Edp - Pract.1 - 132 - Tanmayghorai
Edp - Pract.1 - 132 - Tanmayghorai
Edp - Pract.1 - 132 - Tanmayghorai
Sachin Bansal
Sachin Bansal (born August 5, 1981) is an Indian entrepreneur. He is best known as the co-founder
of Flipkart, that was acquired by Walmart (77 per cent
stake) at $16 billion in 2018. During his over 11 year
career at Flipkart, Bansal was CEO and chairman.In 2018,
Bansal exited Flipkart following the Walmart deal.
In 2007, Sachin Bansal and Binny Bansal (not related)
founded Flipkart whose valuation in 2018 was $20.8
billion.In 2018, Bansal held a 5.5 percent stake in Flipkart,
which he sold to Walmart and his net worth then was a
little over $1 billion.In May 2018, Bansal announced that
after stepping down as the executive chairman of Flipkart,
he would be focusing on pending personal projects,
gaming and brushing up his coding skills. Sachin Bansal is
now the managing director of Navi Group, a financial
services company.
In December 2018, Bansal founded BACQ Acquisitions
Private Limited, a venture that focused on building and
acquiring technology-driven businesses in diverse industry
verticals. Since 2014, Bansal has made 18 investments in
local, early-stage startups where the deal size was $1–2
million. In 2019, Bansal invested $100 million in Ola Cabs
and received a stake holding of 0.37 per cent. In February
2019, he had investments in Ola, Grey Orange, Ather
Energy, SigTuple, IN shorts, Unacademy and Terminus.
In October 2007, Bansal and his co-founder, Binny Bansal,
started an online bookstore, Flipkart, with an initial capital of
₹4,00,000 (4 Lakh Rupees or US$5,600). They first started
operating out of an apartment in Koramangala, in Bangalore,
India. In the first few months, according to Bansal's own
claims, he oversaw all business details, from building the first
version of their website to sourcing book to packing and
delivering them. From inception until 2016, Bansal held the
position of Chief Executive Officer and from 2016 until 2018,
he held the position of Executive Chairman.In 2018, Bansal
signed a non-compete clause with Walmart and exited
Flipkart.The non-compete clause restricted Bansal from
starting any business that directly or indirectly competed with
Flipkart for 18 months and in making any investments in
businesses competing with Flipkart for 36 months from his
departure.
2. Sunil Mittal
Sunil Bharti Mittal (born 23 October 1957) is an Indian billionaire entrepreneur, philanthropist and
the founder and chairperson of Bharti Enterprises, which has diversified interests in telecom,
insurance, real estate, education, malls, hospitality, Agri and food besides other ventures. Bharti
Airtel, the group's flagship company is one of the world's
largest and India's second-largest telecom company with
operations in 18 countries across Asia and Africa with a
customer base of over 399 million. Bharti Airtel clocked
revenues of over US$14.75 billion in FY2016. He is listed as
the 12th richest person in India by Forbes with a net worth of
US$14.8 billion.
In 2007, he was awarded the Padma Bhushan, India's third
highest civilian honor. On 15 June 2016, he was elected as
Chairman of the International Chamber of Commerce.
A first-generation entrepreneur, Sunil started his first business
in April 1976 at the age of 18, with a capital investment of
₹20,000 (US$270) borrowed from his father. His first business
was to make crankshafts for local bicycle manufacturers.
In 1980, he along with his brothers Rakesh Mittal and Rajan
Mittal started an Import Enterprise named Bharti Overseas
Trading Company.He sold his bicycle parts and yarn factories
and moved to Mumbai. In 1981, he purchased importing
licenses from exporting companies in Punjab. He then
imported thousands of Suzuki Motors's portable electric-power
generators from Japan. The importing of generators was
suddenly banned by the then Indian Government.
In 1984, he started assembling push-button phones in India,which he earlier used to import from a
Taiwan company, Kingtel, replacing the old fashioned, bulky rotary phones that were in use in the
country then. Bharti Telecom Limited (BTL) was incorporated and entered into a technical tie up with
Siemens AG of Germany for manufacture of electronic push button phones. By the early 1990s,
Sunil was making fax machines, cordless phones and other telecom gear. Sunil says, "In 1983, the
government imposed a ban on the import of gensets. I was out of business overnight. Everything I
was doing came to a screeching halt. I was in trouble. The question then was: what should I do
next? Then, opportunity came calling. While in Taiwan, I noticed the popularity of the push-button
phone – something which India hadn't seen then. We were still using those rotary dials with no
speed dials or redials. I sensed my chance and embraced the telecom business. I started marketing
telephones, answering/fax machines under the brand name Beetel and the company picked up
really fast.". He named his first push-button phones as 'Mitbrau'.
In 1992, he successfully bid for one of the four mobile phone network licenses auctioned in
India.One of the conditions for the Delhi cellular license was that the bidder have some experience
as a telecom operator. So, Mittal clinched a deal with the French telecom group Vivendi. He was one
of the first Indian entrepreneurs to identify the mobile telecom business as a major growth area. His
plans were finally approved by the Government in 1994 and he launched services in Delhi in 1995,
when Bharti Cellular Limited (BCL) was formed to offer cellular services under the brand name
AirTel in 1997. Within a few years Bharti became the first telecom company to cross the 2-million
mobile subscriber mark. Bharti also brought down the STD/ISD cellular rates in India under brand
name 'Indiaone'.
In May 2008, it emerged that Sunil Bharti Mittal was exploring the possibility of buying the MTN
Group, a South Africa-based telecommunications company with coverage in 21 countries in Africa
and the Middle East. The Financial Times reported that Bharti was considering offering US$45 billion
for a 100% stake in MTN, which would be the largest overseas acquisition ever by an Indian firm.
However, both sides emphasize the tentative nature of the talks, while The Economist magazine
noted, "If anything, Bharti would be marrying up," as MTN has more subscribers, higher revenues
and broader geographic coverage.However, the talks fell apart as MTN group tried to reverse the
negotiations by making Bharti almost a subsidiary of the new company. In May 2009, Bharti Airtel
again confirmed that it was in talks with MTN and the companies agreed to discuss the potential
transaction exclusively by 31 July 2009. Talks eventually ended without agreement, some sources
stating that this was due to opposition from the South African government.In June 2010, Bharti led
by Mittal acquired the African business of Zain Telecom for $10.7 billion (enterprise value) making it
the largest ever acquisition by an Indian telecom firm. In 2012, Bharti tied up with Wal-Mart, the US
retail giant, to start a number of retail stores across India. In 2014, Bharti planned to acquire Loop
Mobile for INR 7 billion, but the deal was called off later.His son Kavin Bharti Mittal is the CEO and
founder of hike Messenger.
In September 2010, Mittal's son, Shravin Mittal, joined Bharti Airtel as a manager having worked for
Merrill Lynch in New York and Ernst & Young in London.In 2012, Mittal took Bharti Infratel public
with an IPO that raised $760 million. Mittal noted that the sale, considered by many to be only a
modest success, was a "strong endorsement from qualified investors". The
board was restructured ahead of the IPO with Mittal remaining as Chairman
and Managing Director.After the IPO, shares of Bharti Infratel dropped
sharply at the commencement of trading.
In 2013, Mittal was ordered to appear before a special Delhi court to answer
questions about the additional allocation of airwaves to certain companies.
Allegations against Mittal state that there had been collusion with key
telecoms officials in the government to illegally secure an extra spectrum. No
charges were issued against Mittal, however the trial court judge noted that
there was enough material on record to proceed.In late 2013, Mittal
announced the acquisition of Warid Congo, making Bharti Airtel the largest
telecoms provider in the Republic of Congo.
In 2015, Sunil Mittal announced that he would be joining the board of
Oneweb, a space internet company. Mittal was one of the investors in a $500 million investment
round that included Coca-Cola, Virgin and Qualcomm.In 2016, Mittal made changes at Bharti Airtel
to enable the company to compete against the launch of Jio. in the race to become India's largest
telecom company.
In 2017, Mittal announced "war on roaming" by scrapping charges for outgoing and incoming calls
within India as well as international roaming charges.
3. Lakshmi Mittal
Lakshmi Niwas Mittal (Hindi born 15 June 1950) is an Indian steel magnate, based in the United
Kingdom. He is the Executive Chairman of ArcelorMittal, the world's largest steelmaking company,
as well as Chairman of stainless steel manufacturer Aperam. Mittal owns 38% of ArcelorMittal and
holds a 20% stake in EFL Championship side Queens Park Rangers.
In 2005, Forbes ranked Mittal as the third-
richest person in the world, making him the
first Indian citizen to be ranked in the top ten
in the publication's annual list of the world's
richest people.He was ranked the sixth-
richest person in the world by Forbes in
2011, but dropped to 82nd place in March
2015. He is also the "57th-most powerful
person" of the 72 individuals named in
Forbes' "Most Powerful People" list for 2015.
His daughter Vanisha Mittal's wedding was
the second-most expensive in recorded
history.Mittal has been a member of the
board of directors of Goldman Sachs since
2008. He sits on the World Steel
Association's executive committee, and is a
member of the Global CEO Council of the
Chinese People's Association for Friendship
with Foreign Countries, the Foreign
Investment Council in Kazakhstan, the
World Economic Forum's International
Business Council, and the European Round
Table of Industrialists. He is also a member
of the board of trustees of the Cleveland
Clinic.
In 2005, The Sunday Times named him
"Business Person of 2006", the Financial
Times named him "Person of the Year", and
Time magazine named him "International
Newsmaker of the Year 2006". In 2007,
Time magazine included him in their "Time
100" list.In 2019, Forbes named him in the list of India's Richest 2019.In 1989 Mittal purchased the
state-owned steel works in Trinidad and Tobago, which were operating at an enormous loss. He
turned them into profitable ventures in a year.
Until the 1990s, the family's main assets in India were a cold-rolling mill for sheet steels in Nagpur
and an alloy steels plant near Pune. Today, the family business, including a large integrated steel
plant near Mumbai, is run by his younger brothers Pramod Mittal and Vinod Mittal, but Lakshmi has
no connection with it.
In 1995 Mittal purchased the Irish Steel plant based in Cork Ireland, from the government for a
nominal fee of IR£1. Only six years later in 2001 it was closed, leaving over 400 people redundant.
Subsequent environmental issues at the site have been a cause for criticism. The Irish government
sought a High Court judgement that Mittal's company should contribute to the cost of the clean-up of
Cork Harbour, but failed. The clean up was expected to cost €70 million.
Prior to December 2001, Mittal had acquired assets which he renamed Ispat Mexicana and his
Kazahkstani operation Ispat Karmet. That month he renamed Sidex Galati to Ispat Sidex,which he
had acquired in November 2001.In October 2003, the LNM Group succeeded in concluding the
$155 million transaction to pry loose the Romanian government from the control of steel assets
Siderurgica Hunedoara and Petrotub Roman, the day after it took over the PHS Steel Group
which include Huta Sendzimira, Huta Katowice, Huta Florian and Huta Cedler from the Polish
government.
Petrotub Roman was renamed Ispat Tepro in the sequel.Mittal successfully employed Marek
Dochnal's consultancy to influence Polish officials in the 2003 privatisation of PHS steel group, which
was then Poland's largest. Dochnal was later arrested for bribing Polish officials on behalf of Russian
agents in a separate affair. In
March 2007, the Polish
government said it wanted to
renegotiate the 2004 sale to
ArcelorMittal.
Employees of Mittal have
accused him of allowing "slave
labour" conditions after multiple
fatalities in his mines. For
example during December
2004, twenty-three miners died
in explosions in his mines in
Kazakhstan caused by faulty
gas detectors.
In 2006-07, Mittal succeeded in a hostile takeover bid for Arcelor, which he renamed Arcelor Mittal.
In so doing he obtained control of amongst others the Usinor steel assets of France, the Arbed
steel assets of Luxembourg, and the Aceralia steel assets of Spain.