Mukesh Ambani is world's 9th richest person; Gautam Adani slips to 23rd

News Network
March 22, 2023

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New Delhi, Mar 22: Despite an erosion of 20 per cent or $21 billion in wealth, Reliance Industries' Chairman and Managing Director Mukesh Ambani continues to be at the top 10 wealthiest individuals in the world with a wealth of $82 billion, states the 2023 M3M Hurun Global Rich List.

For the third consecutive year, Ambani retained the wealthiest Asian title.

With a 35 per cent decrease or $28 billion in wealth to $53 billion, Gautam Adani and family, of Adani Group slipped to 23rd rank in the world's wealthiest from the last year's second rank.

Adani also lost the second richest Asian title in 2023.

A report in January by US short-seller Hindenburg led to Adani seeing his wealth down by more than 60 per cent from his peak.

Last year, it was said that Adani topped the list by adding Rs 1,600 crore per day over 2022.

The other Indian billionaires who figure in the world's top 50 richest are: Cyrus Poonawalla (global rank 46, wealth $27 billion), and Shiv Nadar and family (rank 50, $26 billion).

Interestingly, barring Poonawalla whose wealth went up by 4 per cent, the wealth of all other Indian billionaires in the global top 100 wealthiest had seen an erosion.

In stark contrast to the 2022 M3M Hurun Global Rich List, India is at the top of the league table when it comes to wealth depletion.

When countries such as China and the US had 178 and 123 billionaires, respectively, who lost more than $1 billion, India has 41 billionaires who lost more than a billion-dollar YoY in 2023 M3M Hurun Global Rich List.

In terms of number of billionaires who have added $1 billion or more over the last year, India occupies sixth rank in the list.

India added 16 billionaires and occupies the third spot, comfortably ahead of Italy which added 9 billionaires in this year's list.

The richest new entrant from India, Rekha Rakesh Jhunjhunwala and family, tops the list of top 16 new Indian entrants in 2023 M3M Hurun Global Rich List.

Over the last 5 years, Indian billionaires in 2023 M3M Hurun Global Rich List added circa $360 billion to their cumulative wealth - equivalent to Hong Kong's GDP.

"M3M Hurun Global Rich List 2023 tells the story of the current global economy through the eyes of the entrepreneurs," said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

"At a critical point in history, when India's GDP is poised to double by the end of the decade, we are excited about celebrating and benchmarking wealth creation in India with the rest of the world," said Pankaj Bansal, Director, M3M India. 

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News Network
May 22,2023

Mangaluru: Passengers of Mangaluru-bound Air India Express flight IX 814, which was scheduled to take off from Dubai at 2.25 am on Sunday, May 21, had a harrowing experience as the flight was delayed by around 10 hours. 

The airline officials cited technical reasons for the inordinate delay. However, the passengers complained that they were not informed about the delay in departure by the airline, which caused them much inconvenience.

A tweet posted by @pritham_1974 read: “Flight from mangalore Dxb IX 814 delayed by 9.30 hours, No SMS nor a call from Airlines. Airport staff informed passengers after one hour waiting for check in, Poor coordination from the airline staff at the airport .. not expected from TATA group #AirIndia #ratantata #dgca.”

A tweet from handle @Nenmeli said, “@ DrSJaishankar @PMOIndia Around 185 Airindia express IX814 passengers to IXE are stuck and suffering in DXB terminal 2 since last night due to flight delay. Now at 6.10AM at DXB, we don’t know when the flight will depart. Please do the needful urgently.”

In another tweet, @Nenmeli said that after more than 10 hours of delay, passengers were allowed to check in around 9.30 am on Sunday. “Also, the airlines arranged food for all of us,” the tweet said.

An AIE official at Mangaluru International Airport said that the flight was delayed in Dubai due to technical reasons and landed at MIA around 6.45pm.

Sources said that the major rehabilitation/recarpeting work under way at Mangaluru Airport runway 06/24, is another cause for the delay since flights cannot land here anytime between 9.30am to 6pm, except Sunday and national holidays. The works which started on January 27 will continue till the end of this month.

On Saturday, May 20, Air India Express flight IX 813, from Mangaluru to Dubai, was also delayed by four hours. An AIE official informed that the flight, that was scheduled to depart from Mangaluru at 11.05 pm on Saturday, took off for Dubai around 3.15am on Sunday.

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News Network
May 16,2023

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Bengaluru, May 16: Amid intense lobbying for the Chief Minister's post in Karnataka, senior Congress leader G Parameshwara on Tuesday said he was ready to take up the responsibility if the party high command asked him to run the government. The former state Congress President said, the high command is aware of his service to the party, and he doesn't feel the need to lobby for the post. "If the high command decides and asks me to run the government, I'm ready to take up the responsibility," the former Deputy Chief Minister told reporters here.

"I have faith in the party high command. I have certain principles. I can also take about 50 legislators and do the shouting, but for me the discipline of the party is important. If people like us don't follow things, there won't be any discipline in the party. I have said that if the high command gives me the responsibility, I will take it up. I have not said I won't.", he said.

"They (high command) too are aware that I have worked for the party, served it for eight years (as KPCC President) and brought it to power (in 2013). Also I have served as the Deputy Chief Minister. They know everything, there is nothing for us to say afresh. So I feel there is no need for me to ask for the post or lobby for it, and I'm quiet. That doesn't mean i'm incapable, I'm capable and if given an opportunity will do the job," he added.

State Congress President D K Shivakumar and former Chief Minister Siddaramaiah are locked in an intense power struggle over who will lead the government, after the Congress stormed to power by winning 135 seats in the May 10 elections to the 224-member Karnataka Assembly. Both the leaders are in Delhi to discuss with the party central leadership on the government formation and the next CM.

The three central observers of the Congress, who interacted with newly elected party MLAs on their choice for Chief Minister, briefed party chief M Mallikarjun Kharge and submitted their report on Monday. The Congress Legislature Party (CLP), which met at a hotel in Bengaluru on Sunday, had passed a unanimous resolution authorising Kharge to pick the next Chief Minister. Noting that the party had faced the elections under collective leadership, but Shivakumar and Siddaramaiah were at the front, as someone has to lead, Parameshwar said, the high command will decide on the next CM, and felt it won't be a difficult task. He said, the party has the responsibility to deliver to the people, with the huge mandate in hand. Parameshwara, a Dalit, was Deputy Chief Minister during Congress-JD(S) coalition government led by H D Kumaraswamy.

He was also the longest-serving KPCC chief (eight years) and has a PhD in plant physiology from the Waite Agriculture Research Centre of the University of Adelaide. Parameshwara, who represents Koratagere in Tumakuru district, had lost the 2013 assembly polls, when he was KPCC president. He was a contender for the chief minister's post then, but as he lost the elections, he was made an MLC and a minister in the Siddaramaiah government. 

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News Network
May 26,2023

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Dubai-based billionaire businessman Micky Jagtiani, who founded retail giant Landmark Group, has passed away. The chairman and owner of the group was 70 years old.

With a net worth of $5.2 billion, he was ranked 511 on the Forbes' 37th annual world billionaires list earlier this year. 

Jagtiani was originally from India and started the business in 1973 with one store in Bahrain. He then expanded the business across the west Asia, Africa and India. According to Forbes, Jagtiani drove a taxi in London before moving to Bahrain and starting a baby products shop.

Currently, his wife Renuka runs the Landmark Group as chairman and chief executive officer (CEO).

His three children are directors in the group, overseeing different aspects of the business.

The Landmark Group also entered India in 1999 and has a range of retail brands like Lifestyle and Max for clothes and Home Center for furniture and home furnishings.

The Dubai-headquartered group also operates brands Babyshop, Centrepoint, Home Centre, Lifestyle, Splash, Shoemart and Emax.

"Today Dubai lost a man who was a key player in the retail and real estate industry. Micky Jagtiani the founder of land mark group has passed away," tweeted Emirati businessman Majid Saif Al Ghurair.

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