This Indian spent Rs 5500000000 on his daughter’s marriage, is now left with no money, here’s how his business empire turned into dust

His life stands as a stark reminder that even the business empires can collapse due to poor choices, leaving behind a lesson in humility and caution for the business world.

Pramod Mittal, once one of the richest people in the world and the younger brother of steel tycoon Lakshmi Mittal, has seen his fortunes crumble to dust. Known for his extravagant lifestyle and spending, Pramod went bankrupt in 2020, with a London court officially declaring him insolvent. Today, he depends on his family even for basic expenses.

A Fall Of Pramod Mittal

Pramod Mittal, former chairman of Ispat Industries Limited (now JSW Ispat Steel), was once a prominent figure in the global steel industry. He was also famous for his lavish lifestyle, highlighted by the extravagant Rs 550 crore ($70 million) wedding of his daughter Srishti in 2013. However, a series of poor financial decisions and mounting debts led to his downfall.

At the time of his bankruptcy, Pramod owed over £130 million ($170 million) and had only £45 ($55) worth of personal assets in Delhi.

Turning Point: GIKIL And Debt Trap

The collapse of Pramod Mittal’s empire can be traced back to his involvement with a Bosnian coke manufacturing company, GIKIL. As a guarantor for GIKIL’s debts, Mittal was held accountable when the company defaulted on its loans. The financial strain escalated as GIKIL failed to repay a London-based steel trading company, leading to legal and financial troubles for Mittal.

In 2019, the situation worsened when Mittal and two other GIKIL executives were arrested in Bosnia on charges of fraud.

Pramod Mittal’s Bankruptcy

At the age of 68, Pramod Mittal declared bankruptcy and agreed to pay £2.5 billion ($3.2 billion) to his creditors to settle outstanding debts. This amounted to approximately Rs 24,000 crore at the time. Despite the payment, his financial condition remained dire, with no personal income and minimal assets.

Pramod Mittal VS Lakshmi Mittal

While Pramod Mittal struggles to make ends meet, his elder brother Lakshmi Mittal continues to be one of the wealthiest Indians. According to Forbes, Lakshmi Mittal’s net worth stands at $15.5 billion, making him a towering figure in the global business landscape.

Pramod Mittal’s story serves as a cautionary tale about the risks of poor business decisions and unchecked financial guarantees. It underscores the importance of prudent decision-making and financial planning, no matter how successful one might be.