An Indian-born business tycoon, Lakshmi Mittal, turned the steel industry into a global empire. Mittal was born on July 15, 1950, in Sadulpur, Rajasthan, where his father made his fortune in steel.
Mittal was born into a modest family background, but his visionary leadership and strategic acquisitions made him one of the world’s richest men. With a network covering many continents, he founded ArcelorMittal, the world’s largest steelmaking company.
In this StartupTalky article, we’ll explore the fascinating history of Lakshmi Mittal, the obstacles he overcame, and what his legacy in the steel industry is today.
Lakshmi Mittal – Biography
Name
Lakshmi Mittal
Born
July 15, 1950
Birth Place
Sadulpur, Rajasthan
Nationality
Indian
Education
Daulatram Nopany Vidyalaya, Calcutta Graduated from St. Xavier’s College (B.Com.)
Profession
Executive Chairman of ArcelorMittal
Net Worth
$16 Billion
Spouse
Usha Mittal
Children
Aditya Mittal (Son) and Vanisha Mittal (Daughter)
Parents
Mohanlal Mittal (Father) and Geeta Mittal (Mother)
Siblings
Pramod Mittal (Brother), Vinod Mittal (Brother) and Seema Lohia (Sister)
Lakshmi Mittal – Executive Chairman at ArcelorMittal
Lakshmi Mittal, the son of a prominent Marwari businessman named Mohanlal Mittal, was born on July 15, 1950, in Sadulpur, Rajasthan. His father, Mohanlal Mittal, was a well-known businessman in India who ran a small steel company, Nippon Denro Ispat. Lakshmi had grown up in a family that had strong ties to the steel industry and already knew something about business, which would come to shape his career.
Mittal studied at Shri Daulatram Nopany Vidyalaya in Calcutta (now Kolkata) from 1957 to 1964, where he passed his primary and secondary education. After completing his schooling there, Mittal went on to earn a Bachelor of Commerce (B.Com.) degree at St. Xavier’s College in Kolkata, one of India’s premier institutions.
Mittal’s ambitions always extended beyond India’s borders, and in the 1970s, when the Indian steel industry was heavily regulated, he sought growth opportunities overseas. ‘PT Ispat Indo’ was his first independent steel plant in Indonesia, marking the beginning of the Mittal Steel empire, showcasing Mittal’s willingness to take risks and make a bold move. Mittal didn’t only expand his business into the Indonesian market but also set the firm foundation for future acquisitions.
In the following years, Mittal was driven by an insatiable appetite for growth and started to buy up distressed steel mills around the globe. ‘Ispat International’ was a rapidly growing company, and Mittal meticulously scouted for opportunities in Trinidad, Mexico, and Romania, integrating these entities into his company. These acquisitions were a strategic move by Mittal to combine the strengths of each mill and optimise the efficiencies in the enterprise. Mittal knew the market inside out, and every acquisition was a reflection of his understanding of market dynamics and ability to make struggling operations profitable.
In 2004, Lakshmi Mittal brought his empire together by merging ‘Ispat International’ with ‘LNM Holdings’ and the ‘U.S.-based International Steel Group’. The well-thought move led to the creation of ‘Mittal Steel Company’, which became a leader in steelmaking, becoming the world’s leading steelmaker in a short time. Mittal’s ambition kept growing, and he eyed the European market. In 2006, he engineered an audacious merger with Arcelor, a giant European steel company, which became ArcelorMittal. This merger made him a dominant force in the industry, with ArcelorMittal possessing a large share of global steel production.
Mittal’s mastery of mergers and acquisitions is only part of the reason behind his success; he is also steadfast in his commitment to innovation. ‘ArcelorMittal’ invested heavily under his guidance in advanced technologies and sustainable practices. The company’s product line was diversified to include hot-rolled and cold-rolled steel, galvanized steel, and welted pipes, among other products.
The financial resilience of the company is reflected in its ‘ArcelorMittal’s’ financial result by the third quarter of 2023, with EBITDA of $1.9 billion and net income of $1.2 billion. The company’s financial prowess was based on a net debt reduction of $4.3 billion, a result of the company’s strategic financial management and optimized portfolio.
Beyond corporate successes, Mittal has been leading ArcelorMittal in developing future leadership. His son, Aditya Mittal, has taken over as CEO, making sure that there is a smooth transition and continuity in leadership.
Lakshmi Mittal is a man who has a very close family commitment and exclusivity. Mittal is married to Usha Mittal, and the couple have two children, a son named Aditya and a daughter named Vanisha.
Mittal has two brothers, Pramod Mittal and Vinod Mittal, and a sister, Seema Lohia, married to prominent Indonesian businessman Sri Prakash Lohia. The family bond has bridged both the personal and professional spheres, forming a support system that spans across continents.
Mittal is also famous for his luxurious lifestyle, having made headlines for high-profile expenditures, including a $128 million London home and a $60 million Paris wedding for his daughter.
Lakshmi Mittal – Investments
Lakshmi Mittal’s investments mirror his strategic vision: an unrelenting dedication to exclusivity, luxury, and legacy. Among Mittal’s notable acquisitions is the grand mansion at 18-19 Kensington Palace Gardens in London. This residence was the world’s most expensive home acquisition of 2004, purchased for £67 million from former Formula One executive Bernie Ecclestone. Taj Mittal, as it is known, is decorated with marble from the same quarry as the Taj Mahal, a reference to Mittal’s determination to have the best of the best. As a powerful symbol of his success, the property has twelve bedrooms, a luxurious indoor pool and Turkish baths, and parking for twenty vehicles.
In 2008, Mittal brought No. 9A Palace Greens in Kensington Gardens at £70 million as a wedding present for his daughter, Vanisha Mittal, which was formerly the Philippines Embassy. The acquisition was very much in line with Mittal’s emphasis to both build a financial and a family legacy, as seen in the company’s preference for securing prestigious real estate in London’s most exclusive neighbourhoods.
Mittal has also invested in India’s prestigious real estate market, in addition to his London holdings. He bought a colonial bungalow at $30 million on Dr. APJ Abdul Kalam Road in New Delhi, which was comprehensively renovated to meet Mittal’s refined tastes among the high-profile residents, diplomats, and billionaire estates.
Mittal’s legacy goes beyond his accomplishments in the steel industry, as he established the LNM Foundation, a platform for social responsibility that aims to improve education, healthcare, and the development of the community.
Mittal’s philanthropic efforts include a lot of social causes through the LNM Foundation. It shows his belief in the role of corporate responsibility in the fight against societal challenges and his dedication to giving back.
Under the LNM Foundation, Mittal awarded Abhinav Bindra for winning the first Olympic gold medal for India with INR 1.5 crore to support Indian athletes on a global level. He has also opened educational institutes in India like LNMIIT in Jaipur and the Usha Mittal Institute of Management in New Delhi.
In January 2018, Mittal donated to Great Ormond Street Hospital to open Mittal Children’s Medical Center to treat underprivileged children and kids with chronic illnesses. Apart from this, they have made substantial donations to UNICEF, Harvard University, and the PM Modi Care Fund during COVID-19.
Lakshmi Mittal – Controversies
Although regarded as one of the most respected entrepreneurs to have transformed the global steel industry, Lakshmi Mittal has been embroiled in several controversies over the years. A lot of these controversies are around political donations, environmental issues, labour practices, and business practices that have been in the spotlight.
Influence in the UK
A billionaire steel magnate and top donor to Harvard, Lakshmi Mittal has a complex and controversial reputation. But ArcelorMittal, his global enterprise, has been in the spotlight for a series of high-profile controversies. In 2001, Mittal tried to buy a state-owned steel plant in Romania, which caused one major incident. Then UK Prime Minister Tony Blair allegedly sent a letter of support to the Romanian government, which many believe was instrumental in getting the deal for Mittal. The financial backing of Blair’s Labour Party by Mittal prompted scrutiny and allegations of political favouritism.
Poor Labour Practices
In Kazakhstan alone, Mittal’s operations have come under further controversies for poor labour practices. Over a hundred workers died between 2004 and 2010 in Mittal’s Kazakh facilities, according to critics who say substandard safety conditions were to blame. Environmental issues have also been a problem, especially in the city of Temirtau, where a large ArcelorMittal plant is accused of pollution so bad that in 2018, residents complained of black snow clogging with pollutants.
Political Donations
Critics of Mittal’s philanthropy have pointed to his generous donation to Harvard’s Lakshmi Mittal and Family South Asia Institute as inconsistent with the alleged ethical problems associated with his business practices. Mittal’s donations are used to support academic initiatives, but critics say such acts of philanthropy are always employed to muddy or cover up questions about his business record. It’s a broader public that is still worried about Mittal’s far-reaching links to political and economic circles, the ethical aspects of his wealth, and his membership in prestigious institutions like Harvard.
Criticism Over Layoffs and Closure
In 2006, ArcelorMittal’s CEO, Lakshmi Mittal, was a controversial figure in France after buying European steel giant Arcelor. Even though Mittal’s company had a lot of European operations, ArcelorMittal was constantly criticized as being ‘the Indian group’, often taking the fall for layoffs and economic troubles. That controversy reached its peak when ArcelorMittal decided to close two furnaces in Florange, putting 629 workers out of a job. Mittal was a ‘predator’ during a period of rising unemployment and falling steel demand; Industrial Recovery Minister Arnaud Montebourg even threatened to nationalize. The shutdown was economic, but the tone of the criticism was personal and xenophobic, adding to the debate over foreign ownership in French industries.
Business Practices
During his career, Lakshmi Mittal has been embroiled in a number of controversies. In 2003, he hired consultant Marek Dochnal to influence Polish officials during the privatization of the PHS steel group, which was later scrutinized and led to a 2007 renegotiation attempt by the Polish government. Mittal’s company has also been accused of ‘slave labour,’ and has been severely criticized for the conditions of its labour force.
Lakshmi Mittal – Awards and Recognition
Padma Vibhushan in the year 2008
Forbes Lifetime Achievement 2008
2007 Fellowship Award by King’s College London
Bessemer Gold Medal in 2007
2004 European Businessman of the Year
2004 Entrepreneur of the Year by The Wall Street Journal
8th honorary Willy Korf Steel Vision Award 2004
1996 Steel Maker of the Year
Ranked 15th on Forbes list of India’s 100 richest tycoons in October 2024
Lakshmi Mittal was born in the village of Sadulpur, where there was no electricity until the 1960s.
In a house with 25 people, he grew up in a modest household and slept on the floor on mattresses.
Mittal bought a government-owned steel plant in Trinidad and Tobago, which was losing $1 million a day in 1989. Even international experts had failed to achieve this; it became a profitable enterprise under his leadership.
He also brought his business overseas, buying several steel companies in Canada, Ireland, Germany, and other countries, including the country’s third-largest steel producer, Sicartsa, for $220 million in 1992.
In 1995, Mittal also acquired the state-owned blast furnace steel plant in Kazakhstan, which, renamed Ispat Karmet, solidified his global steel empire even further.
In 1996, Mittal was given the title of “Steel Maker of the Year” by New Steel Magazine.
In 1998, he received the prestigious Willy Korf Steel Vision Award for his outstanding contributions to the steel industry.
According to Forbes, Mittal was the third richest person in the world in 2005.
In 2007, he was named one of Time magazine’s ‘100 Most Influential People.’
In 2008, Mittal was awarded the Forbes Lifetime Achievement Award for his great contribution.
FAQ
Who is the CEO of ArcelorMittal?
Aditya Mittal is the CEO of ArcelorMittal. Lakshmi Mittal, his father, serves as the Executive Chairman.
Who is ArcelorMittal owned by?
ArcelorMittal is primarily owned by the Mittal family, with Lakshmi Mittal and his family holding a significant share of the company.
Who is the steel king of the world?
Lakshmi Mittal is often referred to as the “Steel King of the World” due to his leadership in the global steel industry and his role in building ArcelorMittal into the world’s largest steel-producing company.
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Azim Premji is referred to as the Czar of the Indian IT Industry. He is an Indian billionaire, business tycoon, investor, philanthropist, and the founder of India’s third-largest software company—Wipro Limited. Wipro Limited is an India-based IT, consulting, and business process services (BPO) company headquartered in Bengaluru, India. Azim Premji is also the richest person in Karnataka.
The Government of India honoured Azim Premji with Padma Bhushan in 2005 and awarded him the Padma Vibhushan, the second highest civilian award, in 2011 for his excellent work in the field of trade and commerce.
Premji was born on 24 July 1945 in Mumbai and currently resides in Bangalore. Premji pursued Electrical Engineering (equivalent to a Bachelor of Engineering) from Stanford University, USA. He took over his family’s cooking oil business after the death of his father in 1966. He is also the first Indian to sign up for The Giving Pledge, a campaign led by Bill Gates and Warren Buffett. The Giving Pledge focuses on encouraging the wealthiest individuals to give away most of their money to philanthropic causes.
Kushal Pal Singh
Former Chairman – DLF Ltd. Net Worth – $8.8 Billion Industry – Real Estate
Kushal Pal Singh, Chairman Emeritus of DLF | Top Richest Indians
Kushal Pal Singh is the former CEO and chairman of DLF Limited. DLF Ltd. (Delhi Land and Finance) is India’s largest commercial real estate developer. DLF Limited was founded by his father-in-law Chaudhary Raghvendra Singh.
Singh was honoured with Padma Bhushan Award on 26 January 2010 by the Government of India. He was recognized by Forbes magazine as the richest real estate baron and the eighth richest person in the world on 24 March 2008.
KP Singh was born on 15 November 1931 in Uttar Pradesh. He did Aeronautical Engineering in the UK and was also selected for the Indian Army by the British Officers Services Selection Board, UK. An Autobiography named ‘Whatever the Odds: The Incredible Story Behind DLF’ was launched in 2011.
Ashwin Dani
Non-Executive Director – Asian Paints Ltd. Net worth – $8.4 Billion Industry – Manufacturing
Ashwin Dani, Non-Executive Director of Asian Paints | Top Richest Indians
Ashwin Dani is a businessman and the non-executive Director of India’s largest paint company, Asian Paints Ltd. His full name is Ashwin Suryakant Dani. He won the Color Society Lifetime achievement award in the year 2012.
Ravi Jaipuria
Chairman – RJ Corp Net worth – $8.1 Billion Industry – Manufacturing
Ravi Jaipuria, Chairman of RJ Corp | Top Richest Indians
Ravi Jaipuria is an Indian billionaire businessman and Chairman of RJ Corp. Under RJ Corp, he manages Devyani International which operates many large beverage and fast food brands like KFC, Pizza Hut, and more.
Varun Beverages, the other listed company under RJ Corp, is the second-largest bottling partner for PepsiCo’s soft drink brands. Ravi is famously known as India’s cola king.
Kuldip Singh & Gurbachan Singh Dhingra
Owners – Berger Paints India Net worth – $6.8 Billion Industry – Manufacturing
Kuldip Singh (left) and Gurbachan Singh Dhingra, Berger Paints | Top Richest Indians
The brothers control India’s second-largest paint maker company, Berger Paints. Kuldip Singh and Gurbachan Singh bought Berger from Vijay Mallya. Kuldip Singh serves as the Chairman and Gurbachan Singh Dhingra serves as the Vice Chairman of Berger Paints India.
Vikram Lal
Founder – Eicher Motors Net Worth – $6.6 Billion Industry – Automotive
Vikram Lal, Founder and Former CEO of Eicher Motors | Top Richest Indians
Vikram Lal is the founder and former CEO of Eicher Motors which manufactures motorcycles and commercial vehicles. He is also the president of Common Cause, a public interest NGO pursuing major issues relating to reform, governance, and the enforcement of the law.
Eicher Motors is the parent company of Royal Enfield, a manufacturer of middleweight motorcycles. Eicher Motors holds a majority stake of 60% in Royal Enfield. His son Siddharth Lal is the current CEO of Eicher Motors and Royal Enfield.
Lal was born in 1942 in Delhi and presently lives in Delhi. He pursued his Bachelor’s in Mechanical Engineering from Technical University Darmstadt in West Germany. He is also on the board of directors of ‘The Doon School’. His NGO, Goodearth Education Foundation (GEF), has been working with state governments and other NGOs in primary education for more than 10 years.
Mahendra Choksi
Company – Asian Paints Net worth – $6.5 Billion Industry – Manufacturing
Mahendra Choksi is the son of one of the four co-founders of Asian Paints. Family patriarch Ashwin Choksi, under whom the fortune was previously listed, died in September 2018. Mahendra is the late Ashwin Choksi’s brother. Mahendra’s son, Manish, is the company’s non-executive vice chairman.
Murali Divi
Founder – Divi’s Laboratories Net Worth – $6.45 Billion Industry – Healthcare
Murali Divi, Founder of Divi’s Laboratories | Top Riches Indians
Murali Divi is a U.S.-trained scientist who founded generics maker Divi’s Laboratories 30 years ago as a drug research firm. Today, Divi’s Laboratories is among the world’s top suppliers of active pharmaceutical ingredients. The company’s revenue is estimated to be $1.2 billion in 2022.
Sudhir & Samir Mehta
Owners – Torrent Pharma Net worth – $6.4 Billion Industry – Healthcare
Sudhir and Samir Mehta, Torrent Pharma | Top Riches Indians
Sudhir Mehta and Samir Mehta changed the fortunes of a struggling Trinity laboratory by manifesting it into Torrent Pharma. Torrent has a solid presence in Russia, Brazil, and many other European countries. The Torrent group also tried its hands at generating electricity; today, Torrent Power has a 2,101 Mw generation capacity and distributes power to 2.76 million customers in parts of Gujarat.
Vinod & Anil Rai Gupta
Owners – Havells India Net worth – $6.3 Billion Industry – Manufacturing
Anil and Vinod Rai Gupta, Havells | Top Richest Indians
Havells was founded by Qimat Rai Gupta. Anil Rai is the son of Vinod Gupta (wife of the late Qimat Gupta). Together they own 60% of Havells India, their primary source of wealth. Havells makes everything—from electrical equipment and lighting products to washing machines and refrigerators. The company’s products are available in more than 60 countries in the world.
Hasmukh Chudgar
Founder – Intas Pharmaceuticals Net worth – $6.2 Billion Industry – Pharmaceuticals
Hasmukh Chudgar, Founder of Intas Pharmaceuticals | Top Richest Indians
With a net worth of $6.3 billion, Chudgar is placed at 28th position on the list of India’s richest persons. Hasmukh Chudgar founded the generics maker Intas Pharmaceuticals in 1977. Intas bought the Irish and UK assets of Israeli firm Teva Pharmaceuticals for $764 million in October 2016.
Benu Gopal Bangur
Chairman – Shree Cement Net Worth – $6 Billion Industry – Manufacturing
Benu Gopal Bangur, Chairman of Shree Cement | Top Richest Indians
The Bangur business empire came into existence in the year 1979. Gopal Bangur is the owner of Shree Cement, the leading cement producer in India. He is also the Chairman of the board of NBI Industrial Finance Co. Ltd. and the director of Khemka Properties Pvt. Ltd. Gopal is ranked 29th on the list of richest people in India by Forbes.
Benu Bangur holds a 65% stake in Shree Cement. Shree Ultra Ordinary Portland Cement, Shree Ultra Jung Rodhak, Bangur Cement, and Tuff Cemento 3556 are the crown jewels of Shree Cement.
Bangur was born in 1931 in Kolkata to a Marwari business family. He is a widow with two children and currently resides in Kolkata. Benu has a Bachelor’s degree in Commerce from Calcutta University. He runs a Sanskrit school to promote Indian heritage and culture.
Rekha Jhunjhunwala
Company- Rare Enterprises Net Worth – $5.9 Billion Industry – Finance and Investments
Rekha Jhunjhunwala | Top Richest Indians
After Rakesh Jhunjhunwala’s (popularly referred to as the Indian Warren Buffet and the Big Bull of the Indian Share Market) death in August 2022, his wife, Rekha Jhunjhunwala replaced him on the list of India’s richest people. She inherited a valuable stock portfolio from her late husband and stands in the 30th position on Forbes India’s rich list. Their portfolio includes popular names like Titan, Star Health and Allied Insurance, Crisil, and more.
Murugappa Family
Company- Murugappa Group Net Worth – $5.8 Billion Industry – Diversified
M M Murugappan, Chairman of Murugappa Group | Top Richest Indians
The Murugappa family owns and manages the Murugappa Group, a conglomerate founded in 1900. The Group was founded by Dewan Bahadur A. M. Murugappa Chettiar. Murugappa Group is involved in diversified businesses like engineering, agriculture, financial services, and more. At present, M M Murugappan serves as the Chairman of the Group.
Harsh Mariwala
Chairman – Marico Net worth – $5.7 Billion Industry – Consumer Goods
Harsh Mariwala, Chairman of Marico | Top Richest Indians
Harsh Mariwala started Marico, the consumer goods company which deals in health and beauty products. Popular hair products like Set Wet, Livon, and Nihar are some of Marico’s offerings. Harsh Mariwala is also the founder of Kaya skincare Ltd. Mariwala’s net worth is $5.7 billion and he has been ranked as the 32nd wealthiest Indian by Forbes.
Vijay Chauhan
Chairman – Parle Products Net worth – $5.5 Billion Industry – Food and Beverage
Vijay Chauhan, Chairman of Parle Products | Top Richest Indians
Vijay Chauhan is the patriarch of the family that controls Parle Products. He serves as the chairman of the company. Parle Products Company was founded in 1929 by Mohanlal Chauhan. The company is famous for its most popular product, Parle G glucose biscuits. At present, he, along with Raj Chauhan and Sharad Chauhan, controls and manages the company.
Founders – Macleods Pharmaceuticals Net Worth – $5.45 Billion Industry – Healthcare
Girdhari Lal (in picture), Rajendra Agarwal, and Banwari Lal Bawri, Macleods | Top Richest Indians
Girdhari Lal Bawri, Rajendra Agarwal, and Banwari Lal Bawri belong to a family that owned a pharmacy in Jaipur and made anti-TB medicines. The privately held company, Macleods Pharmaceutical, now produces generics for a range of diseases, including asthma, osteoporosis, and diabetes. Agarwal, the youngest sibling, is a qualified doctor and the company’s managing director. Older brothers Girdhari Lal and Banwari Lal are chairman and joint managing director respectively.
M.A. Yusuff Ali
Founder – LuLu Group International Net worth – $5.4 Billion Industry – Fashion and Retail
M.A. Yusuff Ali, Founder of LuLu Group International | Top Richest Indians
M.A. Yusuff Ali is the founder and MD of LuLu Group International. The Lulu Group owns various malls and hypermarkets all around the world. After completing his studies, Yusuff shifted to Abu Dhabi and joined his uncle in his business. He launched the first Lulu store in 1990 and hasn’t looked back since then. The business tycoon is aggressively expanding his chain of malls in India with states like Kerala being the entry point.
Vakil Family
Company – Asian Paints Net worth – $5.2 Billion Industry – Manufacturing
Nehal Vakil (in picture) Vakil Family, Asian Paints | Top Richest Indians
Abhay Vakil, the son of Arvind Vakil (one of the co-founders of Asian Paints), was an Indian billionaire businessman and a non-executive director of Asian Paints Ltd. Brothers Abhay and Amar Vakil passed away in the year 2021, and now the third generation of the Vakil family runs Asian Paints. Nehal Vakil, Abhay Vakil’s daughter, became a non-executive director of the company after her father’s demise.
The Vakil Family stands at the 36th position on the Forbes list of the richest Indians in 2022.
Mangal Prabhat Lodha
Founder – Macrotech Developers Net worth – $5.1 Billion Industry – Real Estate
Mangal Prabhat Lodha, Founder of Macrotech Developers | Top Richest Indians
Mangal Prabhat Lodha is an Indian businessman and politician. He founded Lodha Group, now Macrotech Developers, a Mumbai-based real estate developer in 1980. He started the group by building middle-class homes in Mumbai’s suburbs.
He is the Minister of Ministry of Tourism, Ministry of Skill Development and Entrepreneurship, Maharashtra. He was also the president of the Bharatiya Janata Party’s Mumbai unit.
Kapil & Rahul Bhatia
Company – InterGlobe Enterprises Net worth – $4.9 Billion Industry – Service
Kapil and Rahul Bhatia (in picture), IndiGo Airlines | Top Richest Indians
Rahul Bhatia is the co-founder and non-executive director of IndiGo airlines. He is also the group managing director of InterGlobe Enterprises. It is a privately held firm which has vested interests in the airline, travel, and hotel segments. He won awards such as the Ernst & Young Entrepreneur of the Year Award and the Economic Times Entrepreneur of the Year award. Kapil Bhatia is Rahul Bhatia’s father and the joint owner of InterGlobe Aviation. The father-son duo’s net worth is $4.9 billion, as of 2022.
Pavan and Vivek Jain
Company – INOX Group/ INOXGFL Group Net worth – $4.55 Billion Industry – Manufacturing
Pavan and Vivek Jain, INOX | Top Richest Indians
In 2021, Devendra Jain divided the family’s assets in Inox Group between his two sons, Pavan and Vivek Jain. Pavan is the elder son and serves as the Chairman of the Inox Group, which includes medical gas maker Inox Air Products and movie theatre chain Inox Leisure Ltd. Vivek on the other hand is chairman of the InoxGFL group which includes chemical maker Gujarat Fluorochemicals; Inox Wind and wind farm maintenance company Inox Green Energy Services.
Singh Family
Company – Alkem Laboratories Net worth – $4.5 Billion Industry – Healthcare
Singh Family, Alkem Laboratories | Top Richest Indians
The Singh family inherited a majority stake in Alkem Laboratories after its founder Samprada Singh passed away in July 2019. Alkem Laboratories is one of the top generics companies in India with more than 20 factories across India and the US. At present, Basudeo Narain Singh, Singh’s cousin is the Executive Chairman of the company.
N.R. Narayana Murthy
Company – Infosys Net worth – $4.3 Billion Industry – Technology
N.R. Narayana Murthy, Infosys | Top Richest Indians
N.R. Narayana Murthy is one of the founders and chairman emeritus of the Indian multinational information technology company, Infosys. He served as the CEO, Chairman, President, and chief mentor of the company before his retirement. Time magazine and CNBC have described Murthy as the “father of the Indian IT sector” for his great contribution to outsourcing in India.
He has also been honoured with the Padma Vibhushan and Padma Shri, the prominent civilian awards of the Republic of India.
Ramesh Juneja
Company – Mankind Pharma Net worth – $4.2 Billion Industry – Healthcare
Ramesh Juneja, Chairman of Mankind Pharma | Top Richest Indians
Ramesh Juneja co-founded Mankind Pharma, one of the leading pharmaceutical companies in India, with his brother Rajeev Juneja in 1995. He is currently the Chairman of Mankind Pharma. Ramesh Juneja has held different positions in many pharmaceutical companies in India, like KeePharma Ltd., Lupin, etc.
He is now one of the richest Indians, ranking 42nd on the Forbes List of the Top 100 Richest Indians, 2022.
P.P. Reddy
Chairman – Megha Engineering & Infrastructure Net worth – $4.1 Billion Industry – Engineering and Infrastructure
P.P. Reddy, Chairman of Megha Engineering & Infrastructure | Top Richest Indians
Megha Engineering & Infrastructure was founded in 1989 by P.P. Reddy, a farmer’s son, to make small pipes for the municipality. P.P. Reddy later expanded his business to build infrastructure projects. His nephew, P.V. Krishna Reddy, who joined P.P. Reddy in 1991, runs the company.
Falguni Nayar
Founder – Nykaa Net worth – $4.08 Billion Industry – Beauty and Lifestyle
Falguni Nayar, Founder and CEO of Nykaa | Top Richest Indians
Falguni Nayar is an Indian businesswoman who is famously known as the founder and CEO of Nykaa, the leading beauty and lifestyle retail company in India. Nayar founded Nykaa in 2012 with $2 million of her own money, and by 2020, it had become India’s first unicorn startup led by a woman. Nykaa opened its IPO in October 2021, which made Nayar the first Indian woman to lead the public listing of a startup.
Falguni has a net worth of $4.08 billion (2022) and is one of the two self-made female Indian billionaires, the other being Kiran Mazumdar Shaw.
Muthoot Family
Company – Muthoot Finance Net Worth – $4.05 Billion Industry – Financial Services
Muthoot Family | Top Richest Indians
Muthoot Group was founded in 1887. India’s leading lender against gold, Muthoot Finance, is managed and controlled by the Muthoot family. Shri George Jacob Muthoot is the current group chairman of the Muthoot Group of companies.
Chandru Raheja
Company – Mindspace Business Parks REIT (backed by K Raheja Corp.) Net Worth – $4 Billion Industry – Real Estate
Chandru Raheja, Chairman of K Raheja Corp. | Top Richest Indians
Chandru Raheja is an Indian billionaire businessman and the chairman of K Raheja Corp. He formed K Raheja Corp. in 1996, which is involved in the development of IT parks, hotels, and malls, as well as the operation of department store chains such as Shoppers Stop. The company’s important projects include JW Marriott in Mumbai, Inorbit Mall, Mindspace, etc.
Yusuf Hamied
Non-Executive Chairman – Cipla Net worth – $3.9 Billion Industry – Pharmaceuticals
Yusuf Hamied, Non-Executive Chairman of Cipla | Top Richest Indians
Cipla was founded in 1935 by Yusuf’s father Khwaja Abdul Hamied, who passed away in 1972. Yusuf Hamied and his brother then took over the family business. In 2020, Cipla launched a range of drugs to treat Covid-19, including a generic version of Remdesivir manufactured under a license from Gilead Sciences.
Sridhar Vembu and Siblings
Company – Zoho Corporation Net worth – $3.8 Billion Industry – Technology
Sridhar Vembu (in picture) and Siblings, Zoho Corporation | Top Richest Indians
Sridhar Vembu is the founder and CEO of Zoho Corporation, a technology company that makes computer software and web-based business tools. Sridhar owns a majority stake in Zoho with his siblings.
Vembu was awarded the Padma Shri, the fourth-highest civilian award of the Republic of India, in 2021.
Pankaj Patel
Chairman – Zydus Lifesciences Net worth – $3.77 Billion Industry – Pharmaceuticals
Pankaj Patel, Chairman of Zydus Lifesciences | Top Richest Indians
With the title of “Best Pharma Man of the Year 2003” under his belt, Pankaj Patel undoubtedly deserves the respect he gets. Pankaj is popularly known as a “pharma magnate.” He is the current chairman of Zydus Lifesciences Limited, the leading pharmaceutical company in India. He is also the founder and chairman of Zydus Hospitals.
Ravi Modi
Company – Vedant Fashions Net worth – $3.75 Billion Industry – Fashion and Retail
Ravi Modi, Founder of Vedant Fashions | Top Richest Indians
Ravi Modi founded Vedant Fashions, a manufacturer of Indian ethnic wear, in 2002, and the company went public in 2022. He serves as the Chairman and Managing Director of the company. The company’s flagship brand, Manyavar, is famous all over India and is the category leader in the branded Indian wedding and celebration wear market.
Aditya Mittal is the president and Chief Financial Officer (CFO) of ArcelorMittal. Apart from that, he is an Industrialist, Author, Entrepreneur and Business person. He is also the Chief Executive Officer (CEO) of ArcelorMittal Europe, which is authorized by his father Lakshmi Mittal.
Aditya was born in India and brought up in Jakarta, Indonesia. He is the son of Lakshmi Mittal. Aditya is married to Megha Mittal in 1998. Megha Mittal is the chairwoman of the German fashion brand, Escada. They have two daughters who are eleven and nine years old and a son. Aditya mittal son was born to the couple via surrogacy after 20 years of their marriage.
He and his family presently reside in London, United Kingdom. In India, the couple works closely for UNICEF by funding the first ever child nutrition survey around the country. The Government of India can use this result to inform relevant policy.
Aditya Mittal was named “European Business Leader of the Future” by CNBC Europe, in 2008. Also, he is the Chairperson of the HPCL – Mittal Energy Limited (HMEL), which is the second largest refinery of India. He serves as the Chairman of the Board of Directors of AMNS India as well.
Aditya completed his primary education from Jakarta International School, Indonesia. He did his bachelor course specialized in Economics, from Wharton School of the University of Pennsylvania of US. He completed his graduation in 1996.
Thereafter, he worked in the mergers and acquisitions department of investment bank Credit Suisse First Boston for a while. After a year, he joined the family business and later, appointed as the Head of Mergers and Acquisitions in 1999.
He played a major role in combining the two companies Mittal steel and Arcelor. He holds several positions at different companies, owned by the family itself.
Apart from being the CFO and president of ArcelorMittal, he is a Non-Independent Director at Aperam S.A (Steel), Trustee at the Brookings Institution. He also serves on the board of Iconiq Capital. He is the Director of the Wharton School of University of Pennsylvania, a member of Young Global Reader at Forum Modial de L’ Economie, a member of young President’s Organisation (India), Board member at Bennett Coleman & Co, Board member at PPR, Member of Citigroup’s International Advisory.
Apart from being a Business man, he is also a great enthusiast in social and charitable activities. He is assiduously involved with an organisation called NPCC, which works for child protection in UK. Along with his wife, Aditya donated £15m to Great Ormond Street Hospital in London during the year 2008. This private contribution to the hospital becomes the largest of all time. Moreover, the donation helped them to fund their new facility, the Mittal Children’s Medical Center. Aditya also got featured on the front page of the famous Magazine GQ India.
Aditya Mittal – About ArcelorMittal and How it started?
The company has reported a net profit of $2.1 billion in 2018 but suffered a $33 million loss in the first half of the year 2019. This loss occurred due to lower steel prices.
Aditya’s father was born in the village Sadalpur. The village lacked electricity until 1960. His grandfather shifted to Calcutta with family and established a small steel mill where his father Lakshmi Mittal used to work after school.
Hence the steelmaking business of the family was started by Aditya’s grandfather Mohan Lal, during the 1950s. After the Indian Government stopped the production of steel in 1976, Lakshmi Mittal went to Indonesia and found a steel making company with the support of his father.
Lakshmi Mittal eventually separated his business from siblings and formed a company called Mittal steels, which later collated with Arcelor in 2006. The company bestows over 260,000 employees, in more than 60 countries.
ArcelorMittal is the world’s biggest steelmaker together with Italian steelmaker Marcegaglia. Lakshmi Mittal was ranked 21st in the 2012 Forbes list of billionaires. He acquired Italy’s loss-making steel group Ilva for $2.1 billion during the year 2017. He was titled the Steel Maker of the Year by New Steel Magazine in the USA in 1996. His daughter Vanisha Mittal is the Chief Strategy Officer of Aperam, one of their steel producing company.
Aditya led the merger process of Mittal Steel and Arcelor in 2006. Later, the new company was named ArcelorMittal. In 2009, he was featured in the Fortune Magazine’s “40 under 40” list with a fourth rank. Thus, he played a vital role in the company’s consolidation of the global steel industry. He has been serving as the President and CFO of ArcelorMittal worldwide, since 2018.
ArcelorMittal is headquartered in Luxembourg. The company operates its business according to these segments, NAFTA, Europe, Brazil, ACIS, Mining, and others.
The NAFTA segment comprises the flat products such as cold-rolled & hot-rolled coil, slabs, coated steel and plate. The Europe segment furnishes hot rolled & cold-rolled coil, plate, coated products, tinplate, and slab. The Brazil segment provides wire rod, bar & rebars, blooms, billets, and wire drawing. The ACIS segment offers a compilation of flat, long tubular products. The mining segment anchors the steel operations. The Others segment provides the corporate the shared services, financial activities, and shipping and logistics.
Aditya Mittal – ArcelorMittal
Aditya Mittal – Controversies related to ArcelorMittal
In 2019, Aditya won the battle to acquire bankrupt Essar Steel after two year insolvency proceedings. The Supreme Court of India gave the consent to the takeover plan of Arcelor Mittal worth Rs.42,000.
In 2018, an ArcelorMittal plant is located in the city of Temirtau, Kazakhstan where a black snow fell over. Local citizens grumbled that the pollution was caused by an ArcelorMittal plant.
ArcelorMittal reported a huge quaterly loss and job cuts during the year 2008.
In 2002, It was found that Lakshmi Mittal has given $2,50,000 to Tony Blair’s party for writing a recommendation for him, which was required in the process of buying Romania’s state-owned steel company.
FAQs
Who is Aditya Mittal?
Aditya Mittal is the CEO of ArcelorMittal and ArcelorMittal Europe, which is founded by his father Lakshmi Mittal.
Who is the owner of Mittal Steel?
Lakshmi Mittal is the owner of Mittal Steel company.
How much is Aditya Mittal net worth?
Aditya Mittal net worth is 1,720 crores.
Who is the owner of Arcelor?
Mittal Steel Company is the parent organization of Arcelor.
The Mittal Steel Company, owned by Mr. Lakshmi Mittal, is the largest steel producer in the world. The company became a part of ArcelorMittal, a merger between Mittal Steel and Arcelor. How L.N Mittal formed this company and became one of the most remarkable Indian steel magnates of this time is an awestruck story worth reading.
Lakshmi Mittal was born in a small village in Rajasthan, India. He got his early education in native school and later on went to England for pursuing higher studies. Since his childhood, Lakshmi has been an avid flier and traveler.
He travels because his empire is spread throughout the world. He manages his empire that employs some 165000 workers.
Laxmi Mittal is one of those entrepreneurs who dream and try to fulfill those dreams. In India, he is better known as one of the richest Indians but in the world, he is known as the person who has chased only one dream that was to create a new architecture for steel business.
Lakshmi Mittal
He started off by acquiring loss-making steel mills across the world & made them profitable, using the strategy of ‘Turnaround’ to build his empire. Now 43 years later, he owns the world’s largest steel and mining company, ArcelorMittal. His company produces more steel than the whole of the US and the UK, combined. And earns more revenue than major companies like Facebook, Unilever, and FedEx.
He has been crazy about buying and acquiring one steel firm after another. He took over an oiling plant in Indonesia and in 2004 he emerged as the biggest steelmaker in the world. He bought ISG on October 1, 2004, and presented it to his father who was in Tirupati as a birthday gift from a son. He is the world’s biggest steelmaker and one of the top billionaires.
Mittal Steel Company was originally formed as Ispat International in 1978. At the time it was part of the Indian Steel making company Ispat Industries which was founded by Lakshmi Mittal’s father and was owned by his family, but in 1995 it separated from that company after various disagreements between Lakshmi and his father.
In 1989, the company acquired Iron & Steel Company of Trinidad & Tobago. In 1992, the company acquired Sibalsa. In 1994, the company acquired Sidbec-Dosco. In 1995, the company acquired Hamburger Stahlwerke, which formed Ispat International Ltd. and Ispat Shipping and also bought Karmet Steel of Temirtau, Kazakhstan. In 1997, the company acquired Walzdraht Hochfeld GmbH and Stahlwerk Ruhrort. In 1997, the company went public as Ispat International NV. In 1998, the company acquired Inland Steel Company. In 1999, the company acquired Unimétal. In 2001, the company acquired ALFASID and Sidex. In 2002, it bought a majority stake in Iscor. In 2003, the company acquired Nowa Huta.
In 2004, the company acquired Polskie Huty Stali, BH Steel, and certain Macedonian facilities from Balkan Steel. In 2005, the company hired Deloitte as the primary auditors for the company. In 2005, the company acquired the International Steel Group. In 2005, the company acquired Kryvorizhstal. In 2005, the company announced an investment of $9 billion in Jharkhand, India. In 2006, the company merged with Arcelor after much controversy. In 2006, the company announced investment for a 12 million tonne capacity steel plant in Odisha, India.
Business Empire of ArcelorMittal
ArcelorMittal is a major steel supplier for General Motors & Ford. He produces 70 million tonnes of steel every year. Not only that, but a whopping 20% of all global car production is also made from ArcelorMittal steel. Their steel has also been used in major US landmarks like One World Trade Centre, Rockefeller Center, the New New York Bridge, and even in high-tech submarine-like USS Indiana, Navy ships. The largest US-built containership DKI and also aircraft carriers. Not only that, but New York’s iconic Empire State Building was also made from structural steel supplied by ArcelorMittal’s predecessor company, Bethlehem Steel.
ArcelorMittal Business Empire.
Global Business Expansion of ArcelorMittal
Antarctica: In Antarctica, ArcelorMittal steel has been used in the construction of the world’s first zero-emission polar research station, Princess Elisabeth Antarctica. Moreover, the group has also manufactured steel for an under-construction 156m-long Antarctic Supply Research Vessel.
Canada: Here the group owns one of Canada’s largest steel plants. Moreover, the group also operates 6 more production facilities, an iron ore mining plant at Mont-Wright, runs a 420-kilometer long railway line, and also operates Canada’s largest private port, Port-Cartier.
United States: The ArcelorMittal group owns North America’s largest integrated steel plant in Chicago and the world’s most productive steel mill in Cleveland. Which was even visited by the former US president. Overall, in the US, ArcelorMittal operates over 20 manufacturing facilities, Iron Ore and Coal Mines in Virginia, and employs over 18,000 people, around two times more than how many people Yahoo employs.
Mexico: Here the group operates six steel manufacturing units, iron ore & coal mines, and is also the largest employer in the port city of Lazaro. The second-largest cruise ship in the world, the Harmony of the Seas. The gigantic ship has 2,700 staterooms, 20 restaurants, 23 swimming pools, and yes, this whole cruise is also made from ArcelorMittal Steel. Taking about ships, the group also operates a shipping company and owns a fleet of large Panama bulk carriers.
South America: Here, ArcelorMittal operates five long steel manufacturing plants and holds a whopping 60% market share in nearby Brazil. The group is involved in Iron ore mining and also operates 27 steel production facilities. In Brazil, ArcelorMittal steel has been used in an Olympic Stadium, a football stadium, and a Bridge in Rio de Janeiro.
The group’s expansion is also rooted in other countries like Africa, Europe, France, London, India, China, etc.
Moreover, in Europe, ArcelorMittal is the largest foreign investor in Ukraine and Bosnia & is also the largest steel producer in Spain, Czech Republic, Poland, Romania. And the group is Luxembourg’s largest private employer.
Steel Producers’ Ranking
Not only that, but Lakshmi Mittal’s company also operates charity foundations in Brazil, Argentina, Liberia and has even contributed to flooding relief in Bosnia. Lakshmi Mittal has certainly created an incredible conglomerate and has traveled a long way from a small village in Rajasthan.
FAQs
Who is the founder of ArcelorMittal?
Lakshmi Mittal is the founder of ArcelorMittal and also serves as its CEO.
Is ArcelorMittal a mining company?
ArcelorMittal is the the world’s leading steel and mining company.
Rishita Jain
