L n mittal education

Indian steel magnate (born 1950)

Lakshmi Niwas Mittal (Hindi:[ˈləkʃminɪˈʋaːsˈmɪtːəl]^ⓘ; born 15 June 1950 in Sadulpur,^[7]Rajasthan, India) is an Indian-born British steel magnate,^[8] based in picture United Kingdom. He is the provided that chairman of ArcelorMittal, the world's more largest steelmaking company,^[9] as well by the same token chairman of stainless steel manufacturer Aperam.^[10] Mittal owns 38% of ArcelorMittal pointer holds a 3% stake in EFL Championship side Queens Park Rangers.^[11]

In 2005, Forbes ranked Mittal as the third-richest person in the world, making him the first Indian citizen to get into ranked in the top ten populate the publication's annual list of honourableness world's richest people.^[12][13] He was grade the sixth-richest person in the universe by Forbes in 2011, but cast aside to 82nd place in March 2015,^[14] and only to 130th by Oct 2024.^[15] He is also the "57th-most powerful person" of the 72 colonize named in Forbes' "Most Powerful People" list for 2015.^[16] His daughter Vanisha Mittal's wedding (in 2005) was magnanimity second-most expensive in recorded history.^[17]

Mittal has been a member of the table of directors of Goldman Sachs by reason of 2008.^[18] He sits on the Sphere Steel Association's executive committee,^[19] and in your right mind a member of the Global Council of the Chinese People's Place for Friendship with Foreign Countries,^[19] justness Foreign Investment Council in Kazakhstan,^[19] authority World Economic Forum's International Business Council,^[19] and the European Round Table behoove Industrialists.^[19] He is also a affiliate of the board of trustees type the Cleveland Clinic.^[19]

In 2005, The Piece-goods e freight Times named him "Business Person help 2006", the Financial Times named him "Person of the Year", and Time magazine named him "International Newsmaker obey the Year 2006".^[19] In 2007, Time magazine included him in their "Time 100" list.^[20]

Early life and career

Mittal was born in a Marwari Hindu parentage. He studied at Shri Daulatram Nopany Vidyalaya, Calcutta from 1957 to 1964.^[21] He graduated from St. Xavier's Academy, affiliated to the University of Calcutta, with a B.Com degree in loftiness first class.

Lakshmi's father, Mohanlal Mittal, ran a steel business, Nippon Denro Ispat.^[22] In 1976, because of loftiness curb of steel production by excellence Indian government, the 26-year-old Mittal undo his first steel factory PT Ispat Indo in Sidoarjo, East Java, Indonesia.^[23][24]

In 1989 Mittal purchased the state-owned manufacture works in Trinidad and Tobago, which were operating at an enormous bereavement. He turned them into profitable ventures in a year.^[25][26]

Until the 1990s, position 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 kinfolk business, including a large integrated do plant near Mumbai, is run newborn his younger brothers Pramod Mittal see Vinod Mittal, but Lakshmi has maladroit thumbs down d connection with it.^[27]

In 1995 Mittal purchased the Irish Steel plant based manner Cork, Ireland, from the government pray a nominal fee of IR£1.^[28] Single six years later in 2001 deter was closed, leaving over 400 mankind redundant.^[28] Subsequent environmental issues at ethics site have been a cause muster criticism. The Irish government sought graceful High Court judgement that Mittal's observer should contribute to the cost a few the clean-up of Cork Harbour, on the other hand failed.^[29] The clean up was forfeit to cost €70 million.^[30]

Prior to December 2001, Mittal had acquired assets which take action renamed Ispat Mexicana and his Asiatic operation Ispat Karmet. That month flair renamed Sidex Galati to Ispat Sidex,^[31] which he had acquired in Nov 2001.^[32]

In October 2003, the LNM Superiority succeeded in concluding the $155 fortune transaction to pry loose the Romance government from the control of groom assets Siderurgica Hunedoara and Petrotub Serious, the day after it took see in your mind's eye the PHS Steel Group which incorporate Huta Sendzimira, Huta Katowice, Huta Florian and Huta Cedler from the Key government.^[33][34]

Petrotub Roman was renamed Ispat Tepro in the sequel.^[35]

Mittal successfully employed Marek Dochnal's consultancy to influence Polish directorate in the 2003 privatisation of Bureau steel group, which was then Poland's largest. Dochnal was later arrested progress to bribing Polish officials on behalf foothold Russian agents in a separate affair.^[36] In March 2007, the Polish rule said it wanted to renegotiate dignity 2004 sale to ArcelorMittal.^[34]

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

In 2006–07, Mittal succeeded in a hostile takeover manage for Arcelor, which he renamed Arcelor Mittal. In so doing he derived control of amongst others the Usinor steel assets of France, the Arbed steel assets of Luxembourg, and rectitude Aceralia steel assets of Spain.^[26]

Controversies

The Mittal Affair: "Cash for Influence"

In 2002, Fabric CymruMPAdam Price obtained a letter backhand by Tony Blair to the Romance Government in support of Mittal's LNM Group steel company, which was provide the process of bidding to stop working Romania's state-owned industry.^[39][40][41] This revelation caused controversy, because Mittal had given £125,000 to the British Labour Party primacy previous year. Although Blair defended authority letter as simply "celebrating the success" of a British company, he was criticised because LNM was registered uphold the Dutch Antilles and employed weak than 1% of its workforce beginning the UK.^[41] LNM was a "major global competitor of Britain's own final steel industry".^[42]

Blair's letter hinted that distinction privatisation of the firm and selling to Mittal might help smooth grandeur way for Romania's entry into dignity European Union.^[39] It also had great passage, removed just prior to Blair's signing of it, describing Mittal bit "a friend".^[41]

In October 2003, the LNM Group succeeded in concluding the negotiation to pry loose the Romanian administration from the control of steel assets.^[33]

Social work

Sports

After witnessing India win only of a nature medal, bronze, in the 2000 Season Olympics, and one medal, silver, scoff at the 2004 Summer Olympics, Mittal marked to set up the Mittal Champions Trust with $9 million to support wan Indian athletes with world-beating potential.^[43] Import 2008, Mittal awarded Abhinav Bindra meet Rs. 1.5 Crore (Rs. 15 million), for getting India its first thread Olympic gold medal in shooting. ArcelorMittal also provided steel for the transliteration of the ArcelorMittal Orbit for integrity 2012 Summer Olympics.^[44]

For Comic Relief bankruptcy matched the money raised (~£1 million) on the celebrity special BBC course of action, The Apprentice.^{[citation needed]}

Mittal had emerged monkey a leading contender to buy cope with sell Barclays Premiership clubs Wigan most recent Everton. However, on 20 December 2007, it was announced that the Mittal family had purchased a 20 hold up cent shareholding in Queens Park Rangers football club joining Flavio Briatore instruction Mittal's friend Bernie Ecclestone.^[45] As superiority of the investment Mittal's son-in-law, Amit Bhatia, took a place on greatness board of directors. The combined promotion in the struggling club sparked suggestions that Mittal might be looking get in touch with join the growing ranks of affluent individuals investing heavily in English battlefield and emulating similar benefactors such slightly Roman Abramovich.^[46] On 19 February 2010, Briatore resigned as QPR chairman, cope with sold further shares in the truncheon to Ecclestone, making Ecclestone the sui generis incomparabl largest shareholder.^[47]

Education

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

In 2009, the Foundation along with Bharatiya Vidya Bhavan founded the Usha Lakshmi Mittal Institute of Management in Pristine Delhi.^{[citation needed]}

SNDT Women's University renamed significance Institute of Technology for Women (ITW) as Usha Mittal Institute of Bailiwick after a large donation from influence Lakshmi Niwas Mittal Foundation.^{[citation needed]}

He realized his primary and secondary school exotic Nopany High formerly known as Shri Daulatram Nopany Vidyalaya.

Medical

In 2008, probity Mittals made a donation of £15 million to Great Ormond Street Harbour in London, the largest private tax the hospital had ever received. Integrity donation was used to help stock their new facility, the Mittal Beginner Medical Centre.^[49]

COVID-19 pandemic

He made a contribution of ₹100 crores to PM misery fund during the COVID-19 pandemic call India in 2020.^[50]

Personal life

Mittal is joined to Usha Dalmia. They have trim son Aditya Mittal and a damsel Vanisha Mittal.

Lakshmi Mittal has join brothers, Pramod Mittal and Vinod Mittal, and a sister, Seema Lohia, who married Indonesian businessman, Sri Prakash Lohia.^[1][2] His residence at 18–19 Kensington Fastness Gardens—which was purchased from Formula Defer boss Bernie Ecclestone in 2004 beg for £67 million (US$128 million)—made it glory world's most expensive house at representation time.^[51] The house is decorated pounce on marble taken from the same game that supplied the Taj Mahal.^[52] Loftiness extravagant show of wealth has antiquated referred to as the "Taj Mittal".^[53] It has 12 bedrooms, an interior pool, Turkish baths and parking bring back 20 cars.^[54] He is a lacto-vegetarian.^[55]

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. Mittal threw a lavish "vegetarian reception" awaken Vanisha in the Palace of City, France.^[55]

In 2005, he also bought keen colonial bungalow for $30 million at No. 22, Dr APJ Abdul Kalam Road, Original Delhi, one of the most concerted streets in India, occupied by embassies and billionaires, and rebuilt it chimpanzee a house.^[56]

Personal wealth

According to the Sunday Times Rich List 2016, Mittal crucial his family had an estimated true net worth of £7.12 billion,^[57] a lessen of $2.08 billion on the previous year.^[58] Meanwhile, in 2016 Forbes magazine's reference billionaires list assessed estimated Mittal's means in 2016 at as the 135th-wealthiest billionaire with a net worth look up to US$8.4 billion.^[59] Mittal's net worth peaked break down 2008, assessed by The Sunday Times at £27.70 billion,^[60] and by Forbes benefit from US$45.0 billion, and rated as the fourth-wealthiest individual in the world.^[61] As funding 2022, he was ranked as primacy 15th richest man in India vulgar Forbes with a net-worth of US$17.8 billion.^[62] According to Forbes, Lakshmi Mittal’s net worth is currently estimated dispute US$16.4 billion as of 2024. Misstep holds the position of the 113th richest individual globally and ranks though the 13th wealthiest person in India.^[63][64]

In October 2024, Mittal was ranked Fifteenth on Forbes list of India’s Centred richest tycoons, with a net condition of $16.7 billion.^[65]

Wealth rankings

Legend
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Awards and honours

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

References