Thursday, 24 September 2015

India’s 100 richest includes only four women...................

Savitri Jindal has retained the tag of being the richest woman in India with a networth of $3.8 billion. Photo: Akhilesh Kumar

Mukesh Ambani is richest Indian for ninth time in a row; 12 debutants in the list including Flipkart founders and IndiGo's co-founder.

Only four women feature in this year’s Forbes list of 100 richest Indians, including O P Jindal group Chairperson Savitri Jindal and generic drugs maker USV Pharma Chairperson Leena Tewari.
Vinod Gupta, wife of Havells founder Qimat Rai Gupta, and Indu Jain of Bennett, Coleman & Co are the other two women in the list.
The four women have a collective wealth of $9.2 billion and account for nearly three per cent of the total networth of all in the coveted list whose collective wealth amount to $345 billion.
Jindal has retained the tag of being the richest woman in India with a networth of $3.8 billion, according to the annual India rich list compiled by business magazine Forbes.
“After recovering last year, Savitri Jindal’s O P Jindal group, which she chairs, saw its fortunes decline, mostly from a sharp fall in shares of Jindal Steel & Power, run by younger son Naveen. The company shut down operations at its Australian mine, citing mounting losses,” Forbes said.
Among the four women on the list, Jindal, ranked 23rd on the list, was followed by newcomer Leena Tewari who chairs privately held generics maker USV Pharma, ranked 54th on the list.
Indu Jain of Bennett, Coleman & Co was ranked 57th on the list with a networth of $1.9 billion.
Vinod Gupta, wife of Qimat Rai Gupta, who died in November 2014, appears on the list after inheriting her husband’s shares in electrical fittings maker Havells India, though she doesn’t hold an executive or board position. Gupta was ranked 74th on the list.
Forbes said the list was compiled using shareholding and financial data obtained from families and individuals, stock exchanges, analysts and regulators.
Mukesh Ambani India’s richest for 9th year
Industrialist Mukesh Ambani has retained the tag as India’s richest for the ninth year in a row with a net worth of $18.9 billion even as declining macroeconomic barometers flattened the fortunes of the country’s uber-rich.
As per Forbes magazine’s latest India rich list, Ambani was followed by Sun Pharma’s Dilip Shanghvi as second-richest with a net worth of USD 18 billion while Wipro’s Azim Premji retained his third place with $15.9 billion.
As many as 10 of them saw their net worth dip by over $1 billion each in one year, including Lakshmi Mittal, whose net worth dropped to $4.6 billion (ranked 8th with $11.2 billion). His rank too slipped three places.
In the top 10, Hinduja brothers were ranked 4th with $15.9 billion, followed by Pallonji Mistry at $14.7 billion, Shiv Nadar ($12.9 billion), Godrej family ($11.4 billion), Lakshmi Mittal (11.2 billion), Cyrus Poonawala ($ 7.9 billion) and Kumar Mangalam Birla ($7.8 billion).
Forbes said that while the economy is expected to grow by 7 per cent this year, the stock market is off 5 per cent from a year ago and the rupee has fallen 9 per cent. “These declining barometers flattened the fortunes of India’s 100 richest, whose combined wealth is nearly unchanged at $345 billion from a year ago,” the magazine said.
12 debutants on the list this year
Interestingly, however, amid a big decline in fortunes, 12 new faces have made their debut in India 100 rich list and more than half of the 84 who return to the list this year are richer than last year.
The list saw as many as 12 newcomers, including Flipkart’s founders and low-cost airline IndiGo’s co-founder Rakesh Gangwal, who has debuted at 70th position with a net worth of $1.6 billion ahead of his company’s IPO.
Gangwal’s partner Rahul Bhatia has moved up 12 positions to 38th with a net worth of $2.4 billion.
The biggest gainer was vaccine maker Serum’s Cyrus Poonawalla whose wealth rose from $6.2 billion to $7.9 billion, pushing his rank to the 9th position.

The magazine said the minimum threshold for making it to the list has increased from $1 billion to $1.1 billion in 2015.