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NRI, Lakshmi Mittal



Mr. Lakshmi N. Mittal is the Chairman and CEO of Mittal Steel Company. He founded the company (formerly the LNM Group) in 1976 and has been responsible for the strategic direction and development of its businesses. Mittal Steel is the only truly global steel producer in the world with operations on 14 countries, spanning 4 continents. Mr. Mittal’s ability to guide the company in its identification, acquisition and turnaround of steel assets has led to its emergence as one of the world’s fastest growing steel producers. Mr. Mittal began his career working in the family’s steelmaking business in India, and has over 30 years of experience working in steel and related industries. Over the years, Mr. Mittal has also championed the development of integrated mini-mills and the use of Direct Reduced Iron or “DRI” as a scrap substitute for steelmaking and led the consolidation process of the global steel industry. Other related activities of Mittal Steel include shipping, power generation and distribution, and mining.

Following the transaction combining Ispat International and LNM Holdings to form Mittal Steel in December 2004, together with the simultaneous announcement of the acquisition of International Steel Group in the US to form the world’s largest steel producer, Mr. Mittal was awarded Fortune magazines “European Businessman of the Year 2004”. Previously, he was awarded “Steelmaker of the Year” in 1996 by New Steel in the USA, and the “Willy Korf Steel Vision Award” in June 1998, for outstanding vision, entrepreneurship, leadership and success in global steel development from American Metal Market and PaineWeber’s World Steel Dynamics.

Mr. Mittal is an active philanthropist and a member of various trusts. Mittal Steel is a significant contributor to local community and welfare activities for employees in countries where the Group operates. Mr. Mittal is a member of the Foreign Investment Council in Kazakhstan, the International Investment Council in South Africa, the World Economic Forum’s International Business Council and the International Iron and Steel Institute’s Executive Committee. He is a Director of ICICI Bank Limited and is on the Advisory Board of the Kellogg School of Management in the U.S.. He was born in Sadulpur in Rajasthan, India on June 15, 1950, and graduated from St. Xavier’s College in Calcutta where he received a Bachelor of Commerce degree. He is married to Usha Mittal, and has a son, Aditya Mittal and a daughter, Vanisha Mittal.

Lakshmi Mittal richest in Britain- wealth 14.8 billion pounds

LONDON, April 3 (UPI) -- U.K, NRI, steel magnate Lakshmi Mittal with a wealth of 14.8 billion pounds, making him the Britain's richest man, according to the Rich List of the Sunday Times.

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The London-based businessman's personal fortune is estimated at $26 billion from his 88 percent stake in the newly enlarged Mittal Steel, the Scotsman reported.

Last February, Mittal received a $260 million dividend from shareholdings in the steel group controlled by his family.

Mittal, who was born in a village in India with no electricity, bought what what is believed to be the world's most expensive house -- a 12-bedroom, $131 million property in Kensington Palace Gardens in London.

Last month, Forbes magazine estimated Mittal was the third richest man in the world, after Microsoft's Bill Gates and investment manager Warren Buffet.

There are as many as 27 NRIs listed among the 1,000 people on the 'The Sunday Times Rich List 2005', revealed today, with the Hindujas - S P and G P Hinduja, Chairman and President respectively of the Hinduja Group - being the 13th richest in Britain with assets worth 2.1 billion pounds.

NRI industrialist Lord Swraj Paul, is listed 175th richest in Britain with wealth worth 275 million pounds - five million pounds more than Queen Elizabeth II, who is listed 180th with assets to the tune of 270 million pounds.

The top 10 richest in Britain are:

  1. Lakshmi Mittal (Steel, 14.8 billion pounds)
  2. Roman Abramovich (Oil, industry, football 7.5 b pounds)
  3. The Duke of Westminster (Property, 5.6 b pounds)
  4. Hans Rausing and family (Food packaging, 4.95 b pounds)
  5. Philip and Christina Green (Retailing, 4.85 b pounds)
  6. Oleg Deripaska (Aluminium, 4.375 b pounds)
  7. Sir Richard Branson (Transport and mobile phones, 3 b pounds)
  8. Kirsten and Jorn Rausing (Inheritance and Investments, 2.575 b pounds)
  9. David and Simon Reuben (Property and metal trading, 2.5 b pounds)
  10. Spiro Latsis and family (Banking, aviation and shipping, 2.4 b pounds).

10 richest NRI listed in Britain are:

  1. Steel magnate Lakshmi Mittal with a wealth of 14.8 billion pounds
  2. Hindujas
  3. The Jatania brothers (beauty products, 650 million pounds)
  4. Anil Agarwal (Metals, 620 m pounds)
  5. Bhikhu and Vijay Patel (Pharmaceuticals, 444 m pounds)
  6. Gulu Lalvani (Consumer electronics, 400 m pounds)
  7. Tom Singh (Fashion, 361 m pounds)
  8. Jasminder Singh (Hotels, 350 m pounds)
  9. Lord Swraj Paul (Steel, 275 m pounds)
  10. Firoz Kassam (Hotels, 250 m pounds)

Lakshmi Mittal, UK NRI steel baron


New York, Mar. 13, 2005

UK NRI steel baron , Laxmi Nivas Mittal, a non-resident Indian living in Britain, who has climbed the ladder of the world's richest persons list dramatically in the past years, has now been named as the third richest person in the world!


According to the new list published by Forbes Magazine, Mittal, who is worth 25 billion dollars (Rs. 1.10 lakh crore), is only behind Microsoft's Bill Gates and industrialist Warren Buffet.

Bill Gates, worth 46.5 billion dollars (Rs. 2 lakh crore) is holding onto the No. 1 spot for the 11th successive year.

Laxmi Mittal's fortunes rose dramatically due to the surging demand for steel worldwide with the construction industry witnessing a boomtime. He was ranked the 60th richest person in the world only last year.

Mittal owns steel industries in many European countries and African Continent apart from United States and UK.

12 Indians have been featured in Forbes' list of World's Richest People 2005 including Azim Premji of Wipro, Mukesh and Anil Ambani of Reliance Industries and Naresh Goyal of domestic aviation major Jet Airways.

No one had a better year that Lakshmi Mittal," said the magazine about the London-based, Rajasthan-born steel baron was the biggest dollar gainer on this year's listing of the world's billionaires. Soaring world prices for steel and acquisition of mills across the globe especially in Eastern Europe helped Mittal to emerge as the third-richest person in the world.

Born into a steel making family, Mittal struck out on his own in 1976. He has already become the world's second-largest steel maker behind Luxembourg-based Arcelor. This year he is expected to become the undisputed number one.

He announced that the newly enlarged Ispat, now renamed Mittal Steel, would pay $4.5 billion to buy Ohio-based International Steel Group. The ISG merger will make Mittal Steel, which also bought Inland Steel in 1998, the largest steel producer in the US and increase its overall annual production capacity from 48 million tons to 70 million tons.

In 2005, Mittal's revenue is expected to rise 45 percent to $32 billion, said Forbes.