Indian Tycoon Who Spent 98.3 Billion Won on Daughter's Wedding... Bankrupt After Huge Debt

ArcelorMittal CEO Lakshmi Mittal of India Steel Company (left) / Photo by Yonhap News

[Asia Economy Intern Reporter Lim Juhyung] An Indian billionaire who made headlines for spending about 98 billion won on his daughter's wedding has declared bankruptcy due to massive debts.

On the 30th of last month (local time), the US economic media outlet Forbes reported that Pramod Mittal, the brother of Lakshmi Mittal, CEO of the Indian steel company ArcelorMittal, recently declared bankruptcy in the UK with debts amounting to $160 million (approximately 191.8 billion won).

According to the media, Pramod took on the guarantee for 'Gikil,' a Bosnian metal coke manufacturing company where he served as an advisory chairman, and after incurring huge debts in 2013, he ultimately declared bankruptcy.

Previously, in 2012, Pramod spent 98.3 billion won on his daughter's wedding held in Spain, hiring renowned chefs and inviting guests.

At the time, it was reported that Pramod's extravagant wedding was driven by rivalry with his older brother, CEO Lakshmi.

When CEO Lakshmi spent about 71.9 billion won in France for his daughter's wedding, Pramod reportedly spent 20 billion won more on his own daughter's wedding to not fall behind his brother.

Notably, CEO Lakshmi, ranked as the 9th richest Indian by Forbes with assets worth about 8.8 trillion won, did not provide any help in repaying his brother's debts, leading some foreign media to suggest possible discord between the siblings.