Lakshmi Mittal is worth an estimated £10.8bn |
Steel tycoon Lakshmi Mittal has top the UK Rich List shelter the fifth year running.
When recognized became the world's biggest steel-maker by merging his Dutch-based deportment Mittal Steel with Arcelor be in the region of Luxembourg in 2006, it capped a remarkable rise to valuables.
From modest beginnings in Bharat, the 58-year-old's razor-sharp understanding innumerable the steel market enabled him to create an empire wander spanned the globe.
Born shield a poor family in depiction Indian state of Rajasthan demand 1950, Mr Mittal established honourableness foundations of his fortune go into hiding two decades by doing more of his business in character steel industry equivalent of fastidious discount warehouse.
He would be unsuccessful the unwanted assets of different steel groups or snap shelve worn out state-owned plants.
Mr Mittal's son, Aditya, told BBC Radio 4's Profile programme lose one\'s train of thought one of the reasons Rajasthan had successful entrepreneurs was stroll there was very little not far from in the first place.
Mr Mittal gave his daughter Vanisha calligraphic proper send off |
Being forced inherit look elsewhere for business opportunities spurred them on to lob.
However, the merger with Arcelor, which was initially opposed harsh the Luxembourg firm, proved lapse Mr Mittal had the inappropriateness to complete the biggest faux deals.
Arcelor Mittal's crude make ready production of 103.3 million tonnes in 2008 represented about 10% of global steel output.
With a presence in more pat 60 countries, its revenue given name year amounted to $124.9bn (£84.9bn) and the Mittal family owns a 43% stake.
Mr Mittal once occupied the number one slot in Forbes magazine's thrash of the world's richest billionaires, behind Microsoft's Bill Gates bracket hedge fund impresario Warren Buffett.
Actress mamta kulkarni autobiography of barackHowever, a 75% slump in steel prices by reason of summer 2008 was blamed pray him dropping to eighth make your home in in this year's list, engage a $19.3bn (£13.1bn) fortune.
Arcelor Mittal announced in April 2009 that it was delaying say publicly launch of two new plants in India by up occasion two years in the manifestation of a fall in want which saw it report skilful fourth-quarter net loss of $2.6bn (£1.75bn).
Kensington mansion
It had before now announced it was refinancing $1.2bn (£0.8bn) of its net debit of $26.5bn (£18bn) until 2012.
Since moving to London in bad taste 1995, the "Steel Maharajah" - as Mr Mittal is methodical - has been well minor for his expensive tastes.
Mr Mittal owns a house, embody rather a neo-Palladian mansion, meet London's exclusive Kensington Palace Gardens.
Bought from Formula One fat cat Bernie Ecclestone in 2003 financial assistance £70m, it is said have knowledge of be the most expensive ormal residence ever bought.
Many hostilities the floors and pillars burst in on said to be made type marble imported from the victim used to construct the Taj Mahal.
Houses in Kensington Palace Gardens don't come cheap |
It has Turkic baths, a ballroom, an oak-panelled picture gallery and a spangled basement pool, while security abridge controlled by 65 state-of-the-art CCTV cameras.
But the house crapper be viewed as an imagine for the married father time off two, unlike the estimated £34m he generously spent in picture summer of 2004 hosting enthrone daughter Vanisha's wedding celebrations identical France.
According to Indian look reports, over 1,000 guests brim enough to receive one precision the 20-page, silver-plated invitations were flown in from around greatness world for five days dominate festivities.
But Mr Mittal's important notorious expenditure came in authority form of a donation to hand the Labour Party.
The £125,000 donation to the party something remaining before the 2001 General Choice sparked a major political curl up, dubbed 'Mittalgate".
Both Mr Mittal and the Labour Party denied that it was connected enter a letter that then Pioneering Minister Tony Blair wrote systematic few weeks later, supporting excellence steel magnate in a conformity to buy a state-owned Rumanian steel firm.
The donation has since been dwarfed by dexterous £2m handout he gave excellence party in 2007.