With $21-bn networth, Mukesh Ambani India's richest for 6th yr

October 29, 2013

Mukesh_AmbaniNew York, Oct 29: With a networth of USD 21 billion, Mukesh Ambani has retained his title as India's wealthiest for sixth year in a row, while the country's 100 richest persons saw their collective wealth soar by a modest 3 per cent in a year.

NRI steel tycoon Lakshmi Mittal (USD 16 billion) also continues to hold the second position, while Sun Pharma's Dilip Shanghvi has jumped to third place with about 50 per cent surge in his wealth to USD 13.9 billion, pushing IT czar Azim Premji to fourth place (USD 13.8 billion).

As per US-based business magazine Forbes' annual list of India's 100 richest, released today, their total wealth grew by a modest 3 per cent from a year ago to USD 259 billion.

"Growth in wealth was lacklustre due to India's stumbling economy, which has been hit by inflation and a falling rupee," Forbes said.

Amid the sluggishness, Reliance Industries chief Mukesh Ambani and ArcelorMittal's Lakshmi Mittal saw no change in their respective networths, but pharmaceutical industry titan Shanghi managed to buck the trend with a surge of USD 4.7 billion in his wealth to USD 13.9 billion.

Premji's wealth also rose by USD 1.6 billion, but he could not retain his third slot.

Pallonji Mistry, patriarch of construction giant Shapoorji Pallonji Group which is the biggest shareholder in Tata Sons, has moved down one place to fifth rank with a networth of USD 12.5 billion. His younger son Cyrus Mistry last year succeeded Ratan Tata as new Tata group head.

NRI businessmen Hinduja brothers have moved up to sixth place (USD 9 billion), from their 9th position last year.

Shiv Nadar (USD 8.6 billion) have moved into top-ten at the 7th place, while Sunil Mittal has also returned to this league at 10th place (USD 6.6 billion). On the other hand, Essar group's Ruia brothers and Jindal group's Savitri Jindal have moved out from the group.

Adi Godrej has slipped two places to 8th rank (USD 8.3 billion), while Aditya Birla group Chairman Kumar Mangalam Birla has gained one position to 9th (USD 7.6 billion).

Anil Ambani has also retained his 11th rank, although his wealth rose to USD 6.2 billion, from USD 6 billion a year ago.

In the top-20, he is followed by Shashi and Ravi Ruia (USD 5.5 billion), Micky Jagtiani (USD 5 billion), Savitri Jindal (USD 4.9 billion), Uday Kotak (USD 4.1 billion), Cyrus Poonawalla (USD 4 billion), Anand Burman (USD 3.7 billion), Kushal Pal Singh (USD 3.4 billion), Desh Bandhu Gupta (USD 3.2 billion) and Bajaj Family (USD 3.1 billion).

There are a total of 65 billionaires on the list, four more than last year. Some of these have made their fortunes in the Middle East, including Bahrain resident Ravi Pillai (richest newcomer with USD 1.7 billion) of Saudi construction group, Nasser S Al-Hajri Corp, and retail mogul M A Yusuff Ali (USD 1.6 billion) of Abu Dhabi-based Lulu Group.

As many as 15 new members have entered the top-100 list even as more than half of last year's rich listers, including Savitri Jindal whose wealth declined by USD 3.3 billion, have seen a fall in their fortunes.

The minimum net worth to make to the list has increased to USD 635 million from USD 460 million last year.

Forbes said that the list has been compiled using shareholder and financial information obtained from families, individuals, stock exchanges, analysts and regulators.

The ranking lists family fortunes, including those shared among extended families such as the Bajaj family, while the wealth figures were calculated based on stock prices and exchange rates as of October 18, 2013.

Privately-held companies were valued based on the valuation of similar publicly-traded companies.

Others on the list include Vedanta group's Anil Agarwal at 21st position (USD 3 billion), Gautam Adani (22, USD 2.65 billion), Kalanithi Maran (23, USD 2.6 billion), Venugopal Dhoot (30, USD 1.8 billion), Ajay Piramal (41, USD 1.55 billion), Nandan Nilekani (50, USD 1.3 billion), Rakesh Jhunjhunwala (61, USD 1.15 billion) and Anu Aga (86, USD 730).

The youngest on the list is 38-year old Shivinder Mohan Singh, who along with his 40-year-old brother Malvinder Mohan Singh have been ranked at 26th place (USD 2.3 billion).

Besides, 40-year old Ranjan Pai of Manipal group is at 51st place (USD 1.25 billion).

Others aged below 50 include Glenn Saldanha ranked 57 with net worth of USD 1.19 billion, Nirav Modi (64, USD 1.01 billion) and Vikas Oberoi (79, USD 780 billion) among others.

Women on the list include Savitri Jindal, Anu Aga, Kiran Mazumdar-Shaw and Shobhana Bhartia.

Those aged above 80 years of age include Brij Mohan Lal Munjal (90 years), Samprada Singh (87 yrs), Pallonji Mistry (84 yrs), Devendra Jain (84 yrs) and Kushal Pal Singh (82 yrs).

On Mukesh Ambani, Forbes said he plans to invest USD 25 billion in his businesses over the next 3 years.

Regarding L N Mittal, the magazine said "no turnaround yet for troubled steel baron Lakshmi Mittal whose ArcelorMittal is facing weak demand amid supply glut."

Mittal has put one of three houses he owns on London's billionaires' row up for sale, the magazine said.

Meanwhile, his son-in-law Amit Bhatia's family has partnered Air Asia's Tony Fernandes and the Tata group, for a new budget airline.

The list forms part of Forbes India edition which would hit the stands on November 7.

Shanghvi, who moved into the top five last year, is the third richest for the first time. Despite the rise, Sun reported a USD 210 million loss in the last quarter, after making a provision for settling a patent dispute over Pfizer's acid-reflux drug Protonix.

"Wipro chairman Azim Premji, whose fortune is up USD 1.6 billion in past year, got boost after spinning off its (the company's) consumer products business in March," Forbes said.

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News Network
January 27,2020

Kabul, Jan 27: A passenger plane crashed on Monday in a Taliban-held area of Afghanistan's Ghazni province, local officials said.

Arif Noori, spokesman for the provincial governor, said the plane went down around 1:10 p.m. local time in Deh Yak district, which is held by the Taliban. Two provincial council members also confirmed the crash.

The number of people on board and their fate was not immediately known, nor was the cause of the crash.

Ariana Airlines, Afghanistan's national carrier, dismissed the claim that one of their planes had crashed in a statement on their website, saying all their aircraft were operational and safe.

The mountainous Ghazni province sits in the foothills of the Hindu Kush mountains and is bitterly cold in winter.

The last major commercial air crash in Afghanistan occurred in 2005 when a Kam Air flight from western Herat to the capital Kabul crashed into the mountains as it tried to land in snowy weather.

The war however has seen a number of deadly crashes of military aircraft. One of the most spectacular occurred in 2013 when an American Boeing 747 cargo jet crashed shortly after takeoff from Bagram air base north of Kabul en route to Dubai in the United Arab Emirates. All seven crew member were killed.

Afghanistan's aviation industry suffered desperately during the rule of the Taliban when its only airline Ariana was subject to punishing sanctions and allowed to fly only to Saudi Arabia for Hajj flights.

Since the overthrow of the religious regime smaller private airlines have emerged but the industry is still a nascent one.

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News Network
June 17,2020

Beijing, Jun 17: China said Wednesday it wanted to avoid further clashes with India along their border after the first deadly confrontation between the two nuclear powers in decades.

The two countries have traded blame for Monday's high-altitude brawl that left at least 20 Indian soldiers dead, with China refusing to confirm so far whether there were any casualties on its side.

Chinese foreign ministry spokesman Zhao Lijian insisted again Wednesday that it was Indian troops who illegally crossed the border and attacked the Chinese side.

This led to "a serious physical confrontation between both sides that caused deaths and injuries", Zhao said at a regular briefing, without providing more details about the casualties.

He said China urges India to "strictly restrain frontline troops, do not illegally cross the border, do not make provocative gestures, do not take any unilateral actions that will complicate the border situation".

But he added that the two sides "will continue to resolve this issue through dialogue and negotiations".

"We of course don't wish to see more clashes," Zhao said.

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Indian baba
 - 
Wednesday, 17 Jun 2020

we have 56 inch chest man as our leader...he alone will fight the war and give victory to india..jai bakth

 

 

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News Network
May 30,2020

May 30: Warning of the tightrope walk ahead as governments battle the coronavirus crisis, Nobel laureate Peter Charles Doherty has expressed concern about densely populated countries such as India relaxing lockdown norms while also describing a complete shutdown as “an economic and social impossibility”.

The Australian immunologist, who cautioned that the number of COVID-19 cases will rise in the coming days, said the earliest time frame for an effective vaccine “going into large numbers of people” is nine to 12 months.

"If all goes well with testing, we could know if some of the candidate vaccines are both safe and effective as early as September/October. Then, rolling a vaccine out will depend on the type of product and how quickly it can be made, put in vials and so forth," Doherty told PTI in an email interview from Melbourne.

The novel coronavirus, he added, does not change fast like influenza and, from what is known so far, “the same vaccine should work everywhere”.

Doherty, who is with the Department of Microbiology and Immunology at the Doherty Institute, University of Melbourne, won the Nobel Prize for Medicine in 1996 for his discovery of how the body’s immune system distinguishes virus-infected cells from normal ones.

Discussing the lockdown, he said, "If it was purely a matter of hard science, everywhere should stay locked down. But that’s pretty much an economic and social impossibility.”

The expectation, he said, is the numbers will rise and limiting spread will depend on people acting responsibly and the capacity for rapid response and extensive contact testing.

“And in a densely populated country like India I think that it will be very difficult," the scientist said.

Several countries, including India, began relaxing lockdown norms in mid-May despite the WHO’s warning about a second wave. India’s lockdown began on March 25 and has since been extended. The fourth phase ends on Sunday.

Asked whether there are any alternatives to a lockdown, the 79-year-old said, "There is no other option other than closing borders. South Korea, for example, conducted massive, intensive testing and contact tracing in a wealthy country with a very disciplined population. Otherwise, not till we have effective vaccines."

He added that he personally doesn’t see the point of closing borders for people coming in if there’s already a high incidence of disease in the community, “unless it’s to avoid the need to care for them and use scarce hospital beds".

According to Doherty, the coronavirus "is a new virus which has come straight out of nature".

“It (the virus) has moved so rapidly across the world because of people travelling on international planes as well as tourist ships," he added.

The immunologist also warned against the use of hydroxychloroquine to treat COVID-19, and said current and planned trials of the anti-malaria drug should be stopped.

“My understanding is that the use of the drug in severe disease is definitely contra-indicated, but it’s not yet clear whether, if taken under medical supervision, it could have some useful effect if taken early on, or as a preventive. Those trials just haven’t been done properly," Doherty noted.

The Indian Council of Medical Research (ICMR) has backed the use of hydroxychloroquine as a preventive against COVID-19 even after the WHO suspended clinical trials of the drug citing safety concerns.

Asked whether plasma therapy can be an effective treatment for COVID-19, Doherty said, "We lack good properly controlled trials but, especially if the plasma has been tested for antibody levels and there’s evidence of good activity, it could be helpful. If I had the disease and was offered plasma therapy I would certainly accept, but I would not take hydroxychloroquine."

Doherty is also very optimistic about herd immunity developing against the SARS-CoV-2 infection.

"We think that (herd immunity) will cut in and have an obvious effect when, say, 60 per cent of people have been infected. Best hope is to boost herd immunity with a vaccine," he stated.

Herd immunity is a form of indirect protection from infectious disease that occurs when a large percentage of a population has become immune to an infection, whether through vaccination or previous infections.

The number of COVID-19 cases have crossed 5.9 million and the fatalities 3,65,000, according to the Johns Hopkins University on Saturday. 

In India, the death toll has risen to 4,971 and the number of cases to 1,73,763, according to the Union Health Ministry on Saturday.

Several states, including Bihar, Uttar Pradesh, Madhya Pradesh, Jharkhand and Chhattisgarh, have reported a rise in number since lockdown norms were relaxed in early May and migrant workers reached home.

In Uttar Pradesh, for instance, the number of infections rose from around 3,000 on May 4 to 6,532 on May 26. Similarly, Bihar’s numbers increased from around 500 to over 2,700 in the period.

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