Mukesh Ambani richest Indian for 5th year but networth dips: Forbes

Written by Press Trust of India | New York | Updated: Oct 26 2012, 06:41am hrs
Reliance Industries chairman Mukesh Ambani has retained his position as the worlds richest Indian for the fifth year in a row, despite a decline in his networth to $21 billion, according to an annual rich list released on Thursday.

Although Ambanis networth declined for the third year in a row, plunging $1.6 billion in the past one year, his fortune remains more than 30% above that of the second-ranked Lakshmi Mittal, as per business magazine Forbes latest annual ranking of 100 wealthiest Indians. Steel baron Mittals networth fell by $3 billion to $16 billion.

Ambani, who heads energy-to-retail conglomerate Reliance Industries Group, and Mittal are followed by IT czar Azim Premji ($12.2 billion), construction major and Tata groups major shareholder Shapoorji Pallonji group patriarch Pallonji Mistry ($9.8 billion) and drugmaker Sun Pharmas Dilip Shanghvi ($9.2 billion) in the top-five.

Mukesh Ambanis younger brother Anil Ambani is ranked 11th ($6 billion), as he movs up two positions from 13th last year.

Others in top 10 include Adi Godrej at 6th position ($9 billion), followed by Savitri Jindal ($8.2 billion), Shashi & Ravi Ruia ($8.1 billion), Hinduja Brothers ($8 billion) and Kumar Mangalam Birla ($7.8 billion). Telecom czar Sunil Mittal and Gautam Adani have moved out of the top 10 and are now ranked 12th and 16th, respectively.

L&T among top 10 most innovative global firms

Five Indian companies Larsen & Toubro, Hindustan Unilever (HUL), Infosys, TCS and Sun Pharma have made to a list of the worlds 50 most innovative firms, with the engineering giant L&T ranking among the top 10.

While the global list, released on Thursday by American magazine Forbes, is topped by IT firm, Indian major L&T is ranked ninth worldwide, followed by HUL (12th), Infosys (19th), Tata Consultancy Services (29th) and Sun Pharma (38th) among the Indian companies.