The Steel Baron of India - Lakshmi Mittal

Full Name : Lakshmi Niwas Mittal
Born : 15th- Jun - 1950
Zodiac Sign : Gemini
Birth Place : Sadulpur
Rajasthan
Country : India
Education : St. Xavier's College Kolkata
Occupation : Businessman
Industry : Business
Networth : $13.3 Billion

Lakshmi Niwas Mittal is an Indian-born steel magnate who is currently based in the United Kingdom and is the chairman and CEO of ArcelorMittal, the world’s largest manufacturer of steel. Fondly refered to as the Steel Baron of India, he is known for his lavish lifestyle and spening money on his family.

Biography

He is the owner of a majority (38%) of the total shares in ArcelorMittal and is also the co-owner of the Queens Park Rangers F. C. with 34% stake in the professional football club.

lakshmi niwas qpr

He is also an independent director of Goldman Sachs and is on the board of directors of the European Aeronautic Defence and Space Company. Mittal is popularly known for his lavish lifestyle and incredible success statement.

Childhood

Lakshmi Niwas Mittal was born on June 15, 1950 in Sadalpur town in Rajasthan state to a traditional Marwari family. 

mittal early career

Early Life

Mittal was born to a conservative business-class Marwari family in Rajasthan. His father, Mohan Lal Mittal, ran a steel business, Nippon Denro Ispat in Rajasthan.

Education

He attended the Sri Daulatram Nopany Vidyalaya in Kolkata from 1957 to 1964. He later attended the St. Xavier’s College. He earned his Bachelor of Commerce degree from the University of Calcutta.

Career

chairman and ceo of arcelormittal

Due to a curb in regulations for steel-making in India, in 1976 Mittal started his first PT Ispat Indo in Sidoarjo, East Java, Indonesia.

Till the 1990’s, the family owned a cold-rolling mill for steel sheets in Nagpur and an alloy-steel plant near Pune, both in Maharashtra state of India. Now, the family business is run separately with a large integrated steel plant near Mumbai. His brothers handled most of the business in India. His son has no connections to it.

Philanthropy

founder of usha lakshmi mittal institute of management

He setup Mittal Champions Trust after seeing the performance by India in Olympics last few years. The trust was created to support 10 Indian athletes with the potential to beat the world. Mittal awarded Olympic winner Abhinav Bindra with 1.5 crores for winning the Gold Medal in Shooting.

lnmiit

Along with the Government of Rajasthan, Lakshmi Niwas Mittal and Usha Mittal Foundation founded the LNM Institute of Information Technology (LNMIIT) university in 2003 in Jaipur, Rajasthan as an autonomous not-for-profit organization.

lakshmi mittal

The Mittal group made many donations till now. In the year 2008, Mittal made a donation of 15 million pounds to great Ormond Street Hospital in London. Lakshmi Mittal purchased his residence in UK from Formula One boss Bernie Ecclestone. It was the world’s most expensive house at that time in the world. 

The Sunday Times named Lakshmi Mittal as the Business Person of 2006. He is also named as the Person of the Year by the Financial Times.

Personal Life and Family

lakshmi mittal family 2

Lakshmi Mittal is an Indian citizen although he is based out of Kensington Palace Gardens, London, United Kingdom. He brought the large mansion from former-Formula One boss Bernie Ecclestone for around $128m in 2004, making it the world’s most expensive house at the time. It's decorated with marble taken from the same quarry as  the Taj Mahal in India.

Lakshmi Mittal is married to Usha Mittal and has two children, son Aditya and daughter Vanisha.

lakshni mittal usha mittal

His daughter, Vanisha Mittal, is married to businessman and philanthropist, Amit Bhatia since 2008. Mittal is known for his lavish lifestyle and his daughter's wedding is the second most expennsive wedding to have ever taken place in the world just behind Prince Charles and Lady Diana's wedding.

Mittal owns many prime properties across the country, especially around London. He bought three properties worth more than $8b on the famous ‘Billionaires Row’ at Kensington Palace Gardens.

lakshmi mittal house

In 2005, Mittal bought a colonial bungalow for around $30m on one of India’s most expensive and exclusive residential areas, the No. 22, Dr. APJ Abdul Kalam Road in New Delhi, and rebuilt it as a house.

Milestones

  • In 1996, Mittal received the ‘Steel Maker of the Year’ award from New Steel.
  • In 2004, he received the 8th Honorary Willy Korf Steel Vision Award from the American Metal Market and World Steel Dynamics. In the same year, he was also named as the ‘Entrepreneur of the Year’ by the Wall Street Journal as well as being named the ‘European Businessman of the Year’ award from Forbes magazine.
  • In 2007, Mittal earned a Fellowship at the King’s College in London.
  • The next year, in 2008, he was the proud recipient of the ‘Forbes Lifetime Achievement Award’ from Forbes magazine.

Awards

2008
Forbes Lifetime Achievement
Forbes Lifetime Achievement
2008
Padma Vibhushan
Padma Vibhushan Government of India
2007
Grand Cross of Civil Merit Government of Spain
2007
Dwight D. Eisenhower Global Leadership Business Council for International Understanding
2004
European businessman of the Year by Forbes
2004
Entrepreneur of the Year Wall Street Journal
2004
8th honorary Willy Korf Steel Vision American Metal Market and World Steel Dynamics
1996
Steel Maker of the Year New Steel

Interview With Lakshmi Mittal and His Wife Usha Mittal

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