Thursday, September 22, 2016

Patanjali’s Balkrishna enters Forbes list

The Hinduja Family moved up to the third position ($15.2 billion) on the annual Forbes list of India’s 100 Richest People.
Wipro’s Azim Premji slipped one place to fourth with a networth of $15 billion. Patanjali Ayurved’s Acharya Balkrishna, known as a close associate of yoga guru Ramdev, has made a surprise entry at the 48th position with a networth of 2.5 billion dollar on the list compiled by the American business magazine known for its rich lists. 

Forbes said the combined networth of India’s 100 wealthiest is 381 billion dollar (nearly Rs 25.5 lakh crore), a rise of 10% from 345 billion dollar in 2015. Mukesh Ambani’s wealth rose in the past one year from $18.9 billion to 22.7 billion (over Rs 1.5 lakh crore) on 21% surge in share price of Reliance Industries, the flagship company of his group, which recently launched 4G mobile services with much fanfare. He was ranked 36th in the global rich list. 

Younger brother Anil Ambani was ranked 32nd with a networth of 3.4 billion dollar, down from 29th spot last year. Shanghvi also retained his second position, though his wealth fell by $ 1.1 billion due to plunge in share price of his group firm Sun Pharma, the world’s fifth largest generic drug maker, Forbes said. 

Hinduja brothers rose to the third spot by displacing Premji and saw their worth rising to 15.2 billion dollar, from 14.8 billion a year ago. “The four siblings - Srichand, Gopichand, Prakash, and Ashok - control multinational empire Hinduja Group, with businesses ranging from trucks and lubricants to banking and cable television. 

The group commissioned its much-delayed 1,040 mw thermal power unit in South India in July,” the magazine said. “In a post-Brexit world, India appears a steady ship with an economy growing at 7%-plus. The majority of India’s 100 richest have notched up handsome gains as their companies have outperformed the stock market in the past year. As the domestic investment cycle starts kicking in, we can expect more gains and new names in the future,” Forbes Asia’s India Editor Naazneen Karmali said about the list.

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