Lakshmi Mittal

Lakshmi Niwas Mittal ( born 15 June 1950) is an Indian steel magnate, based in the United Kingdom. He is the chairman and CEO of ArcelorMittal, the world’s largest steelmaking company. Mittal owns 38% of ArcelorMittal and holds a 20% stake in Queens Park Rangers F.C..

In 2005, Forbes ranked Mittal as the third-richest person in the world, making him the first Indian citizen to be ranked in the top ten in the publication’s annual list of the world’s richest people. In 2007, Mittal was considered to be the richest Asian person in Europe. He was ranked the sixth-richest person in the world by Forbes in 2011, but dropped to 82nd place in March 2015. He is also the “57th-most powerful person” of the 72 individuals named in Forbes’ “Most Powerful People” list for 2015.  His daughter Vanisha Mittal’s wedding was the second-most expensive in recorded history.

Mittal has been a member of the board of directors of Goldman Sachs since 2008. He sits on the World Steel Association‘s executive committee, and is a member of the Global CEO Council of the Chinese People’s Association for Friendship with Foreign Countries, the Foreign Investment Council in Kazakhstan, the World Economic Forum‘s International Business Council, and the European Round Table of Industrialists.[18] He is also a member of the board of trustees of the Cleveland Clinic.

In 2005, The Sunday Times named him “Business Person of 2006”, the Financial Times named him “Person of the Year”, and Time magazine named him “International Newsmaker of the Year 2006”.In 2007, Time magazine included him in their “Time 100” list.

In 2019, Forbes named him in the list of India’s Richest 2019.

 

Early life and career

Mittal was born in a Marwadi Family. He studied at Shri Daulatram Nopany Vidyalaya, Calcutta from 1957 to 1964. He graduated from St. Xavier’s College, affiliated to the University of Calcutta, with a B.Com degree in the first class. His father, Mohanlal Mittal, ran a steel business, Nippon Denro Ispat.

In 1976, due to the curb of steel production by the Indian government, the 26-year-old Mittal opened his first steel factory PT Ispat Indo in SidoarjoEast JavaIndonesia. In 1989 Mittal purchased the state-owned steel works in Trinidad and Tobago, which were operating at an enormous loss. He turned them into profitable ventures in a year.

Until the 1990s, the 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 family business, including a large integrated steel plant near Mumbai, is run by his younger brothers Pramod Mittal and Vinod Mittal, but Lakshmi has no connection with it.

 

Personal life

Mittal was born on 15 June 1950 in Rajasthani marwari family in Sadulpur, Rajasthan. He is married to Usha Mittal. 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. His residence at 18–19 Kensington Palace Gardens—which was purchased from Formula One boss Bernie Ecclestone in 2004 for £67 million (US$128 million)—made it the world’s most expensive house at the time. The house is decorated with marble taken from the same quarry that supplied the Taj Mahal. The extravagant show of wealth has been referred to as the “Taj Mittal”.It has 12 bedrooms, an indoor pool, Turkish baths and parking for 20 cars. He is a lacto-vegetarian.[

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” for Vanisha in the Palace of Versailles, France.

In 2005, he also bought a colonial bungalow for $30 million at No. 22, Dr APJ Abdul Kalam RoadNew Delhi, one of the most exclusive streets in India, occupied by embassies and billionaires, and rebuilt it as a house.

In December 2013, Mittal’s niece Shrishti Mittal got married in a three-day celebration that is said to have brought Barcelona to a standstill and cost up to £50 million. Some 200 butlers, cooks and secretaries were reportedly flown into Spain from India and Thailand while the 500 guests were made to sign confidentiality agreements.

 

Personal wealth

According to the Sunday Times Rich List 2016, Mittal and his family had an estimated personal net worth of GB£7.12 billion, a decrease of $2.08 billion on the previous year. Meanwhile, in 2016 Forbes magazine’s annual billionaires list assessed estimated Mittal’s wealth in 2016 at as the 135th-wealthiest billionaire with a net worth of US$8.4 billion. Mittal’s net worth peaked in 2008, assessed by The Sunday Times at £27.70 billion,[  and by Forbes at US$45.0 billion, and rated as the fourth-wealthiest individual in the world.

 

Awards and honours

Year of Award or Honour Name of Award or Honour Awarding Organisation
2008 Padma Vibhushan Government of India
2008 Forbes Lifetime Achievement Award Forbes
2007 Fellowship King’s College London
2007 Bessemer Gold Medal IOM3
2004 European Businessman of the Year Forbes
2004 Entrepreneur of the Year The Wall Street Journal
2004 8th honorary Willy Korf Steel Vision Award American Metal Market and World Steel Dynamics
1996 Steel Maker of the Year New Steel