Today you will read the inspirational story of Lakshmi Mittal. Reading Inspirational stories of Indian Entrepreneurs stimulates motivational enzymes within us and we all wish to emulate them on the path of success.
Exactly with this aim SugerMint – India’s fastest-growing digital marketing platform for Indian entrepreneurs is presenting you series of success stories of Indian Entrepreneurs, Women Entrepreneurs, and Indian Social Entrepreneurs who have carved niche in their own way and have become icons.
Following above, today you will read the inspirational story of Lakshmi Mittal, The undisputed king of steel:
Lakshmi Nivas Mittal is an Indian steel magnate based in the UK. He is the chairperson and CEO of ArcelorMittal.
That is the world’s largest steel-making company. Mittal holds an 11% stake in Queens Park Rangers F.C. and owns 38% of ArcelorMittal. Forbs ranked Mittal as the third richest person in the world in 2005.
He was the first Indian citizen to be ranked in the Top 10 in the publication’s annual list of the world’s richest people. In 2007, he was considered to be the richest Asian in Europe.
Read Popular Books on Lakshmi Mittal:
- Cold Steel: Lakshmi Mittal and the Multi-Billion-Dollar Battle for a Global Empire
- Steel King Lakshmi Mittal: by Prateeksha M Tiwari
- Steel King Laxmi Niwas Mittal: by Chetan Sharma
He was ranked the 6th richest person in the world by Forbes in 2011. In 2015, he dropped to 82nd place. In 2015, he was the “57th most powerful person” of Forbes’s ‘Most Powerful People’ list.
His daughter Vanisha’s wedding was recorded as the second most expensive wedding in the world. Since 2008, Mittal was a member of the board of directors of Goldman Sachs. He sits on the World Steel Association’s exclusive committee.
Even he is a member of the Global CEO Council of the Chinese People’s Associations for Friendship with Foreign Countries. He is also a member of the board of trustees of the Cleveland Clinic.
He named “Business Person of 2006” by the Sunday Times, “Person of the Year” by the Financial Times, and “International Newsmaker of the Year 2006” by Time magazine.
Time magazine included him in their “Time 100” list in 2007. Even Forbes named him in the list of India’s Richest in 2019.
Mittal was born on 15th June 1950 in a Baniya family. He studied at Shri Daulatram Nopany Vidyalaya, Calcutta from 1957 to 1964.
He got his Bachelor of Commerce (B.Com) from St. Xavier’s College with first class. His father, Mohanlal Mittal, ran a steel business, Nippon Denro Ispat. In 1976, at the age of 26 years, Mittal opened his first steel factory PT Ispat in Indonesia.
Their main assets in India were a cold-rolling mill for sheet steel in Nagpur and an alloy steel plant near Pune until 1990.
Now, his younger brother Pramod Mittal and Vinod Mittal ran the family business including a large integrated steel plant near Mumbai. Laxmi Mittal has no connection with it.
When he saw India won only one bronze medal in 2000 Summer Olympics and one silver medal in 2004 Summer Olympics, to support Indian athletes, he decided to set up the Mittal Champions Trust with $9 million.
Mittal awarded Abhinav Bindra for getting the first individual Olympic gold medal in shooting. For 2012, Summer Olympics ArcelorMittal provided steel for the construction of the ArcelorMittal Orbit.
He matched the money raised on celebrity special BBC program ‘The Apprentice’ for Comic Relief.
Lakshmi Mittal and Usha Mittal Foundation & the Government of Rajasthan established a university ‘LNM Institute of Information Technology’ in Jaipur as a non-profit organization in 2003.
In 2009, in New Delhi the foundation along with Bharatiya Vidya Bhavan founded the Usha Mittal Institute of Management.
After a large donation of Lakshmi Niwas Mittal Foundation SNDT Women’s University renamed the Institute of Technology for Women (ITW) as Usha Mittal Institute of Technology.
Mittal donated 15 million pounds to Great Ormond Steel Hospital, London in 2008, that was the largest private contribution the hospital had ever received.
The donation was used to add a new facility to the Mittal Children Medical Centre. He donated Rs. 100 crores to PM care fund during the Covid-19 pandemic in India in 2020.
To influence polish officials in the privatization of the PHS steel group, Lakshmi Mittal employed Marek Dochnal’s consultancy. That was Poland’s largest consultancy.
However, Dochnal was arrested for bribing Polish officials on behalf of Russian agents in a separate affair later. Employees have accused him of allowing “slave labor” conditions after multiple fatalities in his mines.
Twenty-three miners died in explosions in his mines in Kazakhstan caused by faulty gas detectors in December 2004. He had emerged as a leading contender to sell and buy Barclays Premiership clubs Wigan and Everton.
As a part of investment Mittal’s son-in-law, Amit Bhatia took a place on the board of directors. Mittal purchased the Irish Steel plant in Cork Ireland, for a nominal fee of 1 million pounds from the government.
After three years, it was closed, leaving 400 people redundant. The environmental issue at the site cause criticism. The government tried to sue Mittal in High Court to pay for clean-up but failed.
Mittal was born on 15th June 1950 in Rajasthan. He married Usha Mittal and they have a son Aditya and daughter Vanisha. He has two brothers Pramod and Vinod Mittal, and a sister Seema Lohia.
Seema married to Indonesian businessperson Sri Prakash Lohia. He purchased his residence at Kensington Palace Gardens in 2004 for 67 million pounds. That was the world’s most expensive house at that time.
They decorated the house with marble from the same quarry that supplied the Taj Mahal. It has 12 bedrooms, an indoor pool, parking for 20 cars and Turkish baths. Mittal is a Lacto-vegetarian.
Mittal bought No. 9A Palace FOR 70 million pounds in 2008 for her daughter Vanisha. Mittal threw a lavish ‘vegetarian reception’ for Vanisha in the palace of Versailles, France.
He owned three prime properties worth 500 million pounds collectively on “Billionaire’s Row” at Kensington Palace Garden.
He also bought a colonial bungalow for $30 million at No.22 Dr. APJ Abdul Kalam Road, New Delhi. That is India’s one of the most expensive streets.
Mittal and his family had an estimated personal net wealth of GB£7.12 billion, according to Sunday Times Rich List 2016, a decrease of $2.08 billion on the previous year.
Mittal net wealth peaked in 2008, assessed by Sunday Times at £27.70 billion, as per Forbes at US$45.0 billion, and rated as the fourth-wealthiest individual in the world.
We hope you find the inspirational success story of Lakshmi Mittal, an Indian steel magnate and chairperson and CEO of ArcelorMittal inspiring through your entrepreneurial journey and will keep you inspired.
Like this inspirational story? Or have something to share? Write to us:
|Are you an
Entrepreneur or Startup?
Do you have a Success Story to Share?
SugarMint would like to share your success story with our readers.