Indian-origin steel billionaire Lakshmi Mittal, renowned for shaping the global steel industry, has expanded his formidable business empire into the world of sports. In a significant development, the Mittal family, collaborating with businessman Adar Poonawalla, has reportedly acquired the Indian Premier League (IPL) franchise Rajasthan Royals. The deal is valued at an estimated ₹15,660 crore, placing Mittal firmly in the spotlight once again.
From Humble Beginnings to Global Steel Dominance
Born in Sadulpur, Rajasthan, in 1950, Lakshmi Mittal began his journey in the steel business, initially working with his father in Kolkata. India's then-tightly regulated economy presented limited opportunities for rapid industrial growth, prompting Mittal to look beyond domestic borders.
In the 1970s, he ventured to Indonesia, where he successfully turned around a struggling steel plant. This strategic move became the blueprint for his career: acquiring distressed steel assets, modernizing their operations, and significantly improving efficiency. This approach allowed him to transform numerous underperforming mills across continents into a global industrial powerhouse.
Forging ArcelorMittal: A Landmark Merger
Throughout the 1990s and early 2000s, Mittal aggressively expanded his company, Mittal Steel, across Eastern Europe, Latin America, Central Asia, and the United States. The defining moment arrived in 2006 with the monumental takeover of European steel giant Arcelor. This merger created ArcelorMittal, the world’s largest steel producer, solidifying Mittal’s status as one of the most powerful industrialists globally.
The ArcelorMittal merger was widely regarded as a landmark achievement, showcasing the capability of Indian-origin entrepreneurs to lead and dominate heavy industries traditionally controlled by Western corporations.
Embracing Green Steel and Future Technologies
Today, ArcelorMittal operates in over 60 countries, maintaining its position as a major force in global steel production. Under Mittal and his son, Aditya Mittal, the company has increasingly prioritized green steel initiatives, renewable energy, and low-carbon manufacturing technologies. Significant investments in renewable energy projects in India and plans for a massive greenfield steel project in Andhra Pradesh underscore this commitment to sustainable practices.
A Billionaire's Lifestyle and Diverse Investments
According to Forbes’ 2026 billionaires list, Lakshmi Mittal’s real-time net worth is estimated at nearly $30 billion, predominantly from his stake in ArcelorMittal. Known for his global business travels, Mittal is often linked to ultra-long-range private aircraft, such as the Gulfstream G550.
His luxury real estate portfolio has garnered international attention, particularly his properties in London’s exclusive Kensington Palace Gardens, often dubbed “Billionaires’ Row.” His most famous residence, a massive mansion at 18-19 Kensington Palace Gardens, was purchased in 2004 from Bernie Ecclestone and became famously known as the “Taj Mittal.” The Mittal family's London property holdings are reportedly valued at over £300 million.
Beyond steel, Mittal’s business interests have diversified. Through HPCL-Mittal Energy Limited, the group has made substantial investments in petrochemicals, fuel retail, and various energy infrastructure projects, further cementing his broad influence across multiple sectors.