Reliance Industries chairman Mukesh Ambani has again topped the list of Forbes India’s richest person list with a net worth of $22.7 billion, followed by Sun Pharmaceutical Industries’ Dilip Shanghvi who remained at No. 2 spot with a net worth of $16.9 billion, while Hinduja brothers (Srichand, Gopichand, Prakash, and Ashok – control multinational empire Hinduja Group) at net worth of $15.2 billion took the third spot. The list also saw entry of Acharya Balkrishna, cofounder of Patanjali Ayurved with yoga guru Baba Ramdev at number 48, with net worth of $2.5 billion, thanks to his 97 per cent holding in fast-growing consumer goods outfit.
“This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and India’s regulatory agencies. The ranking lists family fortunes, including those shared among extended families such as the Godrej and Bajaj families. Public fortunes were calculated based on stock prices and exchange rates as of September 9. Private companies were valued based on similar companies that are publicly traded,” the press release said.
Reliance Industries’ Mukesh Ambani wealth increased last year as shares of his Reliance Industries rose 21 per cent in the past 12 months. His company also launched its 4G phone service – Reliance Jio – this month, which triggered a price war in the telecommunications market. Mukesh Ambani’s younger brother Anil Ambani has been ranked 32nd in the riches list with a net worth of $3.4 billion, down from 29th spot last year.
Pharmaceutical magnate Dilip Shanghvi wealth fell by $1.1 billion along with a drop in the shares of his Sun Pharmaceutical Industries, the world’s fifth-largest generics maker. Earlier this year, Sun acquired 14 drugs from Novartis in Japan for $293 million, which will be distributed by Mitsubishi Tanabe Pharma. Hinduja brothers have businesses ranging from trucks and lubricants to banking and cable television. The group commissioned its much-delayed 1,040 megawatt thermal power unit in South India in July.
Tech magnate Azim Premji dropped one spot to No.4 with a net worth of $15 billion. Wipro, India’s third-largest outsourcer, reported a 6% fall in net earnings to $304 million in a recent quarter amid sluggish sales. To boost growth, the company has been on a buying spree and its most recent acquisition was HealthPlan Services, an insurance-technology firm based in Florida.
The list also saw entry of six newcomers this year with eight people rejoining the lists after their companies outperformed the stock market’s 12% rise in the past year. Billionaire tech brothers Divyank and Bhavin Turakhia made their foray into the list after selling their company – ad tech firm Media.net – to a Chinese consortium investors for $900 million. Biocon’s Kiran Mazumdar-Shaw returned to the ranking at 65 wspot with net worth of $1.83 billion as shares of her company doubled in the past year. Shares of its contract research affiliate Syngene were also up 92% since its IPO last year.
Pawan Munjal made his debut in the Forbes’s riches Indian list at no 29 with net worth of $3.65 billion). Son of late Brijmohan Lall Munjal, founder of Hero Group, takes over his father’s spot on the list. The motorcycle magnate runs flagship Hero MotoCorp, which is the world’s largest producer of two-wheelers by volume. The company has sold 65 million units to date, of which more than 6.6 million were sold in the year ended March 2016.
Flipkart’s co-founders Sachin and Binny Bansal who were ranked 86th last year with a net worth of $ 1.3 billion were among the 13 who moved out of the richest Indian list this year.
Here is the list top 10 richest in India are:
1) Mukesh Ambani; US$22.7 billion
2) Dilip Shanghvi; $16.9 billion
3) Hinduja brothers; $15.2 billion
4) Azim Premji; $15 billion
5) Pallonji Mistry; $13.9 billion
6) Lakshmi Mittal; $12.5 billion
7) Godrej family; $12.4 billion
8) Shiv Nadar; $11.4 billion
9) Kumar Birla; $8.8 billion
10) Cyrus Poonawalla, $8.6 billion