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
March 5,2020

Washington, Feb 5: Experts warned a US government panel last night that India's Muslims face risks of expulsion and persecution under the country’s new Citizenship Amendment Act (CAA) which has triggered major protests.

The hearing held inside Congress was called by the US Commission on International Freedom, which has been denounced by the Indian government as biased.

Ashutosh Varshney, a prominent scholar of sectarian violence in India, told the panel that the law championed by prime minister Narendra Modi's government amounted to a move to narrow the democracy's historically inclusive and secular definition of citizenship.

"The threat is serious, and the implications quite horrendous," said Varshney, a professor at Brown University.

"Something deeply injurious to the Muslim minority can happen once their citizenship rights are taken away," he said.

Varshney warned that the law could ultimately lead to expulsion or detention -- but, even if not, contributes to marginalization.

"It creates an enabling atmosphere for violence once you say that a particular community is not fully Indian or its Indianness in grave doubt," he said.

India's parliament in December passed a law that fast-tracks citizenship for persecuted non-Muslim minorities from neighboring countries.

Responding to criticism at the time from the US commission, which advises but does not set policy, India's External Affairs Ministry said the law does not strip anyone's citizenship and "should be welcomed, not criticized, by those who are genuinely committed to religious freedom."

Fears are particularly acute in Assam, where a citizens' register finalized last year left 1.9 million people, many of them Muslims, facing possible statelessness.

Aman Wadud, a human rights lawyer from Assam who traveled to Washington for the hearing, said that many Indians lacked birth certificates or other documentation to prove citizenship and were only seeking "a dignified life."

The hearing did not exclusively focus on India, with commissioners and witnesses voicing grave concern over Myanmar's refusal to grant citizenship to the Rohingya, the mostly Muslim minority that has faced widespread violence.

Gayle Manchin, the vice chair of the commission, also voiced concern over Bahrain's stripping of citizenship from activists of the Shiite majority as well as a new digital ID system in Kenya that she said risks excluding minorities.

More than 40 people were killed last week in New Delhi in sectarian violence sparked by the citizenship law.

India on Tuesday lodged another protest after the UN human rights chief, Michele Bachelet, sought to join a lawsuit in India that challenges the citizenship law's constitutionality.

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News Network
April 10,2020

Paris, Apr 10: French pharma major Sanofi said on Friday it has decided to donate 100 million doses of hydroxychloroquine, the anti-malaria drug which could be a potential weapon against novel coronavirus, across 50 countries.

The company has already doubled its incremental production capacity on top of the usual production for current indications across its eight hydroxychloroquine manufacturing sites worldwide and is on track to quadruple it by the summer.

"In this global health emergency, Sanofi stands ready to assist as many countries as possible, starting with countries where its medicine is registered for current approved indications as well as countries where there are no hydroxychloroquine suppliers or countries with underserved populations," it said in a statement.

Sanofi called for coordination among the entire hydroxychloroquine chain worldwide to ensure the continued supply of the medicine if proven to be a well-tolerated and effective treatment in COVID-19 patients.

"The COVID-19 pandemic is an unprecedented health and economic crisis which is shaking some of the very fundamentals of international solidarity and cooperation among countries," said Chief Executive Officer Paul Hudson. "This virus does not care about the concept of borders, so we should not either," he added.

"It is critical that international authorities, local governments, manufacturers and all other players involved in the hydroxychloroquine chain work together in a coordinated manner to ensure all patients who may benefit from this potential treatment can access it. If the trials prove positive, we hope our donation will play a critical role for patients," said Hudson.

While hydroxychloroquine is generating a lot of hope for patients around the world, said Sanofi, it should be remembered that there are no results from ongoing studies and the results may be positive or negative.

To date, there is insufficient clinical evidence to draw any conclusion over the safety and efficacy of hydroxychloroquine in the management of COVID-19 patients.

It is one of several medicines being investigated by the World Health Organisation (WHO) in its international clinical trial seeking a treatment solution for COVID-19. "Sanofi is supporting ongoing trials by providing the medicine to some participating investigator sites and other independent research centres," it said.

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News Network
February 9,2020

Nakhon Ratchasima, Feb 9: The Thai soldier who killed at least 20 people and holed up in a mall overnight was shot dead Sunday morning by commandos, ending a near-17-hour ordeal which left dozens wounded and stunned the country.

It was unclear how many people remained trapped inside the Terminal 21 mall in Nakhon Ratchasima -- also known as Korat -- where the gunman held out through the night, armed with assault weapons stolen from his barracks.

Volleys of gunfire rang out as the siege ran into dawn, hours after Thai security services stormed the ground floor and freed scores of stunned, terrified shoppers from a bloody rampage that the gunman -- a junior army officer identified as Sergeant-Major Jakrapanth Thomma -- had relayed via Facebook posts.

"He was shot dead thirty minutes ago" (0200 GMT), chief of the Crime Suppression Division Jirabhob Bhuridej told AFP.

Commandos from elite Thai police units killed the gunman, a police spokesman added, after an operation involving hundreds of security personnel.

"The official death toll is 20 and wounded 42... nine are in surgery," Narinrat Pitchayakamin, a Korat doctor told reporters, revising down an initial death toll of 21.

But it was unclear if there were more victims inside the multi-level complex which was packed with Saturday shoppers when the gunman stormed in.

A fleet of ambulances left the front of the complex and forensic police poured into the grim crime scene, shortly before the gunman's death was confirmed.

The night was peppered with heavy exchanges of gunfire and sporadic evacuations.

A police officer who took part in a raid to flush out the gunman died, according to deputy prime minister Anutin Charnvirakul. "He had been hit and unfortunately, he couldn't make it," said Anutin.

Shocked evacuees recounted how an ordinary Saturday shopping day at the busy mall descended into horror as the gunman entered.

"It was like a dream... I'm grateful I survived," Sottiyanee Unchalee, 48, told AFP, explaining she hid in the toilet of a gym inside the mall as she heard the gunfire.

"I'm so sorry for those who died... (and) the people still trapped inside."

Stolen weapons

Jakrapanth relayed his shooting spree through Facebook posts which charted the attack from the army barracks in the city to the mall, where an unknown number of shoppers remained trapped.

A volunteer rescue worker recounted a bloody scene of horror after his team carried four corpses to the hospital.

"I've never seen anything like this," Peerapong Chatadee told AFP.

"I just feel so sad. He is a soldier, he should not have fired at unarmed people."

The bloodshed began Saturday afternoon when Jakrapanth shot three people -- among them at least one soldier -- at a senior officer's house and then at the nearby army barracks, before driving an army vehicle to the town centre.

There the gunman used weapons stolen from the military arsenal to unleash carnage in the town centre.

He "used a machine gun and shot innocent victims resulting in many injured and dead", said police spokesman Krissana Pattanacharoen.

Throughout the day, Jakrapanth posted images of himself and wrote several posts on his Facebook page as the attack unfolded.

In one Facebook video -- since deleted -- the assailant, wearing an army helmet, filmed from an open-top jeep, saying, "I'm tired... I can't pull my finger anymore" as he made a trigger symbol with his hand.

There were also photos of a man in a ski mask holding up a pistol.

A Facebook spokesperson said: "We have removed the gunman's accounts from our services and will work around the clock to remove any violating content related to this attack as soon as we become aware of it."

The city is home to one of the largest barracks in Thailand, a country where the military is enmeshed in politics and society.

The nation also has one of the highest rates of gun ownership in the world, and several shootings at courthouses last year renewed concern about gun violence.

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