American business magazine Forbes on Monday conferred the third Forbes Lifetime Achievement Award on India-born steel tycoon Lakshmi Mittal. The award honours heroes of entrepreneurial capitalism and free enterprise.
Mittal will receive the award at the Forbes Global CEO Conference, being held in Singapore and expected to be attended by more than 450 business leaders across the world with a combined net worth of more than $160 billion.
Earlier in March this year, Forbes named Mittal as the fourth richest with a net worth of $45 billion in its annual ranking of the world’s richest billionaires.
“Mittal will receive the third Malcolm S Forbes Lifetime Achievement Award at the opening dinner on Monday from Steve Forbes, chairman & CEO of Forbes, and Editor-in-Chief of Forbes magazine,” Forbes said in a statement. “The award honors heroes of entrepreneurial capitalism and those who embody and exemplify the ideals of free enterprise,” it added.
LN Mittal founded Mittal Steel Company (formerly LNM Group) founded in 1976, became the world’s-largest steel producer following its merger with Arcelor in 2006.
This year’s theme at the three-day conference is The Winning Hand and would discuss strategies in dealing with the global uncertainty and issues like US elections, real estate, China, India and entrepreneurship, Forbes said.