Early Life and Career:
- 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.