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Lakshmi Mittal
Born
September
Nationality
Indian
Ethnicity
Marwari Agarwal
Alma mater
Occupation
Chairman
ArcelorMittal
&
CEO
of
Owner
of
Karrick
Limited[2]
Co-owner
of
Acquiring and turning around sick steelmills, King of Steel,[3] Steel tycoon
Net worth
Board
member of
Religion
Hinduism
Spouse(s)
Usha Mittal
Children
Vanisha
Mittal
Aditya Mittal
Awards
Mittal has been a member of the board of directors of Goldman Sachs since 2008,
[11]
and is also member of the board of directors of the European Aeronautic Defence
and Space Company.[12] He sits on the World Steel Association's executive committee,
[13]
and is a member of the Indian Prime Ministers Global Advisory Council, [13] the
Foreign Investment Council in Kazakhstan,[13] the World Economic Forums
International Business Council,[13] and the Presidential International Advisory Board
of Mozambique.[13] He also sits on the advisory board of Northwestern
University'sKellogg School of Management in the United States[13] and is a member of
the board of trustees of the Cleveland Clinic.[13]
In 2006 The Sunday Time named him "Business Person of 2006", the Financial
Time named him "Person of the Year", and Time magazine named him "International
Newsmaker of the Year 2006".[13] In 2007, Time magazine included him in their "100
most influential persons in the world".[14]
Contents
[hide]
1 Early life and career
2 Philanthropy
o 2.1 Sports
o 2.2 Education
o 2.3 Medical
3 Criticism and allegations
o 3.1 PHS
o 3.2 Slave-labour allegations and questionable safety records
o 3.3 The Mittal Affair: "Cash for Influence"
o 3.4 Queens Park Rangers
o 3.5 Environmental damage
4 Personal life
5 Awards and honours
6 Bibliography
7 See also
8 References
9 External links
Philanthropy[edit]
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 Mittal
Champions Trust with $9 million to support 10 Indian athletes with world-beating
potential.[19] 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. Arcelor
Mittal Also financed the construction of ArcelorMittal Orbit for 2012 Summer
Olympics.
For Comic Relief 2008 ', he matched the money raised (~1 million) on the celebrity
special BBC programme, The Apprentice.
Education[edit]
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 Jaipuras an autonomous non-profit
organization.
In 2009, the Foundation along with Bharatiya Vidya Bhavan founded the Usha
Lakshmi Mittal Institute of Management in New Delhi.
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.
Medical[edit]
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.
In 2007, the Polish government said it wanted to renegotiate the 2004 sale to Arcelor
Mittal.[21]
Slave-labour allegations and questionable safety records[edit]
Employees of Mittal have accused him of "slave labour" conditions after multiple
fatalities in his mines.[22] 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"[edit]
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.[23][24][25] 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. [26] LNM was a "major
global competitor of Britain's own struggling steel industry". [27]
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.[23] It also had a passage,
removed just prior to Blair's signing of it, describing Mittal as "a friend". [26]
Queens Park Rangers[edit]
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 percent shareholding in Queens
Park Rangers football club joining Flavio Briatore and Mittal's friend Bernie
Ecclestone.[28] 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.[29]
On 19 February 2010, Briatore resigned as QPR chairman, and sold further shares in
the club to Ecclestone, making Ecclestone the single largest shareholder.[30]
Environmental damage[edit]
Mittal purchased the Irish Steel plant based in Cork, Ireland, from the government for
a nominal fee of 1 million. Three years later, in 2001, it was closed, leaving 400
people redundant. Subsequent environmental issues at the site have been a cause for
criticism. The government tried to sue in the High Court to have him pay for the
clean-up of Cork Harbour but failed. The clean up was expected to cost 70 million.[31]
Personal life[edit]
Mittal bought No. 9A Palace Greens, Kensington Gardens, formerly the Philippines
Embassy, for 70 million in 2008 for his daughter Vanisha Mittal who is married
to Amit Bhatia, a businessman andphilanthropist. Being a vegetarian, Mittal threw a
lavish "vegetarian reception" for Vanisha in the Palace of Versailles, France.[36]
Mittal owns three prime properties collectively worth 500 million on "Billionaire's
Row" at Kensington Palace Gardens.[37]
In 2005 he also bought a colonial bungalow for $30 million at No. 22, Aurangzeb
Road, New Delhi the most exclusive street in India, occupied by embassies and
millionaires, and rebuilt it as a house. [38]
In December 2013, Lakshmi Mittal's niece got married in a three day celebration that
it is reported brought Barcelona to a standstill and cost up to 50m. An army of 200
butlers, cooks and secretaries were reportedly flown into Spain from India and
Thailand while the 500 guests were made to sign confidentiality agreements. [39]
Bibliography[edit]
Tim Bouquet and Byron Ousey - Cold Steel (Little, Brown, 2008).
Yogesh Chabria - Invet The Happionaire Way (CNBC - Network18, 2008).
Navalpreet Rangi-Documentary Film (The Man With A Mission, 2010).
See also[edit]
ArcelorMittal Orbit
ArcelorMittal
References[edit]
1.
2.
3.
4.
5.
6.
7.
^ "LN Mittal, Ratan Tata, Narayana Murthy get Padma Vibhushan". The Time Of India. 26
January 2008. Retrieved 26 January 2008.
^ Mittal richest in Europe and UK; fifth in the world
^ UK POLITICS | Tory pressure over Mittal row. BBC News (2002-02-12). Retrieved on
2013-07-14.
8.
^ http://www.forbes.com/profile/lakshmi-mittal/
9.
10.
11.
12.
13.
14.
15.
His
Personal
16.
^ http://www.thejakartapost.com/news/2006/04/03/nur-saidah-surabaya039s-steel-womantough-industry.html
17.
^ http://books.google.co.id/books/about/Kisah_sukses_Lakshmi_Mittal_dari_Surabay.html?
id=IkHN4Sw8yoEC&redir_esc=y
18.
19.
^ DNA - Sport - Mittals Olympic dream is worth Rs 40 crore - Daily News & Analysis
20.
^ How tycoon went from polo lawns to Polish jail The Times 27 November 2004
21.
Life".
22.
23.
^ a b Plaid reveals Labour steel cash link Monday, 11 February 2002, extracted 11-01-07
24.
^ Lakshmi Mittal, steel mill millionaire Thursday, 14 February 2002, extracted 11-01-07
25.
26.
27.
^ Steel firm condemns 'Mittal aid' , 18 February 2002, 14:47 GMT extracted 11-01-07
28.
^ "QPR secure huge investment boost". BBC (London). 20 December 2007. Retrieved 20
December 2007.
29.
^ Lakshmi Mittal pushes QPR up the rich list by Kevin Garside, Daily Telegraph, 21
December 2007
30.
31.
^ O'Connor, Lisa (8 August 2004). "STEEL PLANT MESS BILL HAS DOUBLED | Sunday
Mirror Newspaper | Find Articles at BNET". Findarticles.com. Retrieved 7 September 2010.
32.
33.
^ http://www.telegraph.co.uk/comment/personal-view/3636555/Profile-Lakshmi-Mittal.html
34.
35.
36.
^ a b "On billionaire row, it's simple, veggie fare". Time of India. 28 September 2008.
Retrieved 31 May 2012.
37.
38.
^ "Lakshmi Mittal builds real Utopia". The Time Of India. 18 August 2005.
39.
^ http://www.thesundaytimes.co.uk/sto/news/uk_news/People/article1352890.ece
40.
^ "Mittal chosen for 2007 Eisenhower Award". The Time Of India. 28 February 2006.
41.
^ "BCIU Gala".
External links[edit]
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