Oil-to-telecom conglomerate Reliance Industries Ltd head Mukesh Ambani continues to be the richest Indian and has now broken into the world's top 10 wealthiest persons in the latest Forbes 2024 Billionaire List. Ambani, 66, is ranked 9th on the list with a wealth of $116 billion, up from $83.4 billion in the 2023 ranking, according to Forbes. Gautam Adani is the second richest Indian and is ranked at No.17 on the global list.
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.
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,
The IPO boom in 2023 added four new promoters to the billionaires' list.
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.
Not much is heard or read about Sun Pharma's media-shy owner.
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).
Amitabh: "There is a very famous limerick that aptly describes my presence tonight, ladies and gentleman: A funny young man from Clyde In a funeral carriage was spied; When asked, "Who is dead?" He giggled and said, "I don't know; I just came for the ride."
These two are now among India's most valuable business houses, ahead of older and more diversified groups, such as the Bajaj, OP Jindal, Anil Ambani, UB, Godrej and Hinduja.
Sun Pharmaceutical Industries Ltd Chairman Dilip Shanghvi said he expects Ranbaxy Laboratories Ltd to become profitable in the short term.
Sun Pharma's Dilip Shanghvi is India's richest person.
An end to Sun Pharma founder Dilip Shanghvi's woes are not in sight.
Sun Pharma open to large acquisitions post Ranbaxy.
Skilling of people to use new technology in manufacturing should be encouraged, said Sun Pharma MD Dilip Shanghvi
4 Ranbaxy facilities in India have been barred from exporting to US.
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.
Three Indians - Mukesh Ambani, Azim Premji and Dilip Shanghvi - have made it to a global list of 50 wealthiest people that is topped by Bill Gates.
With the Jaypee acquisition, the Suraksha group, which made lenders an offer of Rs 7,736 crore, will be able to expand its footprint in north India after making inroads in Mumbai's real estate market over the past year. Sudhir Valia, the promoter, was a co-founder and executive director of India's biggest pharmaceutical firm, Sun Pharmaceuticals, and is a close relative of Dilip Shanghvi.
'If everybody knows your name, that's success. Isn't that what society tells us? I experienced all that at a very young age. So how come I wasn't happy?' Lisa Ray wonders.
Three Indian authors -- Anita Desai, Rupa Bajwa and Siddharth Dhanvant Shanghvi -- are among those who have bagged this year's Italian Grinzane Cavour Awards.
Sun Pharma's market capitalisation stood at Rs 100,050 crore on December 5, with its share price closing at Rs 417 a piece - lowest since March 2013.
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.
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
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.
India's 100 richest saw a 3 per cent rise in the wealth totaling $259 billion, says Forbes.
Ten billionaires including Mukesh Ambani, Sunil Mittal are in the world's richest list.
Sun Pharma promoter Shanghvi's brother-in-law Sudhir Valia to pick 26%
The group is looking into a new role for Ranbaxy CEO and MD Arun Sawhney.
Dilip S Shanghvi reminisces about Anji Reddy.
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.
Pharmaceuticals, along with software and services, also added the most new entrants on the rich list 2018.
Of the 23 Indian billionaires mentioned in the Bloomberg Billionaires Index, only one saw a reduction in net worth, with the companies owned by most of them outperforming the Nifty 50 index by a big margin.
Israel-based Taro pharmaceutical industries became Sun Pharma's subsidiary on September 20, 2010.
An excerpt from Mumbai novelist Siddharth Dhanvant Shangvhi's second offering, The Lost Flamingoes of Bombay
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.
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.
An excerpt from Mumbai novelist Siddharth Dhanvant Shangvhi's second offering, The Lost Flamingoes of Bombay
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.
India has the third highest number of billionaires in the world after the US and China, according to a new list by the prestigious Forbes magazine, which said Reliance Industries chairman Mukesh Ambani reclaimed his spot as Asia's richest person, dethroning Chinese business tycoon Jack Ma who was the richest person in the region a year ago.
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.
