Indian Tycoon Lakshmi Mittal – First Indian to Feature in Forbes Richest List

Lakshmi Mittal is one of the most renowned and successful Indian businessmen and is also known as the Steel Baron of India for his immense contribution to the steel industry. Lakshmi is the first Indian businessmen to feature in Forbes Top Ten Rich List.
By Swati Chandra - Jul 15 2021 11:17AM - 3793 Read
Lakshmi Mittal - The Man behind Global Steel & Mining Revolution

Lakshmi Mittal is one of the most renowned and successful Indian businessmen. He is also known as the Steel Baron of India for his immense contribution to the steel industry. Lakshmi is also one of the first Indian businessmen named in the top ten in the Forbes List. His daughter’s (Vanisha Mittal) wedding is the second most expensive wedding in history. This extravagant wedding cost more than $66 million where various International stars also got invited.

Lakshmi Mittal – Statistics

  • Full Name - Lakshmi Niwas Mittal
  • Date of Birth - 15 June 1950 (71 years)
  • Place of Birth - Sadulpur, Rajasthan, India
  • Nationality - Indian
  • Zodiac Sign - Gemini
  • Alma Mater - The University of Calcutta (B.Com.)
  • Profession - CEO of Arcelor Mittal, Owner of Karrick Ltd., Co-owner of Queens Park Rangers F.C.
  • Net Worth - the US$18.1 billion
  • Marital Status - Married
  • Spouse - Usha Mittal
  • Board Member - Goldman Sachs

Lakshmi Mittal - Early Life

Lakshmi was born in a Marwadi family to Mohanlal Mittal. He completed his schooling at Shri Daulatram Nopany Vidyalaya, Calcutta and later on completed his graduation from St. Xavier’s College and the University of Calcutta. His father had a steel businessman, Nippon DenroIspat. Mittal opened his first factory of steel in 1976 when he was just 26 years old.

Fun Fact: Lakshmi bought two steelworks in Tobago and Trinidad, which were at an enormous loss. Mittal turned them into profits just in a year.

Lakshmi Mittal - Family and Personal Life

Lakshmi has two brothers Vinod Mittal and Pramod Mittal and, a sister Seema Lohia. He married Usha Mittal and, the couple has two children. His son Aditya Mittal and daughter Vanisha Mittal both are business personalities.

Mittal’s residence at Kensington Palace garden got purchased from Bernie Ecclestone for US$128 million in 2004. It was the most expensive house at that time and, it got referred to as the “Taj Mittal”. The mansion got made of the same marble that got used in the making of the Taj Mahal.

Amazing Fact : Mittal’s house has 12 bedrooms, Turkish baths, parking for 20 cars, an indoor pool, and various other luxuries.

Lakshmi Mittal – Career

  • After graduation, he worked as a trainee in the mill during 1970.
  • He opened a steel mill in Indonesia in 1976 and spent almost a decade learning to run it efficiently.
  • He started buying failing companies in various countries and used his winning management skills to bring those companies in profit.
  • His company controlled almost 40% of the steel industry used for car manufacturing in the American market.
  • In 2004, he merged his companies LNM Holdings and Ispat International.
  • He acquired Ohio-based International Steel Group and named it Mittal Steel Co. (the world’s largest steelmaker).
  • In 2006, his company joined with Arcelor and named it Arcelor Mittal.

Lakshmi Mittal – Philanthropy and Social Work

  • Social Work in Sports Mittal set up a Mittal Champions Trust to support the top ten athletes in India for $9 million. He also awarded Abhinav Bindra with INR 1.5 Crores after winning the gold medal in the Olympics. His company, Arcelor Mittal, provided steel for the Arcelor Mittal Orbit’s construction during the 2012 Summer Olympics. Fun Fact: Lakshmi’s family also purchased 20% shareholding in a football club (Queens Park Rangers Football Club).
  • Social Work in Education: LNMIT Jaipur In 2003, Lakshmi Mittal opened a university (LNM Insitute of Information and Technology) in Jaipur, in partnership with the Government of Rajasthan and Usha Mittal Foundation. It is a non-profit organization that provides higher education to thousands of students. They also founded Usha Lakshmi Mittal Institute of Management in New Delhi along with Bhartiya Vidya Bhavan.
    Mittal has also donated a surplus amount of money to the SNDT Women’s University. Due to his large donation, the institute got renamed Usha Mittal Institute of Technology.
  • Social Work in Medical: Donated 1300 Million In 2008, Mittal made the largest ever private donation to a hospital. He contributed around INR 1300 Million to Great Ormond Street Hospital to fund the new facility, Mittal Children’s Medical Care.
  • COVID-19 Pandemic Mittal was one of the main contributors during the COVID-19 pandemic in 2020. He donated INR 100 crores to the PM Cares fund to the Government of India.

Lakshmi Mittal - Awards and Achievements

  • Padma Vibhushan Award - Government of India, 2008
  • Forbes Lifetime Achievement Award - Forbes, 2008
  • Fellowship - King’s College London, 2007
  • Bessemer Gold Medal - IOM3, 2007
  • European Businessman of the Year - Forbes, 2004
  • Entrepreneur of the Year - The Wall Street Journal, 2004
  • 8th Honorary Willy Korf Steel Vision Award - American Metal Market and World Steel Dynamics, 2004
  • Steel Maker of the Year - New Steel, 1996

Lakshmi Mittal - Personal Wealth - $18Billion

According to a recent report, Lakshmi Mittal and his family’s estimated net worth is more than $18 billion. His net worth has decreased from the previous few years due to various factors. His net worth peaked when he was the third richest person in 2003.

Mittal bought a bungalow at APJ Abdul Kalam Road in New Delhi for $30 million in 2005. He also has a mansion at Palace Greens Kensington Gardens. He bought this house in 2008 for $100 million for his daughter. Lakshmi threw an extravagant vegetarian reception party for the couple in the Palace of Versailles, France.

Lakshmi Mittal - In Forbes List

Lakshmi Mittal is the first Indian to be ranked on the Forbes List. In 2005, he got ranked the third richest man making him the first Indian person to be ranked in the top ten. In 2011, he got ranked sixth richest person by the same publication. But he dropped to 82nd place in 2015 and, now he is ranked at 192nd in 2021.

Note: Mittal is also the 57th most powerful person on the globe, named by Forbes.

Lakshmi Mittal - The Steel King of India

Lakshmi Mittal is the son of India who has made its country in every which way. His contribution to the steel industry is incomparable and, he made a significant impact in this industry. Mittal’s brilliance and hard work showed that nothing is impossible. If you are dedicated, then you can achieve whatever you want. He is a genius businessman whose contribution is unforgettable.

Swati Chandra
Swati Chandra

I am an English Honours graduate from Delhi University and writing is my passion. I like writing sweet, fun, action-packed mysteries. My characters are clever and fearless, but in real life, I am afraid of basements, bees, and going upstairs when it is dark behind. I have 2+ years of experience in this field and have worked with several websites as an intern.

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