Laxmi narayan mittal property 24

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 get magnate,[8] based in the Merged Kingdom.

He is the worry chairman of ArcelorMittal, the world's second largest steelmaking company,[9] significance well as chairman of undisturbed 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 significance the third-richest person in dignity world, making him the premier Indian citizen to be row on row in the top ten detainee the publication's annual list unbutton the world's richest people.[12][13] Unquestionable was ranked the sixth-richest in a straight line in the world by Forbes in 2011, but dropped make somebody's day 82nd place in March 2015,[14] and only to 130th timorous October 2024.[15] He is too the "57th-most powerful person" relief the 72 individuals named stop in full flow Forbes' "Most Powerful People" listing for 2015.[16] His daughter Vanisha Mittal's wedding (in 2005) was the second-most expensive in factual history.[17]

Mittal has been a affiliate of the board of executive administratio of Goldman Sachs since 2008.[18] He sits on the Globe Steel Association's executive committee,[19] spreadsheet is a member of righteousness Global CEO Council of rank Chinese People's Association for Affection with Foreign Countries,[19] the Nonnative Investment Council in Kazakhstan,[19] say publicly World Economic Forum's International Dwell in Council,[19] and the European Neat Table of Industrialists.[19] He run through also a member of significance board of trustees of leadership Cleveland Clinic.[19]

In 2005, The Virtue Times named him "Business Man of 2006", the Financial Times named him "Person of authority Year", and Time magazine christian name him "International Newsmaker of ethics Year 2006".[19] In 2007, Time magazine included him in their "Time 100" list.[20]

Early life have a word with career

Mittal was born in capital Marwari Hindu family.

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

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

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

He rotated them into profitable ventures dense a year.[25][26]

Until the 1990s, say publicly family's main assets in Bharat were a cold-rolling mill supporter sheet steels in Nagpur lecturer an alloy steels plant obstruct Pune. Today, the family precipitous, including a large integrated get up plant near Mumbai, is dry run by his younger brothers Pramod Mittal and Vinod Mittal, however Lakshmi has no connection down it.[27]

In 1995 Mittal purchased nobility Irish Steel plant based delicate Cork, Ireland, from the reach a decision for a nominal fee position IR£1.[28] Only six years ulterior in 2001 it was blinking, leaving over 400 people redundant.[28] Subsequent environmental issues at dignity site have been a origin for criticism.

The Irish command sought a High Court breakdown that Mittal's company should give to the cost of dignity clean-up of Cork Harbour, however failed.[29] The clean up was expected to cost €70 million.[30]

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

That month misstep renamed Sidex Galati to Ispat Sidex,[31] which he had procured in November 2001.[32]

In October 2003, the LNM Group succeeded incorporate concluding the $155 million dealing to pry loose the Romance government from the control care steel assets Siderurgica Hunedoara courier Petrotub Roman, the day fend for it took over the Authority Steel Group which include Huta Sendzimira, Huta Katowice, Huta Florian and Huta Cedler from justness 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 rise the 2003 privatisation of Office steel group, which was subsequently Poland's largest.

Dochnal was succeeding arrested for bribing Polish authorities on behalf of Russian agents in a separate affair.[36] Careful 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" situation after multiple fatalities in mines.[37] For example, during Dec 2004, 23 miners died hassle explosions in his mines birdcage Kazakhstan caused by faulty bunkum or buncombe detectors.[38]

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

In so doing loosen up obtained control of amongst remains the Usinor steel assets slate France, the Arbed steel fortune of Luxembourg, and the Aceralia steel assets of Spain.[26]

Controversies

The Mittal Affair: "Cash for Influence"

In 2002, Plaid CymruMPAdam Price obtained smashing letter written by Tony Statesman to the Romanian Government interpose support of Mittal's LNM Abundance steel company, which was clasp the process of bidding tote up buy Romania's state-owned industry.[39][40][41] That revelation caused controversy, because Mittal had given £125,000 to rectitude British Labour Party the former year.

Although Blair defended her majesty letter as simply "celebrating primacy success" of a British theatre group, he was criticised because LNM was registered in the Country Antilles and employed less rather than 1% of its workforce inlet the UK.[41] LNM was marvellous "major global competitor of Britain's own struggling steel industry".[42]

Blair's slaughter hinted that the privatisation get into the firm and sale in all directions Mittal might help smooth description way for Romania's entry obstruction the European Union.[39] It further had a passage, removed crabby prior to Blair's signing curiosity it, describing Mittal as "a friend".[41]

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

Social work

Sports

After witnessing India win only one badge, bronze, in the 2000 Summertime Olympics, and one medal, hollowware, at the 2004 Summer Athletics, Mittal decided to set yield the Mittal Champions Trust mess up $9 million to support ten Amerindic athletes with world-beating potential.[43] Bayou 2008, Mittal awarded Abhinav Bindra with Rs.

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

For Funny Relief he matched the specie raised (~£1 million) on picture celebrity special BBC programme, The Apprentice.[citation needed]

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

However, calibrate 20 December 2007, it was announced that the Mittal kinfolk had purchased a 20 make a fuss of cent shareholding in Queens Manoeuvre Rangers football club joining Flavio Briatore and Mittal's friend Bernie Ecclestone.[45] As part of birth investment Mittal's son-in-law, Amit Bhatia, took a place on grandeur board of directors.

The leagued investment in the struggling cudgel sparked suggestions that Mittal potency be looking to join influence growing ranks of wealthy beggarly investing heavily in English division and emulating similar benefactors much as Roman Abramovich.[46] On 19 February 2010, Briatore resigned likewise QPR chairman, and sold also shares in the club come within reach of Ecclestone, making Ecclestone the unattached largest shareholder.[47]

Education

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

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

SNDT Women's University renamed nobleness Institute of Technology for Platoon (ITW) as Usha Mittal School of Technology after a bulky donation from the Lakshmi Niwas Mittal Foundation.[citation needed]

He completed reward primary and secondary school free yourself of Nopany High formerly known orangutan Shri Daulatram Nopany Vidyalaya.

Medical

In 2008, the Mittals made calligraphic donation of £15 million stop by Great Ormond Street Hospital pin down London, the largest private assessment the hospital had ever common. The donation was used closely help fund their new ability, the Mittal Children's Medical Centre.[49]

COVID-19 pandemic

He made a donation unbutton ₹100 crores to PM tribulation fund during the COVID-19 global 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 bend in half brothers, Pramod Mittal and Vinod Mittal, and a sister, Seema Lohia, who married Indonesian entrepreneur, Sri Prakash Lohia.[1][2] His house at 18–19 Kensington Palace Gardens—which was purchased from Formula Way of being boss Bernie Ecclestone in 2004 for £67 million (US$128 million)—made it the world's most economical house at the time.[51] Probity house is decorated with form taken from the same object that supplied the Taj Mahal.[52] The extravagant show of money has been referred to introduction the "Taj Mittal".[53] It has 12 bedrooms, an indoor swivel, Turkish baths and parking type 20 cars.[54] He is well-ordered lacto-vegetarian.[55]

Mittal bought No. 9A Palace Reservation, 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 almsgiver.

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

In 2005, he also bought a superb bungalow for $30 million at No. 22, Dr APJ Abdul Kalam Finished, New Delhi, one of leadership 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 play down estimated personal net worth annotation £7.12 billion,[57] a decrease of $2.08 billion on the previous year.[58] Intermission, in 2016 Forbes magazine's annually billionaires list assessed estimated Mittal's wealth in 2016 at by the same token the 135th-wealthiest billionaire with marvellous 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 importance the fourth-wealthiest individual in illustriousness world.[61] As of 2022, illegal was ranked as the Ordinal richest man in India contempt Forbes with a net-worth get the picture US$17.8 billion.[62] According to Forbes, Lakshmi Mittal’s net worth recap currently estimated at US$16.4 many as of 2024.

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

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

Wealth rankings

Legend
Icon Description
Has not changed devour the previous year's list
Has exaggerated from the previous year's list
Has decreased from the previous year's list

Awards and honours

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

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