Mukesh Ambani emerges richest Indian for 11th consecutive year in Forbes list

Agencies
October 4, 2018

New Delhi, Oct 4: Reliance Industries' Chairman Mukesh Ambani has emerged as the richest Indian for the 11th consecutive year with a net worth of USD 47.3 billion, according to Forbes magazine.

Ambani is also the year's biggest gainer, adding USD 9.3 billion to his wealth amid the continuing success of his Reliance Jio broadband telco service.

As per the 'Forbes India Rich List 2018', Wipro Chairman Azim Premji has retained the second spot, adding USD 2 billion to his wealth at USD 21 billion; while ArcelorMittal Chairman and CEO Lakshmi Mittal moved a place ahead to the third slot with a net worth of USD 18.3 billion, increasing his wealth by USD 1.8 billion.

Mittal is followed by the Hinduja brothers at with a net worth of USD 18 billion and Pallonji Mistry with USD 15.7 billion.

Other business magnates making the top 10 list are Shiv Nadar (USD 14.6 billion), Godrej family (USD 14 billion), Dilip Shanghvi (USD 12.6 billion), Kumar Birla (USD 12.5 billion) and Gautam Adani (USD 11.9 billion).

"In a challenging year, which saw the rupee taking a tumble, the country's 100 richest collectively managed to hold their own. Moreover, new billionaires continue to be minted, which indicates that India's entrepreneurial energy is upbeat as ever," said Naazneen Karmali, India Editor of Forbes Asia.

Biotechnology pioneer Kiran Mazumdar-Shaw has emerged as the biggest percentage gainer of the year. One of only four women on the list, her net worth rose 66.7 per cent to USD 3.6 billion. In terms of net worth, she stood at 39th spot.

"Despite a rout in the rupee that practically wiped out the Indian stock market's 14 per cent rise from a year ago, tycoons on the 2018 Forbes India Rich List saw a modest gain in their combined wealth to USD 492 billion," a Forbes India statement said, adding that among the nation's 100 richest, 11 saw their wealth jump by USD 1 billion or more.

"The growth in the overall wealth of India's richest in a challenging year is one indicator of the country's economic advancement. New faces on the list - five of them - are also an encouraging sign of the rise of domestic mega-firms, many with a presence in global markets," Forbes India Editor Brian Carvalho said.

According to the statement, this list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and India's regulatory agencies.

"Public fortunes were calculated based on stock prices and exchange rates as of September 21. Private companies were valued based on similar companies that are publicly traded," it said.

Comments

ALTHAF MAHAMMED
 - 
Thursday, 4 Oct 2018

Thanks to MODI

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
March 15,2020

Jakarta, Mar 15: Indonesia's transport minister is in intensive care after testing positive for the novel coronavirus, an official has said, as schools and tourist attractions were ordered to close over the health threat.

Transportation Minister Budi Karya Sumadi was receiving treatment at an army hospital in Jakarta, State Secretary Pratikno said on Saturday.

A hospital spokesman said Sumadi was encountering difficulty breathing but that his condition was improving.

Pratikno said Sumadi was involved in virus mitigation efforts, particularly the evacuation of Indonesians from epicenters of the outbreak, and that President Joko Widodo had called for tests to be carried out on other ministers.

Cases of the virus in Indonesia, the world's fourth most populous country, have jumped from zero two weeks ago to 96, with five deaths, according to government spokesperson Achmad Yurianto.

He also said the virus has spread outside Greater Jakarta to Bandung in West Java, Solo in Central Java, Manado in North Sulawesi, Pontianak in West Kalimantan, as well as holiday havens Yogyakarta and Bali.

Following the increase, the government on Saturday established a task force on COVID-19 mitigation.

Jakarta's Governor Anies Baswedan announced that schools would close for two weeks starting Monday, and ordered the closure of city-owned tourist attractions, such as Ragunan Zoo and Ancol beach.

He emphasized that Jakarta would not be locked down but urged people "to be responsible" and called for social distancing when possible.

Similarly, the administration of Solo, Central Java, Friday announced that schools and tourist attractions would close after a coronavirus patient died in the region.

The World Health Organization has said it is particularly concerned about high-risk nations with weaker health systems, which who may lack the facilities to identify cases.

A day after declaring the coronavirus outbreak to be pandemic this week, WHO chief Tedros Adhanom Ghebreyesus called Indonesia's president Widodo and both agreed to "scale up cooperation."

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
June 30,2020

Beijing, June 30: China said on Tuesday it was concerned about India’s decision to ban Chinese mobile apps such as Bytedance’s TikTok and Tencent’s WeChat and was making checks to verify the situation.

Chinese foreign ministry spokesman Zhao Lijian told reporters during a daily briefing that (the Prime Minister Narendra Modi-led government of) India has a responsibility to uphold the rights of Chinese businesses.

India on Monday banned 59, mostly Chinese, mobile apps in its strongest move yet targeting China in the online space since a border crisis erupted between the two countries this month.

The apps are “prejudicial to the sovereignty and integrity of India, the defence of India, the security of state and public order", the ministry of information technology said in a statement, which came two weeks after 20 Indian Army personnel were killed in a violent clash on the India-China border in Ladakh.

The companies have been invited to offer clarifications before a government panel, which will decide whether the ban can be removed or will stay.

The move also came ahead of military and diplomatic talks between India and China scheduled this week.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
June 24,2020

New Delhi, Jun 24: In a stinging attack on the Gandhi family of the Congress, BJP president J P Nadda on Wednesday said a dynasty and its courtiers have "grand delusions" of the opposition being about itself and stated that a "rejected and ejected" family is not equal to the entire opposition.

In his tweets, Nadda said it was the time for unity and solidarity, and the "relaunch of the scion for the nth time can wait", an apparent dig at Rahul Gandhi, who has been aggressive in his attacks on Prime Minister Narendra Modi for his handling of the border row with China.

Nadda said India lost thousands of square kilometres of land due to the "misadventures of one dynasty" and claimed that the Siachen glacier, where the Indian Army has a strong presence, was almost gone. No wonder India has rejected them, he said.'

The BJP president posted a news report to back his assertions about Siachen.

"One 'royal' dynasty and their 'loyal' courtiers have grand delusions of the Opposition being about one dynasty. A dynast throws tantrums and his courtiers peddle that fake narrative. The latest one relates to the Opposition asking questions to the Government," Nadda said.

Though he did not directly name the Gandhi family or any of its members, the reference was clear.

He said it was the opposition's right to ask questions and added that the all-party meeting called by Prime Minister Narendra Modi saw healthy deliberations, with several opposition leaders giving their valuable inputs.

They also fully supported the Centre in determining the way ahead, Nadda said.

"One family was an exception. Any guesses who," he asked.

Targeting the Gandhis, the BJP president said, "One rejected and ejected dynasty is NOT equal to the entire Opposition. One dynasty's interests are not India's interests. Today, the nation is united and supportive of our armed forces. This is the time for unity and solidarity. Relaunch of 'the scion' for the nth time can wait."

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.