Billionaire or

Billions in air?

LAXMI
MITTAL
 THE
JOURNEY
• 1950 - Born in a middle class Family in Rajasthan

• 1970 - Started working as a trainee in Father's steel factory in Kolkata

• 1976 - Estabilished his own steel factory in Indonesia

• 1989 - Took over the State owned steel plant in Trinidad & Tobago

• 2004 - Ranked the 62nd wealthiest person on the Forbes list with a
networth of $6.2 B.

• 2005 - World's 3rd richest man with a networth of $25 B

• 2006 - Merger of Mittal Steels with Arcelor, a luxembourg based Steel

Magnate.
 REASONS FOR
DECLINE
THE ULTRA RICH LIFESTYLE
Owner of 3 lavish mansions worth 350mn in London

Spent a whooping €34Mto host his daughter's wedding

Owns a private jet, a chauffeur-driven €2,00,000

Daimeler Maybach and a couple of yachts

LEGAL BATTLES
Essar steels-The steel firm was put on the block after it's
lenders approached the court to recover about $7 billion
in dues

Acquisition of Essar Steels by Arcelor Mittal, compelled

Laxmi Mittal to shell out extra $1 billion to clear the
dues