Share |

Revealed: the wealthy families behind India’s first Olympic gold

When Abhinav Bindra (pictured) won India's first ever individual Olympic gold medal in the Men's 10 metres Air Rifle event on Tuesday, he became a national hero. But this is no rags-to-riches fairytale.
Abhinav's father, AS Bindra, is a millionaire industrialist who runs a successful agro-food business in Punjab. So determined that his son would win, he built an international standard shooting range at the family home.
Abhinav himself is CEO of Abhinav Futuristics, a company that the family set up to deal in mobile solutions, computer gaming and audio. It is also the sole agent for Germany's Walther weapons brand in India.
Now the family is branching out even further. In the coming months it plans to launch a new five-star hotel project.
The gold medallist did not just get backing from this own family. He was also helped by the Mittal family's Mittal Champions Trust, a body that supports and funds talented sportspersons and potential Olympic medal winners to enable them to access the best specialists in the world.
Set up by ArcelorMittal chief Lakshmi in 2005, MCT is headed by the steel magnate's son-in-law Amit Bhatia. Mittal's son Aditya is also on the board.
"I am absolutely delighted that Abhinav has won India's first individual gold at the Olympics. This is a great day for Indian sport and I hope it will act as motivation for the Indian team participating at this event," said Lakshmi.
"The Mittal Champions Trust was set up to improve India's performance at major sporting events and to have such a result at the first Olympics since the trust's inception is a magnificent result."
Abhinav himself thanked MCT "for all the help and support over the last couple of years". "I hope we will be able to win many more gold medals over the next few days," he said.

Have you taken our "Selling the Family Business" survey yet? Click here to take the survey. 

Click here >>