Famous Entrepreneurs Information

8. Lakshmi Mittal

Net Worth: $19.3 billion
Source: Steel/India
Age: 58
Marital Status: Married, two children

Indian immigrant heads world's largest steel company; ArcelorMittal was formed via hostile takeover three years ago.

Stock in company makes up bulk of his fortune; shares at a four-year low, with steel prices down 75% since last summer.

Company forced to pay heavy fines after a French antitrust investigation found 10 companies guilty of price-fixing in European steel markets.

Arcelor posted $2.6 billion loss in most recent quarter; announced plans to slow acquisitions, cut capital expenditures, pay down debt.

Started in family steel business in the 1970s, branched out on his own in 1994.

Initially bought up steel mills on the cheap in Eastern Europe. Company bought 19.9% stake in Australia's Macarthur Coal last year.

Also owns pieces of Mumbai's Indiabulls Group, London's RAB Capital; owns stake in, sits on board of Goldman Sachs. Holds substantial cash; owns 12-bedroom mansion in London's posh Kensington neighborhood.

by Luisa Kroll, Matthew Miller, and Tatiana Serafin

Labels: arcelor mittal, famous entrepreneurs, india, lakshmi mittal, steel

7. Mukesh Ambani

Net Worth: $19.5 billion
Source: Petrochemicals/India
Age: 51
Marital Status: Married, three children

Oversees Reliance Industries, India's most valuable company by market cap, despite stock falling 40% in past year.

Merging his Reliance Petroleum with flagship Reliance Industries. As part of deal, will exercise right to buy back Chevron's 5% stake in Reliance Petroleum at $1.2 per share--the same price at which he sold it three years ago. Today the stock trades for $1.80 a share.

Increased stake in Reliance Industries last October; paid $3.4 billion to convert 120 million preferential warrants into shares.

Reliance Petroleum refinery on India's western coast began operating in December despite falling global demand and declining margins.

Late father Dhirubhai founded Reliance and built it into a massive conglomerate. After he died, Mukesh and his brother, Anil, ran the family business together for a brief time.

But siblings feuded over control; mother eventually brokered split of assets. Brothers may be looking to bury hatchet; played joint hosts at mother's recent 75th birthday bash.

Has yet to move into his 27-story home that he's building at a reported cost of $1 billion.
Ardent fan of Bollywood films. Wife, Nita, oversees school named after his father.

by Luisa Kroll, Matthew Miller, and Tatiana Serafin

Labels: famous entrepreneurs, india, mukesh ambani, petrochemicals, reliance industries