Hin­duja Brothers

Business Sphere - - Economy -

bil­lion) to USD 250 bil­lion in the past one year, Forbes said. How­ever, as per this year’s list, those gains were un­even as seven lost more than a bil­lion and six gained at least that. The num­ber of bil­lion­aires also rose to 61, from 57 last year. Be­sides, 11 new­com­ers en­tered in the list in­clud­ing Hin­duja brothers who de­but with an es­ti­mated USD 8 bil­lion for­tune. While Sanghvi was the big­gest dol­lar gainer, his fel­low en­tre­pre­neur, Wock­hardt’s Ha­bil Kho­raki­wala, was the big­gest per­cent­age gainer with a net worth of USD 1.8 bil­lion. Be­sides, the min­i­mum thresh­old limit to make an en­try in the list in­creased from USD 370 mil­lion last year to USD 460 mil­lion in 2012. The youngest new­comer is 40-yearold Ran­jan Pai at num­ber 63, cred­ited with turn­ing his Manipal Group into a global brand in ed­u­ca­tion, who en­tered the list with USD 975 mil­lion. In the Forbes list, as many as five women fig­ured –- Sav­itri Jin­dal, Indu Jain, Anu Aga, Ki­ran Mazum­dar Shaw and Shob­hana Bhar­tia. Su­nil Mit­tal, chair­man of tele­com firm Bharti Air­tel and Gautam Adani of power-fo­cused Adani Group, dropped out of top 10 as the un­cer­tainty and con­tro­versy plagued their re­spec­tive sec­tors. Liquor baron Vi­jay Mallya, of­ten re­ferred to as ‘King of good times’, has lost his bil­lion­aire tag as “bad times” in his avi­a­tion busi­ness have dragged down his net­worth to be­low the USD 1 bil­lion mark. Mallya is now ranked 73rd with a for­tune of USD 800 mil­lion, a sharp plunge from 49th place last year with a for­tune of USD 1.1 bil­lion. How­ever, Mallya ranks well above Naresh Goyal of Jet Air­ways, who has been ranked by Forbes at 94th po­si­tion with a for­tune of USD 600 mil­lion. The rise of 3.7 per cent in to­tal wealth of In­dia’s rich­est fol­lows a sharp fall of 20 per cent in the pre­ced­ing year. This year gain was mainly ac­count of a slew of re­form mea­sures taken by the government in key sec­tors like re­tail, in­surance and avi­a­tion. The BSE 30-stock in­dex, Sen­sex, gained 10 per cent over the past 12 months, a rise par­tially eroded by a weak­en­ing ru­pee that fell by 8 per cent. The list is based on share­hold­ing and fi­nan­cial in­for­ma­tion from the fam­i­lies and in­di­vid­u­als, stock ex­changes, an­a­lysts and In­dia’s reg­u­la­tory agen­cies. The rank­ing lists fam­ily for­tunes, in­clud­ing those shared among ex­tended fam­i­lies. Pub­lic for­tunes are cal­cu­lated based on stock prices and ex­change rates as of Oc­to­ber 12, while value of pri­vate com­pa­nies are based on that of sim­i­lar firms that are pub­licly traded.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.