The Forbes‘ richest billionaires is out. The richest Indian billionaires’ collective wealth has decreased by 23% than what it was last year, according to Forbes. This can be blamed on the crumbling global economy due to the coronavirus outbreak. Internationally, the pandemic has reportedly decreased off a cumulative $408 billion from the world’s top 100 billionaires. So here are all the tycoons who made it to the top 10 richest Indian billionaires list and how much their updated net worth is now.
1. Mukesh Ambani – Rs 2,80,002 crores
Mukesh Ambani, the chairperson of Reliance Industries Ltd, retained his title of the richest man in India. The 62-year-old businessman managed this feat despite a Rs 1,00,435 crore drop as compared to last year. The debt mounting up against the company’s telecom venture, ie, Jio, has had an impact on his net worth. With over 370 million Jio subscribers, Reliance plans to pay back its debt by selling assets in its other companies. Additionally, Quartz reports that Mukesh Ambani’s wealth is down by 28% which is equivalent to him losing Rs 2,282 crore per day for the last two months.
2. Radhakishan Damani and Family – Rs 1,05,000 crores
Radhakishan Damani is the only person on the list of the richest Indian billionaires to have gained this year, despite the falling market. His company, the Avenue Supermarket, runs the D-Mart franchise. This is the first time he has been crowned the second richest man in the country. His chain of 196 supermarkets have remained relatively unaffected by the national lockdown.
3. Shiv Nadar – Rs 90,544 crores
Next on the list of richest Indian billionaires is Indian information technology pioneer, Shiv Nadar, the brains behind HCL Technologies. He founded the company in the 1970s in his garage, and today, the company employs over 1,49,000 people in 45 countries. Besides being one of the greatest success stories, Shiv Nadar is also among India’s top philanthropists, having donated over Rs 5,036 crores to the Shiv Nadar Foundation that backs educational causes.
4. Uday Kotak – Rs 79,131 crores
Taking the fourth spot is Uday Kotak, owner of Kotak Finance. Despite debacles seen last year in the banking and finance industry, the Kotak Mahindra Bank is now among India’s top four banks, as far as the private sector is concerned. Their business gained a special impetus after acquiring ING Bank’s Indian operations in 2014. However, in January, the bank came to an agreement with the Reserve Bank of India over reducing Kotak’s stake to 26%.
5. Gautam Adani – Rs 67,677 crores
A majority of Gautam Adani’s wealth comes from being the sole controller of India’s largest port, ie, Mundra Port. Since then, the business tycoon has expanded his business in sectors like power, real estate and even defence. In June 2019, after a nine-year-long wait, Adani finally gained permission to start work on Abbott Point, a controversial coal-mining project in Australia, whose Carmichael coal mine is billed to be one of the world’s largest.
6. Sunil Mittal and Family – Rs 66,917 crores
The man behind Bharti Airtel, which is among the largest mobile networks in India, Sunil Mittal was ranked sixth on the list of richest Indian billionaires. He also owns Airtel Payments Bank, which is a joint venture with Kotak Mahindra Bank. And it seems like entrepreneurship runs in the family – His son, Kavin, is the brains behind the popular instant messaging app, Hike, which is backed by SoftBank and was last valued at Rs 11,406 crores.
7. Cyrus Poonawalla – Rs 62,356 crores
The Poonawalla family is known mainly for its equestrian interests and their OTT lifestyle. The family breeds race horses, while Cyrus Poonawalla is also the founder of the Serum Institute of India. The SII is among the largest vaccine manufacturers in the world. His son, Adar, launched a new finance wing of the Poonawalla group. Currently, SII is co-developing two COVID-19 vaccines, one with US firm Codagenix, and the other with Institut Pasteur in Paris as well as Austrian biotech firm, Themis.
8. Kumar Birla – Rs 57,794 crores
Kumar Mangalam Birla, the chairperson of the Aditya Birla Group, was also among the top 10 richest Indian billionaires. His company, Vodafone Idea, came into play, two years ago, following the merger of the two groups – Vodafone and Idea Cellular – and is now fighting it out against Jio in the competitive telecom industry. The Aditya Birla Group recently made a donation of a whopping Rs 400 crores to the PM CARES fund to fight against the COVIS-19 virus outbreak.
9. Lakshmi Mittal – Rs 56,273 crores
Lakshmi Mittal holds the chair of CEO and Chairperson of the world’s largest steel maker, ArcelorMittal. Last year, however, the company suffered a loss of $2.5 billion due to lower steel prices and higher raw material costs. In 2019, Arcelor and Nippon Steel completed the acquisition of Essar Steel, once controlled by billionaires Shashi and Ravi Ruia.
10. Azim Premji – Rs 46,387 crores
A little known fact about Azim Premji is that he gave up studies in Stanford in 1966 to take care of the family’s oil business, after his father’s untimely death. In the later years, Premji turned Wipro Limited into an IT company. Today, they are the country’s fourth-largest technology outsourcing service providers. Even though his son, Rishad, succeeded him as the chairman of Wipro, the senior Premji still remains among the top 10 richest Indian billionaires. Premji, a philanthropist at heart, committed over $134 million in aid for the fight against the coronavirus outbreak.