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Lee Hill-choi

When businesses have the potential to grow big, savvy businessmen know that a strategic location for a headquarters base can make all the difference. A good number of Indian tycoons have looked abroad to build their empires and these days, they are among some of the wealthiest among their countrymen. Here are a few of India’s business giants who have taken up residence abroad to grow their wealth.
Lakshmi Mittal

Net worth: US$8.8 billion*
Residence: London
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Lakshmi Mittal ranks among the top 10 wealthiest Indian billionaires. He is the chairman and CEO of ArcelorMittal, the world’s biggest steelmaker. Before settling in London and owning several prime properties in what is known as the city’s Billionaire’s Row at Kensington Palace Gardens, the tycoon hailed from a steel clan back in India. He took a separate path from his siblings and founded Mittal Steel, which subsequently merged with France’s Arcelor in 2006. Mittal has sat on the board of directors at Goldman Sachs since 2008 and owns a stake in the Queens Park Rangers football club. In early April 2020, he pledged Rs 100 crores (US$13.09 million) to PM CARES Fund to curb the spread of Covid-19 in India.
Krishna Kumar Bangur

Net worth: US$1.9 billion*
Residence: Singapore
Originally from the Bangur clan of Kolkata but now a proud resident of Singapore, Krishna Kumar Bangur was appointed chairman of Graphite India in 2002. The graphite electrodes production company was set up in 1962 in collaboration with American firm Great Lakes Carbon. It provides supplies to leading steelmakers in India and abroad and is the world’s third largest in its field. The company doubled in revenue to US$507 million for the financial year of 2018, marking a net profit of US$159 million as a result of China’s decision to replace polluting blast furnaces with electric arc furnaces to make steel.
Hinduja family

Net worth: US$12.2 billion*
Residence: London and Monaco
The multinational conglomerate Hinduja Group is run by four siblings: Srichand, Gopichand, Prakash and Ashok Hinduja. The former two live in London, while Prakash lives in Monaco and the youngest, Ashok, remains in Mumbai. The brothers’ real estate portfolio in London includes the historic Old War Office building in Whitehall and the Carlton House Terrace near Buckingham Palace. The group was started by their father, Parmanand Deepchand Hinduja, who traded goods in the Sindh region of India that is now Pakistan before moving to Iran in 1919. It wasn’t until 1979 that the brothers shifted their group’s base from Iran to London. Their businesses range from trucks and lubricants, to other industries such as banking and media.
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 Anil Agarwal and family

Net worth: US$3.1 billion*
Residence: London
A tycoon in the metals and mining business, Anil Agarwal built his empire from a modest scrap metal business into the giant Vedanta Resources with its headquarters in London. It was the first Indian firm to be listed on the London Stock Exchange. That was in 2003. Agarwal started out in the mid-1970s by trading scrap metal collected from cable companies around India and selling it in Mumbai. He also ran a second business at the time by acquiring Shamsher Sterling Corporation in 1976 that manufactured enamelled copper. In late 2018, Vedanta was made private after Agarwal paid more than US$1 billion to acquire the remaining one-third of the company he did not own.
Micky Jagtiani

Net worth: US$1.9 billion*
Residence: Dubai
Micky Jagtiani started out as a London cabby before moving to Bahrain and opening a baby products shop in 1973. Today, he lives in the Middle East and is a retail magnate who founded the Landmark Group. Despite his rise to becoming a billionaire, Jagtiani is said to be known for his modesty in lifestyle. The Dubai-headquartered Landmark Group is present across 22 countries and it is his wife, Renuka, who heads the business as chairman and CEO.
*Net worth figures from Forbes as of April 2020
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Lakshmi Mittal and 4 other Indian billionaires who moved overseas to grow their fortunes

India’s top billionaires who took up residence abroad to grow their wealth. Photo: SCMP collage/Instagram

Krishna Kumar Bangur. Photo: Graphite India

 Micky Jagtiani. Photo: LinkedIn

epa03200109 (FILE) A file photograph showing Indian Lakshmi Mittal, chairman of the board of directors and chief executive officer of the world's largest steel company, ArcelorMittal, during a results press conference at the company headquarters in Luxembourg, 08 February 2011. Reports state on 29 April 2012 that Lakshmi Mittal has been named top of the, British newspaper, The Sunday Times 'Rich List' with a combined wealth of 12.7 billion GBP or 15.58 billion euros. Uzbek-born Russian Alisher Usmanov, is second with 12.3 billion GBP or 15.09 billion euros, while Russian Roman Abramovich is third with 9.5 billion GBP or 11.65 billion euros.  EPA/NICOLAS BOUVY *** Local Caption *** 00000402569959

Srichand Hinduja, one of the three brothers of London-based Hindujas business empire, arrives at the Central Bureau of Investigation (CBI) office in New Delhi 20 January 2001.  An Indian court ordered 20 January the three Hindujas brothers, who are accused of taking money from Sweden's Bofors arms firm to help clinch a 1.3 billion USD Bofors gun deal in India in 1986, to appear before federal detectives probing the scandal.   AFP PHOTO/RAVEENDRAN

Anil Agarwal, chairman of Vedanta Resources Plc speaks at a news conference in Mumbai, India, on Tuesday, April 24, 2007. Vedanta Resources Plc agreed to buy Mitsui & Co.'s entire stake in Indian iron-ore exporter Sesa Goa Ltd. for $981 million, defeating rivals including Arcelor Mittal to secure supplies of the steel-making raw material.  Photographer: Scott Eells/Bloomberg News

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Landmark Group’s Micky Jagtiani lives in the Middle East, ArcelorMittal’s CEO lives in London, Graphite India’s chairman lives in Singapore – how the right location paid off for those willing to take up residence abroad
