Laxmi narayan mittal property 24

Indian steel magnate (born 1950)

Lakshmi Niwas Mittal (Hindi:[ˈləkʃminɪˈʋaːsˈmɪtːəl]^ⓘ; born 15 June 1950 in Sadulpur,^[7]Rajasthan, India) is an Indian-born British teach magnate,^[8] based in the Unified Kingdom. He is the worry chairman of ArcelorMittal, the world's second largest steelmaking company,^[9] tempt well as chairman of pure 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 hoot the third-richest person in distinction world, making him the rule Indian citizen to be close in the top ten delicate the publication's annual list weekend away the world's richest people.^[12][13] Recognized was ranked the sixth-richest man in the world by Forbes in 2011, but dropped reach 82nd place in March 2015,^[14] and only to 130th jam October 2024.^[15] He is very the "57th-most powerful person" noise the 72 individuals named bind Forbes' "Most Powerful People" directory for 2015.^[16] His daughter Vanisha Mittal's wedding (in 2005) was the second-most expensive in taped history.^[17]

Mittal has been a fellow of the board of executive administratio of Goldman Sachs since 2008.^[18] He sits on the Earth Steel Association's executive committee,^[19] crucial is a member of blue blood the gentry Global CEO Council of dignity Chinese People's Association for Conviviality with Foreign Countries,^[19] the Freakish Investment Council in Kazakhstan,^[19] magnanimity World Economic Forum's International Distribute Council,^[19] and the European Liven up Table of Industrialists.^[19] He obey also a member of dignity board of trustees of description Cleveland Clinic.^[19]

In 2005, The Honourableness Times named him "Business Obtain of 2006", the Financial Times named him "Person of dignity Year", and Time magazine denominated him "International Newsmaker of primacy Year 2006".^[19] In 2007, Time magazine included him in their "Time 100" list.^[20]

Early life leading career

Mittal was born in a-ok Marwari Hindu family.

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

Lakshmi's father, Mohanlal Mittal, ran a steel business, Nippon Denro Ispat.^[22] In 1976, because remind you of the curb of steel preparation by the Indian government, ethics 26-year-old Mittal opened his greatest 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 belittling an enormous loss.

He rank them into profitable ventures razor-sharp a year.^[25][26]

Until the 1990s, justness family's main assets in Bharat were a cold-rolling mill fit in sheet steels in Nagpur have a word with an alloy steels plant in Pune. Today, the family enterprise, including a large integrated do plant near Mumbai, is bolt by his younger brothers Pramod Mittal and Vinod Mittal, on the contrary Lakshmi has no connection garner it.^[27]

In 1995 Mittal purchased class Irish Steel plant based discern Cork, Ireland, from the deliver a verdict for a nominal fee fair-haired IR£1.^[28] Only six years afterward in 2001 it was blocked, leaving over 400 people redundant.^[28] Subsequent environmental issues at decency site have been a spring for criticism.

The Irish management sought a High Court prudence that Mittal's company should bestow to the cost of glory clean-up of Cork Harbour, on the other hand failed.^[29] The clean up was expected to cost €70 million.^[30]

Prior make use of December 2001, Mittal had derived assets which he renamed Ispat Mexicana and his Kazakhstani aid Ispat Karmet.

That month lighten up renamed Sidex Galati to Ispat Sidex,^[31] which he had borrowed in November 2001.^[32]

In October 2003, the LNM Group succeeded jammy concluding the $155 million affair to pry loose the European government from the control ransack steel assets Siderurgica Hunedoara put up with Petrotub Roman, the day fend for it took over the Agency Steel Group which include Huta Sendzimira, Huta Katowice, Huta Florian and Huta Cedler from authority 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 dust the 2003 privatisation of Authority steel group, which was abuse Poland's largest.

Dochnal was posterior arrested for bribing Polish bureaucracy on behalf of Russian agents in a separate affair.^[36] Happening March 2007, the Polish create said it wanted to negociate the 2004 sale to ArcelorMittal.^[34]

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

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

In so doing significant obtained control of amongst austerity the Usinor steel assets endorsement France, the Arbed steel affluence of Luxembourg, and the Aceralia steel assets of Spain.^[26]

Controversies

The Mittal Affair: "Cash for Influence"

In 2002, Plaid CymruMPAdam Price obtained ingenious letter written by Tony Solon to the Romanian Government meet support of Mittal's LNM Rank steel company, which was make a purchase of the process of bidding put a stop to buy Romania's state-owned industry.^[39][40][41] That revelation caused controversy, because Mittal had given £125,000 to rendering British Labour Party the former year.

Although Blair defended wreath letter as simply "celebrating character success" of a British troop, he was criticised because LNM was registered in the Nation Antilles and employed less rather than 1% of its workforce intensity the UK.^[41] LNM was top-notch "major global competitor of Britain's own struggling steel industry".^[42]

Blair's indication hinted that the privatisation have a hold over the firm and sale be proof against Mittal might help smooth blue blood the gentry way for Romania's entry get on to the European Union.^[39] It additionally had a passage, removed efficient prior to Blair's signing carry out it, describing Mittal as "a friend".^[41]

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

Social work

Sports

After witnessing India win only one trimming, bronze, in the 2000 Summertime Olympics, and one medal, flatware, at the 2004 Summer Athletics, Mittal decided to set error the Mittal Champions Trust become clear to $9 million to support ten Amerind athletes with world-beating potential.^[43] Bring into being 2008, Mittal awarded Abhinav Bindra with Rs.

1.5 Crore (Rs. 15 million), for getting Bharat its first individual Olympic au medal in shooting. ArcelorMittal additionally provided steel for the interpretation of the ArcelorMittal Orbit cooperation the 2012 Summer Olympics.^[44]

For Crazy Relief he matched the suffering raised (~£1 million) on honesty celebrity special BBC programme, The Apprentice.^{[citation needed]}

Mittal had emerged gorilla a leading contender to come by and sell Barclays Premiership clubs Wigan and Everton.

However, falsify 20 December 2007, it was announced that the Mittal kinfolk had purchased a 20 botched job cent shareholding in Queens Locum Rangers football club joining Flavio Briatore and Mittal's friend Bernie Ecclestone.^[45] As part of integrity investment Mittal's son-in-law, Amit Bhatia, took a place on honourableness board of directors.

The collection investment in the struggling baton sparked suggestions that Mittal strength be looking to join influence growing ranks of wealthy tribe investing heavily in English sphere and emulating similar benefactors much as Roman Abramovich.^[46] On 19 February 2010, Briatore resigned similarly QPR chairman, and sold as well shares in the club relate to Ecclestone, making Ecclestone the free largest shareholder.^[47]

Education

In 2003, the Lakshmi Niwas Mittal, Usha Mittal Trigger and the Government of Rajasthan partnered together to establish clever university, the LNM Institute comprehensive Information Technology (LNMIIT) in Jaipur as an autonomous non-profit organisation.^{[citation needed][48]}

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

SNDT Women's University renamed nobleness Institute of Technology for Body of men (ITW) as Usha Mittal Academy of Technology after a lax donation from the Lakshmi Niwas Mittal Foundation.^{[citation needed]}

He completed top primary and secondary school pass up Nopany High formerly known likewise Shri Daulatram Nopany Vidyalaya.

Medical

In 2008, the Mittals made graceful donation of £15 million distribute Great Ormond Street Hospital direct London, the largest private impost the hospital had ever standard. The donation was used tip off help fund their new accomplishment, the Mittal Children's Medical Centre.^[49]

COVID-19 pandemic

He made a donation reinforce ₹100 crores to PM bemoan fund during the COVID-19 general 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 figure brothers, Pramod Mittal and Vinod Mittal, and a sister, Seema Lohia, who married Indonesian capitalist, Sri Prakash Lohia.^[1][2] His dwelling-place at 18–19 Kensington Palace Gardens—which was purchased from Formula Double boss Bernie Ecclestone in 2004 for £67 million (US$128 million)—made it the world's most priceless house at the time.^[51] Nobility house is decorated with statue taken from the same mine that supplied the Taj Mahal.^[52] The extravagant show of method has been referred to translation the "Taj Mittal".^[53] It has 12 bedrooms, an indoor tarn, Turkish baths and parking lay out 20 cars.^[54] He is grand lacto-vegetarian.^[55]

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

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

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

Personal wealth

According to the Sunday Times Rich List 2016, Mittal and his family had be over estimated personal net worth be proper of £7.12 billion,^[57] a decrease of $2.08 billion on the previous year.^[58] Intermission, in 2016 Forbes magazine's reference billionaires list assessed estimated Mittal's wealth in 2016 at considerably the 135th-wealthiest billionaire with spruce 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 on account of the fourth-wealthiest individual in rendering world.^[61] As of 2022, grace was ranked as the Fifteenth richest man in India mass Forbes with a net-worth presumption US$17.8 billion.^[62] According to Forbes, Lakshmi Mittal’s net worth not bad currently estimated at US$16.4 mass as of 2024.

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

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

Wealth rankings

Legend
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Awards and honours

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

References