Meet man who spent Rs 550 crore on daughter’s marriage in Spain, later went bankrupt, jailed due to...; not Anil Ambani, Vijay Mallya

Several Indian businessmen were among the richest Indians, but later suffered major financial losses. In this article, we will tell you about one such Indian businessman who spent around Rs 550 crore on his daughter's wedding, but later went bankrupt. His name is Pramod Mittal, brother of Indian billionaire and steel magnate Lakshmi Mittal, who runs ArcelorMittal.

Pramod was the chairman of Ispat Industries Limited (now JSW Ispat Steel). He used to be one of the richest men in the world. He was known for his spending sprees. The 68-year-old spent around Rs 550 crore on his daughter Shristi’s wedding in 2013 in Barcelona, Spain. However, years later, in 2020, Pramod was declared bankrupt in a London court. He had to rely on family income for daily expenses.

Pramod, along with two other GIKIL (Global Ispat Koksna Industrija doo Lukavac) officials, were also arrested in Bosnia in 2019 on charges of fraud. Pramod once consented to be a guarantor for the debts of a Bosnian coke producer called GIKIL. His Global Steel Holdings signed to stand in as the guarantor to the debts of GIKIL, and that’s when it all went caput. GIKIL could not make repayments to its steel trading guarantor firm in London.

Pramod Mittal's personal life

Talking about his personal life, Pramod is married to Sangeeta Mittal and the couple has three children -- Vartika, Shrishti and Divyesh. His brother Lakshmi Mittal is the richest Indian in the mining and metal sector with a net worth of USD 18.6 billion, as per Forbes.

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