Lakshmi Mittal and 4 other Indian billionaires who moved overseas to grow their fortunes
Landmark Group’s Micky Jagtiani lives in the Middle East, ArcelorMittal’s CEO lives in London, Graphite India’s chairman lives in Singapore – how the right location paid off for those willing to take up residence abroad
When businesses have the potential to grow big, savvy businessmen know that a strategic location for a headquarters base can make all the difference. A good number of Indian tycoons have looked abroad to build their empires and these days, they are among some of the wealthiest among their countrymen. Here are a few of India’s business giants who have taken up residence abroad to grow their wealth.
Lakshmi Mittal
Net worth: US$8.8 billion*
Residence: London
Lakshmi Mittal ranks among the top 10 wealthiest Indian billionaires. He is the chairman and CEO of ArcelorMittal, the world’s biggest steelmaker. Before settling in London and owning several prime properties in what is known as the city’s Billionaire’s Row at Kensington Palace Gardens, the tycoon hailed from a steel clan back in India. He took a separate path from his siblings and founded Mittal Steel, which subsequently merged with France’s Arcelor in 2006. Mittal has sat on the board of directors at Goldman Sachs since 2008 and owns a stake in the Queens Park Rangers football club. In early April 2020, he pledged Rs 100 crores (US$13.09 million) to PM CARES Fund to curb the spread of Covid-19 in India.
Krishna Kumar Bangur
Net worth: US$1.9 billion*
Residence: Singapore
Originally from the Bangur clan of Kolkata but now a proud resident of Singapore, Krishna Kumar Bangur was appointed chairman of Graphite India in 2002. The graphite electrodes production company was set up in 1962 in collaboration with American firm Great Lakes Carbon. It provides supplies to leading steelmakers in India and abroad and is the world’s third largest in its field. The company doubled in revenue to US$507 million for the financial year of 2018, marking a net profit of US$159 million as a result of China’s decision to replace polluting blast furnaces with electric arc furnaces to make steel.