Mukesh Ambani has reclaimed the top position on the 2023 Forbes list of India's 100 Richest with a net worth of $92 billion. The fortune of infrastructure magnate Gautam Adani, who rose meteorically to overtake Ambani as India's richest person for the first time last year, has slipped to the second position. Adani's net worth, which includes that of his family, fell by a whopping $82 billion to $68 billion, after a report by US short-seller Hindenburg Research in January sent his group's shares tumbling.
India's 100 richest saw a 3 per cent rise in the wealth totaling $259 billion, says Forbes.
Sun's acquisition of Ranbaxy would create the fifth-largest specialty generics company in the world and the largest Indian pharma company, with an estimated revenue of $4.2 billion.
Sun Pharma's managing director Dilip Shanghvi, says we continue to look for opportunities to expand our business in all the key geographies and markets we are focused on.
Israel-based Taro pharmaceutical industries became Sun Pharma's subsidiary on September 20, 2010.
Mukesh Ambani has raced ahead of Gautam Adani to become the richest Indian on a list of wealthiest people in the country. The 66-year-old chairman of the diversified Reliance Industries saw his wealth growing by a marginal 2 per cent to Rs 8.08 lakh crore, while Adani's fortune plummeted by 57 per cent to Rs 4.74 lakh crore, as per the 360 ONE Wealth Hurun India Rich List 2023. Anas Rahman Junaid, managing director and chief researcher at Hurun, attributed the decline in Adani's wealth to the Hindenburg report published in January. In January,
Sun Pharma rejected Taro's demand, stating that it had not disclosed audited results for the past three years as well as the restated accounts. Sun's offer was a maximum of $9.50 per share, with two options. Discussions failed and both parties asked the court to give a verdict. However, the court directed both parties to re-negotiate through a mediator.
Sun Pharmaceutical Industries and Israel-based Taro Pharmaceutical have started fresh rounds of negotiations to settle their differences over a takeover by the Indian company out of court.
In many cases, of course, financial institutions like Life Insurance Corporation or government-controlled banks have come to the rescue of Indian companies facing takeover threats.
Ten billionaires including Mukesh Ambani, Sunil Mittal are in the world's richest list.
Sun had rejected Taro's offer of conducting a shareholder referendum at any price of its (Sun's) choosing to settle the issue, besides offering other options, saying it was an attempt to sidestep from the real issues.
"If we are able to get all the shares of Taro Pharmaceuticals, including promoters shares, then the total cost would be up to Rs 1,000 crore," Sun Pharmaceutical Industries chairman Dilip Shanghvi said at conference call on Sunday.
Rishad Premji, chairman of IT services major Wipro, saw his compensation for FY23 decline by almost 50 per cent year-on-year, due to a fall in the firm's profit. According to the Form 20-F, filed with the US Securities and Exchange Commission by Wipro, Premji's compensation for FY23 was $951,353, down 50 per cent from $1,819,022 in FY22. "Rishad A Premji is entitled to a commission at the rate of 0.35 per cent on incremental consolidated net profits of Wipro Limited over the previous fiscal year. However, in light of the fact that the incremental consolidated net profits for fiscal year 2023 was negative, the Company determined that no commission was payable for fiscal year 2023 to Mr Rishad A. Premji," said the company in the filing.
Reliance Industries chairman Mukesh Ambani continues to top India's richest list, according to the Hurun India Rich List 2014.
The deal will provide Suzlon with much needed liquidity.
Pharmaceuticals, along with software and services, also added the most new entrants on the rich list 2018.
Flipkart's co-founders Sachin and Binni Bansal made their debut at 86th position with a net worth of $1.3 billion each.
Sun Pharma open to large acquisitions post Ranbaxy.
Sun Pharmaceutical Industries will take a call on whether to shut Ranbaxy's troubled factories or make changes in the top management of the latter only after its $4-billion acquisition deal is complete.
4 Ranbaxy facilities in India have been barred from exporting to US.
Samvat 2070 was a great year for top Indian conglomerates in the stock markets.
The group is looking into a new role for Ranbaxy CEO and MD Arun Sawhney.
Silverstreet Developers LLP, which had no holding in Ranbaxy at the end of September 2013, had bought shares of the Gurgaon-based firm aggregating 1.41 per cent stake by end of December 2013. As on March 31, 2014, its holding stood at 1.64 per cent.
India seeks greater market access for its products including textiles, pharmaceuticals and bovine meat.
Among the many exits from the billionaire's club in 2022 are D Uday Kumar Reddy of Tanla Solutions (net worth down 66 per cent), Sushil Kanubhai Shah of Metropolis Healthcare (down 65.7 per cent), Vijay Shekhar Sharma of One97 Communications (down 66 per cent), and C K Birla (down 43.4 per cent).
Forbes said Prime Minister Narendra Modi's "economic experiments" barely affected India's billionaires while none gained more than oil-and-gas tycoon Mukesh Ambani, who cemented his decade-long hold on the top slot by adding a staggering USD 15.3 billion (67 per cent) to his last year's wealth to become one of Asia's top five richest.
The proposed acquisition is expected to close by the end of 2014, subject to approvals from Indian Courts and the anti-trust body in India and the US
Industrialist Mukesh Ambani remains India's richest person with a sharp surge of 30 per cent in his net worth to $26 billion.
The recalled drugs were manufactured and distributed in the US by Ohm Laboratories.
Partnership between Israel and India is doing wonders, the visiting prime minister tells business leaders.
One hundred and forty nine new individuals joined the rich list club of 1,103 Indians across 122 cities who cumulatively accumulated a wealth of Rs 100 trillion. Bengaluru -based Kaivalya Vohra, 19, of grocery delivery application Zepto is the youngest self-made and the youngest rich individual, according to IIFL Wealth Hurun India Rich List 2022. The report found 1,103 Indians with a networth of Rs 1,000 crore each - an increase of 62 per cent over five years. There are 221 billionaires (Rs 100 crore networth) in India on the 2022 list - down 16 compared with last year, while 13 people born in the 1990s made it to the list, all self-made.
In the Forbes rich list Mukesh Ambani is ranked 39th.
Vodafone m-pesa was one of the 11 firms that was given payments bank licence by the Reserve Bank of India in 2015.
The IPO boom in 2023 added four new promoters to the billionaires' list.
The merger has fortified Sun Pharma's position.
The combined networth of India's 100 wealthiest is $381 billion (nearly Rs 25.5 lakh crore), a rise of 10 per cent from $ 345 billion in 2015
Ambani is also the year's biggest gainer, adding USD 9.3 billion to his wealth amid the continuing success of his Reliance Jio broadband telco service.
Sun Pharma's offer was tempting because Ranbaxy was too busy fighting fires in the US to concentrate on operations.
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