Bad times erode $50 mn from Vijay Mallya's fortune

Written by Press Trust of India | Updated: Oct 30 2013, 14:56pm hrs
Vijay MallyaForbes India Rich List of 2012 has put Vijay Mallya's networth at below $1 billion.
Problems at Kingfisher continues to weigh down on Vijay Mallya with his net worth dipping by $50 million in the past one year to $750 million, pulling down his position in Indias 100 richest list by 11 places to 84th.

Last year, Mallya had a fortune of $800 million and stood 73rd. Earlier in March this year, Mallya was dropped from Forbes global rich list.

A day after Forbes India Rich List of 2012 had put his networth at below $1 billion, Mallya had tweeted Thanks to the Almighty that Forbes has removed me from the so-called Billionaires list. Less jealousy, less frenzy and wrongful attacks.

With a networth of USD 21 billion, Reliance Industries (RIL)' Mukesh Ambani has retained his title as India's richest for sixth year in a row, while the country's 100 richest persons saw their collective wealth soar by a modest 3 per cent in a year, according to Forbes wealth list.

NRI steel tycoon Lakshmi Mittal (USD 16 billion) also continues to hold the second position, while Sun Pharmaceuticals Industries' Dilip Shanghvi has jumped to third place with about 50 per cent surge in his wealth to USD 13.9 billion, pushing Wipro's Azim Premji to fourth place (USD 13.8 billion).

As per US-based business magazine Forbes' annual list of India's 100 richest, released today, their total wealth grew by a modest 3 per cent from a year ago to USD 259 billion.

"Growth in wealth was lacklustre due to India's stumbling economy, which has been hit by inflation and a falling rupee," Forbes rich list showed.

Amid the sluggishness, Reliance Industries chief Mukesh Ambani and ArcelorMittal's Lakshmi Mittal saw no change in their respective networths, but pharmaceutical industry titan Dilip Shanghvi managed to buck the trend with a surge of USD 4.7 billion in his wealth to USD 13.9 billion.

Azim Premji's wealth also rose by USD 1.6 billion, but he could not retain his third slot.