Famous As Steel Industrialist
Born On June 15, 1960
Born In Sadulpur, Rajasthan, India
Lakshmi Narayan Mittal is an Indian born London based billionaire, well known for his unsurpassable business feats, larger than life persona, and opulent indulgences. Always making headlines with his entrepreneurial achievements and opulent lifestyle, Lakshmi Mittal tops the list of Britain's richest men, and the sixth wealthiest person in the world today, as per the Forbes Magazine. An executive member of the board of directors for the World Steel Association, International Investment Council in South Africa, International Business Council, the International Iron and Steel Institute's Executive Committee and many other global forums, it comes as no surprise that he is one of the most influential and powerful figures in the world today. Lakshmi Mittal is the chairman and chief executive of ArcelorMittal, which is apparently the largest steelmaking corporation in the world. Apart from his steel grip over the global steel manufacturing business, and his many luxurious indulgences, Lakshmi Mittal is also applauded equally for his philanthropist ideas. He has raised and contributed funds to support various community projects in different nation.
Born on 15 June 1950 at Sadulpur, in Churu district of Rajasthan, Lakshmi Niwas Mittal had a very humble upbringing. His grandfather worked for one of the leading industrial firms, whereas his father was a businessman. The family relocated to Kolkata after his father joined a domestic steel company as a partner. Laxmi Mittal graduated in commerce from St. Xavier's College in Kolkata and joined the family business that also involved his two younger brothers Pramod Mittal and Vinod Mittal. A few years later, ambitious Mittal branched out of his family domestic business and moved to Indonesia only to emerge as world's biggest steel baron in the coming years.
Lakshmi joined his family steel business soon after he graduated from college. However, he was quick to realize that opportunities were limited in India. Driven by ambition and the strong urge to explore international market, he moved to Indonesia. There, with his father's support, he bought a dilapidated old and non-profitable steel plant and turned it into a success story by doubling the turnout and making profitable business out of it. But, that was just the beginning of a new history in the world of steel. He founded his own company LNM group. His success largely rested on taking over unprofitable, state-owned mills and making huge turnovers by boosting the production. He has been solely responsible for the growth of the steel business at an international platform. Lakshmi was the first to introduce the concept of "mini-mills" and "direct reduced iron" (DRI) as an alternate for steel making. This in turn proved to be a successful business strategy that was responsible for the growth of his firms. He started his international operations in Indonesia and Trinidad and Tobago before he expanded to 14 different countries acquiring several steel plants around the globe. In 2004, he managed to acquire more than 20 firms in Soviet Union including Kazakhstan, Romania and Ukraine. He soon started to make more acquisitions in America. His merger and later takeover with Arcelor, which is one of the biggest steel plants in the globe, earned him the status of a powerful international steel magnet. Over the years, Mittal has earned distinction as world's top steel tycoon and has received a number of awards.
Achievements and Awards
Mittal has always donated several millions of dollars of his wealth to various local causes. His Mittal Champions Trust and ArcelorMittal Foundation are two main charity organizations that have sponsored several causes. He also believed that individuals can empower themselves through means of good education. The L.N.M. Institute of Information Technology, Jaipur is an effort by him to contribute to the welfare of the society. Some of the awards that he has been bestowed with are Forbes Lifetime Achievement Award (2008), Padma Vibhushan (2007), Grand Cross of Civil Merit (2007), European Businessman of the Year (2004), Entrepreneur of the Year (2004), and Steel Maker of the Year (1996), to name a few.
Lakshmi Narayan Mittal is married to Usha Mittal who is the daughter of a well-known moneylender. The couple has two children, a son named Aditya and daughter named Vansiha. Aditya is married to Megha, who is the owner of a fashion brand Escade. His son is said to be the CFO of the ArcelorMittal and works for his father's steel business. Vanisha Mittal is married to Amit Bhatia a businessman and a philanthropist.
1960: Born in Sadulpur, Rajasthan India.
1976: He commenced his career with his father's steel business.
1996: Won the Steel Maker of the Year from New Steel.
2003: He established L.N.M. Institute of Information Technology in Jaipur.
2004: Bestowed with the Entrepreneur of the Year and European Businessman of the Year.
2006: He took over Arcelor, one of the largest steel companies.
2007: The Padma Vibhushan was given by the Indian government and the Grand Cross of Civil Merit by the government of Spain.
2008: Forbes Lifetime Achievement Award was granted to him.