The success of his retailing venture, though a tie-up with Wal-Mart, the world's largest company, also hinges on a careful reading of the rules on foreign investment in retailing. Foreign investment is banned in single-brand retailing, but the Bharti-WalMart venture is for back-end systems that are outside the purview of this restriction.

Another of Mittal's strengths is that he has managed to carry a diverse bunch of partners with him. Having traversed a considerable distance from a 25-employee cycle-crankshaft factory that he set up in 1976 in Ludhiana, Mittal has learnt how to keep his partners humming along.

Powered by