Lakshmi Mittal

Early life and career

Mittal studied at Shri Daulatram Nopany Vidyalaya from 1957 to 1964. He graduated from St. Xavier's College, Calcutta, with a B.Com degree from the University of Calcutta. His father, Mohan Lal Mittal, ran a steel business, Nippon Denro Ispat.[15] In 1976, due to the curb of steel production by Indian government, the 26 year old Mittal opened his first steel factory PT Ispat Indo in Sidoarjo, East Java, Indonesia.[16][17] Until the 1990s, the 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 family business, including a large integrated steel plant near Mumbai, is run by Pramod and Vinod, but Lakshmi has no connection with it.[18]

Philanthropy[

Sports[edit]

After witnessing India win only one medal, bronze, in the 2000 Summer Olympics, and one medal, silver, at the 2004 Summer Olympics, Mittal decided to set up Mittal Champions Trust with $9 million to support 10 Indian athletes with world-beating potential.[19] In 2008, Mittal awarded Abhinav Bindra with Rs. 1.5 Crore (Rs. 15 million), for getting India its first individual

Olympic gold medal in shooting. Arcelor Mittal Also financed the construction of ArcelorMittal Orbit for 2012 Summer Olympics.[citation needed]

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

Education[edit]

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

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

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

Medical[edit]

In 2008 the Mittals made a donation of £15 million to Great Ormond Street Hospital in London, the largest private contribution the hospital had ever received. The donation was used to help fund their new facility, the Mittal Children's Medical Centre.[citation needed]

Criticism and allegations

PHS[edit]

Mittal successfully employed Marek Dochnal's consultancy to influence Polish officials in the privatization of PHS steel group, which was Poland's largest. Dochnal was later arrested for bribing Polish officials on behalf of Russian agents in a separate affair.[20]

In 2007, the Polish government said it wanted to renegotiate the 2004 sale to Arcelor Mittal.[21]

Slave-labour allegations and questionable safety records[edit]

Employees of Mittal have accused him of "slave labour" conditions after multiple fatalities in his mines.[22] During December 2004, twenty-three miners died in explosions in his mines in Kazakhstan caused by faulty gas detectors.

The Mittal Affair: "Cash for Influence"[edit]

In 2002 Plaid Cymru MP Adam Price obtained a letter written by Tony Blair to the Romanian Government in support of Mittal's LNM steel company, which was in the process of bidding to buy Romania's state-owned steel industry.[23][24][25] This revelation caused controversy, because

Mittal had given £125,000 to the British Labour Party the previous year. Although Blair defended his letter as simply "celebrating the success" of a British company, he was criticised because LNM was registered in the Dutch Antilles and employed less than 1% of its workforce in the UK.[25] LNM was a "major global competitor of Britain's own struggling steel industry".[26]

Blair's letter hinted that the privatisation of the firm and sale to Mittal might help smooth the way for Romania's entry into the European Union.[23] It also had a passage, removed just prior to Blair's signing of it, describing Mittal as "a friend".[25]

Queens Park Rangers[edit]

Mittal had emerged as a leading contender to buy and sell Barclays Premiership clubs Wigan and Everton. However, on 20 December 2007 it was announced that the Mittal family had purchased a 20 percent shareholding in Queens Park Rangers football club joining Flavio Briatore and Mittal's friend Bernie Ecclestone.[27] As part of the investment Mittal's son-in-law, Amit Bhatia, took a place on the board of directors. The combined investment in the struggling club sparked suggestions that Mittal might be looking to join the growing ranks of wealthy individuals investing heavily in English football and emulating similar benefactors such as Roman Abramovich.[28]

On 19 February 2010, Briatore resigned as QPR chairman, and sold further shares in the club to Ecclestone, making Ecclestone the single largest shareholder.[29]

Environmental damage[edit]

Mittal purchased the Irish Steel plant based in Cork, Ireland, from the government for a nominal fee of £1 million. Three years later, in 2001, it was closed, leaving 400 people redundant. Subsequent environmental issues at the site have been a cause for criticism. The government tried to sue in the High Court to have him pay for the clean-up of Cork Harbour but failed. The clean up was expected to cost €70 million.[30] In 2014, Mittal denied that there was any truth in the rumour that he made a bid to buy "Blencathra" mountain lying in Northern fells mountain range in Britain's Lake district. [31]

Personal life

His residence at 18-19 Kensington Palace Gardens—which was purchased from Formula One boss Bernie Ecclestone in 2004 for £67 million (US$128 million)—made it the world's most expensive house at the time.[32] The house is decorated with marble taken from the same quarry that supplied the Taj Mahal.[33] The extravagant show of wealth has been referred to as the "Taj Mittal".[34] It has 12 bedrooms, an indoor pool, Turkish baths and parking for 20 cars.[35] He is a vegetarian.[36]

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. Being a vegetarian, Mittal threw a lavish "vegetarian reception" for Vanisha in the Palace of Versailles, France.[36]

Mittal owns three prime properties collectively worth £500 million on "Billionaire's Row" at Kensington Palace Gardens.[37]

In 2005 he also bought a colonial bungalow for $30 million at No. 22, Aurangzeb Road, New Delhi the most exclusive street in India, occupied by embassies and millionaires, and rebuilt it as a house.[38]

In December 2013, Mittal's niece got married in a three day celebration that it is reported brought Barcelona to a standstill and cost up to £50m. An army of 200 butlers, cooks and secretaries were reportedly flown into Spain from India and Thailand while the 500 guests were made to sign confidentiality agreements.[39]

Awards and honours

Year of Award or Honour

Name of Award or Honour Awarding Organization

2010 "Dostyk" 1 Republic of Kazakhstan.2008 Forbes Lifetime Achievement Award Forbes2008 Padma Vibhushan Government of India2007 Grand Cross of Civil Merit Government of Spain

2007Dwight D. Eisenhower Global Leadership Award[40]

Business Council for International Understanding [41]

2007 Fellowship King's College London2004 European Businessman of the Year Forbes2004 Entrepreneur of the Year Wall Street Journal

20048th honorary Willy Korf Steel Vision Award

American Metal Market and World Steel Dynamics

1996 Steel Maker of the Year New Steel

Biography

According to Forbes, in 2011 Lakshmi Mittal was the richest man in Britain and the sixth richest man in the world. In 30 years, the steel magnate, CEO of Arcelor-Mittal has transformed the little Indian steel factory inherited from his father into the number 1 of the steel in the world.

Graduated from business school on Calcutta in 1969, Lakshmi Mitall learned his job in the company Ispat Industries: a steel factory which his father is partner. When in 19876, his family created its own steel factories, Lakshmi was in charge of the international development.

Anxious to prove his qualities as a manger to his father, he founded his own company and bought public companies weakened or in bankrupt. In the 1990s, “the iron man of Calcutta” had the opportunity to show his knowledge by saving steel industries in Trinidad and Tobago. Thereafter, he bought a network of steel producers, coming from former communist countries: Kazakhstan, Romania and Ukraine.

In the 1990s, he explores the world in order to buy low-value businesses and develop it. Obsessed with the rationalizing of his expenditures, Mittal is a manager without concessions whose the aim is reducing costs. Thanks to the merger between Mittal and the American group ISG (International Steel Group) in October 2004, Mittal Steel became the first producer of steel in the world. On January 27, 2006 Mittal mounted hostile take-over of Arcelro. The merger was concluded and Lakshmi Mittal became CEO of Arcelor-Mittal.

In recent years, Lakshmi Mittal has conducted more than twenty takeovers, principally ailing companies. According to Forbes, in 2011, his fortune was estimated at $ 45 billion.

Born on: 15th Jun 50 Born in: India Marital status: Married Occupation: ArcelorMittal

Born Lakshmi Niwas Mittal has an estimated net worth of $16.3 billion according to Forbes as of 2014. Born on 15th June, 1950, Lakshmi Mittal is the protagonist of a typical rags-to-richest story. From a youth, who spent his life sleeping on thin mattresses, he has turned into the owner and CEO of world’s largest steel production company ArcelorMittal. With a personnel fortune of US 20.7 billion, he stands sixth on the list of world's richest persons . He is also the second richest man in Europe and the richest man in United Kingdom for the fifth time in a row. Mittal is a graduate of Indian Institute of Social Welfare and Business Management, which happens to be the first business school of India. He started his career from working for his father’s steel business, which was known by the name of Nippon Denro Ispat. However owing to differences with his father, mother and brothers, he set out to establish his own LNM group and has been the sole person responsible behind the astounding growth of his business in and around the world. Today his company has a production capacity of 42.1 million tons of steel, and one of every 5 cars use steel produced by his company. For all his fortune, he knows how to spend or rather invest it. He has bought for himself many houses and real estate properties, the most famous which is his current residence at 18-19 Kensington Palace Gardens, which he purchased for US $ 128 million, making it the most expensive home at the time. It is named Taj Mittal, since it has interiors decorated by the marble taken from the same quarry that supplied to the Taj Mahal. He married off his daughter Vanisha Mittal to an investment banker Amit Bhatia, in what is undoubtedly the most expensive wedding ever recorded in history. He spent over US $ 78 million in the extravaganza that lasted for a week. His philanthropic efforts include setting up the Mittal Champions Trust with US $ 9 million, to help the best of athletes in India win more Olympic medals.

Also known as the ‘Iron Man of Calcutta’, Lakshmi Mittal is the Indian steel mogul who is the Chairman and Chief Executive Officer of

ArcelorMittal, the biggest steel producing company of the world. In 2011, Mittal was ranked 6th amongst the world’s richest people by Forbes. He is also number 47th on the Forbes list of ‘most powerful individuals’.

Lakshmi Mittal was born on 15th June 1950 in the Churu district in Rajasthan, India to a business family. He studied in St. Xavier’s College and graduated with a Bachelor of Commerce degree. After that he joined his father’s steel business named ‘Nippon Denro Ispat’ where he was responsible of the international development. He founded his own company by the name of ‘Mittal Steel’ in 1976. Since then he has been in charge for the expansion of the business. In the early 90s the steel magnate bought failing or weakened companies and saved them. Mittal steel is currently a worldwide steel producer that operates in 14 countries. He also established the growth of incorporated mini-mills and use of DRI (direct integrated iron) as an ancillary for making steel. With shipments of 42.1 million tons steel and profits of more than 22 billion dollars (2004), Mittal Steel is by far the largest steelmaker of the world. Mittal has also been part of some controversies and allegations such as the Mittal Affair and slave labor, environmental damage and dubious safety records.

Mittal is a generous philanthropist and part of many trusts. He has the membership of the Foreign Investment Council (Kazakhstan), the International Investment Council of the World Economic Forum, the International Investment Council (South Africa) and the International Iron and Steel Institute Executive Committee. Along with this he holds the post of director of the ICICI Bank Limited and is also on the advisory board of the ‘Kellogg School of Management’ in the U.S. Lakshmi Mittal has received several awards and honors including the ‘Forbes Lifetime Achievement Award’ in 2008, the ‘Padma Vibhushan’ from the Government of India in 2008, the ‘Grand Cross of Civil Merit’ from the Government of Spain in 2007, the ‘Dwight D. Eisenhower Global Leadership Award’ from the

Business Council for International Understanding in 2007. He was Forbes ‘European Businessman of the Year’ in 2004. Wall Street Journal termed him ‘Entrepreneur of the Year’ in 2004 and the same year he was given the ‘8th Honorary Willy Korf Steel Vision Award’ from the American Metal Market and World Steel Dynamics.

Mittal lives a very lavish lifestyle. His daughter’s wedding that was celebrated in France is the world’s second most expensive wedding costing 55 million Euros. In 2004, he bought his residence from the Formula One boss Bernie Ecclestone for £57 million and at the time was the most expensive house of the world. He owns several other properties including a colonial bungalow in New Delhi ($30 million) and three other properties in Kensington Palace, Gardens, worth £500 million.

The Sunday Times ‘Business Person of the Year’ in 2006, Financial Time’s ‘Person of the Year’ and Time magazine’s International Newsmaker of the Year 2006’ and one of the ‘100 most influential persons in the world’, Lakshmi Mittal certainly has an exemplary life for those who wish to achieve success in their lives.

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en.wikipedia.org/wiki/Lakshmi_Mittal

1. www.bornrich.com/lakshmi-mittal.html

www.4-traders.com/business-leaders/ Lakshmi - Mittal -34/biography

www.famous-entrepreneurs.com/lakshmi-mittal