Pramod Mittal, once counted among the world’s richest individuals, went through a dramatic downfall that led to bankruptcy and legal troubles. Pramod is the younger brother of Lakshmi Mittal, the Indian steel tycoon and chairman of ArcelorMittal, the world’s largest steel and mining company. According to Forbes, Lakshmi Mittal is the richest Indian in the metals and mining sector, with a net worth of $18.5 billion.
Pramod Mittal made headlines in 2013 when he spent a huge amount of Rs 550 crore on the wedding of his daughter, Shrishti. This celebration was among the most expensive weddings ever recorded at that time. However, the lavishness of the event shows his spending habits, which eventually contributed to his financial downfall.
Pramod served as the chairman of Ispat Industries Limited (now JSW Ispat Steel) and was once a prominent figure in the global business world. However, by 2020, a London court declared him bankrupt. His financial troubles began when his company, Global Steel Holdings, acted as a guarantor for the debts of a Bosnian coke producer, GIKIL (Global Ispat Koksna Industrija doo Lukavac).
GIKIL failed to repay its debts to a steel trading guarantor firm in London, leaving Pramod liable for the repayments. This financial burden went out of control, leading to his bankruptcy.
In 2019, Pramod and two other officials from GIKIL were arrested in Bosnia on charges of fraud. The legal complications further tarnished his reputation and strained his finances.
Pramod Mittal is married to Sangeeta Mittal, and the couple has three children: Vartika, Shrishti, and Divyesh. Despite the controversies and financial setbacks, his family remains an essential part of his life.
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