Steel tycoon to IPL power player: Who is Lakshmi Mittal, billionaire behind the Rajasthan Royals deal?

Indian-origin steel billionaire Lakshmi Mittal is back in the spotlight after the Mittal family teamed up with businessman Adar Poonawalla to acquire IPL franchise Rajasthan Royals in a reported ₹15,660 crore deal. The development has once again drawn attention to Mittal’s extraordinary journey — from a small-town businessman’s son in Rajasthan to the architect of the world’s largest steel empire. 

Over four decades, Mittal transformed struggling steel mills across continents into a global industrial powerhouse, reshaping the international steel trade and becoming one of the richest businessmen of Indian origin. 

From Rajasthan to the global steel trade 

Born in Sadulpur in Rajasthan in 1950, Mittal spent much of his early life in Kolkata, where his father operated a steel business. After graduating from St. Xavier’s College, he entered the family business at a time when India’s tightly regulated economy offered limited opportunities for rapid industrial expansion. 

Instead of remaining confined to the domestic market, Mittal turned outward. In the 1970s, he moved to Indonesia and acquired a struggling steel plant. The turnaround proved successful and laid the foundation for a business strategy that would define his career — buying distressed steel assets cheaply, modernising operations and improving efficiency. 

Building the world’s largest steel company 

During the 1990s and early 2000s, Mittal aggressively expanded across Eastern Europe, Latin America, Central Asia and the United States. His company, Mittal Steel, became one of the most aggressive acquirers in the global metals industry. 

The defining moment came in 2006 when Mittal completed a massive takeover of European steel giant ArcelorMittal. The merger created the world’s largest steel producer and cemented Mittal’s status as one of the most powerful industrialists in the world. 

The takeover was seen as a landmark moment for Indian-origin global business leadership, signalling that companies led by Indian entrepreneurs could dominate heavy industries long controlled by Western corporations. 

Betting on green steel & future technologies 

Today, ArcelorMittal operates in more than 60 countries and remains a major force in global steel production. Under Mittal and later his son Aditya Mittal, the company has increasingly shifted focus towards green steel, renewable energy and low-carbon manufacturing technologies. 

The group has announced major renewable energy investments in India and plans for a massive greenfield steel project in Andhra Pradesh. The push reflects growing pressure on the steel industry to reduce emissions and adopt cleaner production methods. 

Net worth, houses, private jet and more

According to Forbes’ 2026 billionaires list, Mittal’s real-time net worth is estimated at nearly $30 billion, placing him among the world’s richest industrialists. Most of his wealth comes from his stake in ArcelorMittal, the world’s largest steel and mining company by output.

Mittal is also known for using ultra-long-range private aircraft for global business travel. Public reports and aviation trackers have linked him to a Gulfstream G550, one of the world’s most popular luxury business jets among billionaires and corporate leaders.

Mittal’s luxury real-estate portfolio has long attracted global attention, particularly his properties in London’s ultra-exclusive Kensington Palace Gardens, often called “Billionaires’ Row.”

His best-known residence is the massive mansion at 18-19 Kensington Palace Gardens, purchased in 2004 from former Formula One boss Bernie Ecclestone. At the time, it was considered one of the most expensive homes ever sold. The mansion became widely known in British media as the “Taj Mittal.”

Mittal later expanded his London holdings further. In 2008, he reportedly bought another luxury property near Kensington Gardens for his daughter Vanisha Mittal and son-in-law Amit Bhatia. Reports estimate the Mittal family’s London property portfolio to be worth well over £300 million.

The Mittal family’s business interests now extend beyond steel. Through HPCL-Mittal Energy Limited, the group has invested in petrochemicals, fuel retail and energy infrastructure.