Lakshmi Mittal

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Lakshmi Mittal

Born

September

1950 (age 63)

Sadulpur, Rajasthan, India

Residence

London, United Kingdom

Nationality

Indian

Ethnicity

Marwari Agarwal

Alma mater

St. Xavier's College, Calcutta(B.Com.)[1]

Occupation

Chairman
ArcelorMittal

&

CEO

of

Owner

of

Karrick

Limited[2]

Co-owner

of

Queens Park Rangers F.C.

Known for

Acquiring and turning around sick steelmills, King of Steel,[3] Steel tycoon

Net worth
Board
member of

US$ 16.5 billion (March 2013)[4]

Goldman Sachs, EADS

Religion

Hinduism

Spouse(s)

Usha Mittal

Children

Vanisha

Mittal

Aditya Mittal
Awards

Padma Vibhushan (2008)[5]

Lakshmi Niwas Mittal pronunciation (helpinfo) (Hindi: Lakm

Niv Mittal; born 2 September 1950) is a London-based Indian steel magnate. He is

the chairman and CEO of ArcelorMittal, the worlds largest steelmaking company.
Mittal owns 41 percent of ArcelorMittal and holds a 34 percent stake in the Queens
Park Rangers F.C. football team.
In 2007, Mittal was the richest man of Asian descent in the United Kingdom.
[6]
Despite being the eighth wealthiest man in Britain in 2002, he does not hold British
citizenship.[7] He was ranked the sixth richest person in the world by Forbe in 2011,
but dropped to 21st place in 2012, due to having lost $10.4 billion the previous year.
[4]
In spite of the drop, Forbe estimated that he still had a personal wealth of US$16
billion in October 2013.[8] He is also the 47th "most powerful person" of the 70
individuals named in Forbe' "Most Powerful People" list for 2012. [9] His
daughter Vanisha Mittal's wedding was the second most expensive in recorded history.
[10]

Mittal has been a member of the board of directors of Goldman Sachs since 2008,
[11]
and is also member of the board of directors of the European Aeronautic Defence
and Space Company.[12] He sits on the World Steel Association's executive committee,
[13]
and is a member of the Indian Prime Ministers Global Advisory Council, [13] the
Foreign Investment Council in Kazakhstan,[13] the World Economic Forums
International Business Council,[13] and the Presidential International Advisory Board
of Mozambique.[13] He also sits on the advisory board of Northwestern
University'sKellogg School of Management in the United States[13] and is a member of
the board of trustees of the Cleveland Clinic.[13]
In 2006 The Sunday Time named him "Business Person of 2006", the Financial
Time named him "Person of the Year", and Time magazine named him "International
Newsmaker of the Year 2006".[13] In 2007, Time magazine included him in their "100
most influential persons in the world".[14]

Contents
[hide]
1 Early life and career
2 Philanthropy
o 2.1 Sports
o 2.2 Education
o 2.3 Medical
3 Criticism and allegations
o 3.1 PHS
o 3.2 Slave-labour allegations and questionable safety records
o 3.3 The Mittal Affair: "Cash for Influence"
o 3.4 Queens Park Rangers
o 3.5 Environmental damage

 4 Personal life
5 Awards and honours
6 Bibliography
7 See also
8 References
9 External links

Early life and career[edit]

Lakshmi Narayan Mittal alias Lakshmi Niwas Mittal was born into an Indian business
family in Rajgarh tehsil (also known as Sadulpur) of Churu district in Rajasthan,
India. His family moved from (Rajgarh) Sadulpur, Rajasthan to Calcutta in West
Bengal. Mittal has two siblingsPramod Mittal and Vinod Mittal.He studied at Shri
Daulatram Nopany Vidyalaya from 1957 to 1964. He graduated from St. Xavier's
College, Calcutta, with a Bachelor of Commerce degree in business and accounting.
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 years old Lakshmi
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[edit]

Mittal with then-president of Brazil Luiz Incio Lula da Silva, 2006

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.
For Comic Relief 2008 ', he matched the money raised (~1 million) on the celebrity
special BBC programme, The Apprentice.
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 Jaipuras an autonomous non-profit
organization.
In 2009, the Foundation along with Bharatiya Vidya Bhavan founded the Usha
Lakshmi Mittal Institute of Management in New Delhi.
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.
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.

Criticism and allegations[edit]

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. [26] LNM was a "major
global competitor of Britain's own struggling steel industry". [27]
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". [26]
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.[28] 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.[29]
On 19 February 2010, Briatore resigned as QPR chairman, and sold further shares in
the club to Ecclestone, making Ecclestone the single largest shareholder.[30]
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.[31]

Personal life[edit]

Mittal with Lionel Barber, 2013

His residence at 18-19 Kensington Palace Gardenswhich was purchased
from Formula One boss Bernie Ecclestone in 2004 for 57 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 andphilanthropist. 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, Lakshmi 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[edit]

Year of Award or
Name of Award or Honour
Awarding Organization
Honour
2010
"Dostyk" 1
Republic of Kazakhstan.
2008
Forbes Lifetime Achievement Award
Forbes
2008
Padma Vibhushan
Government of India
2007
Grand Cross of Civil Merit
Government of Spain
Dwight D. Eisenhower Global Leadership Business
Council
for
International
2007
Award[40]
Understanding[41]
2007
Fellowship
King's College London
2004
European Businessman of the Year
Forbes
2004
Entrepreneur of the Year
Wall Street Journal
8th honorary Willy Korf Steel Vision American Metal Market and World Steel
2004
Award
Dynamics
1996
Steel Maker of the Year
New Steel

Bibliography[edit]
Tim Bouquet and Byron Ousey - Cold Steel (Little, Brown, 2008).
Yogesh Chabria - Invet The Happionaire Way (CNBC - Network18, 2008).
Navalpreet Rangi-Documentary Film (The Man With A Mission, 2010).

See also[edit]
ArcelorMittal Orbit
ArcelorMittal

References[edit]
1.

^ "Chairman of the Board of Directors and CEO". Arcelormittal.com. 15 June 1950.

Retrieved 7 September 2010.

2.

^ "Lakshmi Mittal, Owner of Karrick Limited". Blommberg BusinessWeek. 25 February

2011. Retrieved 25 February 2011.

3.

^ Lakshmi Mittal, the King of Steel, Trips Up business-week.com. Retrieved September

2010.

4.

^ a b Forbes profile: Lakshmi Mittal Retrieved March 2013

5.

6.
7.

^ "LN Mittal, Ratan Tata, Narayana Murthy get Padma Vibhushan". The Time Of India. 26
January 2008. Retrieved 26 January 2008.
^ Mittal richest in Europe and UK; fifth in the world
^ UK POLITICS | Tory pressure over Mittal row. BBC News (2002-02-12). Retrieved on
2013-07-14.

8.

^ http://www.forbes.com/profile/lakshmi-mittal/

9.

^ Forbes: The World's Most Powerful People 2012 Retrieved 2012-07-18

10.

^ The 12 Most Expensive Weddings In History

11.

^ Goldman Sachs: Board of Directors - Lakshmi N. Mittal Retrieved 2012-07-19

12.

^ "Lakshmi Mittal, Board of Directors of European Aeronautic Defence and Space".

Blommberg BusinessWeek. 25 February 2011. Retrieved 25 February 2011.

13.

^ a b c d e f g h ArcelorMittal: Board of directors - Lakshmi N Mittal Retrieved 2012-07-19

14.

^ "The Time 100". Time.

15.

^ "Lakshmi Mittal Biography: Education, Net Worth and

financeninvestments.com. 3 September 2010. Retrieved 7 September 2010.

His

Personal

16.

^ http://www.thejakartapost.com/news/2006/04/03/nur-saidah-surabaya039s-steel-womantough-industry.html

17.

^ http://books.google.co.id/books/about/Kisah_sukses_Lakshmi_Mittal_dari_Surabay.html?
id=IkHN4Sw8yoEC&redir_esc=y

18.

^ From the Caribbean to global steel giant: The rise of ArcelorMittal

19.

^ DNA - Sport - Mittals Olympic dream is worth Rs 40 crore - Daily News & Analysis

20.

^ How tycoon went from polo lawns to Polish jail The Times 27 November 2004

21.

Life".

^ "Poland wants to renegotiate terms of PHS sale to Arcelor Mittal". Abcmoney.co.uk.

Retrieved 7 September 2010.

22.

^ UKs richest man in slave labour row

23.

^ a b Plaid reveals Labour steel cash link Monday, 11 February 2002, extracted 11-01-07

24.

^ Lakshmi Mittal, steel mill millionaire Thursday, 14 February 2002, extracted 11-01-07

25.

^ Q&A: 'Garbagegate' Thursday, 14 February 2002 extracted 11-01-07

26.

^ a b "Q&A: 'Garbagegate'". BBC New. 14 February 2002. Retrieved 9 December 2011.

27.

^ Steel firm condemns 'Mittal aid' , 18 February 2002, 14:47 GMT extracted 11-01-07

28.

^ "QPR secure huge investment boost". BBC (London). 20 December 2007. Retrieved 20
December 2007.

29.

^ Lakshmi Mittal pushes QPR up the rich list by Kevin Garside, Daily Telegraph, 21
December 2007

30.

^ "Briatore resigns as QPR chairman". Reuter. 19 February 2010. Retrieved 20 February

2010.

31.

^ O'Connor, Lisa (8 August 2004). "STEEL PLANT MESS BILL HAS DOUBLED | Sunday
Mirror Newspaper | Find Articles at BNET". Findarticles.com. Retrieved 7 September 2010.

32.

^ "$128M Spend for London House". MSNBC. 12 April 2004.

33.

^ http://www.telegraph.co.uk/comment/personal-view/3636555/Profile-Lakshmi-Mittal.html

34.

^ Takeover Week: Billionaires Row (Rob) - Google Sightseeing

35.

^ "Photo Gallery: Homes Of The Billionaires". Forbes.com. 22 May 2002. Retrieved 7

September 2010.

36.

^ a b "On billionaire row, it's simple, veggie fare". Time of India. 28 September 2008.
Retrieved 31 May 2012.

37.

^ The Mittal Monopoly: Britain's richest man buys property

38.

^ "Lakshmi Mittal builds real Utopia". The Time Of India. 18 August 2005.

39.

^ http://www.thesundaytimes.co.uk/sto/news/uk_news/People/article1352890.ece

40.

^ "Mittal chosen for 2007 Eisenhower Award". The Time Of India. 28 February 2006.

41.

^ "BCIU Gala".

External links[edit]
Wikimedia Commons
has
media
related
to Lakshmi Mittal.

Profile at ArcelorMittal
Profile at Forbes

 Profile at BBC New

Article on Mittal with background on Arcelor takeover bid - Time
Lakshmi Mittal corporate executive
Lakshmi Mittal collected news and commentary at The Guardian
Lakshmi Mittal collected news and commentary at Bloomberg New
Lakshmi Mittal collected news and commentary at The Wall Street Journal
Lakshmi Mittal collected news and commentary at The Economit
Lakshmi Mittal collected
Buineweek

news

and

commentary

at The Bloomberg

Lakshmi Mittal collected news and commentary at The Time of India

Works by or about Lakshmi Mittal in libraries (WorldCat catalog)
Lakshmi Mittal at the Notable Names Database
BBC - ""Glimpsing a Fairytale Wedding"" - BBC News
Mittal Steel Cleveland Work
Article on Mittal Family purchase of Escada - Bloomberg
Retrieved
from
title=Lakshmi_Mittal&oldid=592180884"
Categories:
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