||This biographical article needs additional citations for verification. (December 2012)|
2 September 1950 |
Sadulpur, Rajasthan, India
|Residence||London, United Kingdom|
|Alma mater||St. Xavier's College, Calcutta (B.Com.)|
|Occupation||Chairman & CEO of
Owner of Karrick Limited
Queens Park Rangers F.C.
|Known for||Acquiring and turning around sick steel-mills, King of Steel, Steel tycoon|
|Net worth||US$ 16.7 billion (2014)|
Board member of
|Goldman Sachs, EADS|
|Awards||Padma Vibhushan (2008)|
Lakshmi Niwas Mittal pronunciation (help·info) (Hindi: लक्ष्मी निवास मित्तल Lakṣmī Nivās Mittal; born 2 September 1950) is an Indian steel magnate. He is the chairman and CEO of ArcelorMittal, the world’s 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. Despite being the eighth wealthiest man in Britain in 2002, he does not hold British citizenship. He was ranked the sixth richest person in the world by Forbes in 2011, but dropped to 21st place in 2012, due to having lost $10.4 billion the previous year. In spite of the drop, Forbes estimated that he still had a personal wealth of US$16 billion in October 2013. He is also the 47th "most powerful person" of the 70 individuals named in Forbes' "Most Powerful People" list for 2012. His daughter Vanisha Mittal's wedding was the second most expensive in recorded history.
Mittal has been a member of the board of directors of Goldman Sachs since 2008, and is also member of the board of directors of the European Aeronautic Defence and Space Company. He sits on the World Steel Association's executive committee, and is a member of the Indian Prime Minister’s Global Advisory Council, the Foreign Investment Council in Kazakhstan, the World Economic Forum’s International Business Council, and the Presidential International Advisory Board of Mozambique. He also sits on the advisory board of Northwestern University's Kellogg School of Management in the United States and is a member of the board of trustees of the Cleveland Clinic.
In 2006 The Sunday Times named him "Business Person of 2006", the Financial Times named him "Person of the Year", and Time magazine named him "International Newsmaker of the Year 2006". In 2007, Time magazine included him in their "100 most influential persons in the world".
- 1 Early life and career
- 2 Philanthropy
- 3 Criticism and allegations
- 4 Personal life
- 5 Awards and honours
- 6 Bibliography
- 7 See also
- 8 References
- 9 External links
Early life and career
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 siblings—Pramod 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. 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. 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.
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. 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.
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.
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
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.
In 2007, the Polish government said it wanted to renegotiate the 2004 sale to Arcelor Mittal.
Slave-labour allegations and questionable safety records
Employees of Mittal have accused him of "slave labour" conditions after multiple fatalities in his mines. 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"
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. 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. LNM was a "major global competitor of Britain's own struggling steel industry".
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. It also had a passage, removed just prior to Blair's signing of it, describing Mittal as "a friend".
Queens Park Rangers
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. 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.
On 19 February 2010, Briatore resigned as QPR chairman, and sold further shares in the club to Ecclestone, making Ecclestone the single largest shareholder.
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.
His residence at 18-19 Kensington Palace Gardens—which 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. The house is decorated with marble taken from the same quarry that supplied the Taj Mahal. The extravagant show of wealth has been referred to as the "Taj Mittal". It has 12 bedrooms, an indoor pool, Turkish baths and parking for 20 cars. He is a vegetarian.
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.
Mittal owns three prime properties collectively worth £500 million on "Billionaire's Row" at Kensington Palace Gardens.
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.
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.
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||Forbes|
|2008||Padma Vibhushan||Government of India|
|2007||Grand Cross of Civil Merit||Government of Spain|
|2007||Dwight D. Eisenhower Global Leadership Award||Business Council for International Understanding|
|2007||Fellowship||King's College London|
|2004||European Businessman of the Year||Forbes|
|2004||Entrepreneur of the Year||Wall Street Journal|
|2004||8th honorary Willy Korf Steel Vision Award||American Metal Market and World Steel Dynamics|
|1996||Steel Maker of the Year||New Steel|
- Tim Bouquet and Byron Ousey - Cold Steel (Little, Brown, 2008).
- Yogesh Chabria - Invest The Happionaire Way (CNBC - Network18, 2008).
- Navalpreet Rangi-Documentary Film (The Man With A Mission, 2010).
- "Chairman of the Board of Directors and CEO". Arcelormittal.com. 15 June 1950. Retrieved 7 September 2010.
- "Lakshmi Mittal, Owner of Karrick Limited". Blommberg BusinessWeek. 25 February 2011. Retrieved 25 February 2011.
- Lakshmi Mittal, the King of Steel, Trips Up business-week.com. Retrieved September 2010.
- Forbes profile: Lakshmi Mittal Retrieved March 2013
- "LN Mittal, Ratan Tata, Narayana Murthy get Padma Vibhushan". The Times 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.
- Forbes: The World's Most Powerful People 2012 Retrieved 2012-07-18
- The 12 Most Expensive Weddings In History
- Goldman Sachs: Board of Directors - Lakshmi N. Mittal Retrieved 2012-07-19
- "Lakshmi Mittal, Board of Directors of European Aeronautic Defence and Space". Blommberg BusinessWeek. 25 February 2011. Retrieved 25 February 2011.
- ArcelorMittal: Board of directors - Lakshmi N Mittal Retrieved 2012-07-19
- "The Time 100". Time.
- "Lakshmi Mittal Biography: Education, Net Worth and His Personal Life". financeninvestments.com. 3 September 2010. Retrieved 7 September 2010.
- From the Caribbean to global steel giant: The rise of ArcelorMittal
- DNA - Sport - Mittal’s Olympic dream is worth Rs 40 crore - Daily News & Analysis
- How tycoon went from polo lawns to Polish jail The Times 27 November 2004
- "Poland wants to renegotiate terms of PHS sale to Arcelor Mittal". Abcmoney.co.uk. Retrieved 7 September 2010.
- UK’s richest man in slave labour row
- Plaid reveals Labour steel cash link Monday, 11 February 2002, extracted 11-01-07
- Lakshmi Mittal, steel mill millionaire Thursday, 14 February 2002, extracted 11-01-07
- Q&A: 'Garbagegate' Thursday, 14 February 2002 extracted 11-01-07
- "Q&A: 'Garbagegate'". BBC News. 14 February 2002. Retrieved 9 December 2011.
- Steel firm condemns 'Mittal aid' , 18 February 2002, 14:47 GMT extracted 11-01-07
- "QPR secure huge investment boost". BBC (London). 20 December 2007. Retrieved 20 December 2007.
- Lakshmi Mittal pushes QPR up the rich list by Kevin Garside, Daily Telegraph, 21 December 2007
- "Briatore resigns as QPR chairman". Reuters. 19 February 2010. Retrieved 20 February 2010.
- 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.
- "$128M Spend for London House". MSNBC. 12 April 2004.
- Takeover Week: Billionaires Row (Rob) - Google Sightseeing
- "Photo Gallery: Homes Of The Billionaires". Forbes.com. 22 May 2002. Retrieved 7 September 2010.
- "On billionaire row, it's simple, veggie fare". Times of India. 28 September 2008. Retrieved 31 May 2012.
- The Mittal Monopoly: Britain's richest man buys property
- "Lakshmi Mittal builds real Utopia". The Times Of India. 18 August 2005.
- "Mittal chosen for 2007 Eisenhower Award". The Times Of India. 28 February 2006.
- "BCIU Gala".
|Wikimedia Commons has media related to Lakshmi Mittal.|
- Profile at ArcelorMittal
- Profile at Forbes
- Profile at BBC News
- Article on Mittal with background on Arcelor takeover bid - Time
- Lakshmi Mittal corporate executives
- Lakshmi Mittal collected news and commentary at The Guardian
- Lakshmi Mittal collected news and commentary at Bloomberg News
- Lakshmi Mittal collected news and commentary at The Wall Street Journal
- Lakshmi Mittal collected news and commentary at The Economist
- Lakshmi Mittal collected news and commentary at The Bloomberg Businessweek
- Lakshmi Mittal collected news and commentary at The Times 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 Works
- Article on Mittal Family purchase of Escada - Bloomberg