With the entry price to the top 100 at a record $1.25 billion, there are only 6 newcomers this year. The youngest are serial entrepreneurs Bhavin (36) and Divyank (34) Turakhia, who sold their ad tech firm Media.net for $900 million in August. Another new face is Acharya Balkrishna, who cofounded consumer-goods maker Patanjali Ayurved with his friend, yoga guru Baba Ramdev. Two-wheeler tycoon Pawan Munjal takes the spot of his father, Brijmohan Lall Munjal, who died last November.
Eight returned to the ranks after their companies outperformed the stock market’s 12% rise in the past year, including biotech pioneer Kiran Mazumdar-Shaw, India’s richest self-made woman. Efforts to revive Suzlon by founder and former billionaire Tulsi Tanti have yet to restore his place in the roster. The 13 who dropped off include not only textile figure Balkrishan Goenka but also pals Sachin Bansal and Binny Bansal, cofounders of Flipkart, amid uncertainty about the e-commerce giant’s valuation.
This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and India’s regulatory agencies. The ranking lists family fortunes, including those shared among extended families such as the Godrej and Bajaj families. Public fortunes were calculated based on stock prices and exchange rates as of September 9. Private companies were valued based on similar companies that are publicly traded.
Check out our list for India’s 25 richest people:
#25 M.A. Yusuff Ali
Net Worth: $4 Billion
Middle East retail king M.A. Yusuff Ali presides over $6.3 billion (revenue) LuLu Group, with 129 stores in the Gulf region, India, Egypt, Indonesia and Malaysia. New projects include a $300 million investment in Trivandrum in South India that will include a mall, hotel and convention center. The group’s hospitality arm owns Dubai’s first Steigenberger hotel, a German luxury hotel brand and a 50% stake in the Sheraton hotel in Muscat, which will reopen later this year after renovations.
#24 Micky Jagtiani
Net Worth: $4.4 Billion
Middle East retailing giant Landmark Group, which Micky Jagtiani founded and chairs, suspended sales of all Trump-branded products last December after the U.S. presidential candidate made anti-Muslim remarks. With estimated revenue of $6 billion, Landmark, which his wife Renuka helps him run, has more than 2,400 stores spread across the Middle East, Africa and India. It recently inked an agreement to open new stores with Abu Dhabi’s upcoming Reem Mall and also with Oman’s Muscat Grand Mall.
#23 Pankaj Patel
Net Worth: $4.5 Billion
Pharmacy grad Pankaj Patel’s generics outfit Cadila Healthcare was taken to court by Swiss giant Roche for selling a clone of its popular breast cancer drug Herceptin in India. Cadila said it had secured regulatory approval. Its shares, which suffered a hit earlier when it received a warning from the U.S. FDA for violating manufacturing standards at one its factories, recovered after a positive report by the health regulator. In June Cadila acquired 2 drugs in the pipeline from Teva Pharmaceutical’s U.S. portfolio.
#22 Kushal Pal Singh
Net Worth: $4.8 Billion
Despite a sluggish property market, property baron Kushal Pal Singh’s DLF saw its shares rise on news that he plans to sell his 40% stake in valuable rental arm DLF Cyber City Developers to institutional investors and use the proceeds to pare down DLF’s $3.3 billion debt. Blackstone Group, Abu Dhabi Investment Authority and GIC of Singapore are believed to be among the bidders. In April, DLF opened its 2-million square-foot Mall of India near Delhi.
#21 Vikram Lal
Net Worth: $5 Billion
Record sales of the iconic Royal Enfield motorbike kept shares of Vikram Lal’s Eicher Motors aloft. The company sold more than 500,000 bikes in the year ended March 2016, a 50% jump over the previous year. It also launched its much-anticipated Himalayan adventure bike in March. Son Siddhartha, who runs Eicher, relocated to London last year to oversee the company’s global expansion; the first U.S. store recently opened in Milwaukee, the home of rival Harley-Davidson. In May, the family sold 4.2% of its stake in Eicher, but it still retains close to 51%.
#20 Desh Bandhu Gupta
Net Worth: $5.1 Billion
Desh Bandhu Gupta, founder of generics champ Lupin, run by daughter Vinita and son Nilesh, is poorer by $800 million as the company’s shares fell partly on an adverse report on one of its factories by the U.S. FDA. Bullish on Japan, Lupin agreed in August to buy 21 generic drugs from Osaka-based Shionogi for $150 million. Vinita and Nilesh jointly won the Ernst & Young Entrepreneur of the Year Award 2015.
#19 Savitri Jindal & family
Net Worth: $5.3 Billion
After declining last year, fortune of steel and power clan, whose matriarch Savitri Jindal chairs the O.P Jindal Group, rose as steel prices recovered. Mumbai-based son Sajjan saw shares of his JSW Steel almost double in the past year. In May, he agreed to acquire a 1,000-megawatt thermal power unit for $750 million from his struggling younger sibling Naveen’s Jindal Power & Steel, which is weighed down by $3.6 billion in debt.
#18 Subhash Chandra & family
Net Worth: $5.6 Billion
Media magnate Subhash Chandra’s Zee Entertainment Enterprises, flagship of his Essel Group and run by sons Punit and Amit, sold its Ten Sports Network to Sony Pictures for $385 million in August. The television broadcaster’s array of 75 channels reaches more than one billion viewers in 171 countries. Zee’s presence in Southeast Asia covers Indonesia, Thailand, Malaysia, Singapore and the Philippines. Essel’s infrastructure unit has a joint venture with China’s Golden Concord Holdings for a $2 billion solar-equipment project in Andhra Pradesh state in South India. He was recently elected a member of parliament. Chandra’s autobiography, The Z Factor: My Journey as the Wrong Man at the Right Time, was published this year.
#17 Bajaj Family
Net Worth: $5.7 Billion
The Bajaj family that controls the 90-year-old Bajaj Group saw its wealth increase by $1.3 billion, partly from the 70% rise in shares of financial services arm Bajaj Finserv. The group’s financial-services business is overseen by Sanjiv Bajaj, younger son of 77-year-old chairman Rahul Bajaj, who shares fortune with cousins Shekhar, Madhur and Niraj. Motorcycle maker Bajaj Auto, run by patriarch’s older son Rajiv, introduced the V15, a 150cc motorcycle partly made with metal from INS Vikrant, India’s first aircraft carrier. The company has begun exporting Qute, a new 4-wheel quadricycle, but is awaiting court approval to introduce it in India.
#16 Shashi & Ravi Ruia
Net Worth: $5.8 Billion
Brothers Shashi & Ravi Ruia have been busy restructuring their debt-laden Essar Group, a $27 billion (revenue) steel-to-shipping conglomerate. They took Mumbai-listed Essar Oil private in preparation for a 49%-stake sale in the company to Russian oil-producer Rosneft. The $2.8 billion deal (excluding debt) has yet to be concluded. In February, they sold an office complex in Mumbai’s financial district for $350 million to a Bangalore developer. The Ruias are said to be looking for a buyer for their outsourcing unit Aegis.
#15 Anand Burman & family
Net Worth: $5.85 Billion
Five branches of the Burman clan, which Anand Burman heads, share the wealth, the bulk of which is derived from a 68% stake in the $1.3 billion (revenue) consumer-goods firm Dabur. The company reported a rise in revenue, mainly from growing demand for its hair oils, toothpaste, packaged juices and home-care products. Dabur is developing 2 Ayurvedic drugs, for malaria and diabetes, in partnership with the Indian government.
#14 Benu Gopal Bangur
Net Worth: $5.9 Billion
Patriarch Benu Gopal Bangur enters top 20 for the first time on soaring shares of his Shree Cement, which boosted his wealth by $2 billion. The cement maker benefited from a surge in sales and lower energy costs due to a fall in coal prices. Son Hari Mohan and grandson Prashant, who run the company, have earmarked $330 million for capacity expansion in Bihar, Chhattisgarh and Karnataka.
#13 Gautam Adani & family
Net Worth: $6.3 Billion
Ports tycoon Gautam Ambani was impacted by a fall in shares of his Adani Ports & SEZ, which his son Karan runs as chief executive. Adani’s controversial coal-mining project in Queensland got a reprieve when a federal court in August dismissed a legal challenge by an environmental group to the approval granted by the government. At home Adani is expanding into solar power with projects in Tamil Nadu, Gujarat and Rajasthan. The group also plans to make solar panels, but hasn’t yet selected a technology partner.
#12 Sunil Mittal & family
Net Worth: $6.6 Billion
Shares of telecom tycoon Sunil Mittal’s Bharti Airtel tumbled in September when Mukesh Ambani unleashed a price war with his low cost 4G phone service Reliance Jio. To fight off the mighty rival, Mittal bought 4G spectrum from struggling rivals for $1.2 billion and is gearing up to buy more spectrum at a government auction. SingTel recently increased its holding in Airtel to close to 36%, paying $660 million for Temasek’s stake. Weighed down by $12.3 billion in debt, Airtel sold telecom operations in Burkina Faso and Sierra Leone to France’s Orange for an estimated $900 million. Mittal’s wealth is up on new information about his private assets, including son Kavin’s SoftBank-backed messaging service Hike, which achieved unicorn status when its last funding round valued it at $1.4 billion. Mittal was elected chairman of the International Chamber of Commerce in June.
#11 Uday Kotak
Net Worth: $8.3 Billion
After acquiring rival ING Vysya Bank 22 months ago, Kotak Mahindra Bank, controlled by Uday Kotak, is reaping the benefits of that merger. Net profit in a recent quarter doubled to $159 million. Canada Pension Plan Investment Board recently received Reserve Bank approval to increase its stake in the bank from to 10% from 5%. The Canadian pension fund manager has partnered with the bank for a $525 million fund to acquire stressed assets of Indian banks. Commenting on rising bad loans at state-owned banks, Kotak recently said: “Return of capital is more important than return on capital.”
#10 Cyrus Poonawalla
Net Worth: $8.6 Billion
Vaccine billionaire Cyrus Ponawalla, who set up Serum Institute of India 50 years ago, gained on rising revenue and profit at the privately owned firm, which son, Adar, helps him run. Serum reported a record profit of $360 million on revenue of $695 million for the year ended March 2016. Poonawalla is investing $150 million in a factory to make a range of new vaccines, including for dengue, pneumonia and diarrhea. Adar featured among FORBES ASIA’s Heroes of Philanthropy this year for donating $15 million to cleaning up Pune city, where the family resides.
#9 Kumar Birla
Net Worth: $8.8 Billion
Commodities king Kumar Birla, who chairs the $41 billion (revenue) Aditya Birla Group, is restructuring his empire. In August he announced the merger of Aditya Birla Nuvo with cash-rich Grasim Industries, to be followed by the demerger of the financial-services business into a separate company. Shares of both companies fell on investor concerns that the merger lacked synergies. Birla defended the move, saying it would create a company that combines growth with stability. In April Birla’s UltraTech Cement concluded the $2.4 billion acquisition of rival Jaypee Group’s cement units. Daughter Ananya has founded a micro finance firm and an online venture to sell handmade products.
#8 Shiv Nadar
Net Worth: $11.4 Billion
IT pioneer Shiv Nadar’s homegrown software outfit HCL Technologies is reportedly mulling a U.S. listing. In February it acquired Volvo’s IT outsourcing arm for $130 million and simultaneously signed a deal with the Swedish automaker to provide software services. In April HCL agreed to acquire Mumbai software firm Geometric, controlled by the Godrej family, in a share swap valued at $190 million. His eponymous Nadar University is partnering with Dell for technology projects in areas such as cloud computing and big data.
#7 Godrej family
Net Worth: $12.4 Billion
Clan behind the $4.6 billion (revenue) Godrej Group, a 119-year-old consumer-goods giant, which is aiming for a tenfold increase in revenue every 10 years, has been on an acquisition spree. Godrej Consumer Products, overseen by patriarch Adi Godrej, boosted its presence in Africa with the acquisition of 3 personal-care companies in Zambia, Senegal and Kenya. Dairy and agribusiness firm Godrej Agrovet took majority stakes in agrochemicals firm Astec LifeSciences and Creamline Dairy. Private unit Godrej & Boyce acquired online home-decor firm India Circus in January.
#6 Lakshmi Mittal
Net Worth: $12.5 Billion
After declining for 2 years, steel baron Lakshmi Mittal climbs 2 spots in the rankings as his ArcelorMittal reported net profit of $1.1 billion in a recent quarter, its best in 5 years. The world’s biggest steelmaker, which has been buffeted by a global supply glut caused by exports from China, got a reprieve from an uptick in demand and import tariffs on steel imposed by the U.S. and Europe. In 2015 Arcelor saw revenue fall 20% to $64 billion and its net loss rise sevenfold to $7.9 billion. Arcelor, together with Italian steelmaker Marcegaglia, has bid for Italy’s lossmaking Ilva steel plant.
#5 Pallonji Mistry
Net Worth: $13.9 Billion
Reclusive tycoon Pallonji Mistry’s engineering and construction giant, 151-year-old Shapoorji Pallonji Group, is run by older son Shapoor. Younger son Cyrus chairs the $108 billion (revenue) Tata Group, a conglomerate of more than 100 companies, including valuable outsourcer Tata Consultancy Services. Mistry’s 18.4% stake in holding outfit Tata Sons is his biggest asset. Shapoor is reportedly negotiating to acquire a 51% stake in Karaikal Port in South India. This year Mistry received the Padma Bhushan, one of India’s highest civilian awards.
#4 Azim Premji
Net Worth: $15 Billion
Tech magnate Azim Premji’s $7.7 billion (revenue) Wipro, India’s third-largest outsourcer, reported a 6% fall in net earnings to $304 million in a recent quarter amid sluggish sales. To boost growth, Wipro has been on a buying spree in the past year. Its most recent acquisition was HealthPlan Services, an insurance-technology firm based in Florida, for $460 million. But it called off the $130 million purchase of New Jersey-based Viteos Group, citing delays in completion of the deal. In August Premji completed 5 decades as Wipro’s boss.
#3 Hinduja family
Net Worth: $15.2 Billion
Four close-knit siblings, Srichand, Gopichand, Prakash and Ashok, control the Hinduja Group, a far-flung multinational empire with businesses ranging from trucks and lubricants to banking and cable television. The group commissioned its much-delayed 1,040 megawatt thermal power unit in south India in July and is reportedly in the fray to acquire SunEdison’s Indian solar power assets. The brothers are expected to open London’s first Raffles Hotel in the historic Old War Office building in Whitehall they bought 2 years ago with a Spanish group.
#2 Dilip Shanghvi
Net Worth: $16.9 Billion
India’s richest pharma magnate Dilip Shanghvi’s wealth is down by $1.1 billion along with a drop in shares of his Sun Pharmaceutical Industries, the world’s fifth-largest generics maker. The company’s profitability improved in a recent quarter partly due to U.S. sales of the generic version of Glivec, a leukemia drug made by Novartis. Earlier this year Sun acquired 14 drugs from Novartis in Japan for $293 million that will be distributed by Mitsubishi Tanabe Pharma.
#1 Mukesh Ambani
Net Worth: $22.7 Billion
Oil and gas tycoon Mukesh Ambani sparked a price war in India’s hyper competitive telecom market with the launch of 4G phone service Jio at the annual shareholders meeting of his Reliance Industries in September. The $44.7 billion (revenue) Reliance Industries is locked in a legal battle with the government related to the recovery of costs associated with developing a gas field. Wife Nita, who sits on Reliance’s board, is a member of the International Olympic Committee. (Reliance owns Network18, a licensee of Forbes Media.)
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