Everyone experiences tough times, it is a measure of your determination and dedication how you deal with them and how you can come through them.
Lakshmi Mittal, also known as Lakshmi Narayan Mittal, is an Indian entrepreneur who owns the world’s largest steelmaking industry. He was born in a Baniya family in Rajasthan, in June 1950. A few years later, his family moved to Calcutta. It was at this time and place Mittal learnt about managing a business, from his father Mohan Lal Mittal. Mohan Lal Mittal was building a steel industry at this time. Whereas, Lakshmi was busy gaining his laureates in business and economics from St. Xavier’s University, Calcutta.
At first, he joined the family business. However, he knew he wanted to be independent and stand on his two feet. Thus, he started building his empire by establishing a steel industry in Indonesia, all by himself. He named his company Arcelor Mittal. This venture of his was his Eureka Moment. He knew what he wanted and he made it possible. He worked hard and learnt the A to Z’s of business. He spent almost 10 years learning and honing his business skills. This Eureka Moment has helped him reach where he is today. A while later, he proceeded to settle in London, which still happens to be his place of residence. In the year 1989, he purchased a state-owned steel industry in Trinidad and Tobago, which was incurring huge losses at the time. Magically, he turned the entire company around! In a year’s time, the company had doubled its output and profits were rolling in! Similarly, he acquired many more companies and steel plants and generated income and profits from it, using his revolutionary business techniques.
Mittal is also known for his enormous expenditures all over the world. He bought a 128 million dollar, 12 bedroom home in London. In 2004, he spent an estimate of 60 million dollars on his daughter’s wedding.
In the year 2007, Mittal became the fifth richest person in the world. But this is not the extent of his success. He is also a great philanthropist at the same time. He has always made sure to give back to society in some way or the other and help those in need. In the early 2000’s India performed very poorly in the Olympics. Thus Mittal established the Mittal Champions Trust, in which he put 9 million dollars of his own funds. Furthermore, the tycoon donated 1 million pounds to the charitable organisation, Comic Relief. These generous donations are only a few out of the hundreds.
The main takeaway for us from his story would be how important it is for each one us to give back to the society we grew up in and help those as much as possible, no matter how successful we may become. We will take your leave with the following lines from a song,
“Count not the cost of giving, give off yourself with a smile,
The secret of all true living is reaching out all the while.”