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 coldrolling 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 Gardenswhich 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
2010
2008
2008
2007
2007
2007
2004
2004
2004
1996

Name of Award or Honour

"Dostyk" 1
Forbes Lifetime Achievement Award
Padma Vibhushan
Grand Cross of Civil Merit
Dwight D. Eisenhower Global
Leadership Award[40]
Fellowship
European Businessman of the Year
Entrepreneur of the Year
8th honorary Willy Korf Steel Vision
Award
Steel Maker of the Year

Awarding Organization
Republic of Kazakhstan.
Forbes
Government of India
Government of Spain
Business Council for International
Understanding[41]
King's College London
Forbes
Wall Street Journal
American Metal Market and World Steel
Dynamics
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 worlds 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 fathers 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 worlds 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. Xaviers
College and graduated with a Bachelor of Commerce degree. After
that he joined his fathers 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 daughters wedding that was
celebrated in France is the worlds 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
Times Person of the Year and Time magazines 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
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