ID :
30092
Thu, 11/13/2008 - 19:42
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http://m.oananews.org//node/30092
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Mukesh Ambani pips Mittal in Forbes India Rich list
Jaishree Balasubramanian
Kuala Lumpur, Nov 13 (PTI) Reliance Industries' Mukesh
Ambani has overtaken N.R.I. steel tycoon Lakshmi Mittal as the
richest Indian in the world, with a net worth of USD 20.8
billion, Forbes said in its annual rich list for the country.
Mittal, who has moved to second position with a net worth
of USD 20.5 billion, is followed by Mukesh's younger brother
Anil Ambani, whose wealth stood at USD 12.5 billion.
Telecom czar Sunil Mittal and realtor K.P. Singh are
ranked fourth and fifth with net worth of USD 7.9 billion and
USD 7.8 billion, respectively.
The magazine said that the combined net worth of India's
40 richest has declined by 60 percent due to weak stock
markets amid depreciating rupee against the greenback.
Their total wealth is now USD 139 billion, down from USD
351 billion just a year ago, according to Forbes India Rich
List.
"These are painful times for India's tycoons. The
country's once soaring stock market fell 48 percent the past
year, the rupee depreciated 24 percent against the dollar,
and Gross Domestic Product (G.D.P.) growth is expected to slow
by at least a percentage point, in part owing to double-digit
inflation," Forbes Asia said in a statement.
While all 40 tycoons listed last year were billionaires,
only 27 have 10-figure net worths now. A net worth of 760
million dollar was needed to make to the list this year, 840
million dollar less than last year.
The Ruia brothers were ranked at sixth position with a
net worth of USD 7.6 billion, followed by Wipro Chairman Aziz
Premji, worth USD 7 billion.
The magazine states that the combined net worth of
brothers Malvinder and Shivinder Singh increased by USD 550
million, thereby grabbing 13th place on the list.
Their combined net worth stood at USD 2.8 billion after
they sold their stake in Ranbaxy Laboratories to Daiichi
Sankyo.
The list says the major loser was property tycoon Ramesh
Chandra, whose net worth dropped by 91 percent to USD 1
billion.
Among the new entrants in the list are retailer Micky
Jagtiani at 16th position with a net worth of USD 2 billion,
followed by Divi's Laboratories' founder Murali Divi at 36th
place with a net worth of USD 870 million. Also Akruti City's
Hemant Shah stood at 37th place with a wealth of USD 830
million. PTI JB
AM
Kuala Lumpur, Nov 13 (PTI) Reliance Industries' Mukesh
Ambani has overtaken N.R.I. steel tycoon Lakshmi Mittal as the
richest Indian in the world, with a net worth of USD 20.8
billion, Forbes said in its annual rich list for the country.
Mittal, who has moved to second position with a net worth
of USD 20.5 billion, is followed by Mukesh's younger brother
Anil Ambani, whose wealth stood at USD 12.5 billion.
Telecom czar Sunil Mittal and realtor K.P. Singh are
ranked fourth and fifth with net worth of USD 7.9 billion and
USD 7.8 billion, respectively.
The magazine said that the combined net worth of India's
40 richest has declined by 60 percent due to weak stock
markets amid depreciating rupee against the greenback.
Their total wealth is now USD 139 billion, down from USD
351 billion just a year ago, according to Forbes India Rich
List.
"These are painful times for India's tycoons. The
country's once soaring stock market fell 48 percent the past
year, the rupee depreciated 24 percent against the dollar,
and Gross Domestic Product (G.D.P.) growth is expected to slow
by at least a percentage point, in part owing to double-digit
inflation," Forbes Asia said in a statement.
While all 40 tycoons listed last year were billionaires,
only 27 have 10-figure net worths now. A net worth of 760
million dollar was needed to make to the list this year, 840
million dollar less than last year.
The Ruia brothers were ranked at sixth position with a
net worth of USD 7.6 billion, followed by Wipro Chairman Aziz
Premji, worth USD 7 billion.
The magazine states that the combined net worth of
brothers Malvinder and Shivinder Singh increased by USD 550
million, thereby grabbing 13th place on the list.
Their combined net worth stood at USD 2.8 billion after
they sold their stake in Ranbaxy Laboratories to Daiichi
Sankyo.
The list says the major loser was property tycoon Ramesh
Chandra, whose net worth dropped by 91 percent to USD 1
billion.
Among the new entrants in the list are retailer Micky
Jagtiani at 16th position with a net worth of USD 2 billion,
followed by Divi's Laboratories' founder Murali Divi at 36th
place with a net worth of USD 870 million. Also Akruti City's
Hemant Shah stood at 37th place with a wealth of USD 830
million. PTI JB
AM
