Born in 1950, Lakshmi Mittal studied at Shri Daulatram Nopany Vidyalaya in Calcutta and graduated from St. Xavier’s College, affiliated with the University of Calcutta, with a B.Com degree.
In 1976, facing government restrictions on steel production in India, the 26-year-old Mittal opened his first steel factory, PT Ispat Indo, Indonesia.
He successfully purchased the state-owned steelworks in Trinidad and Tobago in 1989.
The Mittal family’s main assets in India, including a cold-rolling mill and an alloy steels plant, are now run by Lakshmi’s younger brothers Pramod Mittal and Vinod Mittal.
In 1995, Mittal purchased the Irish Steel plant in Cork, Ireland, for a nominal fee, but it was closed in 2001, leading to environmental criticisms.
Mittal acquired assets in Mexico and Kazakhstan, renaming them Ispat Mexicana and Ispat Karmet, respectively.
In 2006–07, he succeeded in a hostile takeover bid for Arcelor, renaming it ArcelorMittal.
Controversies:
In 2002, a controversy, known as “Cash for Influence” or “The Mittal Affair,” arose when a letter from Tony Blair in support of Mittal’s bid for Romania’s state-owned industry was revealed. Mittal had donated £125,000 to the British Labour Party the previous year, raising questions about political influence.
Social Work:
Mittal established the Mittal Champions Trust in 2005 with $9 million to support ten Indian athletes with world-beating potential.
He awarded shooter Abhinav Bindra Rs. 1.5 Crore for winning India’s first individual Olympic gold medal in 2008.
Mittal made significant contributions to various educational institutions, including the LNM Institute of Information Technology in Jaipur.
Sports and Investments:
Mittal holds a 3% stake in the EFL Championship side Queens Park Rangers.
He purchased a 20% shareholding in Queens Park Rangers football club in 2007, with his son-in-law, Amit Bhatia, taking a place on the board of directors.
Philanthropy:
In 2008, the Mittals donated £15 million to Great Ormond Street Hospital in London, the largest private contribution the hospital had ever received. The donation funded the Mittal Children’s Medical Centre.
Personal Life:
Lakshmi Mittal is married to Usha Dalmia, and they have a son, Aditya Mittal, and a daughter, Vanisha Mittal.
His residence at 18–19 Kensington Palace Gardens in London, purchased for £67 million in 2004, was once the world’s most expensive house.
The Mittal family is known for its extravagant lifestyle, symbolized by the luxurious “Taj Mittal” residence.
Lakshmi Mittal is a lacto-vegetarian.
Personal Wealth:
Mittal’s personal net worth fluctuated over the years, peaking in 2008 when he was ranked as the fourth-wealthiest individual globally with £27.70 billion.
As of 2022, Forbes ranked him as the 15th richest man in India with a net worth of US$17.8 billion.
