“This is a learning in the business life that first of all you need to have commitment, dedication and passion for what you are doing.”
Lakshmi Niwas Mittal pronunciation (help·info); (born 15 June 1950) is an Indian steel magnate, based in the United Kingdom. He is the chairman and CEO of ArcelorMittal, the world’s largest steelmaking company. Mittal owns 38% of ArcelorMittal and holds a 34% stake in Queens Park Rangers F.C..
In 2007, Mittal was considered to be the richest Hindu and Asian person in Europe. 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 82nd place in March 2015. 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 57th “most powerful person” of the 72 individuals named in Forbes’ “Most Powerful People” list for 2015. 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 (EADS). He sits on theWorld 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, Timemagazine included him in their “100 most influential persons in the world“.
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. 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. 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.
Mittal was born on 15 June 1950. His residence at 18-19 Kensington Palace Gardens—which 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. 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 lacto-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, Dr APJ Abdul Kalam Road, New Delhi, one of the most exclusive street in India, occupied by embassies and billionaires, and rebuilt it as a house.
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.
Awards and honours
|Year of Award or Honour||Name of Award or Honour||Awarding Organization|
|2008||Forbes Lifetime Achievement Award||Forbes|
|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|