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<ul><li>Mittal, the CEO of the world's largest steelmaker, is the 91st richest person in the world, controlling the wealth of $13.6 billion.</li><li>Billionaire Lakshmi Mittal was born into a home without electricity and now owns three mansions worth $350 mn.</li><li>Lakshmi Mittal, the world's largest steel producer, lost more than half of his wealth in a decade.</li></ul>Steel magnate Lakshmi Mittal became the country’s fourth richest person and also the world’s largest steel maker — all in 50 years. Here’s a look at his journey: 
	
	
	<div type="Slideshow" msid="71391412" hostid="261" title="Lakshmi Mittal: How the billionaire 'Man of Steel' went from being the world's 3rd richest man to losing half of his wealth in a decade" firstImageMsid="71391507" slideCount="4"></div>

Billionaire Lakshmi Mittal was once the world's third richest man but lost $17.5 billion in the last decade

<ul><li><keyword id="29201" type="PERSON" weightage="20" keywordseo="Lakshmi-Mittal">Lakshmi Mittal</keyword>, a wealthy Indian business tycoon, is the CEO of ArcelorMittal, the largest steelmaking company in the world.</li><li>Headquartered in Luxembourg, the merger of two firms - Arcelor and Mittal Steel led to the formation of ArcelorMittal in 2006. It was one of the largest mergers in the world. </li><li>Mittal has achieved renowned fame in the world for turning sick steel companies into profitable ventures, a feat that has amazed his peers and the industry.</li></ul> Lakshmi Mittal’s education and career Mittal studied at St.Xavier’s College in Kolkata while working at the steel mill owned by his father. In 1970, he joined the mill as a trainee, and in 1976 opened a steel mill in Indonesia. In 1989, Mittal purchased the <a href="https://www.britannica.com/biography/Lakshmi-Mittal">state-owned steelworks in Tobago and Trinidad</a>, which were making an enormous loss. He turned them into profitable ventures in just a year. Since then, he has been buying several sick companies in the steel arena and turned them into top-performing enterprises. One of the wealthiest citizens in London Mittal is amongst the wealthy and most influential citizens in London. He is known for his lavish lifestyle and the extravagant wedding he organised for his daughter, Vanisha Mittal in 2004. One of the wedding functions was held at the Palace of Versailles. It is said that he was the first person to hold a private event in this palace. Steel magnate's luxurious home From his humble beginnings to being named as the world's richest person in 2005, it has been an inspiring journey. Mittal’s 12-bedroom mansion is located at 18-19 Kensington Palace Gardens. This is known to be one of the most expensive houses in the world. His house is decorated with the same marble that was used in the construction of the Taj Mahal. In fact, this marble was excavated from the same mine from where Shah Jahan brought it out. Recipient of numerous awards Lakshmi Mittal is a recipient of several prestigious awards. He secured the Forbes Lifetime Achievement Award in 2008 and was honored with the European Businessman of the Year award in 2004. A member of important boards Since 2008, Mittal has been on the board of directors at Goldman Sachs. He is also a member of the board of Directors of the European Aeronautic Defense and Space Company. He is an important part of the World Steel Association's executive committee and a well-known member in different councils including the Indian Prime Minister's Global Advisory Council, the Presidential International Advisory Board of Mozambique, the Foreign Investment Council in Kazakhstan, and the World Economic Forum's International Business Council. An accomplished philanthropist He created the Mittal Champions Trust to encourage and sponsor 10 Indian athletes who demonstrated great potential, to lift the pride of India in the world forum. In 2008, Mittal bestowed Abhinav Bindra with Rs. 1.5 crore when he secured India its first Olympic gold medal for individuals in shooting. For the 2012 Summer Olympics, ArcelorMittal financed the construction of ArcelorMittal Orbit. Mittal also joined hands with the government of Rajasthan in 2003 and instituted the LNM Institute of Information Technology (LNMIIT) in Jaipur, which is an autonomous non-profit organization. In 2008, Mittal gifted around <a href="https://www.indiatoday.in/education-today/gk-current-affairs/story/lakshmi-mittal-14267-2016-06-15">15 million pounds (Rs 1,129,621,164)</a> to Great Ormond Street Hospital in London. Deemed as the largest private donation that the hospital has received, the amount was used to fund the Mittal Children's Medical Centre.

Interesting facts about Lakshmi Mittal that will inspire you

<ul><li>Steel tycoon Lakshmi Mittal wins his $6 billion bid for bankrupt Essar Steel owned by the Ruia family earlier.</li><li>The latest Supreme Court verdict has set a precedent on how the sale proceeds of a bankrupt company should be distributed.</li><li>The ultimate discretion on distribution of funds was with the Committee of creditors, the SC order on November 15 said.</li></ul><ul><li>The Supreme Court has also allowed the bankruptcy Court to extend the 330-day deadline to resolve insolvency cases.</li></ul>Billionaire steel tycoon Lakshmi Mittal's $6 billion bid for the bankrupt Essar Steel — owned by the Ruia family earlier — has won. At the same time, the latest Supreme Court (SC) verdict has set a precedent on how the sale proceeds of a bankrupt company should be distributed. The ultimate discretion on distribution of funds was with the Committee of creditors, the SC order on November 15 said. The case had landed up at the Supreme Court because the appellate tribunal of the bankruptcy court had held that the funds from the sale of a bankrupt company should be equally distributed between both financial creditors i.e. banks and operational creditors (suppliers, vendors etc.) who are owed money by the insolvent company. The Supreme Court has set aside that order and given banks the power to decide how to distribute the money. It also added that the banks should also balance the interests of all stakeholders. This order has led to a rally in state-owned banking stocks due to two reasons. Firstly, those who have lent money to Essar Steel will get to recover a larger share from the money received from Lakshmi Mittal's ArcelorMittal. Secondly, this order sets a precedent for other bankruptcy cases. Essar Steel owes about ₹49,000 crore to a dozen banks including the State Bank of India (SBI), whose share price surged over 5% after the order. SEE ALSO: <a href="https://www.businessinsider.in/a-slowing-indian-economy-is-clouding-over-arcelormittals-6-billion-bid-for-essar-steel/articleshow/71004519.cms" data-type="tilCustomLink" target="_blank">A slowing Indian economy is clouding over ArcelorMittal's $6 billion bid for Essar Steel</a>

Lakshmi Mittal can begin taking over Essar Steel as India's Supreme Court ends the debate on how to distribute the money

<ul><li>Indian billionaire <keyword id="29201" type="PERSON" weightage="20" keywordseo="Lakshmi-Mittal">Lakshmi Mittal</keyword>, CEO and Chairman of <keyword id="47654" type="COMPANY" weightage="20" keywordseo="ArcelorMittal">ArcelorMittal</keyword> is third highest on <keyword id="7925744" type="UNKNOWN" weightage="20" keywordseo="ceoworld-magazine">CEOWORLD magazine</keyword>’s global ranking of the best chief executives for 2019. </li><li>The CEOWORLD rankings placed <keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> CEO Douglas McMillon as the highest ranking CEO, globally. </li><li>Other Indian CEOs include <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>’ <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>, <keyword id="6356834" type="COMPANY" weightage="20" keywordseo="indian-oil-corporation">Indian Oil Corporation</keyword> (IOC) Chairman Sanjiv Singh, Shashi Shanker of Oil and Natural Gas Corporation(ONGC).</li></ul>Billionaire Lakshmi Mittal who leads ArcelorMittal is one of the top three CEOs in the world, according to the <a href="https://ceoworld.biz/2019/07/25/best-ceos-in-the-world-2019/">CEOWORLD magazine’s global ranking</a> 2019. He is followed by Reliance Industries’ Mukesh Ambani, Indian Oil Corporation (IOC) Chairman Sanjiv Singh, Shashi Shanker of <keyword id="64243" type="COMPANY" weightage="20" keywordseo="Oil-and-Natural-Gas-Corporation">Oil and Natural Gas Corporation</keyword> (ONGC) and Rajnish Kumar of <keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI). 
	<div type="twitter" handle="ONGC_" handlename="ONGC" image="http://pbs.twimg.com/profile_images/523484376672137216/ykvMIhdY_normal.jpeg" favoritecount="279" retweetcount="41" status="Shashi Shanker, @CMD_ONGC , makes it to the 100 Most Influential Chief Executives across industries as per… https://t.co/RdwV9mcdUL" createdat="1564236074000" id="1155115935012753408"></div>



 The top ranking went to Walmart CEO Douglas McMillon. He is followed by Royal Dutch Shell’s Ben van Beurden. The rankings include 121 best CEO’s across the globe, filtered from over 1,200 across 96 countries. The ranking is based on the financial returns for the CEO’s tenure — which carries 60% weightage. The rest is influenced by factors like company’s governance policies, market capitalisation, social issues and others. Here’s a list of Indian CEOs that featured in CEOWORLD magazine’s global ranking: 
	<div type="Slideshow" msid="70444924" hostid="261" title="Here's the list of the top Indian CEOs featured in CEOWORLD global rankings" firstImageMsid="70445233" slideCount="11"></div>

Here's the list of the top Indian CEOs featured in CEOWORLD global rankings

The declining share price of <keyword id="47654" type="CITY" weightage="20" keywordseo="ArcelorMittal">ArcelorMittal</keyword> has ousted <keyword id="29201" type="PERSON" weightage="20" keywordseo="Lakshmi-Mittal">Lakshmi Mittal</keyword> from South Africa’s richest list of 100 businessmen this year. The Indian-origin steel baron has topped the list for the past six years. 
 
However, while Mittal had been featuring in the list every year, he had been slipping down the ranks rapidly. Mittal had topped the list from 2006 to 2011. Last year, he was featured at number 13 in South Africa.

Steel tycoon Lakshmi
Mittal not the ‘richest’ anymore!

<ul><li>The National Companly Law Appellate Tribunal has allowed ArcelorMittal's bid for bankrupt Essar Steel.</li><li>The order also sets precedents on how the sale proceeds shall be distributed and limits the discretion available to the committee of creditors.</li><li>Lakshmi Mittal has been fighting to take over Essar Steel for over two years now.</li></ul> Global giant Arcelor Mittal had made a bid for a bankrupt Indian company Essar Steel. Simultaneously, the order also sets precedents on how the sale proceeds shall be distributed and has redefined the status of different kinds of companies that a bankrupt company owes money to. The order has said put financial creditors, like banks that lend money, at par with operational creditors (suppliers awaiting payment). In the case of Essar Steel, the operational creditors include energy companies Indial Oil, ONGC, NTPC, BPCL, and GAIL. Both the banks and the suppliers will get 60% of the dues from the about ₹42,000 crore offered by ArcelorMittal. However, the committee of creditors that will approve the resolution plan for a bankrupt company does not include the suppliers. The <a href="https://www.forbes.com/profile/lakshmi-mittal/#284bbf8b191e" data-type="tilCustomLink" target="_blank">$12 billion Lakshmi Mittal</a>, chairman of ArcelorMittal, has been fighting to take over Essar Steel for over two years now. The former promoter of the bankrupt company has not given up yet despite his bid to settle the case and regain control has been ruled out. "t appears that new facts regarding ineligibility under Section 29A, which emerged only after the previous judgement of the Supreme Court, have not been given due consideration," an <a href="https://www.livemint.com/companies/news/appellate-tribunal-rejects-ruias-plea-in-essar-steel-case-1562236908498.html" data-type="tilCustomLink" target="_blank">Essar Steel spokesperson told the Mint</a>. SEE ALSO: <a href="https://www.businessinsider.in/indian-banks-are-recovering-over-1-5-times-as-much-money-under-the-ibc-but-its-still-painfully-slow/articleshow/69323112.cms" data-type="tilCustomLink" target="_blank">Indian banks are recovering over 1.5 times as much money under the bankruptcy code — but it's still painfully slow</a>

ArcelorMittal's bid for the bankrupt Essar Steel clears another hurdle that will give banks 60% off their dues-- but the appellate order has done something more

The bankruptcy of Essar Steel had put India’s nascent bankruptcy laws to test and the final word on that is out. In its latest verdict, the Supreme Court of India has said that banks can decide how to distribute the $6 billion from the sale of the company to <keyword id="47654" type="CITY" weightage="20" keywordseo="ArcelorMittal">ArcelorMittal</keyword>, a multinational steel giant owned by billionaire steel tycoon Lakshmi Mittal. This verdict from the Supreme Court also said that the bankruptcy courts are free to relax the 330-day deadline set by the law to resolve insolvency cases. In an interview before the latest judgement from the Supreme Court, MS Sahoo, the Chairman of the Insolvency and Bankruptcy Board of India, told Business Insider that India’s laws indeed have a tight deadline. “The focus is that the process should be completed in a time bound manner, and please note that no where in the world is there this kind of timeline,” Sahoo said in an exclusive interview. The entire transcript of the interview <a href="https://www.businessinsider.in/policy/economy/news/exclusive-interview-with-ms-sahoo-the-insolvency-and-bankruptcy-board-chairman/articleshow/72069548.cms" data-type="tilCustomLink" target="_blank">here</a>. You can watch the entire interview here: 
 <div type="Video" msid="72073026" hostid="261" title="“Nowhere in the world do bankruptcy cases have a 330-day deadline,” says bankruptcy board chief MS Sahoo" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=72073026"></div>

Nowhere in the world do bankruptcy cases have a 330-day deadline, says bankruptcy board chief MS Sahoo

<ul><li>From <keyword id="6360722" type="UNKNOWN" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword>, <keyword id="6419840" type="UNKNOWN" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> to <keyword id="29201" type="PERSON" weightage="20" keywordseo="Lakshmi-Mittal">Lakshmi Mittal</keyword> and <keyword id="45051" type="PERSON" weightage="20" keywordseo="Uday-Kotak">Uday Kotak</keyword>, the top newsmakers from corporate India figured in Google’s top searches this year.</li><li>Kiran Mazumdar Shaw was the only woman in corporate India to feature in the list.</li><li><keyword id="6355515" type="UNKNOWN" weightage="20" keywordseo="business">Business</keyword> Insider gets you these exclusive insights from Google’s Year in Search 2019.</li></ul>India is home to 953 billionaires and family business tycoons who have shaped the Indian economy and, in many ways, the society that is a picture of inequality. Yet, from the Tatas to the Birlas and the Ambanis, top corporate leaders have always garnered interest from people who want to know more about them, their families, their wealth, aside from their businesses. More often than not, Indians turn to the biggest source of information on the World Wide Web, Google. Google’s 2019 Year in Search results shows that aspirational value of Indians with its top business tycoon leaders list for the year. Here are the top industrialists and businessmen that Indians Googled this year. 
	<div type="Slideshow" msid="72483618" hostid="261" title="EXCLUSIVE: India’s top trending business tycoons of 2019, according to Google⁠" firstImageMsid="72483619" slideCount="10"></div>

EXCLUSIVE: India’s top trending business tycoons of 2019, according to Google⁠

In 2020, there were only four Indians in the global top 100 rich list, now there are seven

Business scenario is constantly changing all over the world and equally fast in India. If you are interested to know who rules the entrepreneurial domain in India, here are the top 10 businessmen in India. 1. <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> 
 
 
 <div type="image" title="Mumbai: Reliance Industries Chairman Mukesh Ambani with his wife Nita Ambani at ..." msid="69547985" hostid="261" caption="&amp;lt;p&amp;gt;Reliance Industries Chairman Mukesh Ambani with his wife Nita Ambani at the solo art exhibition titled &amp;quot;A Tale Untold&amp;quot;, in Mumbai on Tuesday, August 21, 2018.Photo)&amp;lt;/p&amp;gt;"></div>






 Ruling the petrochemicals, oil and gas sector in India, Mukesh Ambani has a net worth of $47.3 B. He is the chairman of $90 B enterprise in the giant of Oil and Gas domain called as Reliance Industries. Reliance also is one of the leaders in the telecom market in India that serves more than 300 million customers with free domestic calls, cheap data services and free smartphones. 2. <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> 
 
 
 <div type="image" title="download" msid="69548031" hostid="261" caption="&amp;lt;p&amp;gt;Reuters&amp;lt;/p&amp;gt;"></div>







 Azim Premji’s net worth is $21 B and he is one of the leaders in the software services in India. He is a popular tech magnet in the country. His outsourcing firm Wipro is the third largest in India. His innovation center in Silicon Valley develops new technologies and collaborates with startup businesses. 3. Lakshmi Mittal 
 
 
 <div type="image" title="download (1)" msid="69548101" hostid="261" caption="&amp;lt;p&amp;gt;Reuters&amp;lt;/p&amp;gt;"></div>







 The third richest man in India, Lakshmi Mittal has a net worth of $18.3 B. He is a leader in the steel industry in India. He is the CEO of the world’s biggest steel manufacturing company Arcelor Mittal. In November 2018, his firm completed the $2.1 billion acquisition of Ilva, Italy’s steel group. 4. Hinduja brothers 
 
 
 <div type="image" title="_5e022836-dd42-11e8-b6b1-54a396001ae0" msid="69548186" hostid="261" caption="&amp;lt;p&amp;gt;Reuters&amp;lt;/p&amp;gt;"></div>







 Hinduja brothers, the fourth richest persons in India with a net worth of $18 B own establishments with diversified interests dealing with lubricants, banking and cabling industries. 5. <keyword id="6689214" type="PERSON" weightage="20" keywordseo="pallonji-mistry">Pallonji Mistry</keyword> 
 
 
 <div type="image" title="app-mistry" msid="69548215" hostid="261" caption="&amp;lt;p&amp;gt;Independence.uk&amp;lt;/p&amp;gt;"></div>







 Pallonji Mistry is the fifth richest businessman in India with a net worth of $15.7 B. he controls Shapoorji Pallonji Group, the construction company based in Mumbai. His family also own an 18.4% stake in Tata Sons that holds an outfit of $100 billion in Tata Group. 6. Shiv Nadar 
 
 
 <div type="image" title="shiv_660_091415025956" msid="69548248" hostid="261" caption="&amp;lt;p&amp;gt;Reuters&amp;lt;/p&amp;gt;"></div>







 With a net worth of $14.6 B, Shiv Nadar is the sixth richest entrepreneur in India. A pioneer in the IT sector of India, Shiv Nadar is the cofounder of the HCL starting initially with the production of calculators and microprocessors. Today, HCL Technologies is an $8.2 billion company in the country. 7. <keyword id="2349569" type="PERSON" weightage="20" keywordseo="Godrej-family">Godrej family</keyword> 
 
 
 <div type="image" title="Godrej-family-770x433" msid="69548285" hostid="261" caption="&amp;lt;p&amp;gt;Reuters&amp;lt;/p&amp;gt;"></div>







 The seventh place among the richest businessmen in India goes to Godrej family. With a net worth of $14 B, the Godrej family controls the <keyword id="133008" type="COMPANY" weightage="20" keywordseo="Godrej-group">Godrej Group</keyword> which is a giant player in the consumer goods segment in India. 8. Dilip Shanghvi 
 
 
 <div type="image" title="dilip-shanghvi_660_012815022205_022015015012" msid="69548312" hostid="261" caption="&amp;lt;p&amp;gt;&amp;lt;sup&amp;gt;Reuters&amp;lt;/sup&amp;gt;&amp;lt;/p&amp;gt;"></div>







 The net worth of Dilip Shanghvi is $12.6 B. A leading player in the pharmaceuticals industry, Dilip Shanghvi chairs the India’s largest pharmaceutical establishment and the world’s fourth largest specialty drugs manufacturing company Sun Pharmaceutical Industries. 9. Kumar Birla 
 
 
 <div type="image" title="download (2)" msid="69548329" hostid="261" caption="&amp;lt;p&amp;gt;Reuters&amp;lt;/p&amp;gt;"></div>







 Kumar Birla with a net worth of $12.5 B is the head of Aditya Birla Group dealing with diversified offerings namely cement, aluminium, telecom and financial services. In 2018, his firm Idea Cellular acquired Vodafone India, India’s largest telecom firm. 10. Gautam Adani 
 
 
 <div type="image" title="file6v90xlirczp4v4hn7p5-1543839739" msid="69548350" hostid="261" caption="&amp;lt;p&amp;gt;Reuters&amp;lt;/p&amp;gt;"></div>







 With a net worth of $11.9 B, Gautam Adani is the tenth richest businessman in India. Dealing with commodities, power generation and transmission and infrastructure, Gautam Adani is a ports Tycoon who controls Mundra Port, the largest port of India in Gujarat. 
 See also: <a href="https://www.businessinsider.in/the-top-10-richest-person-in-india/articleshow/68352802.cms">Meet the top 10 richest people in India</a> <a href="https://www.businessinsider.in/These-are-the-10-richest-people-in-India/articleshow/65957318.cms">These are the 10 richest people in India</a>

Meet India's top 10 Businessmen in 2019

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">ReutersEx-Morgan Stanley banker John Grayken is a newcomer.</div></div></div>The <a href="http://www.thetimes.co.uk/edition/news/super-rich-hit-by-slump-in-fortunes-nrw78zqzs">richest people in Britain have suffered from the worst fall in fortune</a> since the credit crunch in 2007, according to the <a href="http://features.thesundaytimes.co.uk/richlist/2016/live/richlist">Sunday Times Rich List 2016</a>.The newspaper, which lists the 1,000 wealthiest individuals and families in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>, said that the commodities market crash has had such a pronounced effect on some of Britain's most wealthy people that they've seen their fortunes crater by over 50% over the last few years. Regular rich list member, steel magnate Lakshmi Mittal, has seen his wealth crash by around 75% since 2008 - he used to be worth £27.7 billion but now he's worth £7.12 billion. Len Blavatnik, the <a href="http://www.thetimes.co.uk/edition/news/super-rich-hit-by-slump-in-fortunes-nrw78zqzs">London-based, Ukrainian-born, US citizen who is the owner of Warner Music Group,</a> dropped from the number one spot this year. And the Queen has failed to make the top 300 for the second consecutive year.Only those who have significant property investments have seen their fortunes grow due to the housing boom.Take a look at who made the top 25 spots this year below:

You Searched For "Lakshmi Mittal" and got 11 results

Billionaire Lakshmi Mittal was once the world's third richest man but lost $17.5 billion in the last decade

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