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
April 24,2024

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Pro-Gaza US protesters in New York's Columbia University say they will stay put despite the university's harassment and police crackdown.

The protesters said they refuse to concede to "cowardly threats and blatant intimidation" by university administration, asserting that they will continue to peacefully protest.

Columbia University threatened the students with the national guard after refusing to bargain in good faith.

The university announced a midnight deadline for talks regarding the removal of pro-Palestine encampments on the varsity campus, warning that their campsite will be forcefully cleared by police if no agreement is reached.

The university campus is being used as a campsite for hundreds of pro-Palestine protesters and other activists, who have gathered and set up numerous tents.

Pro-Palestinian protests at colleges have demanded that their universities divest from corporations doing business with Israel or profiting off the war in Gaza. At Columbia, protesters have also asked the university to end a dual-degree program with Tel Aviv University.

The deadline was announced by Columbia University President Minouche Shafik late Tuesday, as authorities across major American universities have launched their repression campaigns against the pro-Palestinian protests on campuses, amid rising anger over US's support for Israel. 

Shafik has issued a midnight deadline to protesters and organizers, warning that failure to comply will result in the forcible clearance of the camp by the New York Police Department (NYPD).

The university has engaged in discussions with student leaders behind the protests, which are part of a series of protests taking place at various colleges nationwide and resulting in multiple arrests.

The purpose of these talks is to address the encampment on the west lawn of Columbia's Morningside Heights campus.

American universities are grappling with the challenge of maintaining a delicate balance between the right to protest and freedom of speech, while also ensuring campus rules and safety, as tensions surrounding the ongoing war in Gaza continue to permeate across campuses.

Meanwhile, Shafik underscored the importance of free speech and the right to demonstrate, but highlighted significant safety issues, disruptions to campus activities, and a strained environment due to the encampment. She firmly stated that any form of intimidation, harassment, or discrimination would not be accepted.

The arrest of more than 100 protesters at Columbia University last week led to more campus demonstrations, at New York University, Yale, and the University of California, Berkeley.

Palestinian university professor Sami al-Arian said what is happening across US university campuses is unprecedented.

Al-Arian said, "I lived four decades in the US, 28 years of which were in academic settings. During my time, it was a very challenging struggle to present an anti-Zionist narrative."

"But the passion, courage, humanity, creativity, and determination displayed these days by students across US campuses make me proud. The Zionist grip on US society is weakening and waning."

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News Network
April 26,2024

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Voting has begun in 88 constituencies across 13 states and Union Territories amid a furious row between the Congress and the BJP over manifesto and inheritance tax. Election will be held on all seats of Kerala, a chunk of Rajasthan and UP.

Key points

Elections for the second phase will be held for 20 seats of Kerala, 14 seats in Karnataka, 13 in Rajasthan, eight each in Uttar Pradesh and Maharashtra, seven in Madhya Pradesh, five each in Assam and Bihar, three each in Bengal and Chhattisgarh and one each in Jammu and Kashmir, Manipur and Tripura.

Earlier, 89 constituencies were expected to vote in this phase. But polling in Betul, Madhya Pradesh, was rescheduled after the death of a candidate from Mayawati's Bahujan Samaj Party. Betul will now vote in the third phase, due on May 7.

Key candidates for this round include the BJP's Union minister Rajeev Chandrashekhar  -- up against Congress' Shashi Tharoor from Thiruvananthapuram; actors Hema Malini, and Arun Govil from 1980s iconic serial Ramayan, senior BJP leader Tejasvi Surya and Lok Sabha Speaker Om Birla,  Congress' Rahul Gandhi, KC Venugopal, Bhupesh Baghel. and Ashok Gehlot's son Vaibhav Gehlot.

For both BJP and the Opposition, the most crucial states in this phase will be Karnataka and Kerala. Karnataka is the only BJP bastion in the south, where the Congress won in the last assembly election. The party is hoping to do well amid concerns about delimitation and the disadvantage southern states could face after it.

Further south, the BJP is trying to break into the bipolar politics of Kerala. The party is hoping to open its account in the state having fielded Union ministers Rajiv Chandrasekhar and V. Muraleedharan. In Wayanand, a Congress bastion for over 20 years, it has fielded its state unit president K Surendran against Rahul Gandhi.

For the Opposition, Kerala is a big shining hope. Even though the Left and the Congress are competing against each other in the southern state, victory by either will add to the tally of the Opposition bloc INDIA. Kerala is one of the few states that have never sent a BJP member to parliament.

With north, west and northeast India saturated, the BJP is hoping to expand in the south and east in their quest for 370 seats. The party had won 303 seats in 2019, a majority of them from the Hindi heartland and bastions new and old, including Gujarat and the northeast.

The Congress, though, has claimed it would post a much better performance compared to 2019. After the first phase of the election, their claims have got louder, especially in Rajasthan and western Uttar Pradesh. Rashtriya Janata Dal chief Tejashwi Yadav has claimed INDIA will win all five seats in Bihar.  

The election is being held amid a bitter face-off between the Congress and the BJP. The row was sparked by Prime Minister Narendra Modi's comment that the Congress, if voted to power, will redistribute the personal wealth of people among "infiltrators" and won't even spare the mangalsutras of women. The Congress has questioned if the people had to fear for their wealth and mangalsutras in 55 years of the party's rule and accused the BJP of sidestepping issues that matter.

The next phase of election is due on May 7. The counting of votes will be held on June 4 – three days after the seventh and last phase of election on June 1.

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News Network
April 25,2024

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Bengaluru: The Congress and BJP will lock horns on the electoral battleground again, in less than a year, in Karnataka as the stage is set for voting in the first phase in 14 Lok Sabha seats on Friday.

It's going to be a straight fight between the ruling Congress and the BJP-JD(S) combine unlike the Assembly elections in May last year which witnessed a triangular contest among the three parties.

The state has a total of 28 Lok Sabha constituencies. The second phase of polling in the remaining 14 seats is on May seven.

A total of 247 candidates -- 226 men and 21 women -- are in the fray for the first phase in most of the southern and coastal districts.

More than 2.88 crore voters are eligible to exercise their franchise in 30,602 polling stations where polling will take place between 7 am to 6 pm.

While the Congress is contesting in all 14 seats, BJP has fielded nominees in 11 and its alliance partner JD(S), which joined the National Democratic Alliance (NDA) in three -- Hassan, Mandya and Kolar.

Besides the three, the segments where elections will be held on Friday are: Udupi-Chikmagalur, Dakshina Kannada, Chitradurga, Tumkur, Mysore, Chamarajanagar, Bangalore Rural, Bangalore North, Bangalore Central, Bangalore South and Chikkballapur.

In the 2019 Lok Sabha polls, Congress and JD(S), which were in alliance and ruling the state then, had secured just one seat each in these 14 segments. The BJP had won in 11 and ensured the victory of a party supported independent candidate in Mandya.

Having scored a thumping victory in the Assembly elections, the Congress now appears determined to put up a strong show.

Karnataka is the most important state for the BJP in south India as it's only here that it had held power in the past. 'Its alliance partner JD(S) is fighting to remain politically relevant, after the Assembly poll drubbing,' a political analyst said.

The Old Mysore region is the Vokkaliga heartland and parts of it have been the traditional bastion of the JDS.  However, the current elections are a battle for survival for JDS.

According to Karnataka Chief Electoral Officer Manoj Kumar Meena, 1.4 lakh polling officials will be on duty for the first phase.

Besides them, 5,000 micro-observers, 50,000 civil police personnel, 65 companies of Central Parliamentary Force and State Armed Police force of other States will also be deployed for security.

All the 2,829 polling stations of Bangalore Rural parliamentary constituency will be webcast, Meena said.

'This is as per the request of our returning officers and observers; so we have given more than double the Central parliamentary force for Bangalore Rural constituency. Seven companies of Central paramilitary forces have been inducted at the constituency since April 22,' he told reporters on Wednesday.

In fact, out of the total 30,602 polling stations in the first phase, 19,701 will be webcast, and 1,370 covered via CCTVs, he said.

Chikkaballapur has a maximum number of 29 candidates, followed by 24 in Bangalore Central, and Dakshina Kannada has the least number - nine.

JD(S) leader H D Kumaraswamy from Mandya, his brother-in-law and noted cardiologist C N Manjunath from Bangalore Rural on a BJP ticket, erstwhile Mysuru royal family scion Yaduveer Krishnadatta Chamaraja Wadiyar from Mysore, also from the BJP, and Deputy Chief Minister D K Shivakumar's brother and MP D K Suresh of Congress from Bangalore Rural, are among the prominent candidates in the fray in the first phase.

Also in the fray are BJP MP Tejasvi Surya from Bangalore South against Minister Ramalinga Reddy's daughter Sowmya Reddy of Congress, Union Minister Shobha Karandlaje on BJP ticket from Bangalore North against former IIM Bangalore professor M V Rajeev Gowda of Congress.

The Congress' performance in the elections, especially in the first phase which covers almost all Vokkaliga-dominated districts, is being seen as a big test of sorts for its state unit chief Shivakumar, who has made no secret of his ambition to become chief minister, amid speculations of change in guard mid-way of the Assembly term.

Stakes are also high for Chief Minister Siddaramaiah, as victory in particular in his home turf—Mysore and Chamarajanagar—is seen as key for strengthening hands, analysts say.

For the JD(S) and its state chief Kumaraswamy, the task is cut out -- to prove that the regional party is still a force to reckon with, particularly in the Vokkaliga dominated Old Mysuru or South Karnataka region.

Both Shivakumar and Kumaraswamy are Vokkaligas, and are engaged in a fierce turf war to consolidate their clout over the dominant community.

It is also seen as a kind of a 'litmus test' for state BJP president B Y Vijayendra, who has the onerous task of helping the party retain its supremacy in the Lok Sabha elections.

Ensuring a BJP sweep is paramount for the son of veteran leader B S Yediyurappa, to consolidate his position and silence critics who have questioned his selection for the post, overlooking seniors and seasoned hands.

The ruling Congress is mostly banking on the implementation of its populist five guarantee schemes. The BJP and JD(S) seem to be leveraging the 'Modi factor' to the hilt.

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