economy overtook the United Kingdom to become the fifth-largest in the world as a result of the post-pandemic demand recovery. The rupee’s decline of 10% at that time was the biggest drag on the stock market, which was down slightly from a year earlier. Despite this, the wealth of India’s top 100 individuals increased by $25 billion, reaching $800 billion. Here is the list of Top 5 India’s Richest as on October 21,2022
- The $21 billion (in revenue) Adani Group, which has interests in, among other things, ports, airports, electricity generation and transmission, green energy, edible oils, cement, and real estate, is led by Gautam Adani.
- The largest airport operator in India, Adani is in charge of the Mundra Port in his native Gujarat.
- Adani became India’s second-largest cement maker in 2022 after paying $10.5 billion acquiring the Indian assets of the Swiss company Holcim.
- A joint venture between Wilmar International, owned by the wealthy Kuok family, and Adani’s publicly traded Adani Wilmar.
Adani plans to invest up to $70 billion in renewable energy projects in order to become the greatest green energy generator in the world.
2. Mukesh Ambani
- Reliance Industries, with a $104 billion (sales) market cap with holdings in petrochemicals, oil and gas, telecom, and retail, is chaired and operated by Mukesh Ambani.
- His late father, yarn trader Dhirubhai Ambani, established Reliance in 1966 as a little textile firm.
- Ambani and his younger sibling Anil divided up the family business after their father passed away in 2002.
- Jio, a 4G phone and broadband service launched by Reliance in 2016, set off a price war in the telecom industry. With more than 420 million subscribers now, and rolling out the 5G services in Major Cities in first phase in Q4 2022 then later on all across india in 2023.
- Reliance is being refocused by Ambani on renewable energy. In addition to spending $80 billion on renewable energy over the following 10 to 15 years, the firm is developing a new complex next to its refinery.
3. Radhakishan Damani & Family
Core Business : Fashion & Retail
- Following the IPO of his grocery business Avenue Supermart in March 2017, seasoned Mumbai investor Radhakishan Damani was crowned India’s retail king.
- In 2002, Damani opened a single store in a Mumbai suburb. He currently owns 294 DMart locations across India.
- Damani also owns shares in a variety of businesses, including the cement manufacturer India Cements and the tobacco company VST Industries.
- The 156-room Radisson Blu Resort in Alibaug, a well-liked beachside resort close to Mumbai, is one of the properties in his portfolio.
4. Shiv Nadar
Networth : $23.8
Core Business -Technology
- In a garage, in 1976, the father of Indian information technology, Shiv Nadar, cofounded HCL to produce calculators and microprocessors.
- His $11.5 billion (revenue) HCL Technologies is currently one of India’s top providers of software services.
- He handed the chairmanship of HCL Technologies over to his daughter Roshni Nadar Malhotra in July 2020 after stepping down from the role. He is currently a strategic advisor and chairman emeritus.
- High school graduates are hired by HCL Technologies, which has 211,000 employees worldwide and trains them on the job.
- Nadar, one of India’s most prominent philanthropists, has given $662 million to his foundation, the Shiv Nadar Foundation, which supports causes relating to education.
5. Cyrus Ponnawalla
Networth : $21.6B
Core Business : Healthcare
Cyrus Poonawalla, the son of a horse breeder, created Serum Institute of India in 1966 and turned it into the biggest manufacturer of vaccines in the world (by doses).
A variety of vaccines, including those for measles, polio, and the flu, are produced by serum in doses of approximately 1.5 billion each year.
The corporation paid $800 million to develop a new factory to produce Covid-19 vaccines under the leadership of his U.K.-educated son Adar, CEO of Serum.
Covishield, the vaccine created by AstraZeneca and Oxford University, is produced by Serum through a number of vaccine collaborations for Covid-19.
- One of Poonawalla’s assets is a controlling interest in the publicly traded financial services company Poonawalla Fincorp.
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