Mukesh Ambani tops Forbes India Rich List, adds $15.3 billion to last year's wealth

Agencies
October 5, 2017

New Delhi, Oct 5: Reliance Industries chief Mukesh Ambani on Thursday emerged as India's wealthiest for the 10th straight year as his net worth swelled to $38 billion (nearly Rs 2.5 lakh crore) while the wealth of 100 richest rose by 26 percent despite economic hiccups.

Wipro's Azim Premji was the distant second with a net worth of $19 billion, moving up two places from last year, while Sun Pharma's Dilip Shanghvi slipped from his earlier second place to the ninth now ($12.1 billion) on Forbes magazine's annual 'India Rich List 2017'.

Forbes said Prime Minister Narendra Modi's "economic experiments" barely affected India's billionaires while none gained more than oil-and-gas tycoon Mukesh Ambani, who cemented his decade-long hold on the top slot by adding a staggering $15.3 billion (67 percent) to his last year's wealth to become one of Asia's top five richest.

Anil Ambani, Mukesh's younger brother, was ranked much lower at 45th place with $3.15 billion. He was ranked 32nd in 2016 ($3.4 billion) and 29th a year before that.

Patanjali Ayurved's Acharya Balkrishna, known as a close associate of yoga guru Ramdev, made a big jump from 48th place last year to 19th now with a net worth of $6.55 billion (about Rs 43,000 crore).

"Despite India's economic hiccups, tycoons on the 2017 Forbes India Rich List saw their wealth soar as their combined fortunes rose 26 percent to $479 billion (over Rs 31 lakh crore)," the magazine said.

"India's turbo-charged economy sputtered in the quarter ended in June as it grew at a three-year low of 5.7 percent, due to the aftershocks of last November's demonetisation and uncertainties over the rollout of a nation-wide Goods and Services Tax. Despite this, the stock market scaled new heights and boosted the fortunes of the nation's 100 richest," it added.

In the case of Ambani, improved refining margins and his telecom unit Reliance Jio's thundering success in notching up 130 million subscribers since its 2016 launch pushed up shares of Reliance Industries.

The Hinduja brothers are at the third position with $18.4 billion while Lakshmi Mittal is now ranked fourth ($16.5 billion) and Pallonji Mistry fifth ($16 billion).

Forbes said the list was compiled using shareholding and financial information secured from the families and individuals, stock exchanges, analysts and regulatory agencies.

The ranking lists family fortunes, including those shared among extended families such as the Godrej and Bajaj families. Public fortunes were calculated based on stock prices and exchange rates as of September 15. Private companies were valued based on similar companies that are publicly traded.

More than four-fifths of those who kept their spot on the list from last year saw their wealth rise, with 27 listees adding $1 billion or more to their net worth.

The richest newcomer is cookies-and-airline tycoon Nusli Wadia at the 25th place with a net worth of $5.6 billion. Among the five other new entrants to the list are Dinesh Nandwana (88, $ 1.72 billion) of e-governance services firm Vakrangee; Vijay Shekhar Sharma (99, $1.47 billion) of fast-rising mobile wallet Paytm and Rana Kapoor (100, $1.46 billion) of Yes Bank.

Veteran investor Radhakishan Damani, boosted by the listing of his supermarket chain D-Mart in March, returned to the list at 12th place with a net worth of $9.3 billion. Other returnees are Future Group's Kishore Biyani (55th, $2.75 billion) and siblings Murli Dhar and Bimal Gyanchandani (75, $1.96 billion).

However, a dozen have turned poorer than a year ago, with half of them from the pharmaceutical sector, which has been plagued by challenges.

Pharmaceutical magnate Dilip Shanghvi is the biggest dollar loser on the list as his net worth fell by $4.8 billion, ending his three-year run as India's second-richest. The Gupta family (40, $3.45 billion), heirs of patriarch Desh Bandhu Gupta, who died in June, saw their fortune shrink as shares of their generics maker Lupin declined.

Brothers Shashi and Ravi Ruia suffered a drop as their Essar Steel faced bankruptcy proceedings under India's stricter new law, Forbes said.

The 100 wealthiest on this year's list are all billionaires. The minimum amount required to make the list was $1.46 billion, up from $1.25 billion last year.

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News Network
January 23,2026

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The Voice of Hind Rajab, inspired by the tragic final moments of a young Palestinian girl killed by Israeli fire in Gaza, has been nominated for an Academy Award in the Best International Feature Film category.

Directed by Tunisian filmmaker Kaouther Ben Hania, the film recounts the true story of five-year-old Hind Rajab, who lost her life in January 2024 while fleeing Israeli bombardment with her family.

The film features the real audio of Hind’s desperate call to the Palestinian Red Crescent Society, where she pleaded for help moments before the vehicle she was in was struck by 355 bullets.

The haunting narrative begins with a brief call made from the besieged Tel al-Hawa neighborhood of Gaza, where gunfire and armored vehicles drowned out every sound.

After witnessing the brutal killing of her family, she made a trembling call, her voice reduced to a whisper as she spoke of the massacre and her unbearable loneliness as the sole survivor.

Premiering at the Venice International Film Festival in September 2025, The Voice of Hind Rajab garnered widespread acclaim, receiving a record-setting 23-minute standing ovation and the Silver Lion Grand Jury Prize, the festival’s second-highest honor.

In her acceptance speech, Ben Hania dedicated the film to humanitarian workers and first responders in Gaza, emphasizing that Hind's voice symbolizes countless civilians affected by war.

She aims to give voice to victims often reduced to mere statistics, highlighting the broader suffering of civilians in war zones.

The film’s Oscar nomination underscores its powerful storytelling and ethical approach to depicting real-life tragedy, making it a crucial piece of contemporary cinema.

It serves not only as a narration of individual tragedy but also as an artistic and documentary response to the silence and censorship that often overshadow West Asian struggles and wars.

Using an innovative method she calls docufiction, Ben Hania bridges unvarnished reality and narrative structure, creating a work that is both artistically valuable and socially impactful.

Born in 1977 in Sidi Bouzid—later the epicenter of the Arab revolution—her background profoundly influenced her worldview and artistic approach.

She is a graduate of the Higher School of Audiovisual Arts of Tunis, Pantheon-Sorbonne University, and La Fémis in Paris, where her studies equipped her with the technical and theoretical tools needed to address complex subjects. 

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News Network
January 20,2026

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Iranian security and intelligence forces have captured more than 470 individuals in three provinces, identified as key figures behind the recent wave of violent unrest and terrorist activities linked to foreign-backed networks.

The Intelligence Ministry's provincial office in Khorasan Razavi announced on Monday the arrest of 192 armed terrorists, identified as the main agents behind recent riots in the region. 

According to an official statement, the detainees were involved in the killing of several security personnel and civilians, setting fire to mosques, public service facilities, and buses, as well as attacks on military and law enforcement centers.

The seized items from the group include several bulletproof vests, Kalashnikov rifles, hunting weapons, Winchester rifles, and various cold weapons such as daggers, swords, brass knuckles, tactical knives, crossbows, and chains.

Evidence indicates that some of the individuals were tied to hostile movements and terrorist organizations, with links overseas. Others were identified as members of violent criminal gangs, actively taking part in the unrest alongside their associates.

Simultaneously, in the western province of Lorestan, the IRGC announced the arrest of 134 individuals as the main leaders and influential field agents of a US-Israeli terrorist network.

The IRGC statement stated that these individuals formed terrorist cells during the recent unrest, committing "Daesh-like" acts.

They wounded security forces with firearms and cold weapons, and burned and destroyed public and private properties, including mosques, shops, banks, and private and public vehicles.

In the northwestern province of Zanjan, the police reported detaining 150 people identified as principal leaders and agents behind recent riots.

Authorities noted that these individuals were responsible for destroying public and private property and intentionally setting fire to vehicles in the province's squares.

Their crimes include shedding the blood of innocent people, destroying public and private property, attempting to enter military sites, disrupting public order, and spreading terror among citizens.

A variety of cold weapons were reportedly seized from the detainees.

What began late last month as peaceful protests over economic hardship across Iran turned violent after public statements by US and Israeli regime figures encouraged vandalism and disorder.

During the unrest, foreign-backed mercenaries rampaged through cities, killing security forces and civilians and damaging public property.

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News Network
February 1,2026

US President Donald Trump on Saturday claimed that the government of India led by Prime Minister Narendra Modi has made a deal to buy Venezuelan oil, as opposed to purchasing it from Iran.

"We've already made that deal, the concept of the deal," he told reporters on Air Force One.

Trump had imposed 25% tariffs on countries buying Venezuelan oil, including India, in March 2025. He had also hit India with tariffs for buying Russian oil, saying it was "funding" President Vladimir Putin's war against Ukraine.

Trump has said that the US has taken control of the oil-rich Venezuela after capturing former President Nicolas Maduro in January.

A fleet of 18 ships loaded with crude oil bound for refineries in Texas, Louisiana, and Mississippi in January, the most since December 2024, according to a report by the news agency Bloomberg.

Combined crude deliveries to the US will reach about 2,75,000 barrels a day, more than doubling volumes seen in December last year. Shipments to China, which averaged 4,00,000 barrels a day last year, fell to zero in January.

PM Modi, Venezuelan President Agree To Expand Ties

Prime Minister Narendra Modi and Venezuela's acting President Delcy Rodriguez spoke on Friday and agreed to take the bilateral relations to "new heights" in the years ahead.

It was the first phone call between the two leaders since the capture of Maduro and his wife by the US on January 3.

"Spoke with Acting President of Venezuela, Ms. Delcy Rodriguez. We agreed to further deepen and expand our bilateral partnership in all areas, with a shared vision of taking India-Venezuela relations to new heights in the years ahead," PM Modi said in a post on X.

A statement from Prime Minister Modi's office said the two leaders agreed to further expand and deepen the India-Venezuela partnership in all areas, including trade and investment, energy, digital technology, health, agriculture, and people-to-people ties.

They exchanged views on various regional and global issues of mutual interest and underscored the importance of their close cooperation for the Global South, the statement said.

Rodriguez also said that they discussed partnerships in the fields of agriculture, science and technology, mining, and tourism, as well as the pharmaceutical and automotive industries.

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