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Richest Indian tag eludes Anil Ambani, for now
BS Research Bureau in Mumbai | February 12, 2008 09:53 IST
The poor listing of Reliance Power, coupled with general weakness in Anil Dhirubhai Ambani Group (ADAG) stocks, has shattered ADAG's dream of becoming a $100-billion group in terms of market cap.
Even after the listing, Anil Ambani remains a notch below his elder brother Mukesh Ambani, who continues to be the richest Indian.
With the listing of Reliance Power, the market cap of Anil Ambani group aggregated to Rs 307,112 crore (Rs 3,071.12 billion), almost Rs 100,000 crore (Rs 1,000 billion) below expectations of Rs 400,000 crore (Rs 4,000 billion) capitalisation.
While the newly-listed company added a market cap of Rs 84,178 crore (Rs 841.78 billion), it increased the net worth of Anil Ambani by Rs 50,970 crore (Rs 509.7 billion). Anil Ambani holds 46.96 per cent shares in the company directly and 15.49 per cent through Reliance Energy [Get Quote].
This has increased the net worth of Anil Ambani to Rs 176,897 crore or Rs 1,768.97 billion (at the current market rate), still Rs 25,000 crore below that of Mukesh Ambani at Rs 200,961 crore (Rs 2,009.61 billion).
Trailing Anil Ambani is Delhi-based realty giant KP Singh. The market cap of Singh-promoted DLF on Monday stands at Rs 135,226 crore (Rs 1,352.26 billion). Singh holds 88.16 per cent in DLF and hence his net worth is 119,576 crore (Rs 1,195.76 billion).
Sunil Mittal, promoter of Bharti Airtel [Get Quote], is at number four with net a worth of 73,000 crore (Rs 730 billion) and Sterlite Industries' Anil Agarwal is at number five with a net worth of Rs 47,706 crore (Rs 477.06 billion).
Almost three months ago, the Ambani brothers were crowned the richest in the world with combined net worth of $106 billion. Mukesh Ambani was then worth $67.3 and Anil Ambani $38.4 billion.