Lakshmi Mittal
Lakshmi Niwas Mittal (Hindi: [ˈləkʃmi nɪˈʋaːs ˈmɪtːəl] (listen); born 15 June 1950) is an Indian steel magnate,[7] based in the United Kingdom. He is the chairman and CEO of ArcelorMittal, the world's largest steelmaking company. Mittal owns 38% of ArcelorMittal and holds an 11% stake in Queens Park Rangers F.C..In 2005, Forbes ranked Mittal as the third-richest person in the world, making him the first Indian citizen to be ranked in the top ten in the publication's annual list of the world's richest people.[8][9] In 2007, Mittal was considered to be the richest Asian person in Europe.[10][11] He was ranked the sixth-richest person in the world by Forbes in 2011, but dropped to 82nd place in March 2015.[12] He is also the "57th-most powerful person" of the 72 individuals named in Forbes' "Most Powerful People" list for 2015.[13] His daughter Vanisha Mittal's wedding was the second-most expensive in recorded history.[14]
Mittal has been a member of the board of directors of Goldman Sachs since 2008.[15] He sits on the World Steel Association's executive committee,[16] and is a member of the Global CEO Council of the Chinese People's Association for Friendship with Foreign Countries,[16] the Foreign Investment Council in Kazakhstan,[16] the World Economic Forum's International Business Council,[16] and the European Round Table of Industrialists.[16] He is also a member of the board of trustees of the Cleveland Clinic.[16]
In 2005 The Sunday Times named him "Business Person of 2006", the Financial Times named him "Person of the Year", and Time magazine named him "International Newsmaker of the Year 2006".[16] In 2007, Time magazine included him in their "Time 100" list.[17]
In 2019, Forbes named him in the list of India's Richest 2019.[18]
Early life and career
Mittal was born in a Baniya Family. He studied at Shri Daulatram Nopany Vidyalaya, Calcutta from 1957 to 1964. He graduated from St. Xavier's College, affiliated to the University of Calcutta, with a B.Com degree in the first class. His father, Mohanlal Mittal, ran a steel business, Nippon Denro Ispat.[19]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.[20][21] 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.[22]
Social work
Sports
After witnessing India win only one medal, bronze, in the 2000 Summer Olympics, and one medal, silver, at the 2004 Summer Olympics, Mittal decided to set up the Mittal Champions Trust with $9 million to support ten Indian athletes with world-beating potential.[23] In 2008, Mittal awarded Abhinav Bindra with Rs. 1.5 Crore (Rs. 15 million), for getting India its first individual Olympic gold medal in shooting. ArcelorMittal also provided steel for the construction of the ArcelorMittal Orbit for the 2012 Summer Olympics.[24]For Comic Relief he matched the money raised (~£1 million) on the celebrity special BBC programme, The Apprentice.[citation needed]
Education
In 2003, the Lakshmi Niwas Mittal and Usha Mittal Foundation and the Government of Rajasthan partnered together to establish a university, the LNM Institute of Information Technology (LNMIIT) in Jaipur as an autonomous non-profit organisation.[citation needed][25]In 2009, the Foundation along with Bharatiya Vidya Bhavan founded the Usha Lakshmi Mittal Institute of Management in New Delhi.[citation needed]
SNDT Women's University renamed the Institute of Technology for Women (ITW) as Usha Mittal Institute of Technology after a large donation from the Lakshmi Niwas Mittal Foundation.[citation needed]
He completed his Primary and Secondary school from Nopany High formerly known as Shri Daulatram Nopany Vidyalaya.
Medical
In 2008 the Mittals made a donation of £15 million to Great Ormond Street Hospital in London, the largest private contribution the hospital had ever received. The donation was used to help fund their new facility, the Mittal Children's Medical Centre.[26]COVID-19 pandemic
He made a donation of ₹100 crores to PM cares fund during the COVID-19 pandemic in India in 2020.[27]Criticism and allegations
PHS
Mittal successfully employed Marek Dochnal's consultancy to influence Polish officials in the privatisation of PHS steel group, which was Poland's largest. Dochnal was later arrested for bribing Polish officials on behalf of Russian agents in a separate affair.[28]In 2007, the Polish government said it wanted to renegotiate the 2004 sale to ArcelorMittal.[29]
Slave-labour allegations and questionable safety records
Employees of Mittal have accused him of allowing "slave labour" conditions after multiple fatalities in his mines.[30] During December 2004, twenty-three miners died in explosions in his mines in Kazakhstan caused by faulty gas detectors.The Mittal Affair: "Cash for Influence"
In 2002 Plaid Cymru MP Adam Price obtained a letter written by Tony Blair to the Romanian Government in support of Mittal's LNM steel company, which was in the process of bidding to buy Romania's state-owned steel industry.[31][32][33] This revelation caused controversy, because Mittal had given £125,000 to the British Labour Party the previous year. Although Blair defended his letter as simply "celebrating the success" of a British company, he was criticised because LNM was registered in the Dutch Antilles and employed less than 1% of its workforce in the UK.[33] LNM was a "major global competitor of Britain's own struggling steel industry".[34]Blair's letter hinted that the privatisation of the firm and sale to Mittal might help smooth the way for Romania's entry into the European Union.[31] It also had a passage, removed just prior to Blair's signing of it, describing Mittal as "a friend".[33]
Queens Park Rangers
Mittal had emerged as a leading contender to buy and sell Barclays Premiership clubs Wigan and Everton. However, on 20 December 2007 it was announced that the Mittal family had purchased a 20 per cent shareholding in Queens Park Rangers football club joining Flavio Briatore and Mittal's friend Bernie Ecclestone.[35] As part of the investment Mittal's son-in-law, Amit Bhatia, took a place on the board of directors. The combined investment in the struggling club sparked suggestions that Mittal might be looking to join the growing ranks of wealthy individuals investing heavily in English football and emulating similar benefactors such as Roman Abramovich.[36]On 19 February 2010, Briatore resigned as QPR chairman, and sold further shares in the club to Ecclestone, making Ecclestone the single largest shareholder.[37]
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