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Laxmi Mittal

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Laxmi Mittal, a UK-based billionaire was born on June 15th 1950 in Sadulpur, Rajasthan. Mittal is the Chairman and CEO of Arcelor-Mittal the world’s largest steelmaking company.

Steel Tycoon Lakshmi Mittal, the 64 year old nonresident Indian living in Kensington, London, is the fourth richest person in the world, with a personal fortune of US$45.0 billion according to Forbes magazine. The Financial Times named Lakshmi Mittal its 2006 Person of the Year. This London-based Indian billionaire industrialist was named one of the "100 most influential people" by Time magazine in May 2007. He was also listed as the richest person in Britain in the Sunday Times Rich list 2005. Since 2005, Mittal has been the richest person residing in the United Kingdom, the richest person in Asia and the 4th richest person on the planet.

In the 1960s Mittal’s family moved to Calcutta (Kolkata), where his father operated a steel mill. He graduated from St. Xavier's College, Calcutta, with a B.Com degree in first class from the University of Calcutta. His father, Mohanlal Mittal, ran a steel business, Nippon Denro Ispat. In 1976, due to the curb of steel production by the 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 his younger brothers Pramod Mittal and Vinod Mittal, but Lakshmi has no connection with it.

 

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He made many acquisitions in countries like Romania, Ukraine and the US in 2004 before the most important merger with Arcelor to form the world’s largest steel company, in 2006.

Mittal, with US$ 31.1 billion, is the richest man in India, Europe and UK. He is placed fourth among the richest of the world. Mittal’s residence at 18-19 Kensington Palace Gardens is worth US$128 million, making it the most expensive house in the world. It is decorated with marble from the same quarry that supplied for the Taj Mahal and hence it is called “Taj Mittal.”

Lakshmi Mittal is the member of Board of Directors of various companies and institutions like the European Aeronautic Defense and Space Company, The World Steel Association, the Foreign Investment Council in Kazakhstan, The International Investment Council in South Africa, The Investors’ Council to the Cabinet of Ministers of Ukraine, The World Economic Forum’s International Business Council, The World Steel Association’s Executive Committee, The Presidential International Advisory Board of Mozambique and The International Iron and Steel Institute’s Executive Committee.

He also serves as board council member of “Prime Minister of India’s Global Advisory Council of Overseas Indians” and is a member with “Kellogg School of Management” and “Indian School of Business”.

 

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