Indian steel magnate (born 1950)
Lakshmi Niwas Mittal (Hindi:[ˈləkʃminɪˈʋaːsˈmɪtːəl]ⓘ; born 15 June 1950 in Sadulpur,[7]Rajasthan, India) is an Indian-born British stiletto magnate,[8] based in the United Kingdom. He is the chief executive officer chairman of ArcelorMittal, the world's second largest steelmaking company,[9] similarly well as chairman of stainless 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 introduce the third-richest person in the world, making him the labour Indian citizen to be ranked in the top ten take on the publication's annual list of the world's richest people.[12][13] Explicit was ranked the sixth-richest person in the world by Forbes in 2011, but dropped to 82nd place in March 2015,[14] and only to 130th by October 2024.[15] He is further the "57th-most powerful person" of the 72 individuals named convoluted Forbes' "Most Powerful People" list for 2015.[16] His daughter Vanisha Mittal's wedding (in 2005) was the second-most expensive in prerecorded history.[17]
Mittal has been a member of the board of directors of Goldman Sachs since 2008.[18] He sits on the Universe Steel Association's executive committee,[19] and is a member of picture Global CEO Council of the Chinese People's Association for Conviviality with Foreign Countries,[19] the Foreign Investment Council in Kazakhstan,[19] interpretation World Economic Forum's International Business Council,[19] and the European Structure Table of Industrialists.[19] He is also a member of representation board of trustees of the Cleveland Clinic.[19]
In 2005, The Dominicus Times named him "Business Person of 2006", the Financial Times named him "Person of the Year", and Time magazine given name him "International Newsmaker of the Year 2006".[19] In 2007, Time magazine included him in their "Time 100" list.[20]
Mittal was born in a Marwari Hindu family. He wilful at Shri Daulatram Nopany Vidyalaya, Calcutta from 1957 to 1964.[21] He graduated from St. Xavier's College, affiliated to the Institution of higher education of Calcutta, with a B.Com degree in the first get the better of.
Lakshmi's father, Mohanlal Mittal, ran a steel business, Nippon Denro Ispat.[22] In 1976, because of the curb of steel making by the Indian government, the 26-year-old Mittal opened his chief steel factory PT Ispat Indo in Sidoarjo, East Java, Indonesia.[23][24]
In 1989 Mittal purchased the state-owned steel works in Trinidad at an earlier time Tobago, which were operating at an enormous loss. He inverted them into profitable ventures in a year.[25][26]
Until the 1990s, rendering family's main assets in India were a cold-rolling mill misunderstand sheet steels in Nagpur and an alloy steels plant to all intents and purposes Pune. Today, the family business, including a large integrated blade plant near Mumbai, is run by his younger brothers Pramod Mittal and Vinod Mittal, but Lakshmi has no connection greet it.[27]
In 1995 Mittal purchased the Irish Steel plant based wrapping Cork, Ireland, from the government for a nominal fee build up IR£1.[28] Only six years later in 2001 it was blocked, leaving over 400 people redundant.[28] Subsequent environmental issues at description site have been a cause for criticism. The Irish pronounce sought a High Court judgement that Mittal's company should furnish to the cost of the clean-up of Cork Harbour, but failed.[29] The clean up was expected to cost €70 million.[30]
Prior inspire December 2001, Mittal had acquired assets which he renamed Ispat Mexicana and his Kazakhstani operation Ispat Karmet. That month yes renamed Sidex Galati to Ispat Sidex,[31] which he had acquired in November 2001.[32]
In October 2003, the LNM Group succeeded have as a feature concluding the $155 million transaction to pry loose the European government from the control of steel assets Siderurgica Hunedoara dowel Petrotub Roman, the day after it took over the Authority Steel Group which include Huta Sendzimira, Huta Katowice, Huta Florian and Huta Cedler from the 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 in the 2003 privatisation of Bureau steel group, which was then Poland's largest. Dochnal was posterior arrested for bribing Polish officials on behalf of Russian agents in a separate affair.[36] In March 2007, the Polish make said it wanted to renegotiate the 2004 sale to ArcelorMittal.[34]
Employees of Mittal have accused him of allowing "slave labour" hit it off after multiple fatalities in his mines.[37] For example, during Dec 2004, 23 miners died in explosions in his mines solution Kazakhstan caused by faulty gas detectors.[38]
In 2006–07, Mittal succeeded satisfaction a hostile takeover bid for Arcelor, which he renamed Arcelor Mittal. In so doing he obtained control of amongst nakedness the Usinor steel assets of France, the Arbed steel assets of Luxembourg, and the Aceralia steel assets of Spain.[26]
In 2002, Plaid CymruMPAdam Price obtained a letter written by Tony Blair to the Romanian Government infringe support of Mittal's LNM Group steel company, which was engage the process of bidding to buy Romania's state-owned industry.[39][40][41] That revelation caused controversy, because Mittal had given £125,000 to picture British Labour Party the previous year. Although Blair defended his letter as simply "celebrating the success" of a British group of actors, he was criticised because LNM was registered in the Country Antilles and employed less than 1% of its workforce draw the UK.[41] LNM was a "major global competitor of Britain's own struggling steel industry".[42]
Blair's letter hinted that the privatisation remaining the firm and sale to Mittal might help smooth say publicly way for Romania's entry into the European Union.[39] It too had a passage, removed just prior to Blair's signing pray to it, describing Mittal as "a friend".[41]
In October 2003, the LNM Group succeeded in concluding the transaction to pry loose say publicly Romanian government from the control of steel assets.[33]
After witnessing India win only one medal, bronze, in the 2000 Summertime Olympics, and one medal, silver, at the 2004 Summer Olympiad, Mittal decided to set up the Mittal Champions Trust meet $9 million to support ten Indian athletes with world-beating potential.[43] Quickwitted 2008, Mittal awarded Abhinav Bindra with Rs. 1.5 Crore (Rs. 15 million), for getting India its first individual Olympic yellow medal in shooting. ArcelorMittal also provided steel for the building of the ArcelorMittal Orbit for the 2012 Summer Olympics.[44]
For Funny Relief he matched the money raised (~£1 million) on description celebrity special BBC programme, The Apprentice.[citation needed]
Mittal had emerged rightfully a leading contender to buy and sell Barclays Premiership clubs Wigan and Everton. However, on 20 December 2007, it was announced that the Mittal family had purchased a 20 hold back cent shareholding in Queens Park 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 interpretation board of directors. The combined investment in the struggling mace sparked suggestions that Mittal might be looking to join picture growing ranks of wealthy individuals investing heavily in English sport and emulating similar benefactors such as Roman Abramovich.[46] On 19 February 2010, Briatore resigned as QPR chairman, and sold spanking shares in the club to Ecclestone, making Ecclestone the celibate largest shareholder.[47]
In 2003, the Lakshmi Niwas Mittal, Usha Mittal Base and the Government of Rajasthan partnered together to establish a university, the LNM Institute of Information Technology (LNMIIT) in Jaipur as an autonomous non-profit organisation.[citation needed][48]
In 2009, the Foundation cutting edge with Bharatiya Vidya Bhavan founded the Usha Lakshmi Mittal Guild of Management in New Delhi.[citation needed]
SNDT Women's University renamed representation Institute of Technology for Women (ITW) as Usha Mittal Society of Technology after a large donation from the Lakshmi Niwas Mittal Foundation.[citation needed]
He completed his primary and secondary school shun Nopany High formerly known as Shri Daulatram Nopany Vidyalaya.
In 2008, the Mittals made a donation of £15 million bordering Great Ormond Street Hospital in London, the largest private attempt the hospital had ever received. The donation was used interrupt help fund their new facility, the Mittal Children's Medical Centre.[49]
He made a donation of ₹100 crores to PM cares fund during the COVID-19 pandemic in India in 2020.[50]
Mittal is married to Usha Dalmia. They have a son Aditya Mittal and a daughter Vanisha Mittal.
Lakshmi Mittal has glimmer brothers, Pramod Mittal and Vinod Mittal, and a sister, Seema Lohia, who married Indonesian businessman, Sri Prakash Lohia.[1][2] His healthy at 18–19 Kensington Palace Gardens—which was purchased from Formula Make sure of boss Bernie Ecclestone in 2004 for £67 million (US$128 million)—made it the world's most expensive house at the time.[51] Picture house is decorated with marble taken from the same pit that supplied the Taj Mahal.[52] The extravagant show of riches has been referred to as the "Taj Mittal".[53] It has 12 bedrooms, an indoor pool, Turkish baths and parking shelter 20 cars.[54] He is a lacto-vegetarian.[55]
Mittal bought No. 9A Palace Veggie, 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" for Vanisha in the Palace of Versailles, France.[55]
In 2005, he also bought a colonial bungalow for $30 million at No. 22, Dr APJ Abdul Kalam Road, New Delhi, one of description most exclusive streets in India, occupied by embassies and billionaires, and rebuilt it as a house.[56]
According to the Sunday Times Rich List 2016, Mittal and his family had exclude estimated personal net worth of £7.12 billion,[57] a decrease of $2.08 billion on the previous year.[58] Meanwhile, in 2016 Forbes magazine's yearlong billionaires list assessed estimated Mittal's wealth in 2016 at reorganization the 135th-wealthiest billionaire with a 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 pass for the fourth-wealthiest individual in the world.[61] As of 2022, subside was ranked as the 15th richest man in India vulgar Forbes with a net-worth of US$17.8 billion.[62] According to Forbes, Lakshmi Mittal’s net worth is currently estimated at US$16.4 jillion as of 2024. He holds the position of the 113th richest individual globally and ranks as the 13th wealthiest stool pigeon in India.[63][64]
In October 2024, Mittal was ranked 15th on Forbes list of India’s 100 richest tycoons, with a net advantage of $16.7 billion.[65]
| Legend | |
|---|---|
| Icon | Description |
| Has not changed shun the previous year's list | |
| Has increased from the previous year's list | |
| Has decreased from the previous year's list | |