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
December 3,2025

indigo.jpg

IndiGo, India’s largest airline, is battling one of its worst operational disruptions in recent years, with hundreds of delays and cancellations throwing domestic travel into chaos.

Government data on Tuesday showed its on-time performance plunging to 35%, an unusual dip for a carrier long associated with punctuality.

By Wednesday afternoon, airports in Delhi, Mumbai, Bengaluru and Hyderabad had collectively reported close to 200 cancellations, stranding travellers across the country.

Crew Shortage After New Duty Norms

A major trigger behind the meltdown is a severe crew shortage, especially among pilots, following the rollout of revised Flight Duty Time Limitation (FDTL) norms last month.

The rules mandate longer rest hours and more humane rosters — a shift IndiGo has struggled to incorporate across its vast network.

Sources said several flights were grounded due to lack of cabin crew, while some delays stretched upwards of eight hours.

With IndiGo controlling over 60% of India’s domestic aviation market, the ripple effect has impacted airports nationwide.

IndiGo Issues Apology, Lists “Compounding Factors”

In a statement, IndiGo acknowledged the large-scale disruption:

“We sincerely apologise to customers. A series of unforeseen operational challenges — technology glitches, winter schedule changes, adverse weather, system congestion and updated FDTL norms — created a compounding impact that could not have been anticipated.”

To stabilise operations, the airline has begun calibrated schedule adjustments for the next 48 hours, aiming to restore punctuality. Affected passengers are being offered refunds or alternate travel arrangements, IndiGo said.

What the FDTL Rules Require

The FDTL norms, designed to reduce pilot fatigue, cap duty and flying hours as follows:
•    Maximum 8 hours of flying per day
•    35 hours per week
•    125 hours per month
•    1,000 hours per year

Crew must also receive rest equalling twice the flight duration, with a minimum 10-hour rest period in any 24-hour window.

The DGCA introduced these limits to enhance flight safety.

Hyderabad: 33 Flights Cancelled, Long Queues Reported

Hyderabad’s Rajiv Gandhi International Airport saw heavy early-morning crowds as 33 IndiGo flights (arrivals and departures) were cancelled.

The airport clarified on X that operations were normal, advising passengers to contact IndiGo directly for latest flight status.

Cancellations included flights to and from Visakhapatnam, Goa, Ahmedabad, Delhi, Bengaluru, Chennai, Madurai, Hubli, Bhopal and Bhubaneswar.

Bengaluru: 42 Flights Disrupted

Bengaluru’s Kempegowda International Airport recorded 42 cancellations — 22 arrivals and 20 departures — affecting routes to Delhi, Mumbai, Chennai, Hyderabad, Goa, Kolkata and Lucknow.

Passengers Vent on Social Media

Irate travellers took to X to share their experiences. One passenger stranded in Hyderabad wrote: “I have been here since 3 a.m. and missed an important meeting.”

Another said: “My flight was pushed from 1:55 PM to 2:55 PM and now 4:35 PM. I was informed only three minutes before entering the airport.”

Delhi Airport Hit by Tech Glitch

At Delhi Airport, the disruption deepened due to a slowdown in the Amadeus system — used for reservations, check-ins and departure control.

The technical issue led to longer queues and sluggish processing, adding to delays already worsened by staff shortages.

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News Network
December 5,2025

Mangaluru: In a significant step to curb online hate and intimidation, Mangaluru City Police have registered a suo motu case against multiple Instagram accounts accused of circulating alleged provocative and threatening content.

While monitoring social media activity on Tuesday, Kankanady Town PSI Anitha Nikkam identified the Instagram handle ‘team_targetttt_900’ for posting a hate message alongside images of lethal weapons. Another account, ‘team_nagara_900’, allegedly shared a threatening post targeting activist Bharath Kumdelu, tagging additional pages such as KARAVALI-OFFICIAL.

Several other accounts — including ‘immu_bhai.fan’, ‘target_boy_900’, ‘kings_of_manglore’, ‘team_target_boys.900’, ‘arshad_mangalore’, ‘target_ka19_ullal’, ‘team_target__’, ‘troll_tigersz_900’, ‘tr_group_900’, and ‘team_target_900’ — are also under scrutiny for spreading similar inflammatory material, police said.

Authorities have urged citizens, especially young social media users, to report suspicious pages and avoid engaging with groups that glorify violence or threaten individuals. Online hate can quickly escalate into real-world harm, and police stress that sharing or promoting such content can attract legal consequences.

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News Network
December 4,2025

Udupi: A 40-year-old NRI from Udupi has reportedly lost more than Rs 12.25 lakh in an online investment scam operated through Telegram.

According to a complaint filed at the CEN police station, Leo Jerome Mendonsa, who has been working in Dubai for the past 15 years in computer accessories sales, maintains NRI accounts in Karkala and Nitte.

On November 12, 2025, Mendonsa was added to a Telegram group called Instaflow Earnings by unknown individuals. Users identified as Priya and Dipannita persuaded him to invest in “Revenue Tasks.” Initially, Mendonsa transferred Rs 1,100 multiple times and received the promised returns, encouraging him to continue.

On November 14, another user, Nishmitha Shetty, directed him to register on a website, digitvisionuoce.cc, and invest Rs 4 lakh in various shares. Over the next few days, he made multiple transfers totaling Rs 12,25,000, including Rs 50,000 via Google Pay, believing the scheme was legitimate.

After receiving the money, the alleged handlers stopped responding, and neither the invested amount nor the promised profits were returned.

The CEN police have registered a case under Sections 66(C) and 66(D) of the IT Act and Section 318(4) of the Bharatiya Nyaya Sanhita (BNS), and investigations are ongoing.

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