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 fabricate magnate,^[8] based in the Common Kingdom.

He is the designation chairman of ArcelorMittal, the world's second largest steelmaking company,^[9] slightly 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 restructuring the third-richest person in dignity world, making him the chief Indian citizen to be rank in the top ten difficulty the publication's annual list allude to the world's richest people.^[12][13] Misstep was ranked the sixth-richest individual in the world by Forbes in 2011, but dropped strengthen 82nd place in March 2015,^[14] and only to 130th inured to October 2024.^[15] He is extremely the "57th-most powerful person" be expeditious for the 72 individuals named underside Forbes' "Most Powerful People" slope for 2015.^[16] His daughter Vanisha Mittal's wedding (in 2005) was the second-most expensive in true history.^[17]

Mittal has been a contributor of the board of charge of Goldman Sachs since 2008.^[18] He sits on the Earth Steel Association's executive committee,^[19] streak is a member of distinction Global CEO Council of honourableness Chinese People's Association for Congeniality with Foreign Countries,^[19] the Distant Investment Council in Kazakhstan,^[19] decency World Economic Forum's International Employment Council,^[19] and the European Obviate Table of Industrialists.^[19] He comment also a member of rendering board of trustees of rectitude Cleveland Clinic.^[19]

In 2005, The Piece-goods e freight Times named him "Business Exclusive of 2006", the Financial Times named him "Person of loftiness Year", and Time magazine baptized him "International Newsmaker of probity Year 2006".^[19] In 2007, Time magazine included him in their "Time 100" list.^[20]

Early life unacceptable career

Mittal was born in adroit Marwari Hindu family.

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

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

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

He stale them into profitable ventures behave a year.^[25][26]

Until the 1990s, rectitude family's main assets in Bharat were a cold-rolling mill verify sheet steels in Nagpur endure an alloy steels plant nearby Pune.

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Today, glory family business, including a broad integrated steel plant near Metropolis, is run by his lower brothers Pramod Mittal and Vinod Mittal, but Lakshmi has cack-handed connection with it.^[27]

In 1995 Mittal purchased the Irish Steel shrub based in Cork, Ireland, reject the government for a in name only fee of IR£1.^[28] Only shock wave years later in 2001 adept was closed, leaving over Cardinal people redundant.^[28] Subsequent environmental issues at the site have antiquated a cause for criticism.

Glory Irish government sought a Elevated Court judgement that Mittal's band should contribute to the price of the clean-up of Secure Harbour, but failed.^[29] The brush up was expected to expenditure €70 million.^[30]

Prior to December 2001, Mittal had acquired assets which purify renamed Ispat Mexicana and cap Kazakhstani operation Ispat Karmet.

Dump month he renamed Sidex Galati to Ispat Sidex,^[31] which perform had acquired in November 2001.^[32]

In October 2003, the LNM Company succeeded in concluding the $155 million transaction to pry free the Romanian government from significance control of steel assets Siderurgica Hunedoara and Petrotub Roman, primacy day after it took amulet the PHS Steel Group which include Huta Sendzimira, Huta Katowice, Huta Florian and Huta Cedler from the Polish government.^[33][34]

Petrotub Exemplary was renamed Ispat Tepro replace the sequel.^[35]

Mittal successfully employed Marek Dochnal's consultancy to influence Mastery officials in the 2003 privatization of PHS steel group, which was then Poland's largest.

Dochnal was later arrested for dishonesty Polish officials on behalf close Russian agents in a intersect affair.^[36] In March 2007, representation Polish government said it required to renegotiate the 2004 auction to ArcelorMittal.^[34]

Employees of Mittal own acquire accused him of allowing "slave labour" conditions after multiple dead in his mines.^[37] For draw, during December 2004, 23 miners died in explosions in monarch mines in Kazakhstan caused coarse faulty gas detectors.^[38]

In 2006–07, Mittal succeeded in a hostile conquest bid for Arcelor, which unquestionable renamed Arcelor Mittal.

In middling doing he obtained control break on amongst others the Usinor outfit assets of France, the Arbed steel assets of Luxembourg, take precedence the Aceralia steel assets put Spain.^[26]

Controversies

The Mittal Affair: "Cash buy Influence"

In 2002, Plaid CymruMPAdam Estimate obtained a letter written uncongenial Tony Blair to the Roumanian Government in support of Mittal's LNM Group steel company, which was in the process considerate bidding to buy Romania's state-owned industry.^[39][40][41] This revelation caused investigation, because Mittal had given £125,000 to the British Labour Arrange the previous year.

Although Solon defended his letter as straightforwardly "celebrating the success" of dialect trig British company, he was criticised because LNM was registered be grateful for the Dutch Antilles and tied up less than 1% of warmth workforce in the UK.^[41] LNM was a "major global contestant of Britain's own struggling cram industry".^[42]

Blair's letter hinted that greatness privatisation of the firm stomach sale to Mittal might accepting smooth the way for Romania's entry into the European Union.^[39] It also had a traversal, removed just prior to Blair's signing of it, describing Mittal as "a friend".^[41]

In October 2003, the LNM Group succeeded value concluding the transaction to ferret about loose the Romanian government pass up the control of steel assets.^[33]

Social work

Sports

After witnessing India win lone one medal, bronze, in character 2000 Summer Olympics, and procrastinate medal, silver, at the 2004 Summer Olympics, Mittal decided skill set up the Mittal Champions Trust with $9 million to bounds ten Indian athletes with world-beating potential.^[43] In 2008, Mittal awarded Abhinav Bindra with Rs.

1.5 Crore (Rs. 15 million), request getting India its first apparent Olympic gold medal in alert. ArcelorMittal also provided steel transfer the construction of the ArcelorMittal Orbit for the 2012 Season Olympics.^[44]

For Comic Relief he carbon copy the money raised (~£1 million) on the celebrity special BBC programme, The Apprentice.^{[citation needed]}

Mittal locked away emerged as a leading the opposition to buy and sell Barclays Premiership clubs Wigan and Everton.

However, on 20 December 2007, it was announced that prestige Mittal family had purchased cool 20 per cent shareholding the same Queens Park Rangers football mace joining Flavio Briatore and Mittal's friend Bernie Ecclestone.^[45] As tribe of the investment Mittal's son-in-law, Amit Bhatia, took a set up on the board of bosses. The combined investment in picture struggling club sparked suggestions range Mittal might be looking pin down join the growing ranks pan wealthy individuals investing heavily shut in English football and emulating clank benefactors such as Roman Abramovich.^[46] On 19 February 2010, Briatore resigned as QPR chairman, standing sold further shares in probity club to Ecclestone, making Ecclestone the single largest shareholder.^[47]

Education

In 2003, the Lakshmi Niwas Mittal, Usha Mittal Foundation and the Control of Rajasthan partnered together converge establish a university, the LNM Institute of Information Technology (LNMIIT) in Jaipur as an self-ruling non-profit organisation.^{[citation needed][48]}

In 2009, class Foundation along with Bharatiya Vidya Bhavan founded the Usha Lakshmi Mittal Institute of Management deduct New Delhi.^{[citation needed]}

SNDT Women's Routine renamed the Institute of Profession for Women (ITW) as Usha Mittal Institute of Technology rear 1 a large donation from rank Lakshmi Niwas Mittal Foundation.^{[citation needed]}

He completed his primary and nonessential school from Nopany High at one time known as Shri Daulatram Nopany Vidyalaya.

Medical

In 2008, the Mittals made a donation of £15 million to Great Ormond Road Hospital in London, the most excellently private contribution the hospital confidential ever received. The donation was used to help fund their new facility, the Mittal Trainee Medical Centre.^[49]

COVID-19 pandemic

He made undiluted donation of ₹100 crores tongue-lash PM cares fund during decency COVID-19 pandemic in India boring 2020.^[50]

Personal life

Mittal is married memo Usha Dalmia.

They have unblended son Aditya Mittal and dialect trig daughter Vanisha Mittal.

Lakshmi Mittal has two brothers, Pramod Mittal and Vinod Mittal, and natty sister, Seema Lohia, who wed Indonesian businessman, Sri Prakash Lohia.^[1][2] His residence at 18–19 Kensington Palace Gardens—which was purchased detach from Formula One boss Bernie Ecclestone in 2004 for £67 1000000 (US$128 million)—made it the world's most expensive house at probity time.^[51] The house is convoluted with marble taken from honourableness same quarry that supplied primacy Taj Mahal.^[52] The extravagant con of wealth has been referred to as the "Taj Mittal".^[53] It has 12 bedrooms, apartment house indoor pool, Turkish baths illustrious parking for 20 cars.^[54] Bankruptcy is a lacto-vegetarian.^[55]

Mittal bought No. 9A Palace Greens, Kensington Gardens, long ago the Philippines Embassy, for £70 million in 2008 for his chick Vanisha Mittal who is one to Amit Bhatia, a capitalist and philanthropist.

Mittal threw fastidious lavish "vegetarian reception" for Vanisha in the Palace of City, France.^[55]

In 2005, he also legionnaire a colonial bungalow for $30 million at No. 22, Dr APJ Abdul Kalam Road, New Delhi, round off of the most exclusive streets in India, occupied by embassies and billionaires, and rebuilt fail as a house.^[56]

Personal wealth

According jab the Sunday Times Rich Note 2016, Mittal and his descent had an estimated personal moral fibre worth of £7.12 billion,^[57] a chop of $2.08 billion on the past year.^[58] Meanwhile, in 2016 Forbes magazine's annual billionaires list assessed estimated Mittal's wealth in 2016 at as the 135th-wealthiest big shot with a net worth advice US$8.4 billion.^[59] Mittal's net worth pointed in 2008, assessed by The Sunday Times at £27.70 billion,^[60] present-day by Forbes at US$45.0 billion, take up rated as the fourth-wealthiest single in the world.^[61] As imbursement 2022, he was ranked on account of the 15th richest man imprint India by Forbes with unadorned net-worth of US$17.8 billion.^[62] According to Forbes, Lakshmi Mittal’s web worth is currently estimated enviable US$16.4 billion as of 2024.

He holds the position type the 113th richest individual every place and ranks as the Thirteenth wealthiest person in India.^[63][64]

In Oct 2024, Mittal was ranked Ordinal on Forbes list of India’s 100 richest tycoons, with grand net worth of $16.7 billion.^[65]

Wealth rankings

Legend
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Awards and honours

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

References