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Asian Voice Global India Rich List - 2016

Editor’s Note

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his is the only Rich List which combines Indians, non-resident Indians and persons of Indian origin or overseas citizens of India in a composite compilation. The qualification for inclusion on the list is a minimum net worth of US$1 billion or its equivalent. In our view 150 individuals, families or partnerships have qualified for such recognition on 21 October 2016. This is the second year of publication. The entries are in ranking order beginning with the richest downwards. The aggregate net worth of the people featuring on the list is more than 20% of India’s GDP. All reasonable effort has been made to base selection on evidence and not hearsay. The net worth figures are, of course, best estimates and subject to fluctuation within short periods, given the volatility of markets. The template for the compilation was created by Philip Beresford, one of the most experienced wealth estimators in the world. He has been compiling the UK’s Sunday Times annual rich list for 27 years. It was invaluable that he worked for RAYMEDIA to scan and unearth the super affluent in the diverse Indian diaspora. The list is open to suggestions. Our aim is to publish it annually. In the event of any inadvertent c ommission or omission, we would be only too happy to revise and update. We can be contacted in confidence. Under no circumstances is the compiler, producer and publisher of the list liable for its content or any consequences or damages resulting from its use. Considerable checks and re-checks take place before an entry or extent of wealth is finally accepted or rejected. In the case of Ananda Krishn an, Malaysia’s second richest person, his net worth wasn’t an issue. However, we felt his ancestry traces back to Sri Lanka rather than to India. We are also satisfied London-based Cyrus Vandrevala should be on the list; but we couldn’t arrive at an accurate calculation of his net worth.

Methodology

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he compilation emerged from a careful trawling of accounts of companies and assets of persons who are mentioned on the list. Candidates were valued on normal stock market multiples applying to the profits of their companies and in accordance with the sectors they operate in. Where their firms were quoted on local stock markets, we took such values as the starting point of our calculations. We looked at dividend and salary information (where available). We also probed debt levels. The actual fortunes of those who have qualified for the list could be larger than our estimates. We measured identifiable wealth, property or significant shares in publicly quoted companies. We excluded bank accounts - to which we have no access - and small shareholdings in a private equity portfolio. Our work spanned several months. We, then, cross checked our findings with those of Forbes, Bloomberg, Canadian Business, Australia's Business Review, the UK’s Sunday Times, Hurun of China and Arabian Business – all reputable organisations. We also drew on close links with other compilers. We examined many names which ultimately did not make the list, for we weren’t confident their wealth came up to our bottom line of US$1 billion. Ashis Ray Editor, GLOBAL INDIA RICH LIST 3


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Asian Voice Global India Rich List - 2016

Dharmasya Moolam Artha

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ealth creation is at the core of the civilisation. Chanakya in his famous treatise known as Kautalya's Arthashastra elaborated 2500 years ago that wealth creation as well as accumulation is a praiseworthy activity and it must be encouraged and honoured, especially when it is used wisely for the common good. By latest well-researched methodology Philip Beresford has identified some 150 Indian billionaires for this special magazine. Ray Media, especially Ashis Ray has diligently ensured that with the vagaries of stock market and exchange rate, the figures are up to date. Up until 1840 when India's contribution to the world economy was almost 38%, there were many home-based Indians who could be termed in today's language as billionaires. Out of our illustrious 150, a large number of them reside in India and have built up their businesses there. Equally there are overseas Indians in Europe – especially in the UK, USA, Canada, Far East – especially in Singapore, Hong Kong – Australia as well as in the Gulf and Africa. Whether in India or abroad, these successful wealth creators have climbed to the top in spite of several challenges. As Ashis has mentioned, these 150 giants have amassed almost 22% of India's GDP. It's a message for India, particularly for the policy-makers and the administrators. If there is continuous improvement in the procedures and ease of doing business, then indigenous talent, skill and determination will thrive further in no time. It is also laudable that both in India and especially abroad, our billionaires are shining as generous philanthropists – especially in education, wellness and health – in countries of their domicile or elsewhere. With tremendous transformation taking place in India, there will be more and more people competing for such salutation. I am especially honoured that we are able to publish Global India Rich List for the second consecutive year. I would also like to thank the advertisers, supporters and my team who have made this magazine possible. Yours sincerely, CB Patel Publisher/Editor 5


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Asian Voice Global India Rich List - 2016

1(2)

Mukesh Ambani

Industry - $ 23.5bn

India

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fter a brief drop in 2015, Mukesh Ambani returns as the richest person among the Indian entrepreneurs despite his Reliance Industries Limited – which provides around 5% of the Indian government’s tax revenue – suffering from low oil and gas prices. In the telecom sector he has teamed up with brother Anil’s Reliance Communications to launch 4G services. Reliance also controls Network 18, which owns the TV news channel CNN News 18. An MBA from Stanford Business School in California, his home in Mumbai is the world’s most expensive residential property. He owns about a third of his company. His interests include ownership of Mumbai Indians in the Indian Premier League and promoting the Indian Super League football.

2(4)

Hindujas

UK/Switzerland/India

Various - $ 17bn

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he return of Iran – where their business took off – from the cold can only be good news for the Hinduja family. Besides, a part of the flagship power project of the Hinduja family in Andhra Pradesh in India has finally been commissioned. They have also just launched Nxt Digital, a digital television distributor, in India. The existing businesses – the group is piloted by the second of four brothers, Gopichand – include India’s second biggest truck maker Ashok Leyland, British electric bus maker Optare, interests in Gulf Oil, United States chemical company Houghton and IndusInd Bank, with a presence in Switzerland, India and Britain. Meanwhile, the 1,000-room old war office building in London – where Sir Winston Churchill worked – acquired by the Hindujas in 2015 for a reported sum of £100 million, is being converted into a hotel and apartments. 6


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Asian Voice Global India Rich List - 2016

3(1)

Dilip Shanghvi

Pharmaceuticals - $ 16bn

India

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umber one at the time of publication last year, Dilip Shanghvi's wealth is down because of a drop in shares of his Sun Pharmaceutical Industries after his company was warned in the United States about manufacturing standards. Its profit margin was also affected by a $4 billion acquisition of rival Ranbaxy Industries. But Sun remains India's biggest pharmaceutical company and the 5th largest generic firm in the world. It recently introduced a generic version of Gleevec, a cancer drug made by Novartis, in the US. Shanghvi has also personally invested in green energy and has a 23% stake in wind power firm Suzlon. His son Aalok co-founded PV Powertech, which makes solar panels.

4(8)

David & Simon Reuben

UK/Switzerland

Property & Internet - $ 15.8bn

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he Reuben brothers are Mumbai-born Jews. Their family lived in India from the mid-19th century. Starting in metals, in the 1990s they reputedly controlled 5% of the world’s aluminium output. Their property portfolio includes prime buildings in London, airports and heliports. They are leading investors in the UK’s Metro Bank and also own Global Switch, a data hosting company. Reubros and Aldersgate Investments, controlled by them, are estimated to be worth $14.4 billion. Their net worth has of course taken a hit because of the lower value of the pound after the Brexit vote.

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Asian Voice Global India Rich List - 2016

5(3)

Azim Premji

Software - $ 15.3bn

India

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fter his father’s death in 1966, Azim Premji had to cut short his studies in electrical engineering at Stanford University in the United States to take charge of the family business. He, then, transformed it from a seller of hydrogenated cooking fats, soaps and other consumer products into Wipro, the third largest Indian software exporter, since 2000 quoted on the New York Stock Exchange. His recent acquisitions include Florida-based insurance technology firm HealthPlan Services. He has pledged 39% of his stake in Wipro to his charitable Trust.

12 6(5)

Pallonji Mistry

India/Ireland

Construction & Investments - $ 14bn

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he Mistry family have increased their stake in the $120 billion Tata Group to at least 18.5%, making them the largest shareholders in India’s largest conglomerate. Mistry otherwise heads Shapoorji Pallonji Group, pioneering builders in India since the 1860s, credited with the creation of some of the country’s most iconic structures. Since the 1970s, the company has also had a significant presence in the Gulf. It is presently engaged in a $200 million venture to construct 20,000 affordable homes in India. Pallonji Mistry, recipient of the Padma Bhushan, India’s third highest civilian award, is now an Irish citizen. His son Cyrus was the former chairman of the Tatas.

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Asian Voice Global India Rich List - 2016

7(7)

Lakshmi Mittal & Family

Steel - $ 13bn

UK

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s chief executive of the Luxembourg-headquartered world’s biggest steelmaker ArcelorMittal, Lakshmi Mittal’s wealth – which reached a peak in 2008 - has considerably been whittled down by the crisis in the global steel industry caused by over-capacity in and dumping by China. In 2015, its revenues fell by 20% and it reported a loss of $7.9bn, a seven times rise as compared to the previous year. Mittal moved from Kolkata to Indonesia before settling in Britain in 1995, where he was declared the wealthiest person for eight years, but is now only 11th on the Sunday Times Rich List.

8(17)

Godrej Family

Various - $ 12.4bn

I

9(6)

India

n 1918, the Godrej Group, now headed by Adi Godrej, with brother Nadir and cousins Jamshyd and Smita Crishna-Godrej part of the empire, launched the world’s first soap product made from vegetable oil. 119 years old, it is involved in real estate, industrial engineering, appliances, furniture, security, agriculture and consumer goods which range from mosquito repellents to refrigerators - which are also sold in other parts of Asia, Africa and South America. Godrej Properties is now developing its vast and priceless nearly 100-year land holdings in suburban Mumbai.

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Shiv Nadar

Software - $ 12bn

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CL Group, co-founded by Shiv Nadar in 1976, began by selling microcomputers, but has re-invented itself into a top software operation. It recently acquired businesses from Alstom and Deutsche Bank and added the Swedish Volvo Group to its list of clients, while buying its IT outsourcing arm. Its customers include B o e i n g , Microsoft, Cisco and UBS. Nadar’s art collection is worth nearly $100 million.

India


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Asian Voice Global India Rich List - 2016

10(11)

Cyrus Poonawalla

Pharmaceuticals - $ 9bn

12(10)

India

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rom owning stud farms in Pune, Cyrus Poonawalla and his brother Zavaray launched Serum Institute of India in 1966. Serum is now the world’s largest producer of vaccines, which it has been exporting since 1994. One of every two children in the world is inoculated by a vaccine from SII. It joined against Ebola, with a rising demand for both its oral and injectable versions – the latter made at its Dutch unit. SII reported record profits for the 2015-16 financial year. Its range of new vaccines includes one for dengue. Po o n awa l l a has investments in real estate and hotels.

11(9)

Kumarmangalam Birla

Financial Services - $ 7.8bn

India

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rom setting up a small finance company Kotak Capital Management Finance in 1985, Uday Kotak converted it into Kotak Mahindra Bank, a full-fledged banking operation, with branches across India and offices in London, New York, Dubai, Abu Dhabi, Mauritius and Singapore. It also has a stake in MCX, India’s largest commodities exchange. Last year, it acquired a rival ING Vysya Bank, an IndoDutch group. Kotak has recently waded in to the general insurance sector, as well. Reports indicate he is setting up a $500 million fund with Canada Pension Plan Investment Board to buy stressed assets of Indian banks.

13(13)

India

Aluminium & Cement - $ 8.8bn

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Uday Kotak

indalco Industries, a part of Kumar Birla’s Aditya Birla Group, is India’s second largest aluminium maker. It acquired Atlanta-based Novelis for $6bn in 2007. But Hindalco’s debts have risen and Birla’s wealth has shrunk in the wake of depressed prices of commodities. He has, however, expanded his presence in the cement sector by buying the rival Jaypee Group for $2.4 bn. He has also ventured into ecommerce by launching a fashion portal abor.com. Birla is the great-grandson of G D Birla, a pioneering Indian businessman in the 20th century.

Sunil Mittal and Family

Telecom - $ 6.3bn

India

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harti Airtel, controlled by Sunil Mittal and his family with SinTel of Singapore, is the world’s third largest telecom company by way of subscribers. It enjoys a presence in about 18 countries in Asia and Africa. Its mobile phone business in India is expanding into 4G services in the face of existing and anticipated competition from Vodafone and Reliance Jio respectively. Mittal, though, has been burdened by a $12 billion debt in and mounting losses in Africa. He has addressed these by selling his operations in Burkina Faso and Sierra Leone to France’s Orange and selling transmission towers in the continent in general. He has also merged Bharti’s Bangladesh venture with Malaysia’s Axiata and is said to be looking for a similar solution in Sri Lanka. 11


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Asian Voice Global India Rich List - 2016

16(23)

13(12)

Gautam Adani

India

Benu Gopal Bangur

India

- $ 5.9bn Infrastructure & Energy - $ 6.3bn Cement nheriting an under-performing cement company in a fam-

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dani Group, controlled by Gautam Adani, is into building and operating ports and power generation & transmission. His rapid rise is said to be not unconnected with encouragement from Narendra Modi. In 2014, he acquired major ports in eastern and southern India. But spinning off his core business from Adani Enterprises resulted in the company’s shares to collapse by 80% in one day in 2015. The group’s muchhyped manufacture of low-cost solar panels has not made much headway, either. However, he has received approval for a coal-mining project in Australia.

12 15(20)

Shashi & Ravi Ruia

India

ssar Group of the Ruias deals in marine construction, offshore support services, oil, steel and energy. Debtladen, in 2014 it de-listed from the London Stock Exchange at a heavy discount as compared to its 2010 flotation price. The same year, it sold its US-based outsourcing firm, Aegis, to France’s Teleperformance as well as its telecom asset in Kenya, Yumobile. It is reported to be planning a stake sale in Essar Oil. The deal could include supply of crude to Essar’s refineries for an extended period. Russia’s Rosneft and Saudi Arabia’s Aramco are said to be in the frame for such an arrangement. 12

ily carve-out in 1992, Benu Gopal Bangur turned it around. Kolkata-based, Shree Cement has in recent years maintained its buoyancy despite bearish demand. While retaining its manufacturing base in northern India, it has set up plants in the east. Since 2002, Bangur’s son Hari Mohan runs the firm, with his grandson Prashant in-charge of strategy. Bangur is reputed to reside in a 51,000 square foot mansion which possesses a temple, home theatre, a gym and volleyball court – a sport he enjoys playing. Bangur has a 65% stake in Shree Cement.

17(18)

Energy, Telecom & Logistics - $ 6bn

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Anand Burman & Family

India

FMCG & Natural Health Care - $ 5.8bn

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abur India Limited is one of India’s leading FMCG companies and the world’s largest in Ayurvedic and natural health care. Its FMCG portfolio includes personal care, digestives, fruit juices and skin care. Its products are available in 120 countries, with 30% of its revenues coming from outside India. Two-thirds of the company is owned by the Burman family, with Anand Burman as its chairman. He is also the MD of Dabur Oncology plc UK. The family also has stakes in insurance and property development in Delhi, London and Edinburgh.


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Asian Voice Global India Rich List - 2016

20(19)

18(42)

Rahul Bajaj & Family

Motorcycles - $ 5.7bn

India

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ioneers in making twowheelers and three-wheeler auto-rickshaws – which sell beyond Indian shores – Bajaj Motors, now run by Rahul Bajaj’s son Rajiv, is awaiting Indian Supreme Court’s approval to introduce a 4-wheel “quadricycle” taxi. It is also contemplating launching new motorcycle models to boost its shrinking market share in this segment. Bajaj is also into home appliances, lighting, iron & steel, insurance, travel and finance. Bajaj’s recent public remarks suggest that after having great expectations, he is disillusioned with the present Indian government.

Sri Prakash Lohia

Indonesia

Petrochemicals - $ 5.2bn

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n 2016, Sri Prakash Lohia’s Indorama Corporation, founded with his father, marks its 40th anniversary. Originally from Kolkata, the family migrated to Indonesia to first start manufacturing spun yarn, before moving on to making polyethylene, polypropylene and medical gloves. Indorama is today the world’s largest producer of polyester. In addition to Indonesia, it has production plants in Malaysia, India, Sri Lanka, Uzbekistan, Turkey and Senegal. In London, he and his wife Seema (sister of steel magnate Lakshmi Mittal) bought and restored a 1772 five-storey mansion known as Sheridan House for around $66 million.

21(15)

Savitri Jindal & Family

12 19(25)

Vikram Lal

Motorcycles - $ 5.5bn

E

India

icher, which used to make tractors, switched to manufacturing motorbikes by acquiring a majority stake in Enfield India. After reportedly growing more than 50% annually in India since 2010, it has ventured into an international expansion. In partnership with Volvo, the company also makes trucks and personal utility vehicles with Polaris Industries of the US. Vikram Lal, who oversees operations with his son Siddhartha, commands a 55% share of Eicher.

India

Steel, Power & Energy - $ 5.1bn

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avitri Jindal, who took charge of the Jindal Group after her husband’s death in a helicopter crash in 2005, has delegated running of the four divisions of the company – steel, power, mining and oil & gas – to her four sons, Prithviraj, Sajjan, Ratan and Naveen. Jindal’s wealth has declined by an estimated $10 bn in the past five years. The value of Jindal Steel & Power run by Naveen has halved in the past year. But JSW Steel operated by Sajjan is doing better and has bid for Lafarge’s cement interest in India. 13


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Asian Voice Global India Rich List - 2016

24(22)

22(14)

Desh Bandhu Gupta

Pharmaceuticals - $ 4.9bn

India

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25(29)

23(27)

Pharmaceuticals - $ 4.6bn

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India

ankaj Patel’s Cadila Healthcare claims to have discovered a new drug for diabetics, which controls both blood sugar and cholesterol. Based in Ahmedabad and one of India’s top generic medicine makers, its Zydus Wellness division makes a popular sugar substitute called Sugar Free. It took a hit though when US authorities warned it of contravening manufacturing standards at two of its factories. 30% of its annual revenues come from the US. Patel runs the group with his son Sharvil.

14

Media - $ 4.5bn

India

he interests of Essel Group headed by Subhash Chandra include the world’s largest speciality packaging company and amusement parks. But it’s best known for its media-related businesses led by the Zee TV Group, with related entities such as direct-tohome and cable distribution of TV services and Daily News & Analysis newspaper. Chandra’s Hindi channels are distributed in 169 countries, where they are watched mainly by overseas Indians and Pakistanis. There’s talk of Chandra adding an English news channel for international consumption. He has also embarked on a $2 billion partnership with Golden Concord Holdings of China to make solar equipment in India. Chandra was elected as a BJP member of Parliament in June 2016.

upin, founded by chemistry professor Desh Bandhu Gupta, is one of India’s top generic medicine firms and a global leader in anti-TB drugs. With its day-to-day running in the hands of his daughter Vinita and son Nilesh, it derives more than half its income from Japan and the US. Continuing with its expansion, it acquired New Jerseybased Gavis in 2015, Germany’s Temmler Pharma and companies in Brazil and Russia. It has also opened a research centre in Florida.

Pankaj Patel

Subhash Chandra

Kushal Pal Singh

India

Urban Development- $ 4.3bn

D

LF is India’s largest urban development company; and Kushal Pal Singh heads this. It was granted land in and around Gurgaon, adjoining Delhi, where it has created a modern satellite city. In 2014, though, the Securities and Exchange Board of India banned some of its executives from realising money from capital markets for three years for alleged disclosure violations at the time the company was listed. DLF successfully appealed against the ruling, but SEBI took the matter to the Supreme Court. Shares in the firm have tumbled by a third in the past year due to low demand; but Singh’s net worth hasn’t suffered because he is said to own 40% of a valuable DLF subsidiary – its rental arm, which he plans to offload to institutional investors. Singh, who controls 75% of DLF, has debts in excess of $3 bn, but Singapore’s sovereign wealth fund GIC has agreed to invest in the company.


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Asian Voice Global India Rich List - 2016

25(16)

Micky Jagtiani

Retail & Hotels - $ 4.3bn

28(47)

Dubai

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andmark Group, headquartered in Dubai and owned by Micky Jagtiani, is into fashion, electronics, furniture, budget hotels, healthcare, fitness gyms and confectionary. It has nearly 2,000 stores in the Gulf, Africa and India. He has diversified into e-commerce through landmarkshops.com. His revenues exceed $6 billion. The group’s sports goods venture Sportsone is also growing fast. Jagtiani has a minority shareholding in British r e t a i l e r Debenham, as well.

25(21)

Feroz Allana

Food - $ 4.3bn

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ulf-based IFFCO, founded by Feroz Allana in 1975, has interests in FMCG, commodities, oils, frozen foods and institutional services. Its brands include London Dairy, Tiffany, Noor, Rahma, Igloo and Al Baker. In India Allana Sons has investments in food production, marine products, retail and pet foods as well as general distribution. Allana advises the national and state governments in India on developing agri-oriented exports.

UAE

M A Yusuff Ali

Retail - $ 4.2bn

Abu Dhabi

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wenty14 Holdings, the hospitality arm of M A Yusuff Ali’s LuLu Group, bought the old Scotland Yard building in central London for £110 in 2015. It is now being converted into a 92,000 square foot 5-star hotel to be called The Great Scotland Yard. It is scheduled to open in 2017. Its most expensive suite could cost as much as £10,000 a night. The property will be managed by Steigenberger Hotel Group. LuLu otherwise has a retail chain of over 120 markets, stores and grocery outlets and about a dozen shopping malls, spread across the Gulf, other parts of Asia and Africa. Yusuff Ali’s future plans include investing half a billion dollars in hotels, malls and food processing units in India. He already has a stake in Kochi’s airport. His 60,000 square foot waterfront home in the same city is the biggest private residence in Kerala.

12 29(45)

Madhukar Parekh

Adhesives - $ 3.9bn

India

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idilite Industries, which belongs Madhukar Parekh, experienced a 40% rise in its share value. Lower raw material costs led to higher profits, notwithstanding a general slowdown in the economy. The company’s brands like Fevicol (which has a 70% market share in white glues), Mseal and Dr Fixit are household names in India. Apart from adhesives, the company makes art material, waterproofing and construction chemicals. Parekh inherited Pidilite from his father who died in 2013. The family have a 70% stake in the business. 15


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Asian Voice Global India Rich List - 2016

30(54)

Kuldip Singh & Gurbachan Singh Dhingra

Paint - $ 3.8bn

India

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olkata-based Berger Paints is India’s second largest paintmaker, with operations in Nepal, Bangladesh, Russia, Poland and Cyprus and collaborations in Sweden and Japan. Brothers Kuldip and Gurbachan Singh Dhingra have a 75% stake in it. They took over the business in India in 1991 and are chairman and vice-chairman of the company respectively. Its expansion in India and elsewhere was achieved partly through acquisitions. 20% of their wealth comes from other assets.

32(50)

31(32)

Sudhir & Samir Mehta

India

Pharmaceuticals & Power - $ 3.7bn

B

rothers Sudhir and Samir Mehta are chairman and vice-chairman of Torrent Group respectively. They inherited the business from their father. It has two distinct companies in the group – Tower Pharmaceuticals and Tower Power – both of which are quoted separately on the stock market. The former produces drugs for diabetes, cardiac diseases and pain management. The Mehtas’ wealth has weathered the fall in the rupee by virtue of bullish sentiments for Torrent’s shares among investors. 16

Ravi Pillai

Construction - $ 3.6bn

N

Dubai

asser Al-Hajri Corporation, Ravi Pillai’s firm, headquartered in Al-Khobar in Saudi Arabia, is one of the largest construction contractors in the Middle East. This is the flagship company in Pillai’s RP Group in which he retains a 50% shareholding. In Dubai, where he has ongoing projects worth $1.5 billion, the Crowne Plaza hotel built by him is about to open, not to mention a 110-storey tower that will be the emirate’s second tallest structure. He has also recently ventured into Kuwait, winning contracts from its National Oil Petroleum Company. His Indian assets are in banks, hotels and real estate.


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Asian Voice Global India Rich List - 2016

32(65)

Kapil & Rahul Bhatia

12 32(85)

India

Aviation and Hotels - $ 3.6bn

I

ndigo, a no-frills Indian airline, is the country’s most profitable civil aviation company. It bucked the trend even during the worst period for the industry by not going into the red. It enjoys over a one-third market share in India. It has placed a provisional order for 250 Airbuses worth $26 bn. The father and son duo of Kapil and Rahul Bhatia have a 51% stake in it. Their InterGlobe Enterprises is a travel and hospitality operation with revenues running into billions. It includes the Ibis hotel chain in partnership with Accor. It also has outlets of the US chain Hudson News & Café at Delhi’s metro stations.

32(36)

Vivek Chaand Sehgal

Australia/India

PolyesterAuto Parts - $ 3.6bn

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amvardhana Motherson was co-founded in 1975 by Vivek Chaand Sehgal and his mother. It is now a leading manufacturer of car components, with a tie-up with Japan’s Sumitomo, which owns 25% of the company. Wiring harnesses, rear view mirrors and car exteriors and interiors, among other products are made for Porshe, Mercedes-Benz’s C, S and E class cars by Motherson, which is also a major supplier to Volkswagen. It employs over 60,000 people across some 25 countries, having expanded into Europe, South America and South East Asia. Sehgal is an Australian citizen, but operates out of Delhi.

Harsh Mariwala & Family

Consumer Goods - $ 3.6bn

India

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arico has factories in India, Bangladesh, Egypt and Vietnam. They produce a range of items from cooking oil (Saffola) to hair colour, which are sold in over 25 countries across Asia and Africa. The business was started by Harsh Mariwala as a spin-off from his family company. He also ventured into skin care by creating a chain of such clinics under the banner of Marico Kaya Enterprises; and has increased his shareholding in it to 61%. Marico’s shares continue to perform strongly in stock markets. Mariwala possesses other assets, as well.

36(53)

P V Ramprasad Reddy

Pharmaceuticals - $ 3.3bn

India

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yderabad-based Aurobindo Pharma, co-founded by P V Ramprasad Reddy, began operations in 1988 manufacturing semi-synthetic penicillin. It went public in 1995; and broadened its drugs to include cardiovascular, anti-retroviral, gastroenterological and anti-diabetic treatments. It thereafter branched into higher margin speciality medicines; and has a joint venture with Tergene Biotech. It also bought Natrol in the US to increase its footprint there. More than 70% of Aurobindo’s revenues come from exports. Reddy and his wife Suneela Rani control 38% of the company. 17


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Asian Voice Global Indian Rich List - 2016

36(43)

Ashwin Dani

Paints - $ 3.3bn

38(28)

India

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umbai-based Asian Paints is India’s largest home grown paints company and Asia’s third largest such operation. Its sales have been growing at 20% annually for several years. It has expanded into the home improvements market, acquiring kitchen and bathroom fittings firms. Ashwin Dani is vice chairman of the firm, which was founded by his father and three others in 1942. It enjoys healthy valuation in the stock market.

38(31)

Indu Jain

Media - $ 3.2bn

I

ndu Jain is chairperson of Bennet, Coleman & Company, publishers of The Times of India, the world’s largest circulated English daily, The Economic Times, the second largest selling financial daily in the world, and the Indian edition of The Huffington Post, among others. It also operates the general news channel Times Now, the business news channel ET Now and Bollywood-oriented entertainment channels; and also enjoys a dominant position online. Sons Samir and Vineet oversee the group, which reported a 44% rise in net profits in 2015 on the back of resurgent advertising revenues. Jain took over the helm in 1999 after her husband Ashok’s death. She is recipient of the Padma Bhushan, India’s third highest civilian award. 18

India

Munjal Family

Motorcycles - $ 3.2bn

F

rom bicycles to motorbikes Hero MotoCorp Limited has come a long way. The Munjal family owned company is the world’s biggest two-wheeler maker, but is facing increasing competition within India as well as overseas, including its former partner Honda Motor. Last year, it opened its first factory outside India in Colombia. Golfer Tiger Woods is Hero’s global brand ambassador. The company is now headed by Pawan Munjal, son of founder Brijmohan Lall Munjal, who died last year. This year the family sold a part of their stake to mop up $450 million for investment in new ventures.

India


19-20 Page 6x2.qxp_A4 Temp 11/11/2016 22:27 Page 19

Asian Voice Global India Rich List - 2016

38(24)

Anil Ambani

Various - $ 3.2bn

38(57)

India

R

eliance Anil Dhirubhai Ambani Group, headed by Anil Ambani, has interests in telecom, entertainment, financial services, power and infrastructure. He was reported to be intending to sell his cement business to Birla Corp and a sizeable stake in his electricity business in Mumbai to a Canadian pension fund. But he has joined hands with Russian company Almaz-Antey to produce air defence missile systems. And his asset management arm acquired Goldman Sachs’ Indian business in this sphere. His joint venture with Steven Spielberg and Jeff Skoll has formed a new international film, television and digital content company. Earlier, he co-produced the film Lincoln, which won an Oscar. Mumbai’s first metro service was launched by his group; and he has teamed up with brother Mukesh’s Reliance Jio Infocomm to enter the 4G services sector.

38(33)

Kalanithi Maran

Media - $ 3.2bn

S

Ajay Piramal

Various - $ 3.2bn

India

M

umbai-based Piramal Enterprises is involved in healthcare, life sciences, speciality glass packaging and financial services. Piramal Realty is privately held by Ajay Piramal in which Warburg Pincus and Goldman Sachs have invested $434 million. In 2011 he sold his drug discovery business to Abbott Laboratories for $3.8 billion. It now has stakes in Chennaibased Shriram Capital and Shriram City Union. It has also tied up with Dutch pension fund APG Asset to invest $1 billion in infrastructure projects. In 2014 the group cashed in to the tune of $500 million by selling its 11% stake in Vodafone India. Last year Piramal and his wife Swati opened the Piramal Museum of Art in Mumbai.

43(41)

India

un TV Network, a southern Indian, mainly Tamil broadcaster and distributor on cable and satellite founded in 1993, is Kalanithi Maran’s main asset. Its TV channels have multiple genres of programming from news to entertainment; and is also popular among Tamils in Sri Lanka, Singapore, Malaysia, even North America. Sun has now tied up with US’s YuppTV to introduce channels in West Asia and North Africa. The company has been listed on the stock market since 2006. Maran’s acquisition of the Indian budget airline SpiceJet, though, was ill-fated and he surrendered control in 2015. And Sun’s security licence has been withdrawn on the basis of allegation of his involvement in corruption in connection with mobile phone operator Aircel.

Romesh Wadhwani & Family

Private Equity - $ 3bn

USA

R

omesh Wadhwani was chief executive of American Robot & Pittsburgh before he started Aspect Development in Silicon Valley in 1995. In 2000 he sold the company to i2 for $9.3 billion in stock and a position on the board, only to sense the buyer had internal operational problems. So he cut his links with the company and went on to invest in several software companies focussed on innovation. He named these “The Symphony Group”. He has promised $1 billion to finance entrepreneurship initiatives in India. 19


19-20 Page 6x2.qxp_A4 Temp 11/11/2016 22:38 Page 20

Asian Voice Global India Rich List - 2016

12 43(44)

Vijay Chauhan

Biscuits - $ 3bn

46(51)

India

P

arle Products was launched in Mumbai in 1929 to make confectionary products. A decade later the company ventured into making biscuits. Today it is India’s predominant biscuit maker enjoying one-third market share. It is headed by Vijay Chauhan, with his son Ajay and nephews Arup and Samar entrusted with the day-to-day running of the company, which has 10 factories and sales in 40 countries. The family has resisted listing shares in the stock market and is said to have even spurned suitors like Kraft Foods. Its popular brands include Parle, KrackJack and Monaco, which are sold via three million outlets in India. Vijay’s cousin Prakash runs Parle Agro Pvt Ltd, which makes fruit drinks.

Singapore

Property Development - $ 2.7bn

O

ver 30 years ago, Raj Kumar and his brother Asok built the Royal Brothers property operation in Singapore, alongside garment manufacturing. They gave up the latter. In 2012 they divided their assets and went their different ways. In 2014 Raj Kumar and his son Kishin R K merged their respective firms Royal Holdings and RB Capital. Their Park Hotel in the city state’s Little India district and InterContinental Hotel are scheduled to open next year. They now plan a big office tower and are believed to be searching for opportunities in Europe.

45(34)

Nitin Sandesara

Raj Kumar & Kishin R K

India

Pharmaceuticals, Healthcare, Oil & Gas - $ 2.8bn

M

ost of the value of Sterling Group, owned by Nitin Sandesara, comes from its oil exploration venture in Nigeria. Despite negative reports about Gujarat-based Sandesara’s prospects, he has started supplying crude to India’s stateowned Hindustan Petroleum Corporation Limited. HPCL is the second Indian entity to buy crude from Sterling after Indian Oil Corporation did so earlier. Sterling operates five blocks in Nigeria and is developing four others; and claims its production this year will equal 10% of India’s output. Sterling began its business by acquiring tea gardens in India, before diversifying into pharmaceuticals, healthcare, engineering and onshore rigs. 20


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22-23 Page 7x2.qxp_A4 Temp 11/11/2016 21:24 Page 22

Asian Voice Global India Rich List - 2016

49(39)

46(63)

Murali Divi & Family

Pharmaceuticals - $ 2.7bn

India

I

n 1990 Divis Laboratories, Murali Divi’s Hyderabadbased business, began as an R&D company, but within five years started making pharmaceuticals. It is engaged in customised manufacturing for big pharma companies as well as in producing its own generic drugs. 90% of its revenues come from outside India. It exports over 100 products from two facilities in southern India. One of his factories was hit by a cyclone in 2014, so he’s building a new cyclone-proof facility. Divi worked at Dr Reddy’s Laboratories before embarking on his operation.

12 46(66)

Samprada Singh

Pharmaceuticals - $ 2.7bn

O

India

riginally from Bihar, Samprada Singh set up Alkem Laboratories in 1973 in Mumbai. The breakthrough for him came in 1989 when the company successfully manufactured and marketed Taxim, a generic version of the antibiotic cefotaxime. Today the firm is among India’s top 10 pharmaceutical and healthcare companies, having clocked annual growth rates of up to 20%. It offers over 800 brands of generic and speciality drugs across acute and chronic therapeutic segments.

22

Rajan Raheja

India

Various - $ 2.6bn

T

he Mumbai-based Rajan Raheja Group operates in areas as diverse as hotels, property development, ceramic tiles, cement, automotive and industrial batteries (Exide), cable TV (Hathway) and publishing (Outlook magazine). The business began in construction before diversifying. Around half of Raheja’s fortune comes from his battery business, which while enjoying a two-third market share in car batteries in India, took a hit because of falling sales. But Hathway got a boost with the Indian government raising the foreign investment limit in this sector.

49(126)

Bavaguthu Shetty

Abu Dhabi

Healthcare & Foreign Exchange - $ 2.6bn

L

ondon-listed NMC Healthcare, the British foreign exchange group Travelex Holdings, UAE Exchange and generics drugs firm Neopharma are all controlled by Bavaguthu Shetty. His 91% stake in Travelex, which he acquired in 2014, cost him around $1.34 billion. UAE Exchange handles 10% of all inward remittances into India. Shetty is reputed to own an apartment on the 100th floor of Dubai’s Burj Khalifa, the world’s tallest building.


22-23 Page 7x2.qxp_A4 Temp 11/11/2016 22:29 Page 23

Asian Voice Global India Rich List - 2016

49(73)

Ashwin & Mahendra Choksi

Paints - $ 2.6bn

India

H

A

Paints - $ 2.5bn

India

sian Paints was cofounded by Abhay Vakil’s father in 1942. Vakil himself has been associated with the company since 1974. He was managing director 2008-09 and is now a non-executive director in the firm. He was largely responsible for developing its decoratives business unit. He serves as a n o n - e x e c u t ive director in several other organisations.

54(58)

Chandru Raheja

52(49)

Inheritance - $ 2.5bn

Abhay Vakil and Family

A

aving joined Asian Paints – India’s number one indigenous paint-maker – in 1965, Ashwin Choksi rose through the ranks to become its managing director in 1984 and its executive chairman in 1997. He has been non-executive chairman since 2009. He is also a non-executive director at Berger Paints. He shares his family fortune with his brother Mahendra, who also sits on the board of Asian Paints.

Rishad Naoroji

52(81)

India

cousin of Adi Godrej, Rishad Naoroji inherited onefifth share of the Godrej family fortune from his mother. He has never been involved in business, but is one of India’s champion environmentalists. He is also an award-winning photographer, who has spent years studying predators in Africa, the breeding ecology of the Pallas’s Fishing Eagle at the Bharatpur bird sanctuary and the biology and ecology of raptors in the Rajpipla forest.

Property Development - $ 2.4bn

India

R

aheja Corp owned by Chandru Raheja controls IT parks, shopping malls and hypermarkets mostly in western and southern India. The firm also has Marriott hotels in Bangalore and near Mumbai’s international airport. It has developed luxury high-rise residential apartments in midtown Mumbai. The group started its Shoppers Stop department store chain in 1991 and now has over 70 such outlets as well as online sales in partnership with Snapdeal. These are listed on the stock market. 23


24-26-27 Page 8x3.qxp_A4 Temp 11/11/2016 22:31 Page 24

Asian Voice Global India Rich List - 2016

57(40)

54(-)

Rakesh Gangwal

Aviation - $ 2.4bn

US

B

Simon, Bobby & Robin Arora

Retail - $ 2.2bn

UK

eginning his career with United Airlines and then going on to head United Airways, Rakesh Gangwal co-founded India’s biggest and most successful airline, Indigo, with Kapil and Rahul Bhatia. He has a 40% stake in the company. An engineer from the Indian Institute of Technology and an MBA from Wharton, he owns a $30 million beach front mansion in Miami.

M

56(37)

Baba Kalyani

Various - $ 2.3bn

B

India

anchester-based brothers Simon, Bobby and Robin Arora run B&M, a British discount retailer with reportedly 400 stores. They began in 1995 by designing, sourcing and distributing homewares and soft furnishings. They sold the business and took over a struggling B&M. Thereafter, they sold a 60% stake in an American equity group to fund an expansion. Following a $3.5 billion flotation in 2014, the brothers sold $270 worth of their shares in the stores last year to diversify their investment portfolio. The family’s stake in B&M is worth approximately $1 bn. Other assets include properties in Britain and the Far East.

harat Forge is the world’s second largest forgings company after ThyssenKrupp of Germany. Every second heavy truck made in the US runs on a front axle beam made by Baba Kalyani’s Bharat. In 2002 the group entered the Chinese market. Bharat also produces components for the Indian Railways. It has entered the defence equipment sector, as well, including making missiles and guns by virtue of joint ventures with Swedish and Israeli companies. But Kalyani experienced a fall in his fortune because of lower exports, which account for half of his revenue. He is concurrently also converting a 4,500-acre special economic zone near Pune into an industrial enclave.

24


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24-26-27 Page 8x3.qxp_A4 Temp 11/11/2016 22:32 Page 26

Asian Voice Global India Rich List - 2016

57(64)

Anil Agarwal

Metals & Oil - $ 2.2bn

UK/India

S

hares in Anil Agarwal-owned London Stock Exchange-listed Vedanta Resources has continued to go southward amid falling commodity prices. Furthermore, its oil-and-gas unit Cairn India’s merger with Vedanta is still incomplete; and the latter’s bid to increase its 70% holding in Hindustan Zinc to 100% has been blocked by the Indian Supreme Court. Undaunted, Agarwal is planning investments in aluminium in eastern India. He has also pledged to donate 75% of his wealth to charity through a trust after being inspired by a meeting with Microsoft founder Bill Gates. His assets around the world include a London home worth around £40 million.

57(59)

Rakesh Jhunjhunwala

Investor - $ 2.2bn

A

India

chartered accountant by qualification, Rakesh Jhunjhunwala is a full-time investor in stocks and shares since 1985. He made his first big profit the following year. He operates through his company Rare Enterprises and is generally a long term player. He also sits on the boards of numerous Indian blue chip companies. Over the years, he has reaped a rich reward from a cantering Indian stock market since the country’s landmark reforms of 1991. He co-produced a Bollywood film called “Ki and Ka”. 26

60(-)

Karsanbhai Patel

Various - $ 2.1bn

T

India

he launch of a more affordable detergent Nirma set off a price war between it and products from MNCs Unilever and Proctor & Gamble. The former’s success shot Karsanbhai Patel into the limelight. He has now handed over running of the firm to his sons; and the company has diversified into pharmaceuticals, chemicals, cement and infrastructure.


24-26-27 Page 8x3.qxp_A4 Temp 11/11/2016 22:32 Page 27

Asian Voice Global India Rich List - 2016

61(-)

Sunil Vaswani

UK/Nigeria/Dubai

Transport & Food - $ 2bn

A

newcomer to the list, Sunil Vaswani operates Dubai-based Stallion Group. It has a presence in some 18 countries and its interests cover industries, dealerships of German and Japanese cars, auto-assembly, frozen foods, commodities and low-cost housing. The family owned business originates in Nigeria and most of its revenues still emanate from West Africa. Vaswani spearheads the enterprise with brothers Maresh and Haresh. His residence in Dubai is said to house an aviary, a nightclub, a mechanical car wash and casino.

61(26)

Mangal Lodha & Family

India

Property Development - $ 2bn

61(134)

Kiran Mazumdar-Shaw and John Shaw

Bio-Pharma - $ 2bn

India

B

T

he Lodha Group, founded by Mangal Lodha in 1980, is India’s largest housing developer. Based in Mumbai, it is spending $5-6 billion in London to construct in the super-prime and mid-market segments. Lodha has delegated his older son Abhishek to head the real estate business and put another son Abhinandan in charge of a new financial services business. The group sold a penthouse in Mumbai for $24 million. It is building a 75-storey “Trump Tower” in the same city. Lodha is a prominent member of the Hindu chauvinist Bharatiya Janata Party, which is in government in India nationally as well as in his home state of Maharashtra.

iocon India is a Bangalore-based integrated bio-pharmaceutical company. It was started in 1978 by Kiran Mazumdar as a joint venture with an Irish investor, but Indian laws at the time restricted foreign ownership to 30%. The remaining 70% had, therefore, to be vested with Mazumdar. With the company doing well, her then fiancé now husband John Shaw arranged $2 million to buy out the Irish stock. In 2004 Biocon’s IPO was oversubscribed 33 times. In 2015 it successfully took its research arm Syngene International public. Biocon is the only Asian firm ranked among the world’s top 20 biotech companies by Science magazine.

27


28-30 Page 9x2.qxp_A4 Temp 11/11/2016 21:54 Page 28

Asian Voice Global India Rich List - 2016

64(52)

Mansoor & Aminmohammed Lalji & Family

Canada

Property Development - $ 1.95bn

64(114)

Abhay Firodia

Vehicles - $ 1.95bn

India

L

arco Group of the Lalji family specialises in developing hotels, shopping malls and self-store facilities in and around Vancouver. In 2010 they spent $1.1 bn to buy seven federal government buildings. The Vancouver Airport Hotel is a part of their portfolio, as is the Reneissance Toronto Hotel. The Laljis landed in Canada in the 1970s after being evicted from Uganda by its dictator Idi Amin.

P

une-based Force Motors was established in 1958 and went on to manufacture vans, pickup trucks, SUVs, ambulances and tractors. It produces engines for Daimler and assembles engines for BMW. Abhay Firodia, who chairs the firm and runs it with his son Prasun, also has shares in various Bajaj Group companies.

64(67)

Kavitark Ram Shriram

Private Equity - $ 1.95bn

C

USA

hennai-born Kavitark Ram Shriram was president and chief operating officer at Junglee Corp when it was bought by Amazon in 1998. He then became vice president of business development at Amazon. But he left in 2000 to start a venture capital firm Sherpalo, which invested in Google in its early days. By 2007 he was on the board of directors of the search engine giant. Even after selling half his stake, he retains 1.7 million shares in the company. Shriram is also an investor in or on the board of several technology firms. He donated $61 million to Stanford University.

28


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28-30 Page 9x2.qxp_A4 Temp 11/11/2016 21:57 Page 30

Asian Voice Global India Rich List - 2016

67(55)

Satish Reddy & G V Prasad

Pharmaceuticals - $ 1.9bn

India

S

atish Reddy and G V Prasad are co-chairmen of Hyderabad-based Dr Reddy’s Laboratories, which was founded in 1984 by the former’s father and the latter’s father-in-law, the late Dr K Anji Reddy. The company, quoted on the stock market, now has a presence in North and South America, Europe, Africa and other parts of Asia. Reddy and Prasad have a 25% stake in it. The firm concentrates on gastrointestinal, cardiovascular, diabetes and oncology drugs. This year it obtained several brands from the Belgian company UCB. In the past year its shares increased by a third.

67(60)

Sunny Varkey

Education - $ 1.9bn

G

Dubai

EMS Education is the largest chain of private schools in the world. It has nearly 140 institutions teaching over 140,000 students in 19 countries in the Gulf, Africa, Europe, Asia and North America. GEMS also has over 100 schools in India. In 2014 GEMS offloaded a reported 20% of its emerging markets business. Keralaborn Sunny Varkey never went to university, but he took over the management from his parents in 1980 to create the GEMS empire. Former US president Bill Clinton is honorary chairman of the Varkey GEMS Foundation.

30

67(56)

N R Narayana Murthy

Software - $ 1.9bn

India

N

R Narayana Murthy, father-inlaw of British Conservative party MP Rishi Sunak, has now retired as executive chairman of Infosys, a software company he founded with six fellow professionals. He served as its CEO from 1981 to 2002. He articulated, designed and implemented the “Global Delivery Model” for IT services outsourcing from India. He chaired the firm from 2002 to 2012 before retiring. In 2013, though, he was forced to return as executive chairman to stabilise the company’s shares. The following year he finally stepped down, while remaining a major shareholder and chairman emeritus. Murthy’s private investment firm Catamaran Ventures has entered into a joint venture with London broker Aon.

67(122)

Rajesh Mehta and Family

Jewellery - $ 1.9bn

R

India

ajesh Exports is India’s biggest gold jewellery maker and exporter. It was set up in 1988 and floated on the Indian stock market in 1995. In 2002 it completed construction of the world’s largest jewellery manufacturing facility. Its shares rose sharply after its purchase of Swiss gold refiner Valcambi. The company was established by Rajesh Mehta and his brother Prashant. The Mehta family also has stakes in African gold mines.


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32-34 Page 10.qxp_A4 Temp 11/11/2016 22:01 Page 32

Asian Voice Global India Rich List - 2016

67(-)

Mannalal Agrawal and Family

Pharmaceuticals - $ 1.9bn

67(123)

India

A

he Muthoot Group was founded in 1887. Its flagship Muthoot Finance is India’s leading lender against gold. It has over 27 million customers, more than 4,200 branches and around 120 tons of gold in its possession. George Muthoot, grandson of the founder, is its chairman. Earlier he was its managing director. He runs the Kochibased operation with his two brothers.

67(120)

Pharmaceuticals - $ 1.9bn

M

India

acleod Pharmaceuticals, established in 1986, is one of the rapid growing pharma companies in India. It is privately held by Rajendra Agarwal, who is a doctor by training; and focuses on making drugs to fight TB, Malaria and HIV. It has more recently been expanding into high growth segments like diabetes and cardiovascular diseases.

32

Financial Services - $ 1.9bn

India

T

janta Pharma was set up in 1973 by Mannalal Agrawal and his brothers. Its shares have doubled in the past year. It sells its drugs in 35 countries. It will soon be entering the US market with a medicine for asthma.

Rajendra Agarwal and Family

M G George Muthoot and Family

74(107)

Hasmukh Chudgar

Pharmaceuticals - $ 1.85bn

A

hmedabad-based Intas Pharmaceuticals is among India’s fastest growing pharma companies. Founded in 1976 by Hasmukh Chudgar, it sells generic medicines out of 10 factories in over 70 countries. The firm is reported to be in talks with Sun Pharmaceuticals to sell Intas.

India


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32-34 Page 10.qxp_A4 Temp 11/11/2016 22:02 Page 34

Asian Voice Global India Rich List - 2016

75(75)

77(82)

Glenn Saldanha & Family Mofatraj Munot

Pharmaceuticals - $ 1.8bn

India

G

lenmark Pharmaceuticals is a quoted company founded by Glen Saldanha’s late father. The Saldanha family have a 48% stake in the Mumbai-based business. It operates in over 80 countries. It has a research centre and factory in Switzerland, where it makes drugs for cancer and multiple sclerosis. It’s also building a factory in the US, which provides more than a third of Glenmark’s revenues. Threefourths of its revenues come from outside India.

Various - $ 1.8bn

I

K

alpataru Constructions, launched in 1969, is one of Mumbai’s leading property developers. Among its showpiece projects are a 9.5 million square foot development in suburban Mumbai and a complex of luxury villas called Amoda Reserve at a popular hill resort. The company, headed by Mofatraj Munot, also has a presence in Pune, Jaipur, Hyderabad and Chennai.

Bharat Desai & Family

India

nternational Tractors is India’s third largest tractor maker and a part of Sonalika Group launched by Lakshmi Das Mittal in Punjab in 1969. The group is also involved in making multi-utility vehicles, engines, farm machinery attachments, diesel generator sets, auto components and pick & carry cranes. There are three generations of Mittals in the family-run business.

34

Property Development - $ 1.75bn

78(35)

75(84)

Lachhman Das Mittal

India

Investments - $ 1.7bn

B

harat Desai is a Kenyanborn, Indian-educated American entrepreneur. With his wife Neerja Sethi he founded Syntel, an outsourcing firm, in 1980. They had previously worked for Tata Consultancy Services. The couple have a 57% stake in it. In 2009, Desai stepped down as chief executive, but continues to be the company’s chairman. The firm employs 24,500 people across numerous countries. Desai once represented India in a bridge world championship.

USA


35-36-37 Page 11 new.qxp_A4 Temp 11/11/2016 22:34 Page 35

Asian Voice Global India Rich List - 2016

78(69)

Ranjan Pai

Education and Healthcare - $ 1.7bn

India

B

angalore-based Manipal Education and Medical Group is headed by Ranjan Pai. It operates six universities and 16 hospitals in India, Malaysia, Nepal, Antigua and Dubai. The company also runs rural maternity and child welfare homes. It’s looking to expand its diagnostic segment with acquisitions. Manipal’s investors include tech billionaire Azim Premji. Pai is a doctor by training. In 1953 his grandfather started the venture, which is chaired by his father.

78(71)

Nirav Modi

Diamonds - $ 1.7bn

India

F

irestone International, founded in 1999, is headed by Nirav Modi. Born in Antwerp to a diamantaire family, he trained in India. In 2005 Firestone acquired a firm in New York with a jewellery sales network. Modi has manufacturing units in six different countries. He also has his own Nirav Modi brand, which caters to ultra-rich clientele. In 2015 he opened stores in New York and Hong Kong and plans to open eight more high end stores from America to Asia. In 2014 he made a splash at a Sotheby’s auction in Hong Kong with an 88carat diamond necklace, which sold for $8 million. Firestone’s annual turnover is touching $2 billion.

35


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Asian Voice Global India Rich List - 2016

78(38)

Harsh Goenka

Various - $ 1.7bn

India

T

he original RPG Group of the late Kolkata-based R P Goenka has been split into two separate entities between brothers Harsh and Sanjiv. The former runs his group from Mumbai, with Ceat Tyres, KEC International, Asia’s largest power transmission company, among its assets. It also owns Zensar technologies – in which Apax Partners has acquired nearly 25% shares – and is planning to debut in the skincare sector with its pharma arm.

78(102)

A Velayyan and Murugappa Family Various - $ 1.7bn

India

Chennai-based more than a century-old Murugappa Group produces abrasives (Carborundum Universal), auto components, cycles (Tube Investments), sugar (EID Parry), farm inputs, fertilisers, plantations, bio-products and nutraceuticals. It is today headed by the great-grandson of its founder A M Murugappa Chettiar. TI also distributes Sweden’s Ducati bicycles in India.

36

83(-)

Leena Tewari

Pharmaceuticals - $ 1.65bn

I

nheriting privately held USV, Leena Tewari is its chairperson and owner. The firm makes drugs for diabetes and cardiovascular diseases, among others. It took a leap forward in the 1960s by entering into a joint venture with Revlon. After her father passed away, her husband Prashant is the company’s managing director.

India


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Asian Voice Global India Rich List - 2016

12 83(-)

Satish Mehta

Pharmaceuticals - $ 1.65bn

83(95)

India

P

une-based Emcure Pharmaceuticals was founded by Satish Mehta in 1981 as a contract manufacturer for multinational drug companies. A decade later it started making its own branded generic medicines. 65% of Emcure’s revenues come from North America.

Sameer Gehlaut

Property Development - $ 1.65bn

India

I

ndia’s first online brokerage firm – Indiabulls Financial Services – was cofounded by Sameer Gehlaut. The company has entered core sectors of financial services, real estate and power and has a combined net worth of $3.5 billion. Gehlaut has also ventured into property development in London, where he has a 40% stake in OakNorth Bank, which specialises in lending to small businesses.

83(70)

Nandan Nilekani

Software - $ 1.65bn

India

A

co-founder of of Infosys, Nandan Nilekani was its chief executive from 2002 to 2007. He thereafter became co-chairman of the company. In 2009 he relinquished executive responsibilities in the company to take up the Indian government’s Unique Identity Card project, which has proved to be a great success, enabling direct transfer of benefits to a billion citizens. In 2014 Nilekani ran unsuccessfully for Parliament on a Congress party ticket from Bangalore. He continues to enjoy significant shares in Infosys.

37


38-39 Page 12 new.qxp_A4 Temp 11/11/2016 21:59 Page 38

Asian Voice Global India Rich List - 2016

83(68) Senapathy Gopalakrishnan

Software - $ 1.65bn

India

C

EO and managing director of Infosys Technologies and then executive vice-chairman of Bangaloreheadquartered Infosys, Senapathy Gopalakrishnan stepped down from its board in 2014 after 33 years with it. He was one of the founders of the company. With S D Shibulal, another Infosys founder, he has now established Axilor Ventures, a business incubator to back start-ups. It has invested in Uniphore Software Systems, a speech recognition venture. He is also a key supporter of Startup Village, a technology incubator in his native state of Kerala.

Property Development - $ 1.65bn

A

Dubai

n Omani citizen who arrived in his adopted country in 1976, Puthan N C Menon has vast property holdings in the Gulf. His projects under development (estimated to be an investment of around $13 billion) include villas, schools and hotels near Dubai’s Burg Khalifa and luxury villas in downtown Dubai. To start with, Menon migrated to Oman from Kerala to successfully develop an interior decoration business. In 1995, he launched Sobha Developers in Bangalore named after his wife. This is now a listed company, which is run by his son Ravi. 38

Ravi Jaipuria

Bottling & Fast Foods - $ 1.6bn

India

R

J Corp is one of PepsiCo’s biggest bottlers in India. It is owned by Ravi Jaipuria, who started bottling soft drinks for Pepsi in 1991 after he returned from Montreal in 1985 following his wife’s death in a plane crash. Varun Beverages accounts for 55% of RJ Corp’s revenues. Jaipuria also has a fast food subsidiary called Devyani, which has Singapore’s Temasek as an investor, and a dairy partnership in Uganda. He also has a minority stake in healthcare firm Medanta.

12 89(80)

12 83(135)

Puthan N C Menon

89(74)

Jitendra Virwani

Property Development - $ 1.6bn

E

mbassy Property Developments, established in 1993, has built IT parks and office towers in Bangalore. It has also developed prime residential, office and retail space in the same city and is planning to come up with further such projects as well as ones in the hospitality sector. It has been joined by Warburg Pincus as an investor. It is also creating a tech park in Serbia costing around $380 million. Virwani owns a riding school close to his home.

India


38-39 Page 12 new.qxp_A4 Temp 11/11/2016 22:34 Page 39

Asian Voice Global India Rich List - 2016

89(83)

Vivek Chand Burman

FMCG & Natural Healthcare - $ 1.6bn

93(76)

India

Vinod Khosla

Private Equity - $ 1.55bn

USA

C

alifornia-based Khosla Ventures, founded in 2004, manages over $1 billion of investor capital in addition to funding provided by Vinod Khosla himself. In 1982 Khosla cofounded Sun Microsystems, serving as its first chairman up to 1984. He left to become a venture capitalist. In 1987 he joined Kleiner Perkins Caufield & Byers as a general partner; and achieved several successes in early stage investments.

J

oining Dabur in 1954, Vivek Chand Burman was its chairman from 1998 to 2007, before handing over charge to his nephew Anand. His son Mohit Burman has a stake in the Twenty20 Indian Premier League franchise Kings XI Punjab.

12 93(93)

89(87)

Devendra Jain

Paper, Energy & Entertainment - $ 1.6bn

I

Vikas Oberoi

Property India Development - $ 1.55bn

nox Group established by Devendra Kumar Jain in 1963 has today two highly successful listed companies. One of these is Gujarat Fluorochemicals. Other group companies include wind power operator Inox Wind, Inox India and Inox Renewables. It is well known for making industrial gas; and has a chain of cinema halls, which is the second biggest in the country.

India

V

ikas Oberoi has a 75% stake in Oberoi Realty. Taking over his father’s construction business in 1997, he has built it into a successful Mumbai-centred property operation. He is erecting two midtown towers offering luxury residences and a hotel, both managed by RitzCarlton.

39


40-42 Page 13 new.qxp_A4 Temp 11/11/2016 21:57 Page 40

Asian Voice Global India Rich List - 2016

95(61)

95(103)

Nusli Wadia Group

Various - $ 1.5bn

India

T

he Wadia Group was founded in the mid-18th century. Its marine construction company built the first ships for the British navy outside the UK. Its interests today include Bombay Dyeing and Manufacturing Company, Bombay Burmah Trading Corp and priceless properties in Mumbai. It also promoted Go Air, a no frills domestic airline in India. The group’s present chairman Nusli Wadia is the grandson of Muh ammad Ali Jinnah, the father of Pakistan. He is helped by his sons in the running of the business. One of them Ness has a stake in IPL Twenty20 cricket franchise King’s XI Punjab.

95(91)

Radhe Shyam Agarwal

Health & Personal Care Products - $ 1.5bn

E

mami is a booming listed Kolkatabased health, beauty and personal care concern. Originally a manufacturer of herbal products, which was incurring losses, it was acquired by Radhe Shyam Agarwal and his close friend Radhe Shyam Goenka in 1978 before being turned around. Its pharmacy chain Frank Ross provides an online service. Agarwal and Goenka also enjoy a stake in Emami Paper, India’s largest newsprint manufacturer. 40

India

Yusuf Hamied

Pharmaceuticals - $ 1.5bn

India

A

PhD in chemistry from Cambridge University, Yusuf Hamied, son of a Muslim father (who was a disciple of Mahatma Gandhi) and Jewish Russian mother, took over CIPLA in 1972 after Hamied senior’s death. One in every three AIDS patient in Africa is treated by a CIPLA drug. It also makes a drug to tackle Hepatitis C. Besides, the company also makes a range of generic medicines and has subsidiaries in the US, Europe and South Africa. But his net worth has continued to dwindle in the face of competition. Hamied, now non-executive chairman of the firm, donated a new centre named after him at Christ’s College, Cambridge in 2009. It houses a theatre with an associated bar, music practice room and gym.

95(91)

Radhe Shyam Goenka

Health and Personal Care Products - $ 1.5bn

E

India

mami is a booming listed Kolkata-based health, beauty and personal care concern. Originally a manufacturer of herbal products, which was incurring losses, it was acquired by Radhe Shyam Goenka and his close friend Radhe Shyam Agarwal in 1978 before being turned around. Its pharmacy chain Frank Ross provides an online service. Goenka and Agarwal also enjoy a stake in Emami Paper, India’s largest newsprint manufacturer.


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40-42 Page 13 new.qxp_A4 Temp 11/11/2016 21:58 Page 42

Asian Voice Global India Rich List - 2016

12 100(104)

95(89)

Suhail Rizvi

Investor - $ 1.5bn

USA

R

izvi Traverse, belonging to Suhail Rizvi, has investments in Twitter, Facebook and Flipboard. He also has stakes in Summit Entertainment. Rizvi hit the big time in the early 2000s by taking control of the talent agency International Creative Management (ICM). He then helped Hugh Heffner go private with Playboy Enterprises.

100(46)

Malvinder and Shivinder Singh

Pharmaceuticals - $ 1.4bn

India

Aloke Lohia

Textiles - $ 1.4bn

K

olkata-born plastics magnate Aloke Lohia is based in Thailand, where he started his business Indorama Ventures – which makes polyester – in 1988. It has plants in the US, China, Turkey, Spain and India. The company is quoted on the Thai stock exchange. Aloke’s wife and children are involved in the business. He recently entered into a joint venture with Dhunseri Petrochem in India to make polyester resin. His brother is Sri Prakash, who heads Indonesia-headquartered I n d o r a m a Corporation.

100(38)

Sanjiv Goenka

Various - $ 1.4bn

Y

M

alvinder and Shivinder Singh inherited roughly 35% shares in pharma major Ranbaxy Laboratories. In 2008 they sold these to Japan’s Daiichi Sankyo Co Ltd for $2.4 bn. The total deal value was $4.6 bn. The brothers have now been asked by an arbitration court in Singapore to pay $375 mn as damages to the Japanese firm for concealing facts at the time of the transaction. In 2015 Ranbaxy was absorbed by Sun Pharma. The Singhs meanwhile launched Fortis Healthcare – which has 55 hospitals in India – and a financial services firm Religare. They also sold healthcare assets in Hong Kong, Australia and Vietnam for $700 million. They have reduced their stake in Religare, as well; and fancy banking operations. Shivinder is no longer fully active in the business. 42

Thailand

India

ounger brother of Harsh, Sanjiv Goenka heads RPSanjiv Goenka Group, which represents his share of the RPG Group of his late father. Kolkata-based, its companies include the Calcutta Electric Supply Corporation, which has a dominant position in eastern India in generation and distribution, and the supermarket chain Spencer’s. To expand its online presence it bought meragrocer.com and is said to be considering an IPO in this connection. The group also owns Athletico de Kolkata football team in the Indian Super League and the Rising Pune Super Giants franchise in the Twenty20 Indian Premier League. A luxury mall in Kolkata is a part of Goenka’s property portfolio.


43-44-45 Page 14 new.qxp_A4 Temp 11/11/2016 22:31 Page 43

Asian Voice Global India Rich List - 2016

12 103(-)

Ajay Kalsi

Energy - $ 1.35bn

104(127)

India

I

Agrochemicals - $ 1.3bn

India

U

ndus Gas has rights to vast natural gas blocks in Rajasthan and Gujarat. The company was founded by Ajay Kalsi, who also chairs it. He floated it on the London Stock Exchange in 2008 while still retaining a 64% stake. Share sales and other interests make up his wealth, notwithstanding falling energy prices.

nited Phosphorus is the largest producer of agrochemicals in India and a major producer of crop protection products, intermediates, speciality chemicals and other industrial chemicals in the world. It’s chaired by Rajju Shroff. Over 75% of the company’s revenues come from outside India. In 2012 it acquired the Dutch seed manufacturer Advanta Seeds for $130 million.

104(101)

Dilip and Anand Surana

Pharmaceuticals - $ 1.3bn

Rajju Shroff

India

104(118)

Azad Moopen

Healthcare - $ 1.3bn

Dubai

A

M

icro Labs is a Bangalore-based pharmaceuticals firm. It makes generic drugs which it sells domestically as well as exports to some 35 countries. Its products include a tablet which increases the platelet count in patients treated for dengue fever. In 2015 it had sought the US approval to make 75 medicines for eye care, pain management and hypertension. Among its 16 factories one is in Sikkim and the other in Africa. The firm is run by brothers Dilip and Anand Surana.

ster DM Healthcare is a chain of hospitals, polyclinics, pharmacies and diagnostic centres across the UAE, Qatar, Oman and Saudi Arabia. Azad Moopen, a doctor, moved to Dubai in 1987 before venturing into what is now a multi-billion business, treating 10 million patients annually and employing 1,000 doctors, in which Moopen has a 57% stake. He is also involved in developing healthcare facilities in India. Moopen sets aside one-fifth of his income each year for philanthropic causes. 43


43-44-45 Page 14 new.qxp_A4 Temp 11/11/2016 21:50 Page 44

Asian Voice Global India Rich List - 2016

12 104(100)

Anand Mahindra

Various - $ 1.3bn

India

M

umbai-based Mahindra Group was co-founded by Anand Mahindra’s grandfather. The business today is in manufacturing – in automotive (SUVs), aerospace, agribusiness and defence sectors. It also has a presence in IT and banking (Kotak Mahindra Bank). Its utility aircraft arm in Australia is developing a 10-seater turboprop plane. It has a controlling share in an Italian automotive design company Pininfarina. Mahindra has a joint venture with Airbus to make helicopters in India. It has recently launched an electric scooter designed in Silicon Valley.

104(96)

Asok Kumar and Bobby Hiranandani

Property Development - $ 1.3bn

T

he Royal Group has multiple hotels, office buildings and shopping centres in Singapore, Malaysia, Indonesia and Australia. This includes Sifitel Singapore and Doubletree by Hilton in Kuala Lumpur. Originally Asok Hiranandani and his brother Raj inherited their father’s fabrics business. They expanded their shops to 20 outlets as well as diversifying the business. In 2012 they divided their assets and started out separately. Asok’s part of the enterprise was joined by his son Bobby and they run the group together.

44

Singapore


43-44-45 Page 14 new.qxp_A4 Temp 11/11/2016 22:39 Page 45

Asian Voice Global India Rich List - 2016

104(132) Hari and Shyam Bhartia

Life Sciences & Fast Food - $ 1.3bn

India

J

ubilant Life Sciences was founded in 1978 by brothers Shyam and Hari Bhartia. Its shares have soared of late. Jubilant FoodWorks, also owned by them, enjoys the Domino’s Pizza franchise in India. This accounts for close to two-thirds of their fortune. They also have dealerships in India for Audi, Porsche and Maserati. Shyam’s wife Shobhana is the owner and publisher of Hindustan Times and the daughter of the late industrialist K K Birla. The Bhartias offloaded four hypermarkets to the Aditya Birla Group, controlled by her cousin Kumar Birla.

110(94)

Jasminder Singh and Family

Hotels - $ 1.25bn

UK

T

he US-based Radisson Hotels’ British properties are run by Jasminder Singh’s Edwardian Group under the Radisson Edwardian banner. It now operates 13 Radisson Blu Edwardian hotels across London’s West End in addition to his chain of Edwardian branded properties. Jasminder Singh's portfolio includes May Fair Hotel. The group is converting a major development site in the prestigious Leicester Square into a 350-bedroom hotel, Odeon cinema and restaurant and bar concepts, alongside substantial meeting and event spaces. Jasminder Singh OBE came to Britain from Kenya in 1968, qualified as an accountant and went on to establish the hospitality group in the 1970s.

45


46-47-48 Page 15 new.qxp_A4 Temp 11/11/2016 21:43 Page 46

Asian Voice Global India Rich List - 2016

110(108)0

Aneel Bhusri

Private Equity - $ 1.25bn

110(-)

USA

I

n 2005 Aneel Bhusri created Workday, which became the leading provider of cloud-based applications for medium and large enterprises worldwide. He has also been the lead investor and chairman of Data Domain, a prominent storage provider that was acquired by EMC for $2.4 billion in 2009. Bhusri’s portfolio includes Cloudera, Domo and Pure Storage.

110(-)

Binny Bansal

Internet Retail - $ 1.25bn

F

India

lipkart was founded by former Amazon executive Binny Bansal and his friend Sachin Bansal in 2007 to sell books online. It is now India’s leading internet retailer. It sells 30 million products, has 46 million registered users and ships eight million goods a month.

46

Sachin Bansal

Internet Retail - $ 1.25bn

F

lipkart was founded by former Amazon executive Sachin Bansal and his friend Binny Bansal in 2007 to sell books online. It is now India’s leading internet retailer. It sells 30 million products, has 46 million registered users and ships eight million goods a month.

India


46-47-48 Page 15 new.qxp_A4 Temp 11/11/2016 22:29 Page 47

Asian Voice Global India Rich List - 2016

116(106)

110(133)

T S Kalyanaraman

Jewellery - $ 1.25bn

India

K Dinesh and family

Software - $ 1.2bn

India

O

ne of the co-founders of Infosys in 1981, K Dinesh served as one of its directors for three decades. He sold a part of his holdings in the company, but continues to retain a minority stake.

K

alyan Jewellers have over 60 gold supermarkets in southern India. It also has more than 150 My Kalyan mini stores, which sell affordable diamonds in rural areas of Kerala. Kalyan’s beginnings were in Thrissur, where T S Kalyanaraman began operations.

110(129)

Achal Bakeri

Air Coolers - $ 1.25bn

India

S

ymphony is the world’s largest producer of air coolers. It sells one million units each year in 60 countries. It was started by Achal Bakeri in 1988 and he and his family control 75% of the company. He also has real estate holdings in and around Ahmedabad.

47


46-47-48 Page 15 new.qxp_A4 Temp 11/11/2016 21:46 Page 48

Asian Voice Global India Rich List - 2016

116(92)

Vidya Chhabria

Consumer Electronics - $ 1.2bn

UAE

J

umbo Electronics Company Ltd is run by Vidya Chhabria and her three daughters. The responsibility passed over to her after her husband Manu Chhabria died in 2002. The company is one of the biggest names in consumer electronics, home appliances, office automation and entertainment in the Gulf.

116(-)

116(99)

Tony Jashanmal

Retail - $ 1.2bn

T

Gulf

he Jashanmal family set up a department store in Basra in 1919 after oil was discovered there. It stocked luxury products for expatriates. They thereafter opened such stores in Kuwait in 1934, Bahrain in 1935, Dubai in 1956 and Abu Dhabi in 1964. Kuwait-born Tony Jashanmal is now the group’s executive director. He is also in print media, men’s accessories, tobacco and fashion. The company is presently expanding into India. 48

Binod Chaudhary and Family

Various - $ 1.2bn

N

Nepal

epal’s Cinnovation/CG Group has a controlling stake in the country’s Nabil Bank. The consortium, owned by Binod Chaudhary and his family also has interests in food, electronics, beer, cement and hospitality. He has new food factories in Serbia, Saudi Arabia and Bangladesh and is building a food park in India. He also has hotels in Sri Lanka and Rwanda and a safari lodge in partnership with the Taj Group in Nepal.


49-50 Page 16 new.qxp_A4 Temp 11/11/2016 22:28 Page 49

Asian Voice Global India Rich List - 2016

11612 (121)

116(97)

Navin and Varsha Engineer

Pharmaceuticals - $ 1.2bn

UK

Bhadresh Shah

Engineering - $ 1.2bn

India

A

IA Engineering was started in 1978 by Bhadresh Shah as a niche metallurgical firm making highchrome parts for grinding and crushing equipment. Shares have in the past 12 months doubled in the listed company, which sells to 95 countries. Shah has a 60% stake in the firm, which supplies to mining, cement and thermal power sectors.

T

he pharmaceutical firm Chemidex is run by the husband and wife combination of Navin and Varsha Engineer. The company is estimated to be worth around one and a quarter billion. The rest of the Engineers’ assets come mainly from properties. Kenyan-born, the Engineers set up a pharmacy in Chertsey, Surrey at the site of a former grocery store after migrating to Britain in the 1970s. They then proceeded to build a chain of 14 very profitable pharmacies, which they sold in 1999 to give birth to Chemidex.

116(136)

Chirayu Ramanbhai Amin and Family

Various - $ 1.2bn

India

G

lycodin syrup is a household name in India and helped a generation of Indians to cure persistent cough. It has been made and marketed by Alembic, a pharmaceutical company based in Gujarat and started by Chirayu Amin’s grandfather. Its shares have risen by 30% in the past year. It has acquired a 49% stake in Algerian drugmaker Adwiya Mami. Amin also inherited the Yera glass factory in Baroda. Amin took over as managing director in 1983. He has been associated with the Board of Control for Cricket in India for decades; and was also briefly the chairman of the Twenty20 Indian Premier League.

49


49-50 Page 16 new.qxp_A4 Temp 11/11/2016 21:39 Page 50

Asian Voice Global India Rich List - 2016

123(112)

123(125)

Kuldip Rai Sahi

Property & Transport - $ 1.15bn

Canada

M

orguard Corporation is one of Canada’s biggest property companies with a North American portfolio exceeding $15 billion. Its chairman and CEO is Kuldip Rai Sahi, who migrated from Kanpur in 1971. He is also head of TWC Enterprises Limited, Canada’s largest owner of golf clubs. It operates 45 courses in Ontario, Quebec and Florida. He also built CF Kingsway Inc., Canada’s third-largest trucking operation.

123(-)

Joy Alukkas

Jewellery - $ 1.15bn

J

Property Development - $ 1.15bn

India

S

urendra Hiranandani has named his half of the original Hiranandani Group after the division with brother Niranjan, House of Hiranandani. Its emphasis is on luxury residences. Otherwise it is seeking opportunities outside India, principally out of London and Singapore. His daughter Neha has joined the business.

126(-)

India

oyalukkas, Joy Alukkas’ eponymous jewellery chain launched in 1997, has over 100 stores in India, the Gulf, South East Asia and the UK. Alukkas opened his family’s first overseas jewellery shop in Abu Dhabi in 1987. He also owns a luxury air charter service called Joy Jets, money exchange centres and Mall of Joy, which stocks wedding jewellery and silks.

50

Surendra Hiranandani

Balkrishan Goenka

Textiles - $ 1.1bn

W

India

elspun Group has interests in textiles, pipes and energy. It was founded by Balkrishan Goenka. Its Welspun India division, run by his wife Dipali, makes towels and carpets. Its buyers include the All England Tennis Club, which host the Wimbledon Championships, WalMart and Ikea.


TLC.qxp_A4 Temp 26/10/2016 16:40 Page 1

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52-53 Page 17 new.qxp_A4 Temp 11/11/2016 21:31 Page 52

Asian Voice Global India Rich List - 2016

12 126(77)

Venugopal Dhoot

Consumer Electronics - $ 1.1bn

126(48)

India

V

ideocon is a major picture tube maker. It also makes appliances. It has recently started making smartphones. It has 17 factories spread across India, China, Poland, Italy and Mexico. The company was started in 1979 by Venugopal Dhoot’s late father. But it has been affected by a slowdown in demand. It sold a third of its direct-to-home television services business to the American Silver Eagle Acquisition Corp and has listed it on Nasdaq. The company also has oil and gas interests in Brazil and Mozambique. In 2014 it mopped up $2.5 billion by selling 10% of its Mozambique oil field. Its other ventures include a joint operation with Liberty Mutual Insurance Group in the general insurance sector.

Various - $ 1.1bn

M

Tanzania

ohammed “Mo” Dewji is a ruling party member of parliament in Tanzania. In the late 19th century his ancestors migrated from Gujarat to the country. Dewji took over the family business in 1998. With the Tanzanian government privatising loss-making state assets in the early 2000s, he acquired these for a song and turned them into profitable operations. His METL Group is now the largest private ly held conglomerate in Tanzania with activities in textile making, flour milling, beverages and edible oils in eastern, southern and central Africa. His Mo Cola competes with Coca Cola. 52

Pharmaceuticals - $ 1.1bn

India

I

n addition to India, Wockhardt has manufacturing facilities in the US, Ireland, France and the US. Worli Chemical Works at its inception, it was acquired by Habil Khorakiwala’s father. This developed into the operation it is today. It is among India’s top generic makers. 70% of its revenues come from outside India. Younger son Murtaza runs the company. Daughter Zahabiya oversees the hospital arm.

126(116)

126(105)

Mohammed Dewji

Habil Khorakiwala

Prem Watsa

Finance - $ 1.1bn

I

Canada

n 2013 Fairfax Financial Holdings invested $800 mn in the troubled Blackberry phone operation. Within a year the former’s share prices rose by over 21% and is now worth more than $11 billion. Hyderabad-born Prem Watsa’s stake in it is 10%. In 1985 he took control of an ailing Market Financial, a specialist trucking insurance company, and nursed it back to health. Two years later he renamed it Fairfax Financial Holdings. He also has shares in IBM and in Fairfax’s subsidiary in India.


52-53 Page 17 new.qxp_A4 Temp 11/11/2016 22:26 Page 53

Asian Voice Global India Rich List - 2016

126(12)

Lekhraj Thakurdas Pagarani and Family

Dubai

Food, Hospitality & Logistics - $ 1.1bn

126(130)

Niranjan Hiranandani

Property Development - $ 1.1bn

T

he Hiranandani Group has been split between its founding brothers Niranjan and Surendra. They still have joint ownership of some assets, including the Powai township. The former’s upcoming ventures – budget hotels in Dubai in partnership with Accor and Starwood; while his initiative to build a new air terminal for Mumbai with Zurich Airport is awaiting approval. He is also building a natural gas storage terminal in West Bengal. This year Tata Consultancy Services signed a 15-year contract with his company to lease 1.9 million square feet of office space in Greater Mumbai, reportedly the biggest deal of its kind in the city.

T

he first Choithrams supermarket came up in Sierra Leone in 1944. It was started by Lekhraj Thakurdas Pagarani’s father. Since then Choithram & Sons has gradually developed into an international company with a presence in Europe, North America, Africa and the Gulf. There are 25 Choithram stores in the UAE and other Gulf countries. In the UK it trades as T Choithram & Sons.

126(119)

Raghuvinder Kataria

Investor - $ 1.1bn

A

UK/Dubai

British national, Raghuvinder Kataria heads Dubaibased Kataria Holdings. He has investments in Danish technology firm Vopium, a competitor to Skype, in India’s Dhanalaxmi Bank and in the brokerage firm Destimoney Securities. Raised in Uganda, Kataria sold most of his shareholdings in India’s leading mobile phone operator Airtel at a peak. In 2009, when the market was down, he bought properties in Dubai, which have since increased in value. He is also into real estate in Europe and India. In India, he has interests in wind energy, as well.

India

134(109)

Murli Dhar & Bimal Kumar Gyanchandani

Detergents - $ 1bn

India

G

hari Detergent powder is the market leader in detergents in India. It is owned by Rohit Surfactants Private Limited, a Kanpur-based company launched by brothers Murli and Bimal Gyanchandani in 1987. They also have a premium product named Uniwash, make footwear under the Red Chief brand and have interests in real estate. Murli’s dairy business sells milk under the Namaste India brand. 53


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Asian Voice Global India Rich List - 2016

134(139) Raj Matharu and Family

Hotels - $ 1bn

UK

T

hree Matharu brothers led by Raj hit upon an innovative idea of converting empty office space into hotels. Womenonly wings were another innovation they introduced in the UK in their hotels. Their company Global Grange operates 16 hotels in central London and one in the county of Berkshire. In 2014-15 the company’s profits reportedly dipped to just over $21 million on a $165 million turnover. But their net assets rose by $15 million to over $1 billion.

134(138)

134(78)

Prithviraj Kothari

Precious Metals - $ 1bn

R

India

iddi Siddhi Bullion, founded in 1994, is a family gold trading business. It holds the greatest variety of bullion and coins in India. Its managing director Prithviraj Kothari has reportedly been a pioneer in introducing “instant international price-based Indian rupee denominated bullion trading in India”. In 2014, though, he was interviewed by India’s Enforcement Department as a suspect in a major hawala (money transfer without money movement) scam.

54

Radhakishan Damani

Investor - $ 1bn

T

India

he D-Mart hypermarket chain, which has 91 stores in India, was set up by Radhakishan Damani. He retains a controlling stake in its parent company. Among his other holdings is a 26% share in cigarette maker VST Industries and in India Cements. Damani is expanding his property portfolio by acquiring the Radisson Blu Resort in Alibag, a popular upmarket beach getaway near Mumbai.


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Asian Voice Global India Rich List - 2016

134(30)

Lord Swraj Paul and Family

Steel & Hotels - $ 1bn

UK

T

he crisis in the steel industry heavily impacted Swraj Paul’s Caparo Group in the UK. In 2015 16 of its companies went into administration, thereby sharply reducing his assets. Caparo has been leading manufacturer of steel products, including tubes, merchant bars and structural and engineering products. Its businesses in North America and Asia, including India, remain relatively unaffected, though lower in value as compared to a year ago. Paul suffered a grievous setback in April when his son Angad, who was the CEO of the company, committed suicide.

134(113)

134(62)

Qimet Rai Gupta

Electrical Goods - $1 bn

H

India

avells makes everything from electrical switches to fans and wires. It sells switchgears in rural India and cables, lights and fans in the urban part of the country. In 1958 Qimat Rai Gupta, its owner, a former teacher, started trading in the electric wholesale market in Old Delhi. In 1971 he acquired the Havells brand and within five years started manufacturing a range of electrical products. His investment in Germany-based Sylvania Lighting has also been successful.

56

V G Siddhartha

Coffee - $ 1bn

T

ens of thousands of tonnes of coffee are grown by V G Siddhartha in Karnataka. The bulk of this is exported; the rest sold in India. He also has over 1,500 coffee shops under the brand name of Coffee CafĂŠ Day in India, Malaysia, the Czech Republic and Austria. This chain is preparing for an IPO. Siddhartha has stakes in tech firm MindTree, timber trading, hospitality and real estate as well.

India


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Asian Voice Global India Rich List - 2016

134(110)

Irfan Razack

134(90)

India

Property Development - $ 1bn

P

restige Estate Projects is one of India’s largest quoted property companies. Its ongoing projects include residences, offices, spas and malls mostly in southern India. Brothers Rezwan and Noaman work with Irfan Razack at Prestige and share the family fortune. The enterprise stems from Irfan’s father’s men’s tailoring and fabric business in Bangalore.

Anu Aga and Family

Engineering - $ 1bn

India

T

hermax, an engineering company, was started by Anu Aga’s father and used to be managed by her husband Rohinton. In 1996 the latter passed away. Earlier, her son Kurush had died in a road accident. So Anu then took charge of the firm until she retired from the board of directors in 2004. Today the management is in the hands of her daughter Meher. The family have a 62% stake in the business.

12 134(111)

Mallika Srinivasan

Tractors - $ 1bn

India

T

ractors & Farm Equipment Limited, a not so successful part of her family’s businesss, was taken over by Mallika Srinivasan after her return from the United States in 1996. Today the multi-billion firm is the world’s third largest tractor maker and the second largest in India. It enjoys a presence in over 80 countries, including the continents of Europe and Americas.

57


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Asian Voice Global India Rich List - 2016

134(137)

Harindarpal Banga and Family

Hong Kong

Commodities - $ 1bn

O

nce a captain in the merchant navy, Harindarpal Banga launched a commodities business in Hong Kong with an English partner Richard Elman. They built Noble Group into one of Asia’s largest commodities trading houses. Thereafter, Banga sold his shares in 2013 to launch Caravel Group. He also co-owns Fleet Management, a shipping business. His sons Angad and Guneet are involved in the business.

134(88)

Manoj Bhargava

Energy Drinks - $ 1bn

5

USA

-Hour claims a 90% market share in the energy drinks segment in the United States. Lucknow-born Manoj Bhargava, a Princeton University drop-out, stumbled upon its formula at a health trade fair. The product’s distinctive red bottles and deliberately corny TV ads have made it an identifiable brand. Bhargava owns 35% of 5-Hour’s parent company.

58


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Asian Voice Global India Rich List - 2016

134(143)

Harshad Mehta

Diamonds - $ 1bn

UAE

M

umbai-born Harshad Mehta set up a diamond business, with his family, called Rosy Blue, one of the world’s foremost diamond producers. It manufactures high quality polished diamonds and finished jewellery. It now has operations in 15 countries and employs 15,000 people.

134(141)

Grandhi Rao

Infrastructure - $ 1bn

G

India

MR Group heads a consortium which took over Delhi’s Indira Gandhi International Airport in 2006 and has developed it into a world class multi-terminal facility. Grandhi Rao started the group in 1978. It is now involved in building and operating infrastructure projects and has investments in Malaysia, the Philippines and Nepal. It also owns the Delhi Daredevils franchise in the Twenty20 Indian Premier League.

60


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Asian Voice Global India Rich List - 2016

134(142)

Dr Prathap Reddy

Healthcare - $ 1bn

India

T

he Chennai-based Apollo chain, one of Asia’s largest healthcare providers, encompasses nearly 50 hospitals, some 1,350 pharmacies, 90-odd primary care and diagnostic clinics and 115 telemedicine units across nine countries. It also has 15 academic institutions and a medical research foundation. Its first hospital was built in 1983 by Prathap Reddy, a cardiologist, after his return from the United States. He has a 27% stake in the listed company.

12 134(115)

S D Shibulal

Software - $ 1bn

K

erala-born S D Shibulal is a co-founder of Bangaloreheadquartered Infosys, one of India’s leading software and outsourcing companies. In 2011 he became its CEO and managing director before retiring in 2014. He and his family still enjoy stakes in the business. Besides, he has personal interests in real estate and hospitality, notably in Tamara Coorg, a boutique resort, and reportedly in 700 apartments in Seattle.

India

134(140)

Amit Burman

FMCG & Natural Healthcare - $ 1bn

V

India

ice-chairman of Dabur, he started the company’s engineering department developing mechanisation and packaging. He holds around 12% stake in the firm. He is a cousin of the group’s chairman Anand Burman. 62


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Rewarding Inspiration, Innovation and Impact

May 2017 | London | UK To nominate an individual or a charity for the awards please visit www.asianvoicecharityawards.com Email: sales@abplgroup.com Tel: +44 (0) 20 7749 4085 Twitter: @AVCharityAwards


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66-65 Index.qxp_A4 Temp 11/11/2016 21:19 Page 65

Asian Voice Global India Rich List - 2016

Compiled by Philip Beresford. Edited by Ashis Ray. Produced by RAYMEDIA.

TM

Disclaimer All the financial and market information provided in this magazine are accurate as on 21st October 2016 when this magazine went to print. ABPL Group is not responsible for any changes that may occur after this date.

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66-65 Index.qxp_A4 Temp 11/11/2016 21:17 Page 66

Asian Voice Global India Rich List - 2016 Name Mukesh Ambani Hinduja & Family Dilip Shanghvi David & Simon Reuben Azim Premji Pallonji Mistry Lakshmi Mittal & Family Godrej Family Shiv Nadar Cyrus Poonawalla & Family Kumar Mangalam Birla Uday Kotak Sunil Mittal & Family Gautam Adani Shashi & Ravi Ruia Benu Gopal Bangur Anand Burman & Family Rahul Bajaj & Family Vikram Lal Sri Prakash Lohia Savitri Jindal & Family Desh Bandhu Gupta Pankaj Patel Subhash Chandra Kushal Pal Singh Micky Jagtiani Feroz Allana M A Yusuff Ali Madhukar Parekh Kuldip Singh & Gurbachan Singh Dhingra Sudhir & Samir Mehta Ravi Pillai Kapil & Rahul Bhatia Vivek Chaand Sehgal Harsh Mariwala & Family PV Ramprasad Reddy Ashwin Dani Indu Jain Munjal Family Anil Ambani Kalanithi Maran Ajay Piramal Romesh Wadhwani & Family Vijay Chauhan Nitin Sandesara Raj Kumar & Kishin RK Murali Divi & Family Samprada Singh Rajan Raheja & Family Bavaguthu Shetty Ashwin & Mahendra Choksi Rishad Naoroji Abhay Vakil & Family Chandru Raheja Rakesh Gangwal Baba Kalyani Simon, Bobby & Robin Arora Anil Agarwal Rakesh Jhunjhunwala Karsanbhai Patel Sunil Vaswani Mangal Lodha & Family Kiran Mazumdar-Shaw & John Shaw Kavitark Ram Shriram Mansoor & Aminmohammed Lalji & Family Abhay Firodia Satish Reddy & G V Prasad Sunny Varkey N R Narayana Murthy Rajesh Mehta & Family Mannalal Agarwal & Family Rajendra Agarwal & Family M G George Muthoot & Family Hasmukh Chudgar Glenn Saldanha & Family Lachhman Das Mittal

66

Ranking 1 2 3 4 5 6 7 8 6 10 11 12 13 13 15 16 17 18 19 20 21 22 23 24 25 25 25 28 29

Page No. 6 6 7 7 8 8 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14 14 14 14 15 15 15 15

30 31 32 32 32 32 36 36 38 38 38 38 38 43 43 45 46 46 46 49 49 49 52 52 54 54 56 57 57 57 60 61 61

16 16 16 17 17 17 17 18 18 18 19 19 19 19 20 20 20 22 22 22 22 23 23 23 23 24 24 24 26 26 26 27 27

64 64 67 67 67 67 67 67 67 74 75 75

28 28 30 30 30 30 32 32 32 32 34 34

61 64

27 28

Name Mofatraj Munot Bharat Desai & Family Ranjan Pai Nirav Modi Harsh Goenka A Velayyan & Murugappa Family Leena Tewari Satish Mehta Nandan Nilekani Sameer Gehlaut Senapathy Gopalakrishnan Puthan N C Menon Ravi Jaipuria Jitendra Virwani Vivek Chand Burman Devendra Jain Vinod Khosla Vikas Oberoi Nusli Wadia Group Radhe Shyam Agarwal Yusuf Hamied Radhe Shyam Goenka Suhail Rizvi Malvinder & Shivinder Singh Aloke Lohia Sanjiv Goenka Ajay Kalsi Dilip & Anand Surana Rajju Shroff Azad Moopen Anand Mahindra Asok Kumar & Bobby Hiranandani Hari & Shyam Bhartia Jasminder Singh & Family Aneel Bhusri Binny Bansal Sachin Bansal T S Kalyanaraman Achal Bakeri K Dinesh & Family Vidya Chhabria Tony Jashanmal Binod Chaudhary & Family Navin & Varsha Engineer Chirayu Ramanbhai Amin & Family Bhadresh Shah Kuldip Rai Sahi Joy Alukkas Surendra Hiranandani Balkrishan Goenka Venugopal Dhoot Mohammed Dewji Habil Khorakiwala Prem Watsa Lekhraj Thakurdas Pagarani & Family Raghuvinder Kataria Niranjan Hiranandani Murli Dhar & Bimal Kumar Gyanchandani Raj Matharu & Family Prithviraj Kothari Radhakishan Damani Lord Swraj Paul & Family Qimet Rai Gupta V G Siddhartha Irfan Razack Mallika Srinivasan Anu Aga & Family Harindarpal Banga & Family Manoj Bhargava Harshad Mehta Grandhi Rao Dr Prathap Reddy S D Shibulal Amit Burman

Ranking 77 78 78 78 78

Page No. 34 34 35 35 36

78 83 83 83 83 83 83 89 89 89 89 93 93 95 95 95 95 98 100 100 100 103 104 104 104 104

36 36 37 37 37 38 38 38 38 39 39 39 39 40 40 40 40 42 42 42 42 43 43 43 43 44

116 116 123 123 123 126 126 126 126 126

49 49 50 50 50 50 52 52 52 52

104 104 110 110 110 110 110 110 116 116 116 116 116

126 126 126

134 134 134 134 134 134 134 134 134 134 134 134 134 134 134 134 134

44 45 45 46 46 46 47 47 47 48 48 48 49

53 53 53

53 54 54 54 56 56 56 57 57 57 58 58 60 60 62 62 62


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Profile for Asian Business Publications Ltd

Global India Rich list 2016  

Wealthiest Indians in the World 2016

Global India Rich list 2016  

Wealthiest Indians in the World 2016

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