Flipkart's Bansals no more billionaires, Patanjali's Bala now worth $3.6 bn
Latest Business News - Flipkart founders Sachin and Binny Bansal, who earned dollar billionaire status last year and whose wealth has fallen with successive markdowns of their firm’s valuation, are among the 31 Indian billionaires who are out of the Hurun Global Rich — Indian billionaires report.
Eleven of the 31 have lost their billionaire status since demonetisation. Prominent among them are Gautam Thapar of Crompton Greaves, Nilima Motaparti of Divi’s Labs, Prathap C Reddy & family of Apollo Hospitals, and Nandan Nilekani, an Infosys shareholder. This list is exclusively based on the share price performance of companies after demonetisation. However, many billionaires have seen their wealth soaring. The cumulative wealth of 132 Indian or Indian-origin billionaires is estimated to have increased to $392 billion, up 16 per cent from last year, says the report.
Twenty-seven billionaires have been added to the list this year. Of the 27 entrants, Acharya Balakrishna of Patanjali Ayurved leads the pack with wealth of $3.6 billion, followed by Nadir B Godrej and Smitha V Crishna. Patym founder Vijay Shekhar Sharma also lands on the list with $1.5 billion, though his wealth is likely to be revised upwards with Reliance Capital selling its nearly one per cent stake to Alibaba at $41 million. Others who have seen their wealth declining after demonetisation are Salil Singhal & family of PI Industries, Chirayu R Amin & family of Alembic Pharma, B L Taparia & family of Supreme Industries, Habil Khorakiwala of Wockhardt, Prakash Chauhan & family of Parle Agro Food, Prithviraj Kothari of RiddiSiddhi Bullions, and Devendra Kumar Jain of Gujarat Fluorochemicals. Mukesh Ambani retains his position as the richest Indian, with estimated wealth of $26 billion. Ambani ranks 28 on Hurun’s Global Rich list, the only Indian in the top 50.
Sun Pharma head Dilip Shanghvi ranked third on the list, with $14 billion. He ranks 74 on Hurun’s global list of billionaires. Divyank Turakhia is the youngest billionaire on the list, with wealth of $1.2 billion. Turakhia, aged 35, sold his company Media.net to a Chinese conglomerate at a valuation of $1 billion. The pharmaceuticals sector leads the rich list with 21 billionaires, followed by manufacturing, technology, media and telecommunications (TMT) with 13 each. But the average wealth of billionaires in the pharmaceutical sector is lower at $3.1 billion, compared to $4.6 billion of those from the TMT sector. (READ MORE)
ARTICLE SOURCE – BUSINESS STANDARD