He serves on the Cleveland Clinic’s board of trustees as well.
He received several accolades in 2005, including “Business Person of 2006” from The Sunday Times, “Person of the Year” from The Financial Times, and “International Newsmaker of the Year 2006” from Time magazine. He was listed among the “Time 100” in 2007 by Time magazine.
With a net worth of $14.9 billion, Forbes ranked him as India’s sixth richest person in 2021.
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Early life and Education
In a Marwadi Hindu household, Mittal was born. From 1957 to 1964, he attended Shri Daulatram Nopany Vidyalaya in Calcutta. He earned a B.Com degree in the top class from St. Xavier’s College, which is connected to the University of Calcutta.
Mohanlal Mittal, the father of Lakshmi, was the owner of Nippon Denaro Ispat, a steel company. Due to the Indian government’s restriction on steel production, Mittal, then 26 years old, established his first steel mill, PT Ispat Indo, in Sidoarjo, East Java, Indonesia, in 1976.
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Lakshmi Mittal Personal life and Family
In a Rajasthani Marwari household in Sadulpur, Rajasthan, Mittal was born on June 15, 1950. Usha is the wife he has. Aditya Mittal, a boy, and Vanisha Mittal, a girl, are their children. Lakshmi Mittal has a sister named Seema Lohia who wed an Indonesian businessman named Sri Prakash Lohia, as well as two brothers named Pramod Mittal and Vinod Mittal.
At the time of his 2004 acquisition from Formula One CEO Bernie Ecclestone for £67 million (US$128 million), his mansion at 18-19 Kensington Palace Gardens was the most expensive house in the whole world. Marble from the same quarry that provided marble for the Taj Mahal is used to embellish the home. The ostentatious display of riches is known as the “Taj Mittal.”
In 2001, six years after it opened, it was shut down, making roughly 400 workers redundant. Environmental problems that have since occurred at the site have drawn criticism. The Irish government requested a ruling from the High Court. There are 12 bedrooms, a Turkish bath, an indoor pool, and 20 car parking spaces. He eats just vegetarian food.
For £70 million, Mittal purchased No. 9A Palace Greens, Kensington Gardens, previously the Philippines Embassy, in 2008 for his daughter Vanisha Mittal, who is wed to businessman and philanthropist Amit Bhatia. In the French palace of Versailles, Mittal hosted Vanisha to a spectacular “vegetarian reception.”
In addition, he spent $30 million in 2005 to purchase and renovate a colonial villa at No. 22 Dr APJ Abdul Kalam Road in New Delhi, one of India’s most affluent avenues home to embassies and billionaires. Shrishti Mittal, a niece of Mittal, wed investment banker Gulraj Behl in December 2013 after a three-day ceremony that is claimed to have paralysed Barcelona and cost up to £50 million.
500 attendees were apparently forced to sign secrecy agreements while 200 butlers, cooks, and secretaries were reportedly brought into Spain from India and Thailand. Mittal’s firm was supposed to cover the expense of cleaning up Cork Harbour, but they were unsuccessful. It was estimated that the cleanup would cost €70 million.
Lakshmi Mittal Controversies
The “Cash for Influence” Mittal Affair
Adam Price, a member of the Plaid Cymru party, was able to get a letter that Tony Blair sent to the Romanian government in 2002 in favour of Mittal’s LNM Group steel firm, which was competing to acquire Romania’s state-owned sector. Given that Mittal had donated £125,000 to the British Labour Party the year before, this disclosure generated controversy
Blair was criticised since LNM was registered in the Dutch Antilles and only employed 1% of its staff in the UK, despite his defence that he was just “celebrating the success” of a British firm. LNM was a “significant global rival of Britain’s own ailing steel sector.”
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The state-owned steelworks of Trinidad and Tobago, which were making a huge loss, was bought by Mittal in 1989. In a year, he transformed them into successful businesses.
The family’s primary assets in India up to the 1990s were an alloy steel facility close to Pune and a cold-rolling mill for sheet steel in Nagpur. Lakshmi has no involvement in the family firm, which is currently operated by his younger brothers Pramod Mittal and Vinod Mittal and includes a sizable integrated steel factory close to Mumbai.
For a pittance of just one Irish pound, Mittal paid the government in 1995 to buy the Irish Steel facility in Cork, Ireland.
In 2001, six years after it opened, it was shut down, making roughly 400 workers redundant. Environmental problems that have since occurred at the site have drawn criticism. The Irish government unsuccessfully sought a High Court ruling that Mittal’s business should pay for the expense of cleaning up Cork Harbour. It was estimated that the cleanup would cost €70 million.
Prior to December 2001, Mittal bought assets and renamed them Ispat Mexicana and Ispat Karmet, his company in Kazakhstan. He changed the name of Sidex Galati, which he had bought in November 2001, to Ispat Sidex in that month.
The day after acquiring the PHS Steel Group, which included Huta Sendzimira, Huta Katowice, Huta Florian, and Huta Cedler from the Polish government, the LNM Group was successful in completing the $155 million transaction to free the Romanian government from the control of the steel assets Siderurgica Hunedoara and Petrotub Roman.
In the follow-up, Ispat Tepro took the place of Petrotub Roman.
Mittal was effective in influencing Polish politicians during the 2003 privatisation of the PHS steel group, which at the time was Poland’s largest steel producer, by using Marek Dochnal’s consultancy. Dochnal was later detained for bribing Polish authorities in a different incident on behalf of Russian spies. The Polish government declared in March 2007 that it sought to renegotiate the 2004 sale to ArcelorMittal.
After many fatalities in his mines, Mittal’s workers accused him of tolerating “slave labour” conditions. For instance, in December 2004, 23 workers perished in explosions at his mines in Kazakhstan as a result of malfunctioning gas detectors.
Mittal was successful in his hostile takeover attempt of Arcelor in 2006–2007, and the company was renamed, Arcelor Mittal. By doing this, he gained ownership of several steel companies, including Usinor of France, Arbed of Luxembourg, and Aceralia of Spain.
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Lakshmi Mittal Education
The LNM Institute of Information Technology (LNMIIT) was founded in 2003 as an independent non-profit organisation by the Lakshmi Niwas Mittal, Usha Mittal Foundation, and the Government of Rajasthan. The Foundation established the Usha Lakshmi Mittal Institute of Management in New Delhi in 2009 alongside Bharatiya Vidya Bhavan.
After receiving a sizable grant from the Lakshmi Mittal Foundation, SNDT Women’s University renamed the Institute of Technology for Women (ITW) as Usha Mittal Institute of Technology. He attended Shri Daulatram Nopany Vidyalaya, now Nopany High, for his primary and secondary education.
After seeing India win just one medal—bronze—at the Summer Olympics in 2000 and one medal—silver—at the Summer Olympics in 2004, Mittal made the decision to establish the Mittal Champions Trust with $9 million in order to assist 10 Indian athletes with the capacity to compete on a global scale.
Abhinav Bindra received an Rs. 1.5 Crore (Rs. 15 million) prize from Mittal in 2008 for winning India’s first individual Olympic gold medal in shooting. Steel from ArcelorMittal was also used to build the ArcelorMittal Orbit for the 2012 Summer Olympics. He matched the $1 million that was raised for Comic Relief on The Apprentice, a celebrity-themed special of the BBC.
Mittal had become a top candidate to purchase and sell Wigan and Everton of the Barclays Premiership. But on December 20, 2007, news broke that the Mittal family had bought a 20% stake in Queens Park Rangers football team, joining Bernie Ecclestone and Mittal pal Flavio Briatore. Amit Bhatia, the son-in-law of Mittal, joined the board of directors as a result of the investment
The joint investment in the faltering club led to rumours that Mittal may be seeking to join the rising group of affluent people who are massively investing in English football and modelling themselves after comparable benefactors like Roman Abramovich. On February 19, 2010, Briatore announced his resignation as chairman of QPR and continued to sell shares in the team to Ecclestone, who is now the club’s sole owner.
The Mittals gave a £15 million donation to London’s Great Ormond Street Charity in 2008, making it the largest private gift the hospital has ever received. The Mittal Children’s Medical Centre, their new building, is partially funded by the contribution.
In 2020, during the COVID-19 epidemic in India, he gave the PM Cares Fund 100 crores.
Lakshmi Mittal Net Worth
His net worth as of 2022 is $17.9 Billion. The majority of Mittal’s wealth comes from his 38 per cent ownership in ArcelorMittal, which is the largest steel producer in the world outside of China. As of June 2022, the stake is owned by him and his family through a trust, according to the business’ website. Mittal is given credit for the whole wealth in order to represent his roles as the company’s founder, chairman, and CEO.
Since the 2004 merger of the family-owned LNM Holdings and the publicly listed Ispat International to become Mittal Steel, Mittal has received more than $4 billion in dividend payments and another $2 billion that he personally paid. His cash investments are valued based on an evaluation of these revenues, taxes, charity giving, and market performance.
On December 20, 2007, it was revealed that the Mittal family had acquired a 20% interest in Queens Park Rangers, joining Bernie Ecclestone and Mittal’s buddy Flavio Briatore. Amit Bhatia, the investment’s son-in-law, joined the board of directors as a result of his membership
The joint investment in the faltering club fuelled rumours that Mittal could be seeking to join the increasing group of affluent people making significant investments in English football and copying benefactors like Roman Abramovich. Ecclestone became the club’s single-largest stakeholder on February 19, 2010, after Briatore resigned as QPR chairman and sold further shares to him.
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