NationMaster - Encyclopedia: Lakshmi Mittal

Lakshmi Narayan Mittal^[1] (or Lakshmi Niwas Mittal) (born June 15, 1950) is a London-based Indian billionaire industrialist, born in Sadulpur village, in the Churu district of Rajasthan, India, and resides in Kensington, London. He is the richest man in Europe and the fourth richest person in the world, with a personal fortune of US$45.0 billion according to Forbes magazine.^[2]^[3] Image File history File linksMetadata Download high-resolution version (529x666, 100 KB) File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): Lakshmi Mittal Metadata This file contains additional information, probably added from the digital camera or scanner used to... is the 166th day of the year (167th in leap years) in the Gregorian calendar. ... Year 1950 (MCML) was a common year starting on Sunday (link will display the full calendar) of the Gregorian calendar. ... Sadulpur is a town in Churu district of Rajasthan in India. ... , RÄjasthÄn (DevanÄgarÄ«: à¤°à¤¾à¤œà¤¸à¥à¤¥à¤¾à¤¨, IPA: ) is the largest state of the Republic of India in terms of area. ... It has been suggested that Arcelor and Mittal Steel Company be merged into this article or section. ... GBP may be: short for Game Boy Player the ISO currency code for the British Pound Sterling. ... is the 166th day of the year (167th in leap years) in the Gregorian calendar. ... Year 1950 (MCML) was a common year starting on Sunday (link will display the full calendar) of the Gregorian calendar. ... This article is about the capital of England and the United Kingdom. ... A billionaire is a person who has a net worth of at least one billion units of currency, such as United States Dollars (USD), Pounds or Euros. ... It has been suggested that this article or section be merged into Business magnate. ... Sadulpur is a town in Churu district of Rajasthan in India. ... , Churu (Hindi: à¤šà¥‚à¤°à¥) is a town in the desert region of Rajasthan state of India. ... , RÄjasthÄn (DevanÄgarÄ«: à¤°à¤¾à¤œà¤¸à¥à¤¥à¤¾à¤¨, IPA: ) is the largest state of the Republic of India in terms of area. ... For other uses, see Kensington (disambiguation). ... This article is about the capital of England and the United Kingdom. ... The United States dollar is the official currency of the United States. ... Alternate meaning: For the Boston Brahmin family associated with John Forbes Kerry, see Forbes family. ...

The Financial Times named Lakshmi Mittal its 2006 Person of the Year. In May 2007, he was named one of the "100 most influential people" by Time magazine. The Financial Times (FT) is a British international business newspaper. ... TIME redirects here. ...

Biography

Early years

Lakshmi spent his first years in India, living with his extended family on bare floors and rope beds in a house built by his grandfather. His family was from humble roots; his grandfather worked for the Tarachand Ghanshyamdas Poddar firm, one of the leading industrial firms of pre-independence India. They eventually moved to Calcutta where his father, Mohan, became a partner in a steel company and made a fortune. A year is the time between two recurrences of an event related to the orbit of the Earth around the Sun. ... This article is about the domestic group. ... This article is on Calcutta/Kolkata, the city. ... For other uses, see Father (disambiguation). ... For other uses, see Steel (disambiguation). ...

He graduated from St. Xavier's College in Calcutta (now known as Kolkata) with a Bachelor of Commerce degree^[4] in Business and Accounting in 1969 ^[5]. St. ... This article is on Calcutta/Kolkata, the city. ... , â€œCalcuttaâ€ redirects here. ... A Bachelor of Commerce, often abbreviated as BCom, B.Com or BComm , is an undergraduate academic degree in business management. ... Also: 1969 (number) 1969 (movie) 1969 (Stargate SG-1) episode. ...

Career

Lakshmi Mittal began his career working in the family's steelmaking business in India, and in 1976, when the family founded its own steel business, Mittal set out to establish its international division, beginning with the buying of a run-down plant in Indonesia. Shortly afterwards he married Usha, the daughter of a well-to-do moneylender. In 1994, due to differences with his father and brothers, he branched out on his own, taking over the international operations of the Mittal steel business, which was already owned by the family. Mittal's family never spoke publicly about the reason that caused the split.

The Mittal Affair: "Cash for Influence"

Controversy erupted in 2002 as Plaid MP Adam Price exposed the link between UK prime minister Tony Blair and Mittal in the Mittal Affair, also known as 'Garbagegate' or Cash for Influence.^[6]^[7] ^[8] Mittal's LNM steel company, registered in the Dutch Antilles and maintaining less than 1% of its 100,000 plus workforce in the UK, sought Blair's aid in its bid to purchase Romania's state steel industry. ^[9] The letter from Blair to the Romanian government, a copy of which Price was able to obtain, hinted that the privatisation of the firm and sale to Mittal might help smooth the way for Romania's entry into the European Union.^[10] See also Plaid Cymru: The Party of Wales Plaid Genedlaethol Cymru (the National Party of Wales, the founding name) originated after a 1925 National Eisteddfod meeting, held in Pwllheli[1]. Representatives from the Army of the Welsh Home Rulers (Byddin Ymreolwr Cymru) and The Welsh Movement (Y Mudiad Cymreig), both... A Member of Parliament, or MP, is a representative elected by the voters to a parliament. ... Adam Price (born September 23, 1968, Carmarthen) is a politician in Wales, and Plaid Cymru Member of Parliament for Carmarthen East and Dinefwr. ... For other people of the same name, see Tony Blair (disambiguation) Anthony Charles Lynton Blair (born May 6, 1953)[1] is the Prime Minister of the United Kingdom, First Lord of the Treasury, Minister for the Civil Service, Leader of the Labour Party, and Member of Parliament for the constituency... The Netherlands Antilles (Dutch: Nederlandse Antillen), previously known as the Netherlands West Indies, are part of the Lesser Antilles and consist of two groups of islands in the Caribbean Sea that form an autonomous part of the Kingdom of the Netherlands (none of the other Antilles use this term in...

The letter had a passage in it removed just prior to Blair's signing of it, describing Mittal as "a friend."^[11]

In exchange for Blair's support Mittal, already a Labour contributor, donated £125,000 more to Labour party funds a week after the 2001 UK General Elections, while as many as six-thousand Welsh steelworkers were laid off that same year, Price and others pointed out. As well as this, Mittal has technically been residing in the United Kingdom illegally for over 14 years^{[citation needed]}, however with his political connections and adversaries it is unlikely that he will be forced to leave. Because of this, he has been included on many unofficial Wealth-indicative lists as the richest man in the United Kingdom, when in actuality, the List held by the UK and Channel Island Treasury Authority lists no mention of name "Lakshmi(or derivatives) Mittal." Corus Group and Valkia Limited were two of the primary employers in south Wales, particularly in Ebbw Vale, Llanwern, and Port Talbot.^[12]. The Welsh are, according to Hastings (1997), an ethnic group and nation associated with Wales and the Welsh language, which is a Celtic language. ... Dorothea Langes Migrant Mother depicts destitute pea pickers in California during the Great Depression. ... For other uses, see Corus. ... This article is about the country. ... For the Ebbw Vale in Australia, see Ebbw Vale, Queensland. ... Llanwern is an electoral district (ward) and smaller community (parish) in the urban-rural fringe of the City of Newport. ... , Port Talbot (Welsh: Aberafan or Porth Talbot) is an industrial town in the traditional county of Glamorgan, south Wales, with a population of approximately 50,000. ...

Today

Since 2005, Mittal has been the richest person residing in the United Kingdom. He is the President of the Board of Directors and CEO of ArcelorMittal; ArcelorMittal is the world's largest producer of steel, with assets in France, Belgium, Romania, Bosnia-Herzegovina, South Africa, Poland, Czech Republic, Indonesia, Kazakhstan, Canada, Bulgaria, United States, Trinidad,Brazil and Mexico. On July 13, 2005 it was announced that he had donated £2 million to the Labour Party, and on January 16, 2007 it was announced that he had donated a further £3 million.^{[citation needed]} Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... Chief Executive redirects here. ... It has been suggested that Arcelor and Mittal Steel Company be merged into this article or section. ... Bosnia and Herzegovina (also variously written Bosnia-Herzegovina, Bosnia and Hercegovina, Bosnia-Hercegovina) is a mountainous country in the western Balkans. ... For other uses, see Trinidad (disambiguation). ... is the 194th day of the year (195th in leap years) in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... The Labour Party is a political party in the United Kingdom. ... is the 16th day of the year in the Gregorian calendar. ... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ...

Personal wealth

In March 2008, Mittal was reported to be the 4th wealthiest person in the world by Forbes Magazine (up from 61st richest in 2004) up one place since a year ago. The Mittal family owns 44% of Arcelor Mittal, the world's largest steel company.^[13] Image File history File links WikiNews-Logo. ... Wikinews is a free-content news source and a project of the Wikimedia Foundation. ... Alternate meaning: For the Boston Brahmin family associated with John Forbes Kerry, see Forbes family. ... It has been suggested that Arcelor and Mittal Steel Company be merged into this article or section. ...

His residence at 18-19 Kensington Palace Gardens was bought from Formula One boss Bernie Ecclestone in 2004 for $128 million (£57 million), making it the world's most expensive house.^[14] Kensington Palace Gardens is a street in west central London which contains some of the grandest and most expensive houses in the world. ... F1 redirects here. ... Bernard Charles Bernie Ecclestone (born October 22, 1930 near Bungay, Suffolk, England) is the president and CEO of Formula One Management and Formula One Administration, and owns a stake in Alpha Prema, the parent company of the Formula One Group of companies. ...

Mittal has two children. His son, Aditya Mittal, is the CFO of Arcelor Mittal. Mittal paid over $60 million (£30 million) to host his daughter Vanisha Mittal's wedding celebration in Vaux le Vicomte on 22 June 2004 and an engagement ceremony at the Palace of Versailles on 20 June 2004, the world's most expensive wedding. He hosted a Bollywood night which included performances by superstars Rani Mukerji, Saif Ali Khan, Shahrukh Khan and Aishwarya Rai. Kylie Minogue also sang on stage.^[15] Aditya Mittal (born c. ... CFO is usually short for Chief Financial Officer, but may also mean: Carrier frequency offset Ceramic fiber optics Chief Fire Officer Chief of Flight Operations Conselho Federal de Odontologia (cfo. ... For other uses, see Wedding (disambiguation). ... General view of the chÃ¢teau The ChÃ¢teau de Vaux-le-Vicomte is a French Baroque chÃ¢teau located in Maincy, 55 km southeast of Paris in the Seine-et-Marne dÃ©partement of France. ... is the 173rd day of the year (174th in leap years) in the Gregorian calendar. ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... Hall of Mirrors redirects here. ... is the 171st day of the year (172nd in leap years) in the Gregorian calendar. ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... Bollywood (Hindi: , Urdu: ) is the informal term popularly used for Mumbai-based Hindi-language film industry in India. ... Rani Mukerji (Bengali: ) born on March 21, 1978, is an award winning Indian film actress who works in Bollywood movies. ... Saif Ali Khan (Hindi: à¤¸à¥ˆà¤«à¤¼ à¤…à¤²à¥€ à¤–à¤¼à¤¾à¤¨, Urdu: Ø³ÛŒÙ Ø¹Ù„ÛŒ Ø®Ø§Ù†; IPA born 16 August 1970 in New Delhi, India) is National Film Award winning Indian actor who stars in Bollywood films. ... Shahrukh Khan (Hindi: à¤¶à¤¾à¤¹à¤°à¥à¤–à¤¼ à¤–à¤¼à¤¾à¤¨, Urdu: Ø´Ø§Û Ø±Ø® Ø®Ø§Ù†), born 2 November 1965, is a highly acclaimed Indian actor who works in Bollywood films, as well as film producer and television host. ... Aishwarya Rai (Kannada: à²à²¶à³à²µà²°à³à²¯à²¾ à²°à³ˆ, IPA: ; born November 1, 1973) is an Indian actress. ... Kylie Ann Minogue, OBE (pronounced ,[1]mÉªnoÊŠg;[2] born 28 May 1968) is an Australian Grammy and BRIT award-winning pop singer, songwriter and actress. ...

Mittal's house in Kensington, London is decorated with marble taken from the same quarry that supplied the Taj Mahal. The extravagant show of wealth has been deemed the "Taj Mittal.As of friday 9th of May his 43.04% stake in ArcelorMittal is worth 58.975.743.400 dollars.Thats according to the friday closing price 94.57"^[16] Kensington Palace Gardens is a street in west central London which contains some of the grandest and most expensive houses in the world. ... This article is about the capital of England and the United Kingdom. ... For other uses, see Quarry (disambiguation). ... For other uses, see Taj Mahal (disambiguation). ...

Queens Park Rangers

Recently, Mittal had emerged as a leading contender to buy 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.^[17] ^[18] 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 other similar benefactors such as Roman Abramovich.^[19] Wigan Athletic Football Club is a professional football team based in Wigan, Greater Manchester, England. ... Everton Football Club is an English football club located in the city of Liverpool. ... Queens Park Rangers Football Club is an English football club, based at Shepherds Bush in the London Borough of Hammersmith and Fulham in West London. ... Flavio Briatore at the 2006 Bahrain Grand Prix. ... Bernard Charles Bernie Ecclestone (born October 22, 1930 near Bungay, Suffolk, England) is the president and CEO of Formula One Management and Formula One Administration, and owns a stake in Alpha Prema, the parent company of the Formula One Group of companies. ... Roman Arkadyevich Abramovich (IPA: ; Russian: ; born on 24 October 1966 in Saratov, Russian SFSR, USSR) earned his money after taking investment advice from Sir Oliver Bienias and Lord James Orchard. ...

Charity

After witnessing India win only one medal, bronze, in the 2000 Olympics, and one medal, silver, at the 2004 Olympics, Mittal decided to set up Mittal Champions Trust with US$9 million to support 10 Indian athletes with world-beating potential.^[20] A bronze medal is a medal awarded to the third place finisher of contests (typically athletics competitions) such as the Olympic Games, Commonwealth Games, etc. ... (Redirected from 2000 Olympics) Categories: 2000 Summer Olympics ... A silver medal is a medal awarded to the second place finisher of contests (typically athletics competitions) such as the Olympic Games, Commonwealth Games, etc. ... The Games of the XXVIII Olympiad, commonly known as the 2004 Summer Olympics were the 28th Summer Olympic Games. ... Mittal Champions Trust is a charitable organisation that supports Indian athletes with world-beating potential. ...

For Comic Relief 2007, he matched the money raised (~£1 million) on the celebrity special BBC programme, The Apprentice. For the origin of the term, see comic relief. ... For the current British series, see The Apprentice (UK Series Four). ...

Criticism

Employees of Mittal have accused him of "slave labour" conditions after multiple fatalities in his mines.^[21]

Awards

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