Global Indian Rich List 2015

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Editor’s Note

his is a first ever Rich List which combines Indians, non-resident Indians and persons of Indian origins in a composite compilation. The bench mark for inclusion in the list was a minimum net worth of US$1 billion or its equivalent. In our view 145 individuals, families or partnerships have qualified for such recognition.

The aggregate net worth of the people featuring on the list is nearly $440 billion or equal to roughly 23% of India’s GDP. The largest number of billionaires – 23 - are in the property related sector, 18 are in pharmaceuticals, while 13 are conglomerates. Healthcare constitute nine; seven are in software. These reflect the areas of entrepreneurial success within and outside India.

All reasonable effort has been made to base selection on evidence and not hearsay. The net worth figures are, of course, best estimates and subject to fluctuation within short periods, given the volatility of markets.

No list of the kind produced can be flawless. At the same time, Philip Beresford is one of the most experienced wealth estimators in the world. He has been compiling the UK’s Sunday Times annual rich list for 26 years.

It was invaluable that he worked for RAYMEDIA to scan and unearth the super affluent in the diverse Indian diaspora. Considerable discussion ensued after his initial findings before an entry or extent of wealth was finally accepted or rejected.

The list is open to suggestions. Our aim is to henceforth publish it annually. In the event of any inadvertent commission or omission, we would be only too happy to revise and update this next year. We can be contacted in confidence. The deadline for submission of information for the 2016 List is October 2015.

Under no circumstances is the compiler, producer and publisher of the list liable for its content or any consequences or damages resulting from its use.

Ashis Ray Editor, GLOBAL INDIAN RICH LIST

Asian Voice Global Indian Rich List - 2015

Methodology

This list surveys the net worth of persons in the Indian diaspora whose wealth is equivalent to US$1 billion or more.

The compilation has emerged from a careful trawling of accounts of companies and assets of persons who are included in the list. Candidates were valued on normal stock market multiples applying to the profits of their companies and in accordance with the sectors they operate in.

Where their firms were quoted on local stock markets, we took such values as the starting point of our calculations. We looked at dividend and salary information (where available). We also probed debt levels.

The actual fortunes of those who have qualified for the list could be larger than our estimates. We measured identifiable wealth, property or significant shares in publicly quoted companies. We excluded bank accounts - to which we have no access - and small shareholdings in a private equity portfolio.

Our work spanned nine months. We, then, cross checked our findings with those of Forbes, Bloomberg, Canadian Business, Australia's Business Review, the Sunday Times of the UK, Hurun of China and Arabian Business – all reputable organisations. We also drew on close links with other compilers.

We examined many names which ultimately did not make the list, for we couldn’t prove beyond doubt their wealth came up to our bottom line of $1 billion.

Philip Beresford

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Asian Voice Global Indian Rich List - 2015

Note from the Publisher

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t is my privilege to publish the first ever Global Indian Rich List, researched and compiled by Philip Beresford, who needs no introduction, and edited by Ashis Ray of RAYMEDIA, who is perhaps one of the most renowned journalists of Indian origin with also an outstanding command of the world of cricket.

The Rich list is not just for the glory of the wealthiest individuals.

According to the Indian scriptures, Dharma, Artha, Kaam and Moksha are the four most important duties of the mankind. Wealth creation is not only for oneâ&#x20AC;&#x2122;s personal benefit but it's the fuel which sustains the fabric of the society with incremental satisfaction.

Money made through ethical means is a gift from the creator. When the rich utilise their wealth along the path of Gandhian Principles of Trusteeship and Philanthropy, in the service of fellow human beings, that wealth is especially welcome, respected and long lasting.

This Global Indian Rich List will inform, encourage and inspire others to participate in the important task of progress and development.

When India became independent, there were very few Indians abroad who were engaged in entrepreneurship. The Indian economy itself after nearly 200 years of Imperial rule had been reduced to basic commodities like tea, coffee, cotton, cashew, jute and spices. Textiles were the only industry which had some degree of modernisation.

This Global Indian Rich List illustrates the reach and the range of today's Indian entrepreneurs, both at home and abroad, with large fortunes being made in pharmaceuticals, diamonds, software, steel and other metals, telecoms and automobile sectors. But construction, oil refining, food products and various engineering outputs are some of the forty odd varieties of what I would call â&#x20AC;&#x2DC;new' avenues of creating riches.

Healthcare, especially biotechnology, is still a sectors that is ripe for further exploitation by Indian entrepreneurs.

With time, newer and newer vistas will also become available.

Continued investments of time and money, increased creativity and competitiveness will push the process much much further in the next few years.

What has happened may be just the beginning. All the outstanding personalities covered in this magazine, in their own ways, have not only made a mark on the present scenario, but serve as inspirations for generations to follow.

Indian entrepreneurship is not confined to any particular caste, region, religion or background. Out of 146 billionaires listed in this magazine, there are 40 of Gujarati origin. Less than 6% of Indians hail from Gujarat.

Pro-rata the largest numbers are from the Parsi community. Ismailis and Bohras are making their marks very well. Sindhis have a unique presence especially in countries outside India, and of course in India itself.

Entrepreneurship from Karnataka and Tamil Nadu is strongly evident in later sectors like IT, pharma, sciences, and constructions.

Whatever is the background of these 150 odd billionaires, they have made us proud and they have in their own way carved out a path, which will be a high road in years to come.

This list is complete as far as anyone with a net worth of US$1 billion is concerned, it equivalent or more. I would like to congratulate all the wealth creators, compliment and thank Philip and Ashis; and I appreciate the hardwork of my ABPL team.

This is just the beginning....

CB Patel Publisher

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Asian Voice Global Indian Rich List - 2015 1

Dilip Shanghvi, India

Pharmaceuticals

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$ 22.1 bn

riginally from Kolkata, Dilip Shanghvi founded Sun Pharmaceuticals in 1983. It was listed on the stock exchange in 1994 in an issue oversubscribed 55 times. Sun, then, purchased plants in America; and in 2014 spent $4 billion to buy Ranbaxy Labs. The latter acquisition made it the largest pharmaceutical company in India and the 5th largest generic company worldwide. The Shanghvis hold a majority stake in Sun. His son Aalok cofounded PV Powertech, which makes solar panels. A surge in Sun’s shares this month made Dilip the richest person in the global Indian Diaspora.

Mukesh Ambani, India Petrochemicals, Oil & Gas

$ 20.2 bn

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or eight years the richest person in the Indian diaspora, Mukesh Ambani’s 27-storey home Antilia in Mumbai worth $1 billion is the most expensive residential property in the world. His Reliance Industries is said to provide around 5% of the Indian government's total tax revenues. Mukesh’s stake in the company forms the vast bulk of his fortune. His interests include owning media, Mumbai Indians in the IPL and promoting the Indian Super League football.

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Azim Premji, India

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Software

$ 19.3 bn

zim Premji, born in Mumbai, dropped out of a course at Stanford University to take over the family business after his father’s death in 1966. He, then, transformed the company from a seller of hydrogenated cooking fats, soaps and other consumer products into Wipro, the third-largest Indian software exporter. He returned to Stanford in 1996 to complete his degree. Wipro was floated on the New York Stock Exchange in 2000. Despite this wealth, he flies economy and uses his own Wipro Chandrika soap to shave.

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Srichand & Gopichand Hinduja & Family, UK/India

Conglomerate

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Asian Voice Global Indian Rich List - 2015

$ 18.5 bn

Pallonji Mistry, Ireland/India

Construction

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he Hindujas recently acquired the old war office building in London, where Winston Churchill worked and which has 1,000 rooms and two and a half miles of corridors, for an estimated $150 million to convert it into a luxury hotel and apartments. The listed mansion where the family live was bought in 2006 from the Crown Estate and meticulously restored. The property is worth $450 million.

Srichand and Gopichand with two other brothers, Switzerland-based Prakash and Ashok in Mumbai, control the Hinduja Group, which owns Gulf Oil, Ashok Leyland in India, British bus maker Optare, US chemical company Houghton, IndusInd Bank and a power plant in India, among other assets.

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$ 16.9 bn

n Irish citizen since 2003, Pallonji Mistry heads the Shapoorji Pallonji Group.

Mumbai's first water reservoir was built by them in 1865. In the 20th century they built car factories and steel mills for the Tatas. They also constructed the Taj Mahal Hotel, the Reserve Bank of India and the Oberoi Hotel in Mumbai.

The firm created the palace complex for the Sultan of Oman. With a stake of 18.5% the Mistrys are the largest shareholders in Tata Sons. His younger son Cyrus is chairman of the Tata Group.

Shiv Nadar, India

Software

$ 15.2 bn

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amil Nadu born Shiv Nadar co-founded Hindustan Computers in 1976. HCL began by selling microcomputers, but over the next three decades reinvented itself into a software operation. Among its notable customers are Boeing, Microsoft, Cisco and UBS. Nadar has not been involved in the day-to-day running of the company for several years, preferring instead to focus on strategy.

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Asian Voice Global Indian Rich List - 2015

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Lakshmi Mittal & Family, UK/India

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Steel

$ 13.75 bn

akshmi Mittal is the largest shareholder in amalgamated steel giant ArcelorMittal. He moved from Kolkata to Indonesia in 1976. In 1995, he separated his operations from his family's Indian businesses; and proceeded to acquiring and turning around steel businesses internationally. Settled in London for the past 20 years, Mittal paid over $450 million for three prime residential properties in the British capital. His investments includes an oil refinery in India. He also retains a 33% stake in English Premier League club Queenâ&#x20AC;&#x2122;s Park Rangers.

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David & Simon Reuben, UK

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Property and Telecom

$ 13.7 bn

avid and Simon Reuben were born in Mumbai into a prosperous Baghdadi Jewish family, who lived in India since the mid-1800s. After migrating to Britain in their teens, Simon went into property and David started trading in scrap metal. They made nearly a $2 billion fortune in Russia in the 1990s by restructuring the aluminium industry there. Today they are working on upgrading a property in London into a value of $300 million. They also have a multi-billion data switching company called Global Switch.

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Kumar Mangalam Birla, India

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Aluminium and Telecom

$ 8.7 bn

indalco Industries, a part of the Aditya Birla Group inherited by Kumar Mangalam Birla, is India's second-largest aluminium maker. Birla took over as chairman of the family business in 1995 at 28 when his father, Aditya, died of cancer. He bought cement companies in India and overseas during a slump in 1998. He also moved into mobile phones and supermarkets. In 2007, Hindalco Industries bought Atlanta-based Novelis for $6 billion. Novelis is the world's biggest producer of rolled aluminium, which is used in beverage cans and other products.

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Uday Kotak, India

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Financial Services

$ 7.7 bn

day Kotak set up Kotak Capital Management Finance in 1985. In 2003 the company became the first non-banking finance company in India's corporate history to be converted into a bank. Today it has revenues running into billions, hundreds of branches across India and offices in London, New York, Dubai, Abu Dhabi, Mauritius and Singapore. In July the bank picked up a 15% stake in MCX, India's largest commodities exchange.

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Gautam Adani , India

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Conglomerate

$ 6.9 bn

autam Adani is a billionaire without a formal college degree. He set up the Adani Group in 1988, which has businesses spanning coal, oil & gas, ports, power generation, agri-infrastructure and edible oil. Last year, he bought Dhamra Port in eastern India from the Tata Group for $900 million and a power plant in southern India for $1 billion. The Australian government has also given an approval to the Adani Group for a controversial coal mining project in Queensland.

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Cyrus Poonawalla & Family, India

Pharmaceuticals

$ 6.9 bn

rom owning stud farms in Pune, Cyrus Poonawalla and his brother Zavaray in 1966 launched Serum Institute of India, which has now become the worldâ&#x20AC;&#x2122;s largest vaccine producer. In 1994, the institute started exporting vaccines from India. By 2000 one of every two children in the world was inoculated by a vaccine of Serum Institute of India. It has since joined the fight against Ebola. The institute makes more than 1.2 billion doses annually, given a rising demand for its oral polio vaccine and an injectable version made by its Dutch unit. Poonawalla also has investments in real estate and hotels.

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Asian Voice Global Indian Rich List - 2015

Sunil Mittal, India 13 Telecoms

$ 6.5 bn

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unil Mittal Mittal was born in Punjab into a political family. His father was a Congress party MP. In 1992, he successfully bid for one of the four mobile phone network licences auctioned in India. His Bharti Enterprises has interests in telecom, retail, financial services and agribusiness. With operations in 20 countries in Asia and Africa and a customer base of over 300 million, Bharti Airtel is India's largest telecom company and world's fourth largest mobile phone operator.

Savitri Jindal & Family, India

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15 Conglomerate

$ 5.5 bn

n 2005, Assam-born Savitri took over the reins of the Jindal Group after her husband O P Jindal, who had founded the steel and power conglomerate, died in a helicopter crash. She delegated running of the four divisions of the company covering steel, power, mining and oil and gas to her four sons, Prithviraj, Sajjan, Ratan and Naveen Jindal. In 2005, Jindal was elected to the Haryana Legislative Assembly from Hissar. In 2009, she was re-elected from the constituency and in 2013 was appointed a Cabinet minister in the Haryana Government.

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Desh Bandhu Gupta, India

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14 Pharmaceuticals

$ 6.3 bn

esh Bandhu Guptaâ&#x20AC;&#x2122;s Lupin pharma focused on anti-TB drugs and became a global leader in this segment. In 2013, while remaining its chairman, he handed over charge of the company to his daughter Vinita and son Nilesh. In February 2014, they acquired the Dutch firm Nanomi which makes complex injectable products. They then entered Mexico with the acquisition of Laboratories Grin, makers of ophthalmic products. They also have a joint venture with Yoshindo to develop biosimilar drugs for the Japanese.

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Micky Jagtiani, Dubai

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16 Retail

$ 5.1 bn

Asian Voice Global Indian Rich List - 2015

Adi Godrej & Family, India 17 Conglomerate

icky 'Mukesh' Jagtiani was born in Kuwait. He went to school in Madras, Mumbai and Beirut, before moving to London.

Eventually, he relocated to Bahrain to take over his family's baby products shop in 1973. In due course, his Landmark Group moved to Dubai and expanded into fashion, electronics, furniture, budget hotels, health care, fitness gyms and confectionery.

Today the Landmark Group has 1,800 stores across the West Asia, Africa and India.

Anand Burman, India

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18 Consumer Goods & Property

$ 4.9 bn

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he Godrej Group dates back to 1897. Adi Godrej heads the Mumbai-based conglomerate, which is involved in real estate, industrial engineering, appliances, furniture, security and agricultural and consumer products. Its portfolio ranges from from mosquito repellents and hair dyes to refrigerators. Its consumer products business, listed on the stock market, gets half its revenues from Asia, Africa and South America.

$ 4.9 bn

he Burman family owns two-thirds of Dabur, which produces and dispenses Ayurvedic medicines as well as sells around 400 products, including honey, hair oil and fruit juices.

Other family stakes are in insurance, property (including a Delhi tech park) and King’s XI Punjab in the IPL, not to mention Elephant London, an operation building property in London and Edinburgh.

Sri Prakash Lohia, Indonesia/UK

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19 Polyester

$ 4.8 bn

ri Prakash Lohia, originally from Kolkata, started Indorama in Indonesia in 1976. Today the company is the world’s largest producer of polyester, with plants in Indonesia, Malaysia, India, Sri Lanka, Uzbekistan, Turkey and Senegal. In London, he and his wife Seema (sister of Lakshmi Mittal) bought and restored over four and a half years a five-storey 1772 mansion Sheridan House for around £50m.

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Shashi & Ravi Ruia, India

Conglomerate

$ 4.5 bn

Food & Retail

n 1969 Shashi and Ravi Ruia moved to Mumbai to create the Essar Group, which deals in marine construction, offshore support services, oil, steel and energy. In 2011, they sold off their one-third share in mobile phone company in India to Vodafone for around $5 billion. The previous year they floated Essar Energy on the London, Stock Exchange, but de-listed last year at an 80% discount to original price. In July they sold a part of their US-based outsourcing firm, Aegis, to France's Teleperformance for $610m. A month later they sold their remaining telecom asset, Kenya's Yumobile, for $120m.

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$ 4.4 bn

Subhash Chandra, India

Media

$ 4.1 bn

ubhash Chandra dropped out of school at 17. In 1992, he promoted Zee TV, India’s first private channel. The Zee Group now has around 70 channels, covering general entertainment, news and sports. Its broadcasts reach 169 countries. Its parent company Essel Group owns the world’s largest speciality packaging firm, amusement parks and direct-to-home and cable TV services and DNA newspaper.

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Feroz Allana, UAE/India

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eroz Allana’s IFFCO, which was founded in 1975, is involved in FMCG, commodities, oils, frozen foods and institutional services. Its brands include London Dairy, Tiffany, Noor, Rahma, Igloo and Al Baker. In India, Allana Sons has interests in food production, marine products, retail and pet foods, as well as distribution.

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Benu Gopal Bangur, India

Cement

$ 4.1 bn

enu Gopal Bangur inherited the Kolkata-based cement maker Shree Cement in 1992. He lives in a 51,000 square foot mansion in Kolkata that features a home theatre, a gym and a temple dedicated to the Hindu God Lord Venkatesh.

In 2002 he handed over control of the business to his son Hari Mohan.

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Anil Ambani, India

24 Conglomerate

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$ 4 bn

nil Ambani heads Reliance Anil Dhirubhai Ambani Group, whose interests include telecom, entertainment, financial services, power and infrastructure. His Adlabs is in movie production-to-distributionto-multiplexes. His $825 million joint venture with Hollywood filmmaker Steven Spielberg catapulted Anil on to the world stage. He coproduced the Oscar winning film Lincoln. His Reliance Power’s bid to acquire Jaiprakash Associates’ hydropower assets, though, was only partly successful. Last March, Reliance Infrastructure launched Mumbai's first metro service. In June, his Reliance Communications struck a $2.1 billion deal to lease telecom towers to brother Mukesh's Reliance Jio Infocomm, which is to roll out 4G services.

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Pankaj Patel, India

Pharmaceuticals

n 2001 Pankaj Patel took over as chairman and MD of Cadila Healthcare. Cadila is riding high on solid sales in the US, a market that contributes 30% to its annual revenues. Cadila claims to have discovered a new drug for diabetics, which controls both sugar and cholesterol levels and cost $250m to develop over 12 years.

Asian Voice Global Indian Rich List - 2015

Vikram Lal, India

25 Two Wheelers

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$ 3.8 bn

n 2005, Vikram Lal switched from making tractors to light commercial vehicles. This followed his company Eicher taking a majority stake in Enfield India in 1993 to make motorbikes. Despite record sales in 2014, it has an order backlog of six months on some models. Lal's son Siddhartha is credited with reviving Royal Enfield as its CEO.

Mangal Lodha & Family, India

Real Estate

$ 3.8 bn

odha Group is India’s largest housing developer.

Founded in 1980 by Mangal Lodha, it earns most of its revenues from Mumbai, where it’s headquartered.

Its upcoming projects include a township and luxury, highrise residences. In London, Lodha plans to invest $5-6 billion by the end of 2018 in the super-prime to mid-market sectors. Lodha is a member of the Bharatiya Janata Party.

MYSTERY MAN CYRUS VANDREVALA

$ 3.8 bn

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stimates of his net worth have varied between $2 billion and $6 billion. He began investing in the US in his 20s. His is a founder of Intrepid Capital Partners. Now in his 40s, he has re-located to London and appears to be well connected with Prince Charles, the heir to the British throne. His property portfolio in the UK alone is valued at $1 billion. His wife Priya is the daughter of Mumbai-based billionaire property developer Niranjan Hiranandani. Yet Vandrevala does not figure on any rich list. The question is, not if he's a dollar billionaire, but how much is he worth?

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Brijmohan Lall Munjal, India

Two Wheelers

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City Developer

$ 3.5 bn

n 1975 Brijmohan Lall Munjal’s Hero Cycles became the biggest bicycle manufacturer in India; 11 years later the world's leading bike maker. Hero’s 27-year partnership with Honda of Japan concluded in 2011; but it continues to flourish, with Munjal's sons, Pawan and Sunil, rolling out new models and forging technology tie-ups. It is today the world’s largest manufacturer of two-wheelers.

Kushal Pal Singh, India $ 3.4 bn

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ushal Pal Singh heads and controls a 75% stake in DLF, India's largest property developer. It acquired land adjoining Delhi to create a modern satellite city in Gurgaon. DLF's public offering in 2007 raised around $2.24 billion. Last October, the Securities and Exchange Board of India banned some of its executives from raising money from capital markets for three years, for alleged disclosure violations at the time the company was listed.

DLF has appealed against the ruling. Shares of the company tumbled, but profits rose.

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Lord Paul & Family, UK Steel

$ 3 bn

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ord Swraj Paul founded Caparo Group in 1968. It is a leading manufacturer of steel products in the UK, including steel tubes, merchant bars and structural and engineering products. Its business is spread across North America, Europe, India and West Asia. His youngest son Angad is now its CEO. The American and Indian operations are by themselves worth around $2.5 billion.

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Indu Jain, India

Media

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$ 2.9 bn

ndu Jain heads Bennett, Coleman & Co Ltd, the largest news media company in India. Its Times of India is the world's largest selling English language daily and its Economic Times the world's second largest circulated financial daily. Jain took the helm in 1999 after the death of her husband Ashok. Their sons Samir, who is vice chairman, and Vineet, as managing director, are credited with powering the company into a dominant position in print, online and television.

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Asian Voice Global Indian Rich List - 2015

Sudhir & Samir Mehta, India

Pharmaceuticals and Power

$ 2.9 bn

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he Torrent Group, inherited by brothers Sudhir and Samir Mehta, are involved in pharmaceuticals and power. They are chairman and vice-chairman of the business respectively. Tower Pharmaceuticals and Tower Power are two distinct companies, both quoted separately on the stock market, with a brother in charge of each.

Kalanithi Maran, India

Media

$ 2.9 bn

inked to the DMK political family in Tamil Nadu, Kalanithi Maran founded regional broadcaster Sun TV Network, broadcasting in several genre, in 1993. It then diversified into multi-channel cable and direct-to-home distribution. Sun TV Network was listed on the stock market in 2006. Four years later he acquired the Indian budget airline Spice Jet, but surrendered control in 2015 after suffering losses. Maran is charged with malpractice in relation to a mobile phone company; he denies the allegation.

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Nitin Sandesara, India

Tea, Pharmaceuticals, Healthcare, Oil & Gas $ 2.8 bn

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Baba Kalyani, India

Forgings

$ 2.8 bn

n 1985, Nitin Sandesara formed Sterling Tea, acquiring tea gardens along with younger brother Chetan. The group has since diversified into pharmaceuticals, healthcare, oil and gas, engineering and the onshore rigs business. Most of the group's value comes from its oil and gas assets in Nigeria, where his was the first Indian company to begin producing oil.

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Bharat Desai & Family, USA Outsourcing

$ 2.8 bn

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harat Desai is a Kenyan-born, Indian educated American entrepreneur. With his wife Neerja Sethi, he founded Syntel, an outsourcing firm, in 1980. The Desais have a 57% stake in it. Desai stepped down as chief executive in 2009, but remains chairman.

Outside of Syntel, Bharat once represented India in a bridge world championship.

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Vivek Chaand Sehgal, India

Auto Parts

$ 2.8 bn

ivek Chaand Sehgal co-founded the Samvardhana Motherson auto parts group with his mother in 1975. It is now a leading Indian manufacturer, with a partnership with Japan's Sumitomo. The interiors of the new 911 Porsche and the cockpits for Mercedes-Benzâ&#x20AC;&#x2122;s C, S and E class cars are made by Motherson. It has expanded into Europe, South America and South East Asia. Sehgal is an Australian citizen but operates from Delhi.

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aba Kalyaniâ&#x20AC;&#x2122;s Bharat Forge is the world's second largest forgings company after ThyssenKrupp of Germany. Every second heavy truck manufactured in the US runs on a front axle beam made by Bharat. In 2002 the group entered China. Bharat also produces components for the Indian Railways. It has entered the defence equipment business, as well, with a joint venture with Israel's Elbit Systems. Kalyani is concurrently converting a special economic zone near Pune into an industrial enclave.

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Harsh & Sanjiv Goenka, India

Conglomerate

$ 2.7 bn

R

PG Enterprises is a prominent player in power generation and distribution, retail, information technology, entertainment, power transmission infrastructure, chemicals, tyres, plantations and life sciences. The founder R P Goenkaâ&#x20AC;&#x2122;s sons Harsh and Sanjiv took over as chairman and vice-chairman respectively in 1988. The former moved to Mumbai; the latter remains in Kolkata. Their supermarket chain Spencer's is expanding noticeably.

40

Simon, Bobby & Robin Arora, UK

Retail

S

$ 2.65 bn

imon Arora went to Cambridge, then worked in the City of London before returning to the north-west of England in 1995 to form a company with his brother Bobby to design, source and distribute homewares and soft furnishings for major retailers. They then took over a struggling B&M Retail. Joined by another brother Robin, they sold a 60% stake to an American private equity group to fund an expansion into nearly 400 stores.

Asian Voice Global Indian Rich List - 2015

39

Rajan Raheja & Family, India

T

Conglomerate

$ 2.7 bn

he Mumbai-based Rajan Raheja Group operates in areas as diverse as hotels, property, ceramic tiles, cement, automotive and industrial batteries (Exide), cable TV (Hathway) and publishing (Outlook magazine). Around half his fortune comes from his Exide business which has a two-third market share in car batteries.

41

I

Romesh Wadhwani & Family, USA

Private Equity

$ 2.5 bn

n 1995 Indian born Dr. Romesh Wadhwani started Aspect Development in Silicon Valley. In 2000, he sold the company to i2 for $9.3 billion in stock only to realise i2 had internal operational problems. 18 months later he left to invest in several software companies focused on innovation, which he named The Symphony Group.

19

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Asian Voice Global Indian Rich List - 2015 42

Rahul Bajaj, India

Conglomerate

$ 2.5 bn

R

ahul Baja chairs the Bajaj Group he took over in 1965. Founded in Pune by his grandfather Jamnalal Bajaj in 1926, its interests today include automobiles (two and three wheelers), home appliances, lighting, iron and steel, insurance, travel and finance. It is India's second largest maker of motorcycles and is expanding into Indonesia, Mexico and Argentina. Bajajâ&#x20AC;&#x2122;s sons, Rajiv and Sanjiv, are involved in the management of the business.

44

Vijay Chauhan & Family, India

Biscuits

P

$ 2.4 bn

arle Products was started in Mumbai in 1929. Today the privately-owned firm is India's largest biscuit maker with one-third market share.

It is headed by Vijay Chauhan and run by his son Ajay and nephews Arup and Samar. The family is said to have spurned suitors such as Kraft Foods. Its popular biscuits include Parle, KrackJack and Monaco.

20

43

Ashwin Dani, India

Paint

$ 2.5 bn

A

shwin Dani is vice chairman of Asian Paints, India's largest home grown paints company, founded in 1942. With sales growing at 20% annually for the past 5 years, the Mumbai-based company is now Asia's third-largest paint operation. It has now expanded into the home improvements market, acquiring kitchen and bathroom fittings firms.

45

Madhukar Parekh, India

Adhesive Glue

F

$ 2.4 bn

evicol, launched in 1959 by Mumbai-based Pidilite Industries, has a 70% market share in white glues in India. Co-founder Balvant Parekhâ&#x20AC;&#x2122;s son Madhukar, who joined the business in 1972 and had been managing director since the early 1990s, became chairman in 2013.

The Parekh family has a 70% stake in the company.

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Asian Voice Global Indian Rich List - 2015 46

Malvinder & Shivinder Singh, India

Healthcare & Financial Services $ 2.4 bn

I

n 2008 brothers Malvinder and Shivinder Singh sold their 33.5% stake in pharma operations Ranbaxy Laboratories to a Japanese company for $2 billion. They then started a hospital chain Fortis healthcare and a financial services firm Religare. In the past 18 months, they have sold healthcare assets in Hong Kong, Australia, Vietnam and Singapore. They have also reduced their stake in Religare in compliance with Indian regulations.

They have now applied for a banking license.

48

Habil Khorakiwala, India Pharmaceuticals

H

$ 2.4 bn

abil Khorakiwala's father acquired Worli Chemical Works in Mumbai. This has developed into a pharmaceuticals operation called Wockhardt. Today has manufacturing plants and subsidiaries in the UK, Ireland, France and US.

22

47

M A Yusuff Ali & Family, UAE/India

M

Retail, Money Exchange & Hotels $ 2.4 bn

A Yusuff Ali, who made his way from India to the UAE on a small boat, launched Lulu Hypermarket in the 1990s.

Today Lulu has over 110 stores in West Asia, Africa and India. Lulu International Exchange handles roughly 6% of all global remittances.

He has several shopping malls, including one in Cochin, where he also has a stake in its airport, three hotels and a convention centre.

He also has a minority share-holding in the South Indian Bank. His waterfront home in Cochin is the biggest private residence in Kerala.

49

Rishad Naoroji, India

A

Shareholder

$ 2.4 bn

cousin of Adi Godrej, Rishad Naoroji inherited a one-fifth share of the Godrej family fortune from his mother. He is one of India's champion environmentalists and an award-winning photographer, who has spent years studying predators in Africa, the breeding ecology of the Pallas's Fishing Eagle at Bharatpur bird sanctuary and the biology and ecology of raptors in the Rajpipla forest.

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DISCOVER THE NEW LUXURY OPTION IN NURSING, CONVALESCENCE AND CARE Karuna Manor okers a unique combination of care and spirituality - a home from home for our elderly community.

Our highly trained carers and nurses are on hand 24 hours a day to provide excellent nursing, specialised care and dementia support whilst meeting the needs and wishes of each individual resident. We are careful to select only the best people, those who can redect our values and ethos throughout our service: Truth, Love and Compassion (Satya, Prem, Karuna).

The spiritual and peaceful environment okers luxury, serenity and comfort for all of our residents. Come and take darshan in our beautiful temple, join our priests in Arti and bhajans, or participate in stimulating activities from yoga to kerrum. Take a stroll through our tranquil landscaped garden, enjoying our Yagnashala.

Other bespoke facilities include a convenience shop, cafe, a cinema room and a hair salon. Our experienced Gujarati chef enriches daily life with an abundance of, delicious vegetarian cuisine.

Centrally situated in Harrow it has excellent road, bus, rail and tube access.

Opening in March 2015, we would be delighted to hear from you. Join us for our opening events, or call us now to arrange a personal tour.

Karuna Manor Christchurch Avenue, Harrow, HA3 5BD 020 3151 7604 www.karunamanor.co.uk Join us at our launch events this April and discover the new luxury option in nursing, convalescence and care. For more information please call 020 3151 7155 or email info@karunamanor.co.uk

TLC Rich List Advert.indd 1

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Asian Voice Global Indian Rich List - 2015 50

Ravi Pillai, Dubai

H

Construction

51

$ 2.3 bn

Raj Kumar & Kishin RK, Singapore

Property

eadquartered in Al-Khobar, Saudi Arabia, his Nasser Al-Hajri Corporation is one of the largest general construction contractors in West Asia. Ravi Pillai has a 50 per cent share in the company, which is the flagship of the RP Group. In Dubai he has lined up real estate projects worth $1.5 billion. These include a Crowne Plaza hotel due to open in 2016 and a 110-story tower that will be Dubai's second tallest. His Indian assets include shares in banks, hotels and property.

$ 2.3 bn

L

ast October Raj Kumar and his son known as Kishin RK merged their respective property firms Royal Holdings and RB Capital. Over 30 years Raj Kumar, a second generation Singaporean, and his younger brother Asok built the Royal Brothers property operation, before dividing their assets in 2012 in a $1.4 billion deal. Kishin is now developing his father's portfolio as well as his own.

52

Mansoor & Aminmohammed Lalji & Family, Canada

Property

I

$ 2.3 bn

n the early 1970s the Lalji family landed in Vancouver after being ousted from Uganda by its dictator Idi Amin. Brothers Aminmohammed and Mansoor control Larco Group, which specialises in hotels, retail properties and self-store facilities in and around Vancouver. In 2010 they spent $1.1 billion to buy seven buildings from the federal government.

24

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53

PV Ramprasad Reddy, India

H

Pharmaceuticals

$ 2.3 bn

yderabad-based Aurobindo Pharma, co-founded by P V Ramprasad Reddy, started operations in 1988 manufacturing semi-synthetic penicillin. It went public in India in 1995; and broadened its drugs to include cardiovascular, anti-retroviral, gastroenterological and antidiabetic treatments and then higher-margin, speciality drugs.

More than 70 percent of its revenue comes from exports. Reddy and his wife, Suneela Rani, control about 38 percent of Aurobindo Pharma.

55

D

Satish Reddy & G V Prasad, India

Pharmaceuticals

$ 2.2 bn

r Reddy's Laboratories is now in the hands of Satish Reddy and his brother-in-law G V Prasad. The two are co-chairmen of the pharma company. The firm has a presence in North and South America, Europe, Africa and other parts of Asia. The familyâ&#x20AC;&#x2122;s stake is 25%.

Asian Voice Global Indian Rich List - 2015

54

B

Kuldip Singh & Gurbachan Singh Dhingra, India

Paint

$ 2.3 bn

rothers Kuldip and Gurbachan Singh Dhingra took over the Berger paint business in India in 1991.

Respectively chairman and vice-chairman, they expanded in India and overseas. Berger is now Indiaâ&#x20AC;&#x2122;s second largest paint-maker, with operations in Nepal, Bangladesh, Russia, Poland and Cyprus and collaborations in Sweden and Japan. The Dhingras have a 75% stake in the company.

56

N R Narayana Murthy, India

F

Software

$ 2.1 bn

or 21 years, N R Narayana Murthy served as CEO of Infosys, which was founded with six other software professionals and initially funded by his wife Sudha. He articulated, designed and implemented the Global Delivery Model for IT services outsourcing from India.

From 2002 to 2012 he chaired the company before retiring. In June 2013 Murthy returned as executive chairman, which prompted a surge in the share price.

Murthy stepped down again in June 2014, but the shares have continued to rise.

25

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Asian Voice Global Indian Rich List - 2015 57

Ajay Piramal, India

A

Healthcare, Financial Services & Property $ 2.1 bn

jay Piramalâ&#x20AC;&#x2122;s Mumbaibased Piramal Enterprises now spans life sciences, drug discovery, speciality packaging, financial services and real estate. It has a 20% stake in Chennai-based Shriram Capital and a 10% stake in Shriram City Union. It has also tied up with Dutch pension fund APG Asset to invest $1 billion in infrastructure projects. In April 2014 it made a $500m profit by selling an 11% stake in Vodafone India.

59

R

Chandru Raheja, India

C

Property

$ 2.1 bn

handru Raheja's privately held K. Raheja Corp owns IT parks, malls and hypermarkets mostly in western and southern India. The firm has a Marriott hotel in Bangalore and is building a 600-room Marriott near Mumbai's international airport. It is also selling apartments at a luxury high-rises in midtown Mumbai priced upwards of $5m each. Raheja started the Shoppers Stop department store chain in 1991. He also owns bookstore chain Crossword.

60

Rakesh Jhunjhunwala, India

Stocks & Shares

58

Sunny Varkey, Dubai

Education

$ 2.1 bn

$ 2.1 bn

akesh Jhunjhunwala is a career-long investor in stocks and shares. He made his first big profit in 1986. Today he invests through his company Rare Enterprises, but also sits on the boards of several Indian blue chip companies. Jhunjhunwala has reaped rich rewards from a galloping Indian stock market.

Among his recent investments have been a 4% stake in commodities exchange MCX.

K

erala-born Sunny Varkey never went to university, but took over management of his parents' school in 1980. From this he built GEMS Education into the largest chain of private schools in the world. It has more than 130 schools, teaching over 140,000 students in West Asia, Africa, Europe, China and India. Former US president Bill Clinton is honorary chairman of the Varkey GEMS Foundation.

26

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61

Yusuf Hamied, India

Y

Pharmaceuticals

$ 2 bn

usuf Hamied, a PhD in chemistry from Cambridge, born of a Muslim father and Jewish Russian mother, took over CIPLA, founded by his father, in 1972. One in every three AIDS patient in Africa is treated by a CIPLA drug. The company also makes a range of other generic drugs and has subsidiaries in the US, Europe and South Africa.

Hamied is now non-executive chairman of CIPLA.

63

Murali Divi & Family, India

M

Pharmaceuticals

$ 2 bn

urali Divi started Hyderabad-based Divis Laboratories in 1990 as an R&D company but within five years started making pharmaceuticals.

It offers customised manufacturing for big pharma companies and also makes its own generic drugs. 90% of its revenue come from overseas. It exports over 100 products from two facilities in southern India.

Asian Voice Global Indian Rich List - 2015

Qimet Rai Gupta, India

62

I

Electrical Products

$ 2 bn

n 1971 Qimat Rai Gupta snapped up the Havells brand and within five years was manufacturing a range of electrical products. Today Havells makes everything from switches to fans and wires. Gupta sells switchgears in rural India and cables, lights and fans in urban India.

64

V

Anil Agarwal, UK/India

Metals and Oil

$ 1.9 bn

edanta Resources is a London-quoted Indian metals-to-oil group, founded by Anil Agarwal, who left school at 15 and is also its chairman. It started operations in 1976.

Agarwal has pledged to donate 75% of his wealth to charity through a trust after being inspired by a meeting with Microsoft founder and billionaire Bill Gates.

27

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Asian Voice Global Indian Rich List - 2015 65

Kapil & Rahul Bhatia, India

Airline & Hotels

$ 1.9 bn

K

apil Bhatia and his son Rahul own InterGlobe Enterprises. In 2006 Rahul co-founded Indigo, a low-cost airline. The Bhatia family has a 51% stake in it. Indigo is making significant profits; and enjoys onethird market share in India. It recently placed a provisional order for 250 Airbuses worth nearly $26 billion. Other Bhatia interests include the Ibis hotel chain with Accor. It also has outlets of the US chain Hudson News & CafĂŠ at Delhi's metro stations.

67

Kavitark Ram Shriram, USA

Private Equity

Samprada Singh, India

66

$ 1.9 bn

Pharmaceuticals

T

he breakthrough for Samprada Singh, originally from Bihar, who set up Alkem Laboratories, came in 1989.

Today Alkem Labs is the seventh largest pharmaceutical and healthcare company in India. It has hundreds of brands of generic and speciality drugs across acute and chronic therapeutic segments being manufactured at seven facilities.

68

Senapathy Kris Gopalakrishnan, India

S

Software

W

hen in 1998 Amazon bought Junglee Corp, where Chennai-born Kavitark Ram Shriram was president and chief operating officer, he became vice president of business development at Amazon.

Shriram left Amazon in January 2000 to start a venture capital firm Sherpalo which invested in Google in its early days. He joined the Google board and by 2007 had 3.4m Google shares. Today he has 1.7m shares. Shriram is also an investor in or on the board of several technology firms.

28

$ 1.9 bn

$ 1.8 bn

enapathy Kris Gopalakrishnan, one of the founders of Infosys, stepped down from its board in October 2014 after 33 years. He was its executive vice-chairman until June. In 2007, he had taken over as CEO and Managing Director. With former Infosys colleague S D Shibulal he has now established ventures to help start-ups.

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69

Ranjan Pai, India

A

Education & Healthcare $ 1.8 bn

doctor by training, Ranjan Pai heads Bangalore-based Manipal Education & Medical Group, which operates universities and hospitals in India, Malaysia, Antigua and Dubai. The company also runs rural maternity and child welfare homes. The business, started

by Pai’s grandfather in 1953, is chaired by his father. Pai sold a 22% stake in its hospital arm to a private equity firm.

71

B

Nirav Modi, India

Diamonds

$ 1.75 bn

orn into an Antwerp-based diamantaire family, Nirav Modi started Firestone International in 1999. In 2005 Firestone acquired a company in New York with a jewellery sales network. In 2009, Modi set up seven manufacturing units in six countries during the economic meltdown. Modi made a splash at a Sotheby's auction in Hong Kong last year with an 88carat diamond necklace, which sold for $8 million. He’s now opened retails stores in Delhi and Mumbai.

Asian Voice Global Indian Rich List - 2015 70

Nandan Nilekani, India

N

Software $ 1.75 bn

andan Nilekani was among the founders of Infosys.

He was its chief executive from 2002 to 2007 before becoming co-chairman of the company. Nilekani left Infosys in 2009 to head the Indian government’s Unique Identity Card project. In 2014 Nilekani ran unsuccessfully for parliament on a Congress Party ticket from Bangalore.

He continues to enjoy shares in Infosys.

72

Manu Chandaria & Family, Kenya

Steel & Aluminium

$ 1.7 bn

K

enyan-born Manu Chandaria chairs the Comcraft Group, which operates in 45 countries in four continents. It began when his father moved to Kenya from India in 1916 and started manufacturing aluminium cookware. Chandaria took over the business and expanded it into one of sub-Saharan Africa's largest steel and aluminium companies.

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Asian Voice Global Indian Rich List - 2015

Ashwin & Mahendra Choksi, India

73

H

Paint

$ 1.7 bn

aving joined paintmaker Asian Paints in 1965, Ashwin Choksi rose through the ranks to become its managing director in 1984 and its executive chairman in 1997. He has been its non-executive chairman since 2009. He has also been a nonexecutive director at Berger Paints. He shares the family fortune with his brother Mahendra, who also sits on the Asian Paints board.

74

Ravi Jaipuria, India

Beverages & Fast Food

R

$ 1.7 bn

avi Jaipuria returned from Montreal in 1985 after his wifeâ&#x20AC;&#x2122;s death in a plane crash. Today his RJ Corp is PepsiCo's biggest bottler in India. His subsidiary Varun Beverages accounts for 55% of RJ Corporation revenues. He also has Devyani, a fast food subsidiary, a joint venture brewery in which Jaipuria has a 51% stake and a dairy partnership in Uganda.

30

75

Glenn Saldanha, India

Pharmaceuticals

G

$ 1.7 bn

lenn Saldanha runs Glenmark Pharmaceuticals, a quoted Indian pharma group. His family have a 48% stake in the Mumbaibased business. It operates in over 80 countries; and has a research centre and factory in Switzerland, where it makes drugs for cancer and multiple sclerosis. It's also building a factory in the US, which provides more than a third of Glenmarkâ&#x20AC;&#x2122;s income.

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Asian Voice Global Indian Rich List - 2015

Vinod Khosla, USA

76

I

Private equity

78

Prithviraj Kothari, India

Gold

$ 1.7 bn

n 1982 Vinod Khosla co-founded Sun Microsystems, serving as the first chairman up to 1984, when he left to become a venture capitalist. In 2004 he formed Khosla Ventures, which is based in California and manages approximately $1 billion of investor capital as well as funding provided by Khosla himself.

$ 1.6 bn

79

V

Vimal Shah & Family, Kenya

Oils & Soap

77

Venugopal Dhoot, India

Consumer Electronics and Oil & Gas

V

$ 1.6 bn

enugopal Dhoot's Videocon received one of the first licenses to make colour television sets in India; and has manufacturing sites in India, China, Poland, Italy and Mexico. It also has oil and gas interests in Brazil and Mozambique. In 2014 it sold 10% of its Mozambique oil field for $2.5 billion. Its other interests include a general insurance joint venture with Liberty Mutual Insurance Group and two-thirds of d2h, a direct-to-home television operator.

32

P

rithviraj Kothari is MD of RiddiSiddhi Bullion, a family business in gold trading. Founded in 1994, RSBL holds the largest variety of bullion and coins across India.

Kothari has reportedly been a pioneer in introducing 'Instant International price based INR denominated bullion trading in India'.

Last year, though, he was questioned by Indiaâ&#x20AC;&#x2122;s Enforcement Department as a suspect in an alleged hawala (money transfer without money movement) scam.

$ 1.6 bn

imal Shah and his brother Tarunâ&#x20AC;&#x2122;s Bidco is the largest manufacturer of edible oils in East and Central Africa. It also makes detergents, soaps, baking powder and canola. Its 45 brands are distributed in 17 countries. Shah is also one of the leading investors in Tatu City, a $3 billion satellite urban infrastructure coming up on the outskirts of Nairobi.

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www.southalltravel.co.uk

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Asian Voice Global Indian Rich List - 2015 80

J

Jitendra Virwani, India

Property

81

Abhay Vakil, India Paint

$ 1.6 bn

$ 1.6 bn

itendra Virwani set up Embassy Property Developments in 1993 to build IT parks and office towers in Bangalore. It has developed prime residential, office and retail space and is planning to develop more commercial, residential, retail and hospitality projects. Itâ&#x20AC;&#x2122;s also building a tech park in Serbia costing around $380m.

A

bhay Vakil has been associated with Asian Paints since 1974. The company was co-founded by his father in 1942. He was then appointed managing director of the company in 2008-09 and is now a nonexecutive director in the firm.

82

Mofatraj Munot, India

Property

M

$ 1.55 bn

ofatraj Munot founded Kalpataru Constructions in 1969 and built it into one of Mumbai's leading property developers, helped by his son Parag. It also has a presence in Pune, Jaipur, Hyderabad and Chennai. Among its showpiece projects is a development in suburban Mumbai and a complex of luxury villas at a popular hill resort.

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83

Vivek Chand Burman, India

V

Consumer Goods

Asian Voice Global Indian Rich List - 2015 85

$ 1.5 bn

ivek Chand Burman is chairman emeritus of his family’s Dabur company, one of India’s top ayurvedic products and consumer goods firms. He became chairman from 1998 to 2007, when the baton passed to his nephew, Anand.

84

Harsh Mariwala & Family, India

Consumer Goods $ 1.5 bn

Lachhman Das Mittal, India

L

Tractors $ 1.5 bn

achhman Das Mittal launched his Hoshiarpur-based Sonalika Group in 1969. Its main arm International Tractors, is now India's third largest tractor maker. Sonalika, a family run business, is also involved in making multi-utility vehicles, engines, farm machinery attachments, diesel generator sets, auto components and pick & carry cranes.

I

n 1990 Harsh Mariwala started his consumer goods company Marico. Today his factories in India, Bangladesh, Egypt and Vietnam ship products ranging from cooking oil to hair colour to 25 countries in Asia and Africa. Mariwala has increased his stake in Marico Kaya Enterprises, a chain of trans-national skin care clinics.

86

Amirali Karmali, Uganda

A

Consumer Goods & Plastics

$ 1.5 bn

mirali Karmali’s Uganda-based Mukwano Group manufactures cooking oils, fats, soaps, detergents and cosmetics to industrial plastics. Most of the company's products are market leaders. Although Ugandan Indians were was expelled by Idi Amin in 1972, Karmali returned in the 1980s to rebuild his business. In 1995 he relinquished control of the Group to his son, Alykhan Karmali and became its chairman.

87

I

Devendra Jain, India

Chemicals, Gas & Energy

$ 1.5 bn

n 1963 Devenddra Kumar Jain set up Industrial Oxygen Co., known as Inox today. One of the group’s two highly successful listed companies is Gujarat Fluorochemicals.

Other companies such as wind power operator, Inox Wind, Inox India and Inox Renewables are about to be listed.

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Asian Voice Global Indian Rich List - 2015 88

Manoj Bhargava, USA

Energy drink

$ 1.5 bn

89

S

Investments

L 91

Anu Aga & Family, India

Engineering

$ 1.45 bn

I

n 1996, Anu Agaâ&#x20AC;&#x2122;s husband Rohinton passed away after her son Kurush had earlier died in a road accident.

Thermax, an engineering company started by her father had been managed with by Rohinton. Anu took over before retiring from the board in 2004. She has been succeeded by her daughter Meher. The family have a 62% stake in the company.

Radhe Shyam Goenka & Radhe Shyam Agarwal, India Consumer Goods

$ 1.43 bn

R

adhe Shyam Goenka acquired a Kolkata-based loss-making manufacturer of herbal products in 1978 with his life-long friend Radhe Shyam Agarwal. Today their health, beauty and personal care outfit Emami is booming.

They also own a stake in Emami Paper, the country's largest newsprint manufacturer.

36

$ 1.5 bn

uhail Rizvi hit the big time in the early 2000s by taking control of the talent agency International Creative Management (ICM) and then helping Playboy go private. He also bought stakes in Summit Entertainment, which Lionsgate purchased in 2012 for $412 million. He invested the proceeds in Twitter. His firm Rizvi Traverse added Facebook and Flipboard to its portfolio.

90

ucknow-born Manoj Bhargava, a Princeton University drop out, stumbled upon a formula for energy shots at a health trade fair. His 5-Hourâ&#x20AC;&#x2122;s company claims a 90% market share in the sector. Bhargava owns 35% of 5Hour's parent company.

Suhail Rizvi, USA

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92

Vidya Chhabria, Gulf

Consumer Electronics $ 1.4 bn

Asian Voice Global Indian Rich List - 2015 93

T

Vikas Oberoi, India

Property $ 1.4 bn

aking over his fatherâ&#x20AC;&#x2122;s construction business in 1997 Vikas Oberoi has built it into a successful Mumbaibased property operation. He is now constructing two midtown towers offering luxury residences and a hotel, both to be managed by Ritz-Carlton. Oberoi has a 75% stake in Oberoi Realty.

J

umbo Electronics is one of the biggest names in consumer electronics, information technology, telecommunications, home appliances, office automation and entertainment in the UAE. Vidya Chhabria took over the business after her husband, Manu Chhabria, died in 2002. She and her three daughters run Jumbo.

94

J

Jasminder Singh & Family, UK

Hotels

$ 1.37 bn

asminder Singh's Edwardian Group runs US-based Radisson Hotelsâ&#x20AC;&#x2122;s British properties under the Radisson Edwardian banner, which now has 13 luxury four and fivestar hotels. The group is planning to convert a site adjacent to a central London property into a hotel, cinema and restaurants.

Singh, who came from Nairobi, bought out his uncle out in 1979 to create Edwardian.

37

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Asian Voice Global Indian Rich List - 2015 95

Sameer Gehlaut, India

Property

$ 1.33 bn

S

ameer Gehlaut recently entered property development in London. He co-founded Indiabulls Financial Services – India’s first online brokerage company in 1997. Under his leadership the group has diversified into core sectors of Financial Services, Real Estate and Power with a combined net worth of $3.25 billion.

Property

Navin & Varsha Engineer, UK

A

Pharmaceuticals

$ 1.32 bn

A

sok Kumar Hiranandani and his elder brother Raj took over their father’s fabrics business. In 2012 the brothers split Royal Brothers and went their separate ways. Today Asok and his son Bobby run their Royal Group, which has multiple hotels, office buildings and shopping centres in Singapore alone, with others in Malaysia, Indonesia and Australia.

98

97

Asok Kumar & Bobby Hiranandani, Singapore

96

Krishnan & Meena Ganesh, India

Healthcare & E-commerce

$ 1.3 bn

$ 1.32 bn

fter coming from Kenya, Navin Engineer set up his own pharmacy in Chertsey, Surrey, at the site of a former grocery store. With his wife Varsha he built a chain of 14 very profitable pharmacies which they sold in 1999. They then founded Chemidex and built a major pharmaceutical operation.

I

n September 2013 Krishnan Ganesh and his wife Meena, already prosperous, acquired Bangalore-based Portea Medical, which provides health care to patients on a transaction or subscription basis. Their investment platform Growth-Story has invested in a number of online businesses, grocery, jewellery and neighbourhood delivery services.

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99

Tony Jashanmal, Gulf

Retail

$ 1.3 bn

T

he Jashanmal family established a department store in Basra â&#x20AC;&#x201C; after oil was discovered there - in 1919 which stocked luxury goods for expatriates. Then in Kuwait in 1934, in Bahrain in 1935, Dubai in 1956 and Abu Dhabi in 1964. Kuwait-born Tony Jashanmal is now the Jashanmal Groupâ&#x20AC;&#x2122;s executive director. He is also in print media, men's accessories and fashion; and has driven the group's expansion into India.

101

Dilip & Anand Surana, India

Pharmaceuticals

$ 1.3 bn

Asian Voice Global Indian Rich List - 2015

100

A

Anand Mahindra, India

Conglomerate

$ 1.3 bn

nand Mahindra runs the Mumbai-based Mahindra Group formed in 1945. It makes the largest number of tractors in the world, manufactures motors vehicles and has a presence in aerospace, agribusiness and IT. It is investing $700m to expand its factory in Maharashtra state.

Its utility aircraft arm in Australia is developing a 10-seater Turboprop.

102

A Velayyan & the Murugappa Family, India

C

Conglomerate

$ 1.3 bn

hennai-based Murugappa Group produces abrasives, auto components, cycles, sugar, farm inputs, fertilizers, bio-products and nutraceuticals and has plantations.

B

rothers Dilip and Anand Surana run Micro Labs, a Bangalore-based pharmaceutical firm. It makes generic drugs which it sell domestically and exports to 35 countries. It has sought US approval to make generic versions of 75 medicines for eye care, pain management and hypertension; and invested $33 million in a new factory in the north-eastern state of Sikkim.

39

Global 15.qxp_A4 Temp 13/03/2015 19:40 Page 40

Asian Voice Global Indian Rich List - 2015 103

T

Nusli Wadia, India

Textiles & Trading

$ 1.3 bn

he Wadia Group, started in the mid-18th century, includes Bombay Dyeing and Bombay Burmah Trading Corp. Ltd. Its marine construction company built the first ships for the British navy outside England. The present chairman Nusli Wadia’s maternal grandfather was Muhammad Ali Jinnah, the founder of Pakistan.

105

M

$ 1.25 bn

ohammed 'Mo' Dewji’s METL Group is the largest privately held conglomerate in Tanzania with activities in distribution, textiles, manufacturing, agriculture and real estate. He is also an MP since 2005. Dewji took over the business, started in the late 19th century, in 1998.

Dewji acquired the Tanzanian government’s loss-making assets in the early 2000s and turned them into profitable operations. In 2014 he launched Mo Cola to compete with Coke.

Aloke Lohia, Thailand

B

Polyester

$ 1.25 bn

orn in Kolkata, Aloke Lohia is based in Thailand where he founded his operation in 1988.

Indorama Ventures makes polyester and Lohia has been expanding the business into Europe. He is a brother Sri Prakash Lohia. Indorama is quoted on the Thai stock exchange.

Mohammed Dewji, Tanzania

Conglomerate

40

104

106

K Dinesh & Family, India

K

Software

$ 1.25 bn

Dinesh was one of the co-founders of Infosys in 1981. He served as a director for three decades, stepping down in 2011. He sold a part of his holdings in the company, but continues to retain a minority stake.

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107

Hasmukh Chudgar, India

H

Pharmaceuticals

$ 1.25 bn

asmukh Chudgar founded Intas Pharmaceuticals in 1976. The Ahmedabad-based company is now among the fastest-growing pharma firms in India, selling its generic medicines in over 70 countries.

108

I

Aneel Bhusri, USA

Private equity

$ 1.2 bn

n 2005, Aneel Bhushri started Workday, which became the leading provider of cloudbased applications for medium and large enterprises worldwide. He has also been the lead investor and chairman of Data Domain, a leading storage provider that was acquired by EMC for $2.4 billion in 2009. Bhusri's investments include Cloudera, Domo and Pure Storage.

109

Asian Voice Global Indian Rich List - 2015

110

I

Irfan Razack, India

Property

$ 1.2 bn

n the 1970s Irfan Razack joined his fatherâ&#x20AC;&#x2122;s men tailoring shop and fabric business in Bangalore. This evolved into Prestige Estate Projects, now one of the largest quoted property companies in India.

Its ongoing projects span residences, offices, spas and malls, mostly in south India.

Younger brothers Rezwan and Noaman work with Irfan and share the family fortune.

Murli Dhar & Bimal Kumar Gyanchandani, India

G

Detergents

$ 1.2 bn

hari Detergent powder is manufactured by Rohit Surfactants Private Limited, a Kanpur based company launched by brothers Murli and Bimal Gyanchandani in 1987. It is now the market leader in India. They recently launched a premium product called Uniwash.

Murli Dhar's dairy business sells milk under the Namaste India brand.

41

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Asian Voice Global Indian Rich List - 2015 111

Mallika Srinivasan, India

M

Tractors

$ 1.2 bn

allika Srinivasan returned to India from the US in 1996 to run Tractors and Farm Equipment Limited, a fading part of her family's business. Today, she chairs a $1.6 billion firm, the third largest tractor manufacturer in the world and the second largest in India, with a presence in 82 countries, including Europe and the Americas.

113

V G Siddhartha, India

Coffee

$ 1.15 bn

V

G Siddhartha grows coffee in Karnataka, exports 28,000 tonnes annually, selling another 2,000 tonnes locally. His 1,500 coffee shops in India are called Coffee CafĂŠ Day; he has 21 more in Kuala Lumpur, Prague and Vienna and is preparing for an IPO. Siddhartha has stakes in tech firm MindTree, timber trading, hospitality and real estate, as well.

42

112

Surendra Hiranandani, India

Property

$ 1.2 bn

N

iranjan and Surendra Hiranandani co-founded their property business in 1978. The group is known for its projects in Thane and Powai, near Mumbai. The brothers have since divided their assets to go their own ways. Surendra has ventures in southern India.

114

Abhay Firodia, India

Motor Vehicles

A

$ 1.15 bn

bhay Firodia chairs Pune-based Force Motors, established in 1958. It makes vans, pickup trucks, SUVs, ambulances and tractors. He also has stakes in various Bajaj group companies. Firodia and his son Prasan run Force.

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Asian Voice Global Indian Rich List - 2015 115

S D Shibulal, India

Software

K

$ 1.15 bn

erala-born S D Shibulal was a co-founder of the $35 billion Infosys software and outsourcing company. In 2011 he became its CEO and managing director before retiring in 2014. His familyâ&#x20AC;&#x2122;s stake in the business is worth around $800 million. He has personal interests in real estate and hospitality, notably in a boutique resort, and in apartments in Seattle.

117

Sudhir Ruparelia, Uganda

Conglomerate

S

$ 1.12 bn

udhir Ruparelia and his family, expelled by Idi Amin in 1972, returned in 1985.

Now the Ruparelia Group, Uganda's largest conglomerate, has interests in hotels, property, banking, education, insurance and agriculture. It owns a country club, a chain of foreign exchange bureaux, two secondary schools, Victoria University and Crane Bank, one of Uganda's top three commercial banks.

44

Prem Watsa, Canada

116

I

Insurance & Investments

$ 1.13 bn

n 1985 Hyderabad-born Prem Watsa took control of and nursed to health an ailing Markel Financial, a specialist in trucking insurance. In 1987, he re-organized the company and renamed it Fairfax Financial Holdings, which in 2013 injected over $800m into the troubled Blackberry phone operation. Fairfax shares rose by over 21% in 2014 and it is now worth over $11 billion; his stake being 10%.

118

Dr Azad Moopen, Gulf

A

Healthcare

$ 1.11 bn

zad Moopen, a doctor, started Aster DM Healthcare, a chain of healthcare facilities - hospitals, poly clinics, pharmacies and diagnostic centres across the UAE, Qatar, Oman and Saudi Arabia. Moopen is also involved in the development of healthcare facilities in India. Moopen has a 57% stake in the business.

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Global 17.qxp_A4 Temp 13/03/2015 19:42 Page 46

Asian Voice Global Indian Rich List - 2015 119

Raghuvinder Kataria, Gulf

R

Telecom

$ 1.1 bn

aised in Uganda and then resident in the UK, Raghuvinder Kataria led a joint venture between Telia of Sweden and Thailand-based Jasmine Telecom, which merged with Bharti Enterprises, owners of Airtel, Indiaâ&#x20AC;&#x2122;s leading mobile phone operator.

Kataria remains a founding shareholder in Bharti. He also has stakes in financial services companies in India; and owns a stake in a wind energy firm.

120

Rajendra Agarwal, India

R

Pharmaceuticals

$ 1.1 bn

ajendra Agarwal, a doctor, established Macleod Pharmaceuticals in Mumbai in 1986. The privately held firm is one of the fastest growing pharma operations in India, focusing on making drugs to fight TB, Malaria and HIV. It is now expanding into high-growth segments like diabetes and cardiovascular diseases.

121

Bhadresh Shah, India

Engineering

A

$ 1.1 bn

IA Engineering, Bhadresh Shahâ&#x20AC;&#x2122;s firm, sells high-chrome parts for grinding and crushing equipment in over 90 countries. He controls 60% of the company, which supplies to the cement, mining and thermal power sectors. It will soon cater to mining companies.

46

122

I

Rajesh Mehta, India

Jewellery

$ 1.1 bn

n 1988 Rajesh Mehta and his brother Prashant set up Rajesh Exports, now India's largest manufacturer and exporter of gold jewellery. It floated on the Indian stock market in 1995; and in 2002 completed construction of the world's largest jewellery manufacturing facility. The Mehta family also has stakes in African gold mines.

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123

M G George Muthoot & Family, India

Financial Services

T

$ 1.1 bn

he Muthoot Group, established in 1887, and its Muthoot Finance arm possesses 27 million customers, over 4,200 branches and 118 tons of gold. In 1979 M G George Muthoot became managing director of the bank; and was appointed chairman in 1993. He runs the Kochibased operation with his two brothers.

Asian Voice Global Indian Rich List - 2015

124

T

Retail

Kuldip Rai Sahi, Canada

K

Property

$ 1.1 bn

uldip Rai Sahi, who migrated from Kanpur in 1971, is chairman and CEO of Morguard Corporation, one of Canada's largest property companies.

He is also head of ClubLink Enterprises, Canada's largest owner of golf clubs, operating 44 courses in Ontario, Quebec and Florida; and built CF Kingsway Inc., Canada's third-largest trucking operation.

$ 1.1 bn

he first Choithrams supermarket was set up in Sierra Leone in 1944

by Lekhrajâ&#x20AC;&#x2122;s father. Since then Choithram & Sons has developed into an international company with a presence in Europe, North America, Africa and the Gulf. There are 25 Choithrams stores in the GCC. In the UK its trades as T Choithram & Sons.

126

125

Lekhraj Thakurdas Pagarani & Family, Dubai

Bavaguthu Shetty, Abu Dhabi

A

Healthcare & Money Exchange

$ 1.1 bn

bu Dhabi-based Bavaguthu Shetty controls London-listed NMC Healthcare and money transfer firm, UAE Exchange, which handles over 10% of all inward foreign remittances into India. In 2014 he acquired a 91% stake in the British foreign exchange group Travelex Holdings for around $1.34 billion.

Shetty also owns generics firm Neopharma and an apartment on the 100th floor of Dubai's Burj Khalifa, the world's tallest building.

47

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Asian Voice Global Indian Rich List - 2015 127

Rajju Shroff, India

R

Agrochemicals

$ 1.1 bn

128

Sanjay Singal, India

Power & Steel

$ 1.1 bn

ajju Shroff chairs United Phosphorous, the largest manufacturer of agrochemicals in India and a leading global producer of crop protection products, intermediates, speciality chemicals and other industrial chemicals.

Over 75% of its revenues now come from overseas. In 2012, it bought the Dutch seed manufacturer Advanta Seeds for $130m.

I

n 2002 the New Delhi-based Bhusan industrial group was divided between on the one hand Sanjay Singal and on the other his father Brij Bhushan Singal and brother Neeraj. The former took control of Bhushan Power & Steel.

129

Achal Bakeri, India

A

Air Coolers

$ 1.1 bn

chal Bakeriâ&#x20AC;&#x2122;s Symphony is the worldâ&#x20AC;&#x2122;s largest producer of air coolers. Purchase of a Mexican company has given it a foothold in North America. Symphony sells nearly a million units per annum.

48

Global 18.qxp_A4 Temp 13/03/2015 19:45 Page 49

130

Niranjan Hiranandani, India

Property

$ 1.1 bn

Asian Voice Global Indian Rich List - 2015

131

The Jatania Brothers, UK

Personal Care

$ 1.1 bn

F

rom 1985, Lornamead, owned by Ugandan-born Jatanias, launched personal care products, including Vosene shampoo and Lypsyl lip balm. In 2012 they sold the Yardley brand. Lornamead was sold to a Hong Kong company in 2013. Other sale proceeds and a ÂŁ250 million property portfolio in London constitute their wealth.

133

N

iranjan and Surendra Hiranandani co-founded their property business in 1978. The group is known for its projects in Thane and Powai, near Mumbai. The brothers have since divided their assets to go their own ways. Niranjan is focussed on the Mumbai area.

132

Hari & Shyam Bhartia, India

Life Sciences & Fast Food

$ 1.05 bn

T

T S Kalyanaraman, India

Jewellery

$ 1 bn

S Kalyanaraman opened Kalyan Jewellers in Thrissur in Kerala. He now has 61 gold supermarkets in southern India; and has opened 150 My Kalyan mini stores to sell affordable diamonds in rural areas in Kerala.

B

rothers Shyam & Hari Bhartia founded Jubilant Life Sciences in 1978. Their Jubilant FoodWorks has the Domino's Pizza franchise in India, which accounts for close to two-thirds of their assets.

49

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Asian Voice Global Indian Rich List - 2015 134

Kiran Mazumdar-Shaw & John Shaw, India Biotechnology

$ 1 bn

K

P

Property

$ 1 bn

Chirayu Ramanbhai Amin & Family, India

C

Pharmaceuticals & Glass

$ 1 bn

hirayu R Amin’s father developed Alembic, a pharmaceutical company whose Glycodin cough syrup helped a generation of Indians cure persistent cough. His father also developed the Yera glass factory in Baroda. Chirayu Amin became managing director in 1983. He is a former chairman of the Indian Premier League.

50

Puthan N C Menon, Dubai/India

uthan Menon left Kerala for Oman to develop his interior decoration business. In 1995, he started Sobha Developers in Bangalore named after his wife. An Omani citizen based in Dubai, he has vast holdings in West Asia, where he's developing two projects worth a combined $13 billion. His India-listed Sobha Developers is run by son Ravi.

iran Mazumdar started Biocon India, an integrated bio-pharmaceutical company, in 1978 as a joint venture with an Irish inestor; but Indian laws restricted the foreign holding to 30% ownership. The remaining 70% belonged to Mazumdar. Her then fiancé later husband John Shaw arranged $2m to buy the Irish stock. In 2004 Biocon’s IPO was oversubscribed 33 times.

136

135

Global 19.qxp_A4 Temp 13/03/2015 19:45 Page 51

137

Asian Voice Global Indian Rich List - 2015

Harindarpal Banga & Family, Hong Kong

Commodities & Shipping

H

$ 1 bn

arindarpal Banga, once a captain in the merchant navy, launched a commodities business in Hong Kong with an Englishman Richard Elman. They built Noble Group into one of Asia's largest commodities trading houses. He, however, sold his shares in Noble to start Caravel in 2013. Banga also co-owns Fleet Management, a shipping business.

138

Radhakishan Damani, India

R

Investments

$ 1 bn

adhakishan Damani is a low-profile stock market investor. Among his holdings are a 26% stake in cigarette maker VST Industries and a controlling stake in the parent company for the D-Mart hypermarket chain, which he set up.

139

Raj Matharu & Family, UK

T

Hotels

$ 1 bn

he three Matharu brothers - led by Raj - had the novel idea of turning empty office space into hotels. Women-only wings in their hotels are another innovation they introduced in the UK. They operate as Grange Hotels, which comprise 16 properties in central London and one in Berkshire.

51

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Asian Voice Global Indian Rich List - 2015 140

Amit Burman, India

A

Consumer Goods

$ 1 bn

mit Burman is vice chairman of Dabur, a leading ayurvedic products and consumer goods firm where his cousin Anand is chairman. He spearheaded the companyâ&#x20AC;&#x2122;s diversification into cooking ingredients and fruit drinks. He has a 12% stake in Dabur and also has investments in a restaurant chain Lite Bite Foods and infrastructure building entity Oriental Structural Engineers.

142

Dr Prathap Reddy, India

Healthcare

P

$ 1 bn

ratap Reddy, a doctor, built his first hospital in 1983.

Today his Apollo chain encompasses over 50 hospitals, 1500 pharmacies, 100 primary care & diagnostic clinics and 115 telemedicine units across 9 countries. It also has 15 academic institutions and a medical research foundation. Reddy has a 27% stake in the listed company.

52

141

G M Rao, India

Infrastructure

$ 1 bn

G

randhi Mallikarjuna Raoâ&#x20AC;&#x2122;s GMR Group is in infrastructure development; and now operating projects in Turkey, South Africa, Indonesia, Singapore, the Maldives and the Philippines. It heads a consortium which took over Delhi's Indira Gandhi International Airport in 2006.

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143

Harshad Mehta, Gulf

Diamonds

$ 1 bn

Asian Voice Global Indian Rich List - 2015

144

V

Vivian Reddy, South Africa

Industry

$ 1 bn

ivian Reddy named his business after Thomas Edison to attract customers. Today his Edison Corporation has interests in electrical engineering, casinos, property development, wind and solar energy, plus smart metering for prepaid electricity.

M

umbai-born Harshad Mehta set up a diamond business with his family called Rosy Blue. It now has operations in 15 countries.

145

Subhash Runwal, India

S

Property

$ 1 bn

ubhash Runwal chairs Runwal Group. It specialises in middle class housing in Mumbaiâ&#x20AC;&#x2122;s suburbs. It also owns shopping malls.

53

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Asian Voice Global Indian Rich List - 2015

Name

Ranking Page No. Name

Dilip Shanghvi Mukesh Ambani Azim Premji Srichand & Gopichand Hinduja & Family Pallonji Mistry Shiv Nadar Lakshmi Mittal & Family David & Simon Reuben Kumar Mangalam Birla Uday Kotak Cyrus Poonawalla & Family Gautam Adani Sunil Mittal Desh Bandhu Gupta Savitri Jindal & Family Micky Jagtiani Adi Godrej & Family Anand Burman Sri Prakash Lohia Shashi & Ravi Ruia Feroz Allana Subhash Chandra Benu Gopal Bangur Anil Ambani Vikram Lal Pankaj Patel Mangal Lodha & Family Brijmohan Lall Munjal Kushal Pal Singh Lord Paul & Family Indu Jain Sudhir & Samir Mehta Kalanithi Maran Nitin Sandesara Bharat Desai & Family Vivek Chaand Sehgal Baba Kalyani Harsh & Sanjiv Goenka Rajan Raheja & Family Simon, Bobby & Robin Arora Romesh Wadhwani & Family Rahul Bajaj Ashwin Dani Vijay Chauhan & Family Madhukar Parekh Malvinder & Shivinder Singh M A Yusuff Ali & Family Habil Khorakiwala Rishad Naoroji Ravi Pillai Raj Kumar & Kishin RK Mansoor & Aminmohammed Lalji & Family PV Ramprasad Reddy Kuldip Singh & Gurbachan Singh Dhingra Satish Reddy & G V Prasad N R Narayana Murthy Ajay Piramal Chandru Raheja Rakesh Jhunjhunwala Sunny Varkey Yusuf Hamied Qimet Rai Gupta Murali Divi & Family Anil Agarwal Kapil & Rahul Bhatia Samprada Singh Kavitark Ram Shriram Senapathy Kris Gopalakrishnan Ranjan Pai Nandan Nilekani Nirav Modi Manu Chandaria & Family Ashwin & Mahendra Choksi Ravi Jaipuria Glenn Saldanha Vinod Khosla Venugopal Dhoot Prithviraj Kothari Vimal Shah & Family Jitendra Virwani Abhay Vakil Mofatraj Munot

54

1 2 3

6 6 6

4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

7 7 7 8 8 8 10 10 10 12 12 12 13 13 13 13 14 14 14 14 15 15 15 15 16 16 16 17 17 17 18 18 18 18 19 19 19 19 20 20 20 20 22 22 22 22 24 24

54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82

25 25 25 26 26 26 26 27 27 27 27 28 28 28 28 29 29 29 29 30 30 30 32 32 32 32 34 34 34

52 53

24 25

Vivek Chand Burman Lachhman Das Mittal Harsh Mariwala & Family Amirali Karmali Devendra Jain Manoj Bhargava Suhail Rizvi Anu Aga & Family Radhe Shyam Goenka & Radhe Shyam Agarwal Vidya Chhabria Vikas Oberoi Jasminder Singh & Family Sameer Gehlaut Asok Kumar & Bobby Hiranandani Navin & Varsha Engineer Krishnan & Meena Ganesh Tony Jashanmal Anand Mahindra Dilip & Anand Surana A Velayyan & the Murugappa Family Nusli Wadia Aloke Lohia Mohammed Dewji K Dinesh & Family Hasmukh Chudgar Aneel Bhusri Murli Dhar & Bimal Kumar Gyanchandani Irfan Razack Mallika Srinivasan Surendra Hiranandani V G Siddhartha

Ranking Page No. Name 83 84 85 86 87 88 89 90 91 92 93 94 95

96 97 98 99 100 101

102 103 104 105 106 107 108

109 110 111 112 113

35 35 35 35 35 36 36 36 36 37 37 37 38

38 38 38 39 39 39 39 40 40 40 40 41 41

41 41 42 42 42

Ranking Page No.

Abhay Firodia S D Shibulal Prem Watsa Sudhir Ruparelia Dr Azad Moopen Raghuvinder Kataria Rajendra Agarwal Bhadresh Shah Rajesh Mehta M G George Muthoot & Family Lekhraj Thakurdas Pagarani & Family Kuldip Rai Sahi Bavaguthu Shetty Rajju Shroff Sanjay Singal Achal Bakeri Niranjan Hiranandani The Jatania Brothers Hari & Shyam Bhartia T S Kalyanaraman Kiran Mazumdar-Shaw & John Shaw Puthan N C Menon Chirayu Ramanbhai Amin & Family Harindarpal Banga & Family Radhakishan Damani Raj Matharu & Family Amit Burman G M Rao Dr Prathap Reddy Harshad Mehta Vivian Reddy Subhash Runwal

114 115 116 117 118 119 120 121 122 123

42 44 44 44 44 46 46 46 46 47

134 135

50 50

124 125 126 127 128 129 130 131 132 133

136 137 138 139 140 141 142 143 144 145

47 47 47 48 48 48 49 49 49 49

50 51 51 51 52 52 52 53 53 53

Compiled by Philip Beresford.

Edited by Ashis Ray. Produced by RAYMEDIA.

Published by

Editor/Publisher: CB Patel Managing Editor: Kokila Patel Associate Editor: Rupanjana Dutta News Editor: Kamal Rao Consulting Editor: Jyotsna Shah Chief Operating Officer: L George Chief Financial Officer: Surendra Patel SALES Executive: Daxa Gami Accounts Executive: Akshay Desai Advertising Manager: Kishor Parmar Business Development Managers: Rovin George & Urja Patel Graphic Designers: Harish Dahya & Ajay Kumar Customer Service: Ragini Nayak Asian Business Publications Ltd Karma Yoga Houes, 12 Hoxton Market, London N1 6HW Tel: 020 7749 4085 Fax: 020 7749 4081 www.abplgroup.com Š Asian Business Publications Ltd

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