IIFL Wealth Hurun India Rich List 2019 was released on 25th September. Over 953 individuals crossed the Rs.1,000 crore threshold to make it to the list. Mukesh Ambani regained the top spot for the eight consecutive year. The article below mentions all the remaining business tycoons who made their mark as the richest Indians.
1. Mukesh Ambani:
Mukesh Ambani, the elder son of Dhirubhai Ambani, is the richest Indian in the world and 13th richest person on the planet according to Forbes. Mukesh started his career from 1981, by innovating new fabric materials like petrochemical and polyester fabrics. He set up India's first private oil refinery known as Jamnagar refinery. It is still world's largest refining complex.
Accompanied by his brother Anil, he joined telecommunication and retail sector in 2000s. The profit was earned equally among the brothers, until the death of Dhirubhai Ambani. The dispute was created as Dhirubhai didn't leave a will. Mukesh retained control over his forte which was refining, petrochemicals, oil and gas and textile operations. The Jammanagar refinery was producing 33 million tonnes per year in 2010.
The major telecommunication crisis faced by Anil Ambani in 2008, made Mukesh to take control. In 2015, he made Reliance a 4G network. In 2016, he launched 'Reliance Jio', which received massive success. Along with this he launched Jio smartphone known as ‘Lyf’. He distributed Jio sim cards at Rs.0, which is the reason it got so popular.
In August 2019, at Reliance Industries' 42nd AGM, an agreement was announced to sell 20 per cent stake in the oil-to-chemicals vertical to Aramco. A plan to turn net debt free in 18 months and next month’s launch of Jio Fibre was also revealed. The real time net-worth of Mukesh Ambani is Rs.3,80,700 crore.
2. S P Hinduja and family:
S P Hinduja is the chairman of Hinduja group and charitable foundation. He is the elder son of P.D Hinduja, the founder of Hinduja Group. After completing his education in 1952, SP joined his family business. Currently, he is the head of Hinduja Bank of Switzerland, Hinduja Foundations. He resides in London with his family. Hinduja Group is organized by SP and his three brothers. Gopichand P Hinduja, who is the Co-Chairman of Hinduja Group and Chairman of Hinduja Automotive Limited; he is also a resident of the UK.
Prakash Hinduja is the Chairman of Hinduja Group in Europe. He stays at Geneva in Switzerland. He is the Chairman of Hinduja Group in Europe, Chairman of the Advisory Board of Hinduja Bank (Switzerland) Ltd. and a board member of the Swiss-Indian Chamber of Commerce.
Ashok Hinduja is the Chairman of Hinduja Group in India. He is the youngest son and oversees the philanthropic activities of Hinduja Foundation.
SP and his family are the second richest Indians. In 2019, according to The Sunday Times list of top 1,000 richest in UK, SP and his family scaled from second position to first position. As per the Forbes reports, the real time net-worth of Hinduja brothers is Rs.1,86,500 crore
3. Azim Premji:
Azim Premji is the Chairman of Wipro Limited, which is the third largest IT outsourcer in India. According to the Forbes report, the real time net-worth of Premji is Rs.1,17,100 crore, which puts him in third place. He joined his family business after his father’s death and immediately began to diversify, delving into consumer products such as soaps, shoes and lightbulbs, as well as hydraulic cylinders. Wipro has innovative centres in Silicon Valley which are focused on developing new technologies and collaborating with start-ups. He is on the 36th position in Forbes Billionaires list,2019 , India's 2nd richest in 2018.
Premji studied Electric Engineering in Stanford University. Premji has been driven by one fundamental business idea – to build an organization deeply committed to values with the client as the focus of all efforts. Also, Premji has his own university and it was established in Karnataka by the Azim Premji University Act 2010 as a not-for-profit University and is recognized by The University Grants Commission (UGC) under Section 2F.
4. Laxmi N Mittal:
Laxmi N Mittal snaps up 4th place on the list, he is the Chairman and CEO of ArcelorMittal. The real time net worth of LN Mittal is Rs. 1,07,300 crore as per the Forbes report. ArcelorMittal is the world’s largest steelmaking company. He is known as the King of Steel, although Mittal’s business philosophy emphasized consolidation in an industry that had become weak and fragmented. In 2004 Mittal merged his companies, ISPAT International and LNM Holdings, and acquired Ohio-based International Steel Group. The newly created company, Mittal Steel Co. NV, emerged from the deal as the world’s largest steelmaker.
Two years later Mittal oversaw another merger when Mittal Steel joined with Arcelor to form ArcelorMittal, according to Britannica report. Mittal was 3rd richest Indian in 2018 and in 2005 he was the world’s 3rd richest man. ArcelorMittal has now branched into shipping, coal and power and oil. The most remarkable move Mittal made was to takeover plants in Romania, Poland and the Czech Republic in between 2001-2004.
5. Gautam Adani:
Gautam Adani is the 5th richest Indian, according to China’s Hurun Richest Indian list. He is the Chairman of Adani Ports and SEZ. Australia’s Abbott Point port and the controversial Carmichael coal mine is also included in Adani’s overseas assets. According to the Forbes report, in 2018, the group was sanctioned the distribution rights to supply compressed natural gas and piped cooking gas. Adani was marked as 10th richest Indian in 2018.
The realtime net-worth of Adani is Rs.94,500 crore and is the 167th richest person on the globe. Most of Adani’s wealth comes from his 62% stake in Adani Ports and Special Economic Zone – a spin-off of Adani Enterprises in 2015. He controls 75% of all five Adani Companies - Adani Enterprises, Adani Power, Adani Transmission and Adani Gas. The Adani Group marked a turnover of Rs.77,000 crore with Rs.20,141 crore as operating profits in 2017-18.
6. Uday Kotak:
Uday Kotak marks his position at number six in the list of top 10 richest Indians. Uday didn’t joined his family trading business, he initiated a business firm in 1985 and later got it converted into a bank in 2003. He is the CEO and MD of Kotak Mahindra Bank.
The realtime net-worth of Uday Kotak is Rs.94,100 crore. The Reserve Bank of India didn’t approve Kotak’s move to issue preference shares to comply with rules to reduce his stake to 20% by December 2018. Besides Kotak’s business strategies he is also famous for his inspirational quotes. Analysing his career, Kotak pointed to five key principles that helped him to achieve the success he has seen over the years. He termed them as the 5 Cs: character, conviction, commitment, creativity, and capability.
7. Dr. Cyrus Poonawalla:
Dr. Cyrus Poonawalla is the 7th richest Indian. He is the Chairman of Poonawalla Group and founder of Serum Institute of India. Serum Institute of India which is one of India's top Biotech Company and one of the world’s cheapest vaccine producing company. Unlike other industrialist, Poonawalla had a very distinct family background, his family was indulged in horse racing and also owned Poonawalla Stud Farms.
In 1966, Poonawalla along with his brother Zavary started Serum Institute of India. Serum Institute of India gradually grew as India’s leading biotech company and presently is exporting vaccines to more than 140 countries around the world. In June 2018, Poonawalla was conferred the honorary degree of the Doctor of Humane Letters by the University of Massachusetts Medical School according to a Forbes report. The real time networth of Poonawalla is Rs.8,800 crore.
8. Cryus Pallonji Mistry:
Cryus Pallonji Mistry, the younger son of reclusive tycoon Pallonji Mistry is the Chairman of Shapoorji Pallonji Group. Cryus Pallonji Mistry is at 8th position in the list of top 10 richest Indians. During Cyrus Mistry’s two decades at the helm of Shapoorji Pallonji & Co., the company continued its expansion beyond traditional construction to large engineering projects, including the building of power plants and factories. The company also continued to grow overseas, undertaking more projects in the Middle East and Africa.
In 2006 Pallonji Mistry retired from the board of the Tata Group, and the 38-year-old Cyrus Mistry took his place. Pallonji Mistry was the single largest shareholder of the conglomerate, and his son was named director of several Tata companies in addition to his duties with the Shapoorji Pallonji Group.
In November 2011 Cyrus Mistry was made deputy chairman of the Tata Group, with the explicit goal of taking over as chairman one year later, upon the retirement of Ratan Tata, who had headed the group since 1991. He was the first non-Tata to lead Tata group. His real time net-worth is Rs.76,800 crore.
9. Shapoor Pallonji Mistry:
Grandfather, Shapoorji Mistry, built the family business into the Shapoorji Pallonji Group, with Shapoorji Pallonji & Company as its contracting division. He acquired a 12.5% stake in Tata Sons in the late 1920s. Father, Pallonji Mistry, further developed the Shapoorji Pallonji Group businesses; the group operates in engineering and construction, infrastructure, real estate, water and power and electricals sectors. And this is the fourth generation, including Shapoor and his brother Cyrus.
He received an undergraduate degree from Richmond College of London. Mistry reportedly reserves his weekends for the 170-km drive from Mumbai to his stud farm, Manjri Stud Farm in Pune, Maharashtra, India. His real time net-worth is Rs.76,800 crores. He is the older brother of Cryus Pallonji Mistry.
10. Dilip Shanghvi:
Dilip Shanghvi, pioneer of Sun Pharma is on the 9th position of the list. It is India’s most valuable pharma outfit and world’s fourth largest speciality generics maker. The realtime net-worth of Shanghvi is Rs.71,500 crores. Sun Pharma is almost 35 years old, but within such a short span of time has managed to hit the roof in the pharmaceutical world. Under Shanghvi’s leadership, Sun Pharma continued to expand at a rapid rate, acquiring more than a dozen companies and brands between 1999 and 2012. He grew Sun through a series of acquisitions, the biggest of which was the 2014 purchase of scandal-tainted rival Ranbaxy Laboratories for 400 crores, according to the Britannica report.
Apart from his contribution at Sun Pharma, Shanghvi is active as a personal investor, with interest beyond pharmaceuticals, notably renewable energy. He is also a member of the Reserve Bank of India’s central board from 2018. Shanghvi was the 2nd richest Indian in 2016 as per the Forbes report.
By Apurva Bodhare