Lakshmi Niwas Mittal is a reputed Indian businessman and steel magnate, often dubbed as the “King of Steel” or “Iron Man of Calcutta”. Mittal is based in the United Kingdom where he serves in the capacity of CEO and Chairman of the Luxemburg based steel-manufacturing corporation, ArcelorMittal of which he owns a 38% stake. He also holds an 11% stake in the London based football club Queens Park Rangers F.C. Mittal is also known for his philanthropic endeavors and is currently regarded as the world’s 56th richest person and is the 6th richest person in India.
Mittal was ranked by Forbes as the world’s third richest person in 2005 and was named as the “Business person of the year”, “Person of the Year” and “International newsmaker of the year” in 2006 by The Sunday Times, The financial Times and Time Magazine respectively. He featured in Time magazine’s list of 100 most influential people in the world in 2007 and was ranked as 57th-most powerful in Forbes’ list of Most Powerful People in 2017.
Early Life and Education
Mittal was born on 15 June 1950 in Sadulpur, Rajasthan, India as the son of homemaker Geeta Mittal and steel business owner Mohanlal Mittal. He was raised as a Hindu in a Marwari Aggarwal caste family in the Indian city of Calcutta, (now Kolkatta) along with his siblings. Mittal has three younger siblings; brothers Pramod and Vinod Mittal, who are also in the steel business and a sister named Seema Lohia.
From 1957-1964, Mittal attended and completed his matriculation from Shri Daulatram Nopany Vidyalaya in Calcutta. He later enrolled in St. Xavier’s College, Calcutta, affiliated to University of Calcutta from where he earned a Bachelor’s Degree in Commerce in first Class. Mittal started his own business at the age of 26.
Career Rise
Mittal father owned a steel business called Nippon Denro Ispat and he followed in his father’s footsteps. After the Indian government put a ban on steel production, Mittal moved to Indonesia where he started his own steel business, at the age of 26 by launching his first steel producing called PT Ispat Indo, in Sidoarjo city, East Java. Mittal built his empire by buying out several steel companies that were running losses and turned them into huge successes which include the loss-making Trinidad and Tobago based government owned steel firm in 1989, Mexico’s third largest producer of steel, Sircasta in 1992, Kazakhstan’s Steel Blast furnace plant. He also acquired steel plants in Germany in 1995 and formed two new companies named Ispat Shipping and Ispat international Ltd.
Mittal formed ‘Mittal Steel’ in 2004 by merging Ispat International with LNM holdings and Ohio, USA’s International Steel Group Inc., to become the largest steel producer in the world and extended its empire to 14 countries world-wide. The company took over the European Steel giant Arselor and renamed it ArcelorMittal.
Additionally, Mittal has been on the board of Directors for EADS since 2007 and Goldman Sachs since 2008. He is a member of the executive committee of World Steel Association. He was awarded the Padma Vibhushan, the second highest civilian award in India and the Forbes Lifetime Achievement Award in 2008.
Personal Life
Mittal is married to Usha Mittal for many years now and the couple have two children together. Mittal is father to his son Aditya Mittal and daughter Vanisha Mittal. His daughter Vanisha Mittal’s wedding to British-Indian businessman Amit Bhatia in 2004, is regarded as the second most expensive wedding in the world’s recorded history.
Mittal is also known for his philanthropy and has donated huge sums of money to several causes including Sports, Education and Medical care in India and UK alike. Mittal is a lacto-vegetarian.
Houses
Mittal resides at 18-19 Kensington Palace Gardens in West Central London, England, United Kingdom. He purchased the home from Formula One business magnate Bernie Ecclestone for £67 million or US$128 million in 2004, which was, at the time considered the most expensive house in the world. The house boasts of an extravagant show of wealth and is decorated with marble that is supposedly unearthed from the same quarry which supplied marbles for the building of Taj Mahal in Agra, India. As such, the house is often referred to as “Taj Mittal” and has 12 bedrooms, Turkish baths, an indoor pool and a parking space for 20 cars.
Mittal is the owner of three prime properties worth £500 million collectively at Kensington Palace Gardens’ “Billionaire’s Row”. He gifted 9A Palace Greens in the same area, worth £70 million to his daughter on her wedding. He also owns a $30 million colonial Bungalow in New Delhi’s posh Dr APJ Abdul Kalam Road which is an exclusive street, home to embassies and billionaires. He also owns holiday homes in Scotland and Switzerland.
Cars
Mittal has a fleet of almost 20 cars but is partial to three cars specifically which are his Porsche Boxster coupe, a Mercedes Benz C-Class and a BMW. He also owns an ultra-luxurious Recreational Vehicle or Vanity Van, which includes a master suite, a bedroom, a huge living area and lot of entertainment options.
Yacht and Jet
He also owns 267.47 feet luxury yacht, Amevi and a Gulfstream 550 private jet.
Amevi is a 26.47 feet luxury yacht that cost him $150 million in 2007. It is the 34th biggest yacht in the world, 262.47 square feet long. The yacht can move at a maximum speed of 34.3 kilometers per hour or 18.5 knots; the cruising speed is 26 kilometers per hour or 14 knots. The yacht has eight VIP rooms; all the other rooms also include luxury bathrooms and jacuzzi. The yacht also has two outdoors bars.
Laxmi Mittal – Net Worth
As of 2017, Mittal has an estimated net worth of approximately $16.4 Billion.