Mumbai: Lakshmi N Mittal, chairman and chief executive of ArcelorMittal, the world's biggest steelmaker, was elected to the board of Goldman Sachs Group Inc as an independent member. 

Mittal will serve on the audit, compensation and corporate governance and nominating committees of the board effective 28 June, the Goldman Sachs Group said  in a statement.

With the addition of Mittal, the Goldman Sachs board will now have 13 directors, of whom ten are independent directors.

``Lakshmi Mittal has reshaped a global industry and, in the process, has engineered new modes of production, identified unrealised value and sparked remarkable growth,'' Lloyd Blankfein, chairman and CEO of Goldman Sachs, said in the statement.

"He has a keen understanding of the global economy, having operated in virtually every corner of the world. Lakshmi's experience, judgment and independent thinking represent an important addition to our board of directors, and will be of tremendous value to our people, our shareholders and our clients.'' he added.

Mittal founded Mittal Steel Co in 1976 and served as its chief executive until 2006 when Mittal Steel acquired Luxemburg-based Arcelor SA to form ArcelorMittal.

Mittal has been recognised for his outstanding business achievements, including having been named `Business Person of 2006' by the Sunday Times, `International Newsmaker of the Year 2006' by Time Magazine and `Person of the Year 2006' by the Financial Times.

In January 2007, he was presented with a fellowship from King's College London, the college's highest award. He also received the 2007 Dwight D Eisenhower Global Leadership Award and the Grand Cross of Civil Merit from Spain. In January 2008, he was awarded the Padma Vibhushan, India's second highest civilian honor.

Mittal, who graduated from St Xavier's College in Calcutta, where he received a Bachelor of Commerce degree, serves as a director of EADS NV and ICICI Bank Limited. He is also active in international organisations and non-profit institutions, including the World Economic Forum, the Indian School of Business, the Kellogg School of Management at Northwestern University and The Prince's Trust.

Based in New York and with offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world, Goldman Sachs provides investment banking, securities and investment management services to a global client base that includes corporations, financial institutions, governments and high net worth individuals.