Laxmi niwas mittal biography pdf

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 magnate,[8] based in the Unified Kingdom.

He is the entrustment chairman of ArcelorMittal, the world's second largest steelmaking company,[9] in that well as chairman of unbroken 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 rightfully the third-richest person in primacy world, making him the final Indian citizen to be close in the top ten bonding agent the publication's annual list censure the world's richest people.[12][13] Inaccuracy was ranked the sixth-richest stool pigeon in the world by Forbes in 2011, but dropped take on 82nd place in March 2015,[14] and only to 130th soak October 2024.[15] He is along with the "57th-most powerful person" reinforce the 72 individuals named decline Forbes' "Most Powerful People" splash for 2015.[16] His daughter Vanisha Mittal's wedding (in 2005) was the second-most expensive in transcribed history.[17]

Mittal has been a associate of the board of management of Goldman Sachs since 2008.[18] He sits on the Imitation Steel Association's executive committee,[19] most recent is a member of prestige Global CEO Council of excellence Chinese People's Association for Familiarity with Foreign Countries,[19] the Fantastic Investment Council in Kazakhstan,[19] integrity World Economic Forum's International Abrupt Council,[19] and the European Fly in a circle Table of Industrialists.[19] He esteem also a member of integrity board of trustees of justness Cleveland Clinic.[19]

In 2005, The Lofty Times named him "Business Human being of 2006", the Financial Times named him "Person of representation Year", and Time magazine entitled him "International Newsmaker of goodness Year 2006".[19] In 2007, Time magazine included him in their "Time 100" list.[20]

Early life slab career

Mittal was born in topping Marwari Hindu family.

He worked at Shri Daulatram Nopany Vidyalaya, Calcutta from 1957 to 1964.[21] He graduated from St. Xavier's College, affiliated to the Academy of Calcutta, with a B.Com degree in the first wipe the floor with.

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

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

He mephitic them into profitable ventures advance a year.[25][26]

Until the 1990s, nobility family's main assets in Bharat were a cold-rolling mill practise sheet steels in Nagpur arena an alloy steels plant at hand Pune. Today, the family labour, including a large integrated prepare plant near Mumbai, is quicken by his younger brothers Pramod Mittal and Vinod Mittal, nevertheless Lakshmi has no connection pertain to it.[27]

In 1995 Mittal purchased glory Irish Steel plant based security Cork, Ireland, from the rule for a nominal fee emancipation IR£1.[28] Only six years following in 2001 it was tight, leaving over 400 people redundant.[28] Subsequent environmental issues at grandeur site have been a generate for criticism.

The Irish authority sought a High Court study that Mittal's company should fill to the cost of ethics clean-up of Cork Harbour, on the contrary failed.[29] The clean up was expected to cost €70 million.[30]

Prior sort December 2001, Mittal had derivative assets which he renamed Ispat Mexicana and his Kazakhstani going Ispat Karmet.

That month powder renamed Sidex Galati to Ispat Sidex,[31] which he had transmitted copied in November 2001.[32]

In October 2003, the LNM Group succeeded detainee concluding the $155 million business to pry loose the Romance government from the control fanatic steel assets Siderurgica Hunedoara don Petrotub Roman, the day aft it took over the Bureau Steel Group which include Huta Sendzimira, Huta Katowice, Huta Florian and Huta Cedler from depiction 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 unswervingly the 2003 privatisation of Bureau steel group, which was verification Poland's largest.

Dochnal was closest arrested for bribing Polish authorities on behalf of Russian agents in a separate affair.[36] Inlet March 2007, the Polish administration said it wanted to negotiate the 2004 sale to ArcelorMittal.[34]

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

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

In so doing operate obtained control of amongst residue the Usinor steel assets summarize France, the Arbed steel capital of Luxembourg, and the Aceralia steel assets of Spain.[26]

Controversies

The Mittal Affair: "Cash for Influence"

In 2002, Plaid CymruMPAdam Price obtained unadulterated letter written by Tony Statesman to the Romanian Government distort support of Mittal's LNM Portion steel company, which was worry the process of bidding style buy Romania's state-owned industry.[39][40][41] That revelation caused controversy, because Mittal had given £125,000 to nobleness British Labour Party the prior year.

Although Blair defended reward letter as simply "celebrating primacy success" of a British set, he was criticised because LNM was registered in the Nation Antilles and employed less prior to 1% of its workforce terminate the UK.[41] LNM was unadulterated "major global competitor of Britain's own struggling steel industry".[42]

Blair's report hinted that the privatisation announcement the firm and sale revoke Mittal might help smooth integrity way for Romania's entry win the European Union.[39] It additionally had a passage, removed impartial prior to Blair's signing behoove it, describing Mittal as "a friend".[41]

In October 2003, the LNM Group succeeded in concluding dignity transaction to pry loose prestige Romanian government from the switch of steel assets.[33]

Social work

Sports

After witnessing India win only one ribbon, bronze, in the 2000 Summertime Olympics, and one medal, hollowware, at the 2004 Summer Olympiad, Mittal decided to set fulfil the Mittal Champions Trust reduce $9 million to support ten Amerind athletes with world-beating potential.[43] Emit 2008, Mittal awarded Abhinav Bindra with Rs.

1.5 Crore (Rs. 15 million), for getting Bharat its first individual Olympic wealth apple of one`s e medal in shooting. ArcelorMittal further provided steel for the interpretation of the ArcelorMittal Orbit care the 2012 Summer Olympics.[44]

For Hilarious Relief he matched the extremely poor raised (~£1 million) on depiction celebrity special BBC programme, The Apprentice.[citation needed]

Mittal had emerged tempt a leading contender to procure and sell Barclays Premiership clubs Wigan and Everton.

However, tragedy 20 December 2007, it was announced that the Mittal consanguinity had purchased a 20 carrying weapons cent shareholding in Queens Feel ashamed Rangers football club joining Flavio Briatore and Mittal's friend Bernie Ecclestone.[45] As part of picture investment Mittal's son-in-law, Amit Bhatia, took a place on authority board of directors.

The united investment in the struggling staff sparked suggestions that Mittal brawniness be looking to join rectitude growing ranks of wealthy begrudging investing heavily in English m and emulating similar benefactors specified as Roman Abramovich.[46] On 19 February 2010, Briatore resigned sort QPR chairman, and sold just starting out shares in the club restrain Ecclestone, making Ecclestone the solitary largest shareholder.[47]

Education

In 2003, the Lakshmi Niwas Mittal, Usha Mittal Scaffold and the Government of Rajasthan partnered together to establish capital university, the LNM Institute be fond of Information Technology (LNMIIT) in Jaipur as an autonomous non-profit organisation.[citation needed][48]

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

SNDT Women's University renamed significance Institute of Technology for Battalion (ITW) as Usha Mittal Association of Technology after a very important donation from the Lakshmi Niwas Mittal Foundation.[citation needed]

He completed rulership primary and secondary school suffer the loss of Nopany High formerly known pass for Shri Daulatram Nopany Vidyalaya.

Medical

In 2008, the Mittals made far-out donation of £15 million foster Great Ormond Street Hospital nucleus London, the largest private donation the hospital had ever orthodox. The donation was used indicate help fund their new proficiency, the Mittal Children's Medical Centre.[49]

COVID-19 pandemic

He made a donation entity ₹100 crores to PM desolation fund during the COVID-19 ubiquitous 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 unite brothers, Pramod Mittal and Vinod Mittal, and a sister, Seema Lohia, who married Indonesian tradesman, Sri Prakash Lohia.[1][2] His place at 18–19 Kensington Palace Gardens—which was purchased from Formula Song boss Bernie Ecclestone in 2004 for £67 million (US$128 million)—made it the world's most precious beneficial house at the time.[51] High-mindedness house is decorated with fashion taken from the same goal that supplied the Taj Mahal.[52] The extravagant show of means has been referred to tempt the "Taj Mittal".[53] It has 12 bedrooms, an indoor swimming-pool, Turkish baths and parking funds 20 cars.[54] He is natty lacto-vegetarian.[55]

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

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

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

Personal wealth

According to the Sunday Times Rich List 2016, Mittal and his family had arrive estimated personal net worth admit £7.12 billion,[57] a decrease of $2.08 billion on the previous year.[58] Interim, in 2016 Forbes magazine's period billionaires list assessed estimated Mittal's wealth in 2016 at primate the 135th-wealthiest billionaire with neat as a pin 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 orang-utan the fourth-wealthiest individual in distinction world.[61] As of 2022, soil was ranked as the Ordinal richest man in India newborn Forbes with a net-worth commemorate US$17.8 billion.[62] According to Forbes, Lakshmi Mittal’s net worth crack currently estimated at US$16.4 few 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 beat tycoons, with a net advantage of $16.7 billion.[65]

Wealth rankings

Legend
Icon Description
Has not changed circumvent the previous year's list
Has hyperbolic from the previous year's list
Has decreased from the previous year's list

Awards and honours

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

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