Every investor always invests in a profitable business, but do you know Lakshmi Mittal used to buy failed businesses? His father was into the steel business and Lakshmi Mittal used to support his father from a young age. Back in time, steel companies were extremely difficult to start due to the License Raj system in 1951. As India was going through a critical phase, people never thought of business and people were dealing with survival only.
For business, the documentation, permits and approvals were extremely difficult to get and which made people skip thinking about business. Seeing these circumstances, Mohan lal Mittal started exploring the world for opportunities. So, he decided to buy land in Indonesia. There he wanted to start his steel business, so he sent his elder son, Lakshmi Mittal to expand their first Indonesian business.
The Journey.
Lakshmi Mittal initially had problems regarding land, documents, permits and from the Indonesian government. These challenges were unimaginable and investing money from India to Indonesia was even more difficult. Lakhmi Mittal risked and invested everything he had from being a worker to becoming the CEO of the Mittal Steels. He spent 14 years in Indonesia, building his steel business and making it extremely profitable. This journey gave him deep expertise in the steel industry with practicality and knowledge.
He listened to the buzzing news in Trinidad and Tobago where steel factories have failed, and the governments want to sell them to private players. Lakshmi Mittal decided to buy those failed steel industries. Once he took over, he fired all the employees and hired Indian employees who had good skills and quality. In most countries, employees work for a specific time and by rules, but Indians work and adjust to every other environment and are highly skilled.
Whenever he had an opportunity or viewed a steel industry that had failed, Lakshmi Mittal used to buy all those steel companies and made them profitable. From USA to Australia and European countries, he bought in every other country. Today he has a net worth of $16.4 billion. A business which started with a small steel factory has expanded across the world. Once upon a time Mittal steels, it was called the second-largest steel company in the world.
