The India-born and UK based steel tycoon Lakshmi Niwas Mittal has been chosen for the third Forbes Lifetime Achievement Award, declared the prestigious American business magazine on Monday, September 8, 2008. The said award seeks to honor heroes of entrepreneurial capitalism and free enterprise.

The US business magazine further announced that the Forbes Lifetime Achievement Award will be conferred to Mr Mittal at the Forbes Global CEO Conference being held in Singapore. Over 450 business tycoons from around the world are expected to be present during this ceremony.

Lakshmi Niwas Mittal had been named as the fourth richest man by the Forbes magazine earlier this March in its yearly ranking of the world's richest billionaires. 'Mittal will receive the third Malcolm S Forbes Lifetime Achievement Award at the opening dinner tonight from Steve Forbes, Chairman & CEO of Forbes, and Editor-in-Chief of Forbes magazine,' a statement from Forbes said.