Lakshmi Niwas Mittal’s Biography
Lakshmi Niwas Mittal is a British steel tycoon residing in the UK. He serves as the Executive Chairman of ArcelorMittal the world’s largest producer of steel as well as the Chairman of Aperam a producer of stainless steel. Mittal owns 38% of Arcelor Mittal and a 20% stake in Queens Park Rangers of the EFL Championship.
Mittal became the first Indian to be listed among the top ten on Forbes’ annual list of the world’s richest people in 2005 when he was ranked as the third-richest person in the world. In 2011 Forbes classified him as the sixth-richest person in the world but in March 2015 he plummeted to the 82nd position. Additionally out of the 72 people listed on Forbes’ Most Powerful People list for 2015 he is the 57th-most powerful person. The wedding of his daughter Vanisha Mittal was the second most expensive in history.
Since 2008 Mittal has served on the Goldman Sachs board of directors. He serves on the World Steel Association’s executive committee and belongs to the European Round Table of Industrialists the Kazakhstan Foreign Investment Council the Global CEO Council of the Chinese People’s Association for Friendship with Foreign Countries and the World Economic Forum’s International Business Council.
He serves on the Cleveland Clinic’s board of trustees as well. He was selected as the Business Person of 2006 by The Sunday Times the Person of the Year by The Financial Times and the International Newsmaker of 2006 by Time magazine in 2005. He was listed in Time magazine’s Time 100 in 2007.
Lakshmi Niwas Mittal’s Age
Lakshmi Niwas Mittal was born on June 15 1950. Lakshmi Niwas Mittal was 72 years old as of 2022. Lakshmi Niwas Mittal’s zodiac sign is Gemini. Lakshmi Niwas Mittal’s hobbies include going to Grand Pix events watching and playing football and playing cricket.
Lakshmi Niwas Mittal’s Family
Laxmi Niwas Mittal’s birthplace is Rajgarh Rajasthan India. Lakshmi Mittal’s father Mohanlal Mittal was the owner of Nippon Denaro Ispat a steel company. Lakshmi Mittal’s mother is Geeta Mittal. In 1976 due to the Indian government’s restriction on steel output Mittal then 26 years old founded his first steel factory PT Ispat Indo in Sidoarjo East Java Indonesia. The state-owned steelworks of Trinidad and Tobago which were making a huge loss was purchased by Mittal in 1989. In a year he turned them into successful businesses.
The family’s primary assets in India up to the 1990s were an alloy steel facility close to Pune and a cold-rolling mill for sheet steel in Nagpur. Family business now Laxmi Mittal’s younger brothers Pramod Mittal and Vinod Mittal are in charge of several businesses including a sizable integrated steel factory close to Mumbai but Lakshmi is not involved in any of them. Laxmi Mittal’s sister is Seema Lohia who married Sri Prakash Lohia an Indonesian businessman.
Lakshmi Niwas Mittal’s Education
From 1957 to 1964 he attended Shri Daulatram Nopany Vidyalaya in Calcutta. He earned a B.Com. degree in the top class at St. Xavier’s College which is connected to the University of Calcutta.
Laxmi Niwas Mittal’s Marriage
Usha who is from Banaras visited Calcutta for summer vacation when we first met and decided to get married. The moment we spoke on the phone Usha fell in love with him. Both his parents and mine adored me and him. Therefore the engagement was scheduled to take place after two weeks and on his first contact we spoke for hours—certainly longer than two hours. We didn’t think we had enough words or sentences. We also were unaware that our conversation had lasted two hours. So that’s how. And I believe that both of us fell in love with one another.
On the phone I believe that our marriage is different since it involves the development of relationships and loves rather than extensive communication before marriage. I welcomed her as a partner and I’m sure I must have expressed a lot of affection in a letter I wrote to her right away after the engagement because she returned to Benares. Yes. He also closed the letter with the words Keep smiling always which moved my heart. And that’s what affected me the most.
He had to take his exam four months after we married and I could see his resolve. And I was very amazed by that. And I continue to notice the same tenacity in his work. He is extremely intelligent and has foresight. Usha and Laxmi Mittal only ever met once before getting married. Usha and Laxmi Mittal were married in 1995. Vanisha Mittal and Aditya Mittal are Laxmi Mittal’s kids.
Laxmi Niwas Mittal’s Career
Before moving to Indonesia in 1976 to start a small steel business that would eventually grow to become ArcelorMittal the world’s largest steel and mining company and one of the most important industrial companies Mr. Mittal started his career working in the steelmaking business owned by his family in India.
He is well known for his role in consolidating and globalizing the steel business by pursuing and successfully integrating numerous acquisitions in North America South America Europe South Africa and the CIS. ArcelorMittal is still the biggest and most international steel manufacturer today.
Following the merger of Ispat International and LNM Holdings and the concurrent purchase of International Steel Group Mittal Steel was established in 2004 and quickly rose to become the top steel producer in the world. Soon after in 2006 Mittal Steel made a bold attempt to combine with Arcelor and form ArcelorMittal.
Laxmi Niwas Mittal’s Social Work
Sports
After seeing India win just one medal (bronze) at the Summer Olympics in 2000 and one medal—silver—at the Summer Olympics in 2004 Mittal decided to establish the Mittal Champions Trust with $9 million to support ten Indian athletes with the capacity to compete on a global scale. Abhinav Bindra received an Rs. 1.5 crore (Rs. 15 million) reward from Mittal in 2008 for winning India’s first individual Olympic gold medal in shooting.
Steel from Arcelor Mittal was also used to build the Arcelor Mittal Orbit for the 2012 Summer Olympics. He matched the $1 million that was raised for Comic Relief on The Apprentice a celebrity-themed special on the BBC.
Mittal had become a top candidate to purchase and sell Wigan and Everton of the Barclays Premiership. But on December 20 2007 news broke that the Mittal family had bought a 20% stake in Queens Park Rangers football team joining Bernie Ecclestone and Mittal pal Flavio Briatore. Amit Bhatia the son-in-law of Mittal joined the board of directors as a result of the investment.
The joint investment in the faltering club led to rumors that Mittal may be seeking to join the rising group of affluent people who are massively investing in English football and modeling themselves after comparable benefactors like Roman Abramovich. On February 19 2010 Briatore announced his resignation as chairman of QPR and continued to sell shares in the team to Ecclestone who is now the club’s sole owner.
Medical
The Mittals gave a £15 million donation to London’s Great Ormond Street Charity in 2008 making it the largest private gift the hospital had ever received.
The Mittal Children’s Medical Centre their new building is partially funded by the donation. In 2020 during the COVID-19 pandemic in India he gave the PM Cares Fund 100 crores.
Laxmi Niwas Mittal’s Controversy
Adam Price a member of the Plaid Cymru party was able to get a letter that Tony Blair sent to the Romanian government in 2002 in support of Mittal’s LNM Group steel company which was competing to acquire Romania’s state-owned sector. This revelation generated controversy because Mittal had donated £125 000 to the British Labour Party the year before.
LNM was registered in the Dutch Antilles and fewer than 1% of its employees were employed there despite Blair’s defense that he was only celebrating the success of a British company. This led to criticism of Blair’s letter which he attempted to downplay. LNM was a significant global rival of Britain’s ailing steel industry.
Blair’s letter suggested that Romania’s entrance into the EU would be facilitated by the company’s privatization and sale to Mittal. It also contained a section referring to Mittal as a buddy which was taken out immediately before Blair signed it. The LNM Group was successful in completing the sale to release the Romanian government’s hold on the steel assets in October 2003.
Laxmi Niwas Mittal’s Net Worth
The Chairman and Chief Executive Officer (CEO) of Arcelor Mittal which aims to be the largest steel manufacturer in the world is Mr. Laxmi Mittal. Initially employed by his father’s steel company Mr. Mittal later formed the LNM (Laxmi Niwas Mittal) Steel Company a multibillion-dollar global conglomerate with an annual production capacity of 42.1 million tonnes of steel.
Additionally he plays a significant role in the soccer team Queens Park Rangers F.C. Laxmi Mittal is thought to have a net worth of 45 billion dollars or roughly 1.33 lakh crores of rupees in Indian currency. The Mittal Champions Trust was established by Mr. Mittal to aid Indian athletes in reaching their full potential. He also contributed to the 2007 Comic Relief fundraising effort. He spent more than 78 million dollars or over 500 crores of Indian rupees on his daughter’s wedding to an investment banker. One week was spent on the ceremony.
Lakshmi Niwas Mittal: Real Estate Properties
According to rumors the opulent home in London was built with the same marble that was used to build the Taj Mahal. The lavish residence boasts 12 bedrooms a sizable ballroom a distinctively bejeweled pool a parking garage for more than 15 cars and several other opulent features. Mr. Mittal currently resides in the estate for which he paid 128 million USD (Rs. 817.75 crores). As a gift for his son Aditya Mittal Mr. Mittal purchased the 4-story opulent residence in Kensington Gardens England in 2008. It is around 130 000 square feet in size.
This palace was bought by Mr. Mittal for £70 million. Mittal purchased this home in the UK’s Kensington Gardens for his daughter in 2008. (533 Crores).Located in London’s Millionaires Row Mittal paid £6.75 million for this opulent property in 1996.
Mittal paid $7.5 million in 2005 for this lavish colonial home which is located on upscale Aurangzeb Road in New Delhi India.Mittal paid £4 million for this home in Perthshire Scotland. He demolished it and will spend around $23 million constructing a new house in its stead.
This opulent penthouse in London is 5 500 square feet large and located at 148-150 Old Park Lane. The Hard Rock Café that is housed in the structure is also owned by Mr. Mittal.
Lakshmi Niwas Mittal: Auto Collection
Gizmon- Laden constructed the 267.47-foot luxury private yacht Amevi in 2007 for a price of USD 150 000 000. Celebrities and their affluent friends attend parties aboard the yacht. One of the most opulent high-speed aircraft in the world belongs to Mr. Mittal.
A collection of 20 luxurious vehicles including Mercedes and BMW is owned by Mr. Mittal. Mr. Mittal is the owner of two private opulent vanity vans each of which has a roomy bedroom a kitchen a cozy living room and numerous entertainment options.
Lakshmi Niwas Mittal’s Awards
- In 1996 Lakshmi Mittal got the steel maker of the year award by New Steel.
- Lakshmi Mittal got the 8th honorary Willy Korf Steel Vision Award in 2004 from American Metal Market and World Steel Dynamics.
- Lakshmi Mittal got the Entrepreneur of the year award in 2004 from The Wall Street Journal.
- Lakshmi Mittal got the European Business of the Year Award in 2004 by Forbes.
- In 2007 Lakshmi Mittal got Bessemer Gold Medal by IQM3.
- Lakshmi Mittal got the fellowship in 2007 from King’s College London.
- Lakshmi Mittal got Forbes Lifetime Achievement Award by Forbes in 2008.
- Lakshmi Mittal received Padma Vibhushan from the Government of India in 2008.
9 Fun Facts About Lakshmi Niwas Mittal
- Lakshmi began construction on a new mill in 1975 on property owned by his father in Indonesia which he later ran. Within a year Mittal had created Ispat International in Indonesia as a division of his father’s business and was concentrating on managing its operations.
- In 2004 Lakshmi bought LNM Holdings a privately held steel manufacturer and incorporated it into Ispat for $13 billion.
- The international steel business was highly fragmented and in desperate need of consolidation when visionary Mittal recognized it. The government held a vast number of businesses and there was little to no research and development. The industry was characterized by severe overcapacity excessive debt levels and extremely low steel prices.
- In 2004 Lakshmi Mittal founded Mittal Steel by having his public firm Ispat acquire his private company LNM. With 42.1 million tonnes of steel shipped and nearly $22 billion in revenues in 2004 Mittal Steel surpassed all other steel producers to become the largest in the world.
- Mittal personally favors leading a lavish lifestyle. He has purchased numerous expensive homes for himself. He paid $128 million for his current home at 18–19 Kensington Palace Gardens making it the most expensive house at the time. The media dubbed Mittal’s home Taj Mittal since its interiors feature marble from the same excavation that was used to construct the Taj Mahal. Amit Bhatia an investment banker was also married off to Vanisha Mittal by him. He spent nearly $78 million to stage a grand celebration that featured Bollywood celebrities powerful businessmen and distinguished politicians.
- As a global citizen Lakshmi Mittal describes himself. He avoids the spotlight despite his enormous wealth. Despite attending football games you won’t see him at Wimbledon because he recently purchased 20% of the London team QPR.
- Lakshmi Mittal is a generous donor who gives significant money to sporting educational and medical organizations. She gave £15 million to London’s Great Ormand Street Hospital.
- The Steel King vehemently denies having a super luxuriant Vanity vehicle despite media claims to the contrary.
- Mittal also established the $9 million Mittal Champions Trust to encourage 10 talented Indian athletes. Abhinav Bindra received a 1.5 crore rupee reward from Mittal in 2008 for winning the shooting’s first individual gold medal for India.
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