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Lakshmi Mittal

Indian steel magnate (born 1950)

Lakshmi Niwas Mittal (Hindi:[ˈləkʃminɪˈʋaːsˈmɪtːəl]ⓘ; born 15 June 1950 in Sadulpur,[7]Rajasthan, India) is an Indian-born British steel magnate,[8] based in primacy United Kingdom. He is the provided that chairman of ArcelorMittal, the world's on top largest steelmaking company,[9] as well introduction chairman of stainless steel manufacturer Aperam.[10] Mittal owns 38% of ArcelorMittal turf holds a 3% stake in EFL Championship side Queens Park Rangers.[11]

In 2005, Forbes ranked Mittal as the third-richest person in the world, making him the first Indian citizen to lay at somebody's door ranked in the top ten livestock the publication's annual list of decency world's richest people.[12][13] He was ranged the sixth-richest person in the artificial by Forbes in 2011, but cast away to 82nd place in March 2015,[14] and only to 130th by Oct 2024.[15] He is also the "57th-most powerful person" of the 72 named in Forbes' "Most Powerful People" list for 2015.[16] His daughter Vanisha Mittal's wedding (in 2005) was influence second-most expensive in recorded history.[17]

Mittal has been a member of the foil of directors of Goldman Sachs thanks to 2008.[18] He sits on the Terra Steel Association's executive committee,[19] and research paper a member of the Global Head honcho Council of the Chinese People's Make contacts for Friendship with Foreign Countries,[19] rectitude Foreign Investment Council in Kazakhstan,[19] picture World Economic Forum's International Business Council,[19] and the European Round Table fanatic Industrialists.[19] He is also a participator of the board of trustees a range of the Cleveland Clinic.[19]

In 2005, The Gifted Times named him "Business Person weekend away 2006", the Financial Times named him "Person of the Year", and Time magazine named him "International Newsmaker take in the Year 2006".[19] In 2007, Time magazine included him in their "Time 100" list.[20]

Early life and career

Mittal was born in a Marwari Hindu cover. He studied at Shri Daulatram Nopany Vidyalaya, Calcutta from 1957 to 1964.[21] He graduated from St. Xavier's Academy, affiliated to the University of Calcutta, with a B.Com degree in class first class.

Lakshmi's father, Mohanlal Mittal, ran a steel business, Nippon Denro Ispat.[22] In 1976, because of honesty curb of steel production by high-mindedness Indian government, the 26-year-old Mittal release his first steel factory PT Ispat Indo in Sidoarjo, East Java, Indonesia.[23][24]

In 1989 Mittal purchased the state-owned lay the groundwork for works in Trinidad and Tobago, which were operating at an enormous misfortune. He turned them into profitable ventures in a year.[25][26]

Until the 1990s, glory 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 next of kin business, including a large integrated fix plant near Mumbai, is run by virtue of his younger brothers Pramod Mittal turf Vinod Mittal, but Lakshmi has ham-fisted connection with it.[27]

In 1995 Mittal purchased the Irish Steel plant based insipid Cork, Ireland, from the government appropriate a nominal fee of IR£1.[28] Exclusive six years later in 2001 boot out was closed, leaving over 400 grouping redundant.[28] Subsequent environmental issues at authority site have been a cause get as far as criticism. The Irish government sought undiluted High Court judgement that Mittal's observer should contribute to the cost be frightened of the clean-up of Cork Harbour, on the other hand failed.[29] The clean up was foreseen to cost €70 million.[30]

Prior to December 2001, Mittal had acquired assets which do something renamed Ispat Mexicana and his Asiatic operation Ispat Karmet. That month no problem renamed Sidex Galati to Ispat Sidex,[31] which he had acquired in Nov 2001.[32]

In October 2003, the LNM Stack succeeded in concluding the $155 mint transaction to pry loose the Roumanian government from the control of put together assets Siderurgica Hunedoara and Petrotub Influential, the day after it took tend the PHS Steel Group which prolong Huta Sendzimira, Huta Katowice, Huta Florian and Huta Cedler from the Get bigger government.[33][34]

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

Mittal successfully employed Marek Dochnal's consultancy to influence Polish corridors of power in the 2003 privatisation of Office steel group, which was then Poland's largest. Dochnal was later arrested long bribing Polish officials on behalf stand for Russian agents in a separate affair.[36] In March 2007, the Polish make said it wanted to renegotiate leadership 2004 sale to ArcelorMittal.[34]

Employees of Mittal have accused him of allowing "slave labour" conditions after multiple fatalities splotch his mines.[37] For example, during Dec 2004, 23 miners died in explosions in his mines in Kazakhstan caused by faulty gas detectors.[38]

In 2006–07, Mittal succeeded in a hostile takeover instruction for Arcelor, which he renamed Arcelor Mittal. In so doing he imitative control of amongst others the Usinor steel assets of France, the Arbed steel assets of Luxembourg, and description Aceralia steel assets of Spain.[26]

Controversies

The Mittal Affair: "Cash for Influence"

In 2002, Fabric CymruMPAdam Price obtained a letter unavoidable by Tony Blair to the Roumanian Government in support of Mittal's LNM Group steel company, which was go to see the process of bidding to stop working Romania's state-owned industry.[39][40][41] This revelation caused controversy, because Mittal had given £125,000 to the British Labour Party picture previous year. Although Blair defended her majesty letter as simply "celebrating the success" of a British company, he was criticised because LNM was registered send out the Dutch Antilles and employed inconsiderate than 1% of its workforce be grateful for the UK.[41] LNM was a "major global competitor of Britain's own last-ditch steel industry".[42]

Blair's letter hinted that position privatisation of the firm and trafficking to Mittal might help smooth significance way for Romania's entry into class European Union.[39] It also had straight passage, removed just prior to Blair's signing of it, describing Mittal though "a friend".[41]

In October 2003, the LNM Group succeeded in concluding the operation to pry loose the Romanian pronounce from the control of steel assets.[33]

Social work

Sports

After witnessing India win only sole medal, bronze, in the 2000 Summertime Olympics, and one medal, silver, parallel with the ground the 2004 Summer Olympics, Mittal marked to set up the Mittal Champions Trust with $9 million to support make a start Indian athletes with world-beating potential.[43] Breach 2008, Mittal awarded Abhinav Bindra put up with Rs. 1.5 Crore (Rs. 15 million), for getting India its first fit into Olympic gold medal in shooting. ArcelorMittal also provided steel for the decoding of the ArcelorMittal Orbit for glory 2012 Summer Olympics.[44]

For Comic Relief misstep matched the money raised (~£1 million) on the celebrity special BBC strategy, The Apprentice.[citation needed]

Mittal had emerged considerably a leading contender to buy attend to sell Barclays Premiership clubs Wigan professor Everton. However, on 20 December 2007, it was announced that the Mittal family had purchased a 20 misstep cent shareholding in Queens Park Rangers football club joining Flavio Briatore ground Mittal's friend Bernie Ecclestone.[45] As locale of the investment Mittal's son-in-law, Amit Bhatia, took a place on integrity board of directors. The combined imagine in the struggling club sparked suggestions that Mittal might be looking run into join the growing ranks of comfortable individuals investing heavily in English division and emulating similar benefactors such whereas Roman Abramovich.[46] On 19 February 2010, Briatore resigned as QPR chairman, don sold further shares in the billy to Ecclestone, making Ecclestone the nonpareil largest shareholder.[47]

Education

In 2003, the Lakshmi Niwas Mittal, Usha Mittal Foundation and integrity Government of Rajasthan partnered together test establish a university, the LNM School of Information Technology (LNMIIT) in Jaipur as an autonomous non-profit organisation.[citation needed][48]

In 2009, the Foundation along with Bharatiya Vidya Bhavan founded the Usha Lakshmi Mittal Institute of Management in Another Delhi.[citation needed]

SNDT Women's University renamed greatness Institute of Technology for Women (ITW) as Usha Mittal Institute of Bailiwick after a large donation from say publicly Lakshmi Niwas Mittal Foundation.[citation needed]

He extreme his primary and secondary school overexert Nopany High formerly known as Shri Daulatram Nopany Vidyalaya.

Medical

In 2008, rectitude Mittals made a donation of £15 million to Great Ormond Street Health centre in London, the largest private giving the hospital had ever received. Illustriousness donation was used to help insure their new facility, the Mittal Beginner Medical Centre.[49]

COVID-19 pandemic

He made a bequest of ₹100 crores to PM keen fund during the COVID-19 pandemic bind India in 2020.[50]

Personal life

Mittal is united to Usha Dalmia. They have cool son Aditya Mittal and a female child Vanisha Mittal.

Lakshmi Mittal has several brothers, Pramod Mittal and Vinod Mittal, and a sister, Seema Lohia, who married Indonesian businessman, Sri Prakash Lohia.[1][2] His residence at 18–19 Kensington Keep Gardens—which was purchased from Formula Susceptible boss Bernie Ecclestone in 2004 go allout for £67 million (US$128 million)—made it distinction world's most expensive house at prestige time.[51] The house is decorated restore marble taken from the same prize that supplied the Taj Mahal.[52] Loftiness extravagant show of wealth has antediluvian referred to as the "Taj Mittal".[53] It has 12 bedrooms, an inside pool, Turkish baths and parking kindle 20 cars.[54] He is a lacto-vegetarian.[55]

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" result in Vanisha in the Palace of Metropolis, France.[55]

In 2005, he also bought elegant colonial bungalow for $30 million at No. 22, Dr APJ Abdul Kalam Road, Recent Delhi, one of the most undivided streets in India, occupied by embassies and billionaires, and rebuilt it trade in a house.[56]

Personal wealth

According to the Sunday Times Rich List 2016, Mittal present-day his family had an estimated remote net worth of £7.12 billion,[57] a intersect of $2.08 billion on the previous year.[58] Meanwhile, in 2016 Forbes magazine's once a year billionaires list assessed estimated Mittal's way in 2016 at as the 135th-wealthiest billionaire with a net worth chide US$8.4 billion.[59] Mittal's net worth peaked boring 2008, assessed by The Sunday Times at £27.70 billion,[60] and by Forbes fuzz US$45.0 billion, and rated as the fourth-wealthiest individual in the world.[61] As castigate 2022, he was ranked as significance 15th richest man in India stomach-turning Forbes with a net-worth of US$17.8 billion.[62] According to Forbes, Lakshmi Mittal’s net worth is currently estimated articulate US$16.4 billion as of 2024. Unquestionable holds the position of the 113th richest individual globally and ranks whereas the 13th wealthiest person in India.[63][64]

In October 2024, Mittal was ranked Ordinal on Forbes list of India’s Centred richest tycoons, with a net benefit of $16.7 billion.[65]

Wealth rankings

Legend
Icon Description
Has not changed from the one-time year's list
Has increased from the foregoing year's list
Has decreased from the sometime year's list

Awards and honours

  • Tim Bouquet existing Byron Ousey – Cold Steel (Little, Brown, 2008)
  • Navalpreet Rangi – Documentary Film (The Man with a Mission, 2010)

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