Entrepreneur selected is Lakshmi Niwas Mittal
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I have always looked upon Lakshmi Mittal as my role model of a very successful entrepreneur. He was born in a humble family in Churu in Rajasthan. In my opinion people who are born in arid region have the survival instinct in them which helps them in business. I am very proud of him as though he is an Indian he has succeeded as an industrialist in a foreign country i.e. United Kingdom where he has migrated. I was very proud of him when he successfullyacquired "ARCELOR" but was a little upset when he conceded to the demands of the Arcelor management to keep the Arcelor before Mittal i.e to name the new company as " "Arcelor Mittal" as not "Mittal Arcelor" which was his wish.
But as the saying goes that you have to make adjustments in life in order to progress, I think taht is why Laxmi Mittal conceded to their demand in order to achieve his goal. I wonder how he became the eigth richest person in the world. I would like to find out ways to become a millionaire as him and build an industrial empire . I would like to emulate Mr. Mittal by starting my career in my own family business in shipping and in expanding the business into a public limited company and would like to acquire many shipping agencies and also diversify into reality business.I respect him as he is a family minded person .
He united his entire family i.e father and brother and protected their interest by forming the Mittal Family Trust. He is magnanimous person . He awarded Rs.15 crores to Abhinav Bindra for winning 1st gold medal for India in Olympics in shooting . He set up Mittal Champions trust by giving U.S.$9 million for supporting 10 Indian Athletes to train them for the Olympics.
From this I conclude that though he is a true Indian spirit. Though he resides abroad his heart lies in India only.
Wednesday, January 13, 2010
Jigar Mody - Entrepreneurship Assignment
Entrepreneur selected is Lakshmi Niwas Mittal
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOzUElQvQsljB-D-WY_pdFRqXp1wy9IFGk765YSggFwrgTl8tuFPm-u00QkpPiSrr-ozf6m-8c_rQTLQjeBWkbkoG8kRkFc-gQT3otoiSALEEacZCDPaqn0mDt9q2yuT_JFr_54wSL0n8/s1600-h/images.jpeg
I have always looked upon Lakshmi Mittal as my role model of a very successful entrepreneur. He was born in a humble family in Churu in Rajasthan. In my opinion people who are born in arid region have the survival instinct in them which helps them in business. I am very proud of him as though he is an Indian he has succeeded as an industrialist in a foreign country i.e. United Kingdom where he has migrated. I was very proud of him when he successfullyacquired "ARCELOR" but was a little upset when he conceded to the demands of the Arcelor management to keep the Arcelor before Mittal i.e to name the new company as " "Arcelor Mittal" as not "Mittal Arcelor" which was his wish.
But as the saying goes that you have to make adjustments in life in order to progress, I think taht is why Laxmi Mittal conceded to their demand in order to achieve his goal. I wonder how he became the eigth richest person in the world. I would like to find out ways to become a millionaire as him and build an industrial empire . I would like to emulate Mr. Mittal by starting my career in my own family business in shipping and in expanding the business into a public limited company and would like to acquire many shipping agencies and also diversify into reality business.I respect him as he is a family minded person .
He united his entire family i.e father and brother and protected their interest by forming the Mittal Family Trust. He is magnanimous person . He awarded Rs.15 crores to Abhinav Bindra for winning 1st gold medal for India in Olympics in shooting . He set up Mittal Champions trust by giving U.S.$9 million for supporting 10 Indian Athletes to train them for the Olympics.
From this I conclude that though he is a true Indian spirit. Though he resides abroad his heart lies in India only.
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOzUElQvQsljB-D-WY_pdFRqXp1wy9IFGk765YSggFwrgTl8tuFPm-u00QkpPiSrr-ozf6m-8c_rQTLQjeBWkbkoG8kRkFc-gQT3otoiSALEEacZCDPaqn0mDt9q2yuT_JFr_54wSL0n8/s1600-h/images.jpeg
I have always looked upon Lakshmi Mittal as my role model of a very successful entrepreneur. He was born in a humble family in Churu in Rajasthan. In my opinion people who are born in arid region have the survival instinct in them which helps them in business. I am very proud of him as though he is an Indian he has succeeded as an industrialist in a foreign country i.e. United Kingdom where he has migrated. I was very proud of him when he successfullyacquired "ARCELOR" but was a little upset when he conceded to the demands of the Arcelor management to keep the Arcelor before Mittal i.e to name the new company as " "Arcelor Mittal" as not "Mittal Arcelor" which was his wish.
But as the saying goes that you have to make adjustments in life in order to progress, I think taht is why Laxmi Mittal conceded to their demand in order to achieve his goal. I wonder how he became the eigth richest person in the world. I would like to find out ways to become a millionaire as him and build an industrial empire . I would like to emulate Mr. Mittal by starting my career in my own family business in shipping and in expanding the business into a public limited company and would like to acquire many shipping agencies and also diversify into reality business.I respect him as he is a family minded person .
He united his entire family i.e father and brother and protected their interest by forming the Mittal Family Trust. He is magnanimous person . He awarded Rs.15 crores to Abhinav Bindra for winning 1st gold medal for India in Olympics in shooting . He set up Mittal Champions trust by giving U.S.$9 million for supporting 10 Indian Athletes to train them for the Olympics.
From this I conclude that though he is a true Indian spirit. Though he resides abroad his heart lies in India only.
Thursday, December 17, 2009
Entreprunership Assignment
Entrepruner selected is Laxmi Mittal
Date of birth :- 15th June ,1950
Place of birth:- Sadulpur in Rajasthan
By making such a trust , he made an attempt of binding the broken family and thereby making a successful attempt to unite his entire family. On November 6th, 2009,Mittal Family Trust agreed to purchase Germany’s insolvent fashion group named Escada. This included buying of Escada’s main business including brand rights, production facilities and distribution network.
Megha Mittal, is the 33 year old daughter-in-law of Lakshmi Mittal, was a journalists at Bloomberg News was the main instigator of the deal. The purchase price was not disclosed. Aditya Mittal is the son of Mr. Laxmi Mittal.
Personal Life
He presently stay's in Kensington in London. His residence at Kensington Palace Gardens was purchased from Formula One boss Bernie Ecclestone in 2004 for approx £57 million (US$128 million)It is world's most expensive house. Mittal's house in Kensington in London is a well decorated with marble taken from the same quarry which had supplied marble for the construction of Taj Mahal . The well decorated house of Mr. L.N.Mittal was named as the "Taj Mittal".
It has 12 bedrooms, an indoor pool, Turkish baths and parking for 20 cars. Kensington Gardens is currently owned by a well known financier Noam Gottesman. As per the information available the current purchase price would be £127 million. This price would set a record for the most expensive house ever sold in London. The paper noted that the house on "Billionaire's Boulevard" was expected to be the home of Mittal's son.
Charity
When he saw that India had only won one bronze medal and one medal silver, at the 2004 Summer Olympics. He decided to set up Mittal Champions Trust by giving US$9 million for supporting 10 Indian athletes, so that they get world class training in their respective fields.Recently in 2008 Mittal awarded Abhinav Bindra with Rs. 1.5 Crore, for winning first gold medal for India in Olympics in shooting.In 2007 comic Relief, he matched the money raised it to $1 million on the celebrity special BBC programme which is called as "The Apprentice" .Laxmi Mittal very actively participates in CSR program under which it sets out its path to produce Safe Sustainable Steel. His company also operates the "ArcelorMittal" Foundation, which provides support to many different community projects around the world in the countries where Lacmi Mittal operates.
Awards
Laxmi Mittal has also received many awards. This is the year wise order starting from 1996 to 2008,as per the data available:-
1996: Steel maker of the year award
1998:Willy Korf Steel Vision Award- American Metal Market and Paine Weber's World Steel Dynamics.
2004: European Businessman of the year- Fortune magazine
2006: Person of the Year- Financial times
2007: Bessemer Gold Medal
2008: Padma Vibhushan
Criticism and allegations
Slave-labour allegations
Employees of Mittal have accused him of exploiting them. This campaign was in order to slave labour due after multiple fatalities in his mines. In december 2004, twenty-three miners died in explosions in his mines in Kazakhstan caused by faulty gas detectors.
Cash for Influence
There was controversy in 2002 ,as Adam Price exposed the link between UK prime minister Tony Blair and Mittal. This is also known as 'Garbagegate' or Cash for Influence. Mittal's steel company were registered in the Dutch Antilles in order to maintain less than 1% of its 100,000 plus workforce in the UK. It was an initiative take by the former British PM Tony Blair in its bid to purchase Romania's state steel industry.Blair had written a letter to the Romanian government. A copy of the letter could be obtained at a sustainable price. The letter hinted at the privatisation of the firm and sale to Mittal. This will help Laxmi Mittal to enter Romania and thus can gain entery into the European Union.
The letter had few lines written about Laxmi Mittal and Tony Blair's friendship.
Queens Park Rangers
Mittal had emerged as a leading contender to buy and sell Barclays Premiership clubs Wigan and Everton . But on 20th December 2007, it was announced that the Mittal family had purchased a 20 per cent shareholding in Queens Park Rangers football club joining Flavio Briatoreand Mittal's friend Bernie Ecclestone .Some of the investment was take by 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.
Self-Bonus
Lakshmi Mittal paid himself a bonus totalling GB£1.1bn out of company funds in 2004 after a takeover of a U.S.-based steelmaker.
Environmental damage
Lakshmi Mittal purchased the Irish Steel plant based in Cork from the Government for a nominal fee of £1. In 2001,after three years it was closed .This left 400 people unemployed. Later many environmental issues at the site have been taken into consideration which had led to criticism. The Irish Government filed a case against Laxmi Mittal in the High Court in order to force him to pay for the clean-up of Cork Harbour but all such attempts failed. The compensation was expected to cost €70m.
Date of birth :- 15th June ,1950
Place of birth:- Sadulpur in Rajasthan
Lakshmi Mittal was born in Sadulpur village which is located in Churu district of Rajasthan. He is a Indian born industrialist based in the U.K. He is the CEO and founder chairman and CEO of Arcelor Mittal since the merge. He also serves as a non-executive director in different companies like Goldman Sachs, EADS and ICICI Bank. He is the chairman of the World Steel Association.
He is the eighth richest person in the world.Lakshmi Mittal was named as 2006 Person of the Year by the Financial Times. He was named as one of the 100 Most Influential People Times magazine in may 2007.Mittal is the 8th richest person in the world as per 2009. He is also the richest person in the United Kingdom with personal wealth of US$19.3 billion or £10.8 billion in 2009.
Career
By making such a trust , he made an attempt of binding the broken family and thereby making a successful attempt to unite his entire family. On November 6th, 2009,Mittal Family Trust agreed to purchase Germany’s insolvent fashion group named Escada. This included buying of Escada’s main business including brand rights, production facilities and distribution network.
Megha Mittal, is the 33 year old daughter-in-law of Lakshmi Mittal, was a journalists at Bloomberg News was the main instigator of the deal. The purchase price was not disclosed. Aditya Mittal is the son of Mr. Laxmi Mittal.
Personal Life
He presently stay's in Kensington in London. His residence at Kensington Palace Gardens was purchased from Formula One boss Bernie Ecclestone in 2004 for approx £57 million (US$128 million)It is world's most expensive house. Mittal's house in Kensington in London is a well decorated with marble taken from the same quarry which had supplied marble for the construction of Taj Mahal . The well decorated house of Mr. L.N.Mittal was named as the "Taj Mittal".
It has 12 bedrooms, an indoor pool, Turkish baths and parking for 20 cars. Kensington Gardens is currently owned by a well known financier Noam Gottesman. As per the information available the current purchase price would be £127 million. This price would set a record for the most expensive house ever sold in London. The paper noted that the house on "Billionaire's Boulevard" was expected to be the home of Mittal's son.
Charity
When he saw that India had only won one bronze medal and one medal silver, at the 2004 Summer Olympics. He decided to set up Mittal Champions Trust by giving US$9 million for supporting 10 Indian athletes, so that they get world class training in their respective fields.Recently in 2008 Mittal awarded Abhinav Bindra with Rs. 1.5 Crore, for winning first gold medal for India in Olympics in shooting.In 2007 comic Relief, he matched the money raised it to $1 million on the celebrity special BBC programme which is called as "The Apprentice" .Laxmi Mittal very actively participates in CSR program under which it sets out its path to produce Safe Sustainable Steel. His company also operates the "ArcelorMittal" Foundation, which provides support to many different community projects around the world in the countries where Lacmi Mittal operates.
Awards
Laxmi Mittal has also received many awards. This is the year wise order starting from 1996 to 2008,as per the data available:-
1996: Steel maker of the year award
1998:Willy Korf Steel Vision Award- American Metal Market and Paine Weber's World Steel Dynamics.
2004: European Businessman of the year- Fortune magazine
2006: Person of the Year- Financial times
2007: Bessemer Gold Medal
2008: Padma Vibhushan
Criticism and allegations
Slave-labour allegations
Employees of Mittal have accused him of exploiting them. This campaign was in order to slave labour due after multiple fatalities in his mines. In december 2004, twenty-three miners died in explosions in his mines in Kazakhstan caused by faulty gas detectors.
Cash for Influence
There was controversy in 2002 ,as Adam Price exposed the link between UK prime minister Tony Blair and Mittal. This is also known as 'Garbagegate' or Cash for Influence. Mittal's steel company were registered in the Dutch Antilles in order to maintain less than 1% of its 100,000 plus workforce in the UK. It was an initiative take by the former British PM Tony Blair in its bid to purchase Romania's state steel industry.Blair had written a letter to the Romanian government. A copy of the letter could be obtained at a sustainable price. The letter hinted at the privatisation of the firm and sale to Mittal. This will help Laxmi Mittal to enter Romania and thus can gain entery into the European Union.
The letter had few lines written about Laxmi Mittal and Tony Blair's friendship.
Queens Park Rangers
Mittal had emerged as a leading contender to buy and sell Barclays Premiership clubs Wigan and Everton . But on 20th December 2007, it was announced that the Mittal family had purchased a 20 per cent shareholding in Queens Park Rangers football club joining Flavio Briatoreand Mittal's friend Bernie Ecclestone .Some of the investment was take by 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.
Self-Bonus
Lakshmi Mittal paid himself a bonus totalling GB£1.1bn out of company funds in 2004 after a takeover of a U.S.-based steelmaker.
Environmental damage
Lakshmi Mittal purchased the Irish Steel plant based in Cork from the Government for a nominal fee of £1. In 2001,after three years it was closed .This left 400 people unemployed. Later many environmental issues at the site have been taken into consideration which had led to criticism. The Irish Government filed a case against Laxmi Mittal in the High Court in order to force him to pay for the clean-up of Cork Harbour but all such attempts failed. The compensation was expected to cost €70m.
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