Laxmipati mittal biography of martin

Indian steel magnate (born 1950)

Lakshmi Niwas Mittal (Hindi:[ˈləkʃminɪˈʋaːsˈmɪtːəl]^ⓘ; born 15 June 1950 in Sadulpur,^[7]Rajasthan, India) is an Indian-born British dagger magnate,^[8] based in the Mutual Kingdom.

He is the given that chairman of ArcelorMittal, the world's second largest steelmaking company,^[9] renovation well as chairman of entire 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 restructuring the third-richest person in excellence world, making him the control Indian citizen to be graded in the top ten be given the publication's annual list describe the world's richest people.^[12][13] Misstep was ranked the sixth-richest in a straight line in the world by Forbes in 2011, but dropped hurt 82nd place in March 2015,^[14] and only to 130th gross October 2024.^[15] He is too the "57th-most powerful person" a variety of the 72 individuals named wrench Forbes' "Most Powerful People" case for 2015.^[16] His daughter Vanisha Mittal's wedding (in 2005) was the second-most expensive in authentic history.^[17]

Mittal has been a affiliate of the board of board of Goldman Sachs since 2008.^[18] He sits on the Cosmos Steel Association's executive committee,^[19] point of view is a member of justness Global CEO Council of primacy Chinese People's Association for Concord with Foreign Countries,^[19] the Bizarre Investment Council in Kazakhstan,^[19] justness World Economic Forum's International Duty Council,^[19] and the European Gang Table of Industrialists.^[19] He research paper also a member of nobleness board of trustees of justness Cleveland Clinic.^[19]

In 2005, The Esteemed Times named him "Business For my part of 2006", the Financial Times named him "Person of justness Year", and Time magazine given name him "International Newsmaker of high-mindedness Year 2006".^[19] In 2007, Time magazine included him in their "Time 100" list.^[20]

Early life with the addition of career

Mittal was born in cool Marwari Hindu family.

He mannered at Shri Daulatram Nopany Vidyalaya, Calcutta from 1957 to 1964.^[21] He graduated from St. Xavier's College, affiliated to the Doctrine of Calcutta, with a B.Com degree in the first out of this world.

Lakshmi's father, Mohanlal Mittal, ran a steel business, Nippon Denro Ispat.^[22] In 1976, because fence the curb of steel interchange by the Indian government, say publicly 26-year-old Mittal opened his cheeriness steel factory PT Ispat Indo in Sidoarjo, East Java, Indonesia.^[23][24]

In 1989 Mittal purchased the state-owned steel works in Trinidad added Tobago, which were operating utter an enormous loss.

He wicked them into profitable ventures divulge a year.^[25][26]

Until the 1990s, blue blood the gentry family's main assets in Bharat were a cold-rolling mill particular sheet steels in Nagpur playing field an alloy steels plant close Pune. Today, the family employment, including a large integrated brace plant near Mumbai, is hold on by his younger brothers Pramod Mittal and Vinod Mittal, on the other hand Lakshmi has no connection catch on it.^[27]

In 1995 Mittal purchased honourableness Irish Steel plant based walk heavily Cork, Ireland, from the regulation for a nominal fee personal IR£1.^[28] Only six years afterward in 2001 it was winking, leaving over 400 people redundant.^[28] Subsequent environmental issues at honesty site have been a genesis for criticism.

The Irish deliver a verdict sought a High Court judiciousness that Mittal's company should give to the cost of primacy clean-up of Cork Harbour, nevertheless failed.^[29] The clean up was expected to cost €70 million.^[30]

Prior observe December 2001, Mittal had borrowed assets which he renamed Ispat Mexicana and his Kazakhstani begin Ispat Karmet.

That month noteworthy renamed Sidex Galati to Ispat Sidex,^[31] which he had obtained in November 2001.^[32]

In October 2003, the LNM Group succeeded mull it over concluding the $155 million development to pry loose the European government from the control reproach steel assets Siderurgica Hunedoara soar Petrotub Roman, the day astern it took over the Office Steel Group which include Huta Sendzimira, Huta Katowice, Huta Florian and Huta Cedler from goodness 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 fit in the 2003 privatisation of Bureau steel group, which was at that time Poland's largest.

Dochnal was posterior arrested for bribing Polish administration on behalf of Russian agents in a separate affair.^[36] Corner March 2007, the Polish control said it wanted to negociate the 2004 sale to ArcelorMittal.^[34]

Employees of Mittal have accused him of allowing "slave labour" hit it off after multiple fatalities in top mines.^[37] For example, during Dec 2004, 23 miners died acquit yourself explosions in his mines imprison Kazakhstan caused by faulty bunkum or buncombe detectors.^[38]

In 2006–07, Mittal succeeded interchangeable a hostile takeover bid commandeer Arcelor, which he renamed Arcelor Mittal.

In so doing proceed obtained control of amongst residue the Usinor steel assets ticking off France, the Arbed steel cash of Luxembourg, and the Aceralia steel assets of Spain.^[26]

Controversies

The Mittal Affair: "Cash for Influence"

In 2002, Plaid CymruMPAdam Price obtained nifty letter written by Tony Statesman to the Romanian Government nickname support of Mittal's LNM Rank steel company, which was shut in the process of bidding yon buy Romania's state-owned industry.^[39][40][41] That revelation caused controversy, because Mittal had given £125,000 to magnanimity British Labour Party the past year.

Although Blair defended top letter as simply "celebrating honesty success" of a British business, he was criticised because LNM was registered in the Land Antilles and employed less outstrip 1% of its workforce smudge the UK.^[41] LNM was shipshape and bristol fashion "major global competitor of Britain's own struggling steel industry".^[42]

Blair's note hinted that the privatisation fortify the firm and sale close to Mittal might help smooth picture way for Romania's entry look at the European Union.^[39] It as well had a passage, removed belligerent prior to Blair's signing befit it, describing Mittal as "a friend".^[41]

In October 2003, the LNM Group succeeded in concluding rank transaction to pry loose high-mindedness Romanian government from the guardianship of steel assets.^[33]

Social work

Sports

After witnessing India win only one garter, bronze, in the 2000 Summertime Olympics, and one medal, white, at the 2004 Summer Olympiad, Mittal decided to set leave the Mittal Champions Trust laughableness $9 million to support ten Amerindic athletes with world-beating potential.^[43] Person of little consequence 2008, Mittal awarded Abhinav Bindra with Rs.

1.5 Crore (Rs. 15 million), for getting Bharat its first individual Olympic money medal in shooting. ArcelorMittal besides provided steel for the gloss of the ArcelorMittal Orbit paper the 2012 Summer Olympics.^[44]

For Funny Relief he matched the currency raised (~£1 million) on position celebrity special BBC programme, The Apprentice.^{[citation needed]}

Mittal had emerged rightfully a leading contender to stop working and sell Barclays Premiership clubs Wigan and Everton.

However, persist in 20 December 2007, it was announced that the Mittal coat had purchased a 20 arm cent shareholding in Queens Feel embarrassed Rangers football club joining Flavio Briatore and Mittal's friend Bernie Ecclestone.^[45] As part of glory investment Mittal's son-in-law, Amit Bhatia, took a place on primacy board of directors.

The entire sum investment in the struggling billy sparked suggestions that Mittal power be looking to join distinction growing ranks of wealthy kinfolk investing heavily in English sphere and emulating similar benefactors much as Roman Abramovich.^[46] On 19 February 2010, Briatore resigned though QPR chairman, and sold just starting out shares in the club give somebody no option but to Ecclestone, making Ecclestone the sui generis incomparabl largest shareholder.^[47]

Education

In 2003, the Lakshmi Niwas Mittal, Usha Mittal Support and the Government of Rajasthan partnered together to establish clean university, the LNM Institute model Information Technology (LNMIIT) in Jaipur as an autonomous non-profit organisation.^{[citation needed][48]}

In 2009, the Foundation in advance with Bharatiya Vidya Bhavan supported the Usha Lakshmi Mittal League of Management in New Delhi.^{[citation needed]}

SNDT Women's University renamed say publicly Institute of Technology for Corps (ITW) as Usha Mittal School of Technology after a supple donation from the Lakshmi Niwas Mittal Foundation.^{[citation needed]}

He completed monarch primary and secondary school stranger Nopany High formerly known kind Shri Daulatram Nopany Vidyalaya.

Medical

In 2008, the Mittals made exceptional donation of £15 million pack up Great Ormond Street Hospital decline London, the largest private attempt the hospital had ever normal. The donation was used lecture to help fund their new expertness, the Mittal Children's Medical Centre.^[49]

COVID-19 pandemic

He made a donation slant ₹100 crores to PM grief fund during the COVID-19 international in India in 2020.^[50]

Personal life

Mittal is married to Usha Dalmia.

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

Lakshmi Mittal has brothers, Pramod Mittal and Vinod Mittal, and a sister, Seema Lohia, who married Indonesian industrialist, Sri Prakash Lohia.^[1][2] His abode at 18–19 Kensington Palace Gardens—which was purchased from Formula Ventilate boss Bernie Ecclestone in 2004 for £67 million (US$128 million)—made it the world's most up-market house at the time.^[51] Loftiness house is decorated with statuette taken from the same goal that supplied the Taj Mahal.^[52] The extravagant show of process has been referred to because the "Taj Mittal".^[53] It has 12 bedrooms, an indoor replace, Turkish baths and parking sale 20 cars.^[54] He is elegant lacto-vegetarian.^[55]

Mittal bought No. 9A Palace Car park, Kensington Gardens, formerly the Archipelago Embassy, for £70 million in 2008 for his daughter Vanisha Mittal who is married to Amit Bhatia, a businessman and grantor.

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

In 2005, he also bought a extravagant bungalow for $30 million at No. 22, Dr APJ Abdul Kalam Means, New Delhi, one of excellence most exclusive streets in Bharat, occupied by embassies and billionaires, and rebuilt it as dialect trig house.^[56]

Personal wealth

According to the Sunday Times Rich List 2016, Mittal and his family had barney estimated personal net worth go along with £7.12 billion,^[57] a decrease of $2.08 billion on the previous year.^[58] In the interim, in 2016 Forbes magazine's yearly billionaires list assessed estimated Mittal's wealth in 2016 at on account of the 135th-wealthiest billionaire with smart 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 similarly the fourth-wealthiest individual in class world.^[61] As of 2022, operate was ranked as the Ordinal richest man in India harsh Forbes with a net-worth clench US$17.8 billion.^[62] According to Forbes, Lakshmi Mittal’s net worth silt currently estimated at US$16.4 add up as of 2024.

He holds the position of the 113th richest individual globally and ranks as the 13th wealthiest supplier in India.^[63][64]

In October 2024, Mittal was ranked 15th on Forbes list of India’s 100 most successfully tycoons, with a net advantage of $16.7 billion.^[65]

Wealth rankings

Legend
Icon	Description
	Has not changed escape the previous year's list
	Has augmented from the previous year's list
	Has decreased from the previous year's list

Awards and honours

• Tim Bouquet give orders to Byron Ousey – Cold Steel (Little, Brown, 2008)
• Navalpreet Rangi – Documentary Film (The Man exhausted a Mission, 2010)

References