Mumbai, Dec 15 () Citing regular board approvals for various inter-corporate loans, former CG Power Industrial Solutions' non-executive chairman Gautam Thapar has refuted allegations of fund misuse amid alleged governance lapses coming under the regulatory scanner, according to documents submitted by him to the government.
 In a 36-page submission to the corporate affairs ministry early November, Thapar, who was sacked in a boardroom coup in the wee hours of August 30, has provided documents on various issues, including inter-corporate loans, minutes of board meetings and loans from lenders like Standard Chartered Singapore and Yes Bank.
 CG Power board sacked Thapar after an audit report by Vaish Associates, which itself is based on as many as 23 disclaimers, claimed that Thapar swindled Rs 3,000 crore from CG Power.
 Markets regulator Sebi banned Thapar and entities associated with him for three years, following which he moved the Securities Appellate Tribunal, which has asked the company to provide relevant documents to him.
 The Serious Fraud Investigation Office (SFIO) has also started a probe against CG Power and 15 group entities. The ministry has moved NCLT Mumbai seeking to restate the books of accounts of CG Power from FY16. An order is expected on Monday.
 The documents, seen by , show how Standard Chartered Singapore extended a USD 44-million lifeline to CG Singapore in February 14, 2018. The entire money was then paid to CG International Netherlands through another group entity AIA and Avantha. The same amount was fully transferred back to CG International Netherlands on the very same day.
 Later, the company in turn paid back the entire amount to StanC Singapore, thus making the account standard, show the documents.
 While a major allegation revolves around funds moving in and out of CG Power and group entities, Thapar has claimed that such a route was taken following suggestions from lenders since CG Power was facing liquidity issues.
 Similarly, Aditya Birla Finance and Yes Bank allowed CG Power to get funds between 2016 and 2019 in a similar manner as StanC did in 2018, showed the documents.
 "All the above transactions were done according to the structure provided by StanC and other respective lenders and every time the entire money was paid back to the respective lender. That not a single penny of such funds remained in Avantha books clearly shows that there is no siphoning of funds," Thapar has claimed.
 Going by the documents, the company's risk and audit committee at its meeting held on May 26, 2017 gave an "omnibus approval for entering into transactions with related parties for throughout FY18". Similar omnibus approvals were sought for and were granted for FY19 as well.
 Further, Thapar has submitted that the board approved a proposal from CG India on September 28, 2018 for a fixed deposit of Rs 229 crore as part of a credit line from IndusInd Bank. This deposit was a surety for part payments owed to Avantha towards brand royalty which the board approved, according to the documents.
 "This clearly shows that Rs 229 crore was not an additional advance to Avantha but a refund of a conditional deposit made by Avantha to CG which had to be refunded in the event of conditions not being met," the document said.
 On the allegations that CG Power made out-of-turn advances to group entity Mirabelle Trading since 2013 when CG Power was entering Southeast Asia, Thapar has said the board approved an advance payment of USD 20.15 million to Mirabelle towards service charges.
 Currently, Thapar owns just 8,574 shares in CG Power. Some of its large non-promoter shareholders are HDFC Mutual Fund and Aditya Birla Mutual Fund.
 Private equity giant KKR India led by Sanjay Nayar owns nearly 10 per cent, as does L&amp;T Finance. The family office of Sunil Bharati Mittal of Bharti Airtel has since September picked up 8.3 per cent in CG Power.
 The CG Power board began to feel the tremors this March, when an operations committee was formed under chairmanship Narayan Seshadri following the insistence of Nayar.
 Incidentally, the documents also showed that Seshadri was not even present at the board meeting that appointed him as chairman of operations committee. Seshadri is also an independent director of CG Power.
 Significantly, Seshadri's Tranzmute Capital is 50 per cent owned by Nayar but this was never disclosed to CG Power when he came onto the board, as per the the documents.
 They are also directors in Epimoney and EPI Venture Partners as investors. Also, a non-disclosure agreement was signed between Tranzmute Capital &amp; Management and CG Power in August 2018.
 Going by the documents, Seshadri had a business relationship with Nayar and CG Power before he became a non-executive director on CG Power board.
 It is also interesting to note that Anubhav -- son of Akhil Gupta, who is the vice chairman of Bharti Enterprises and a close confidante of group Chairman Sunil Bharti Mittal -- recently married Sanjay Nayar's daughter Adwaita.
 In a detailed e-mail statement to queries from , KKR India denied any involvement in Seshadri being appointed a director on CG Power board. "We are a lender to Avantha Holdings and have no locus standi in any of its underlying group companies. KKR India has never been involved in the decision-making process of CG Power," it said.
 The statement said that KKR is aware that SeshadrI was invited directly by Thapar himself to join the board.
 "We confirm that Narayan's partnership with KKR India was fully disclosed (on March 31, 2018). Tranzmute has working relationships with other PE funds, promoters and companies, including KKR India - there has never been exclusivity between KKR and Tranzmute in this regard," it said.
 On relationship with Epimoney, the company said KKR has never been an investor in it but Nayar is one of its six investors. BEN RAM ABM
ABM

CG Power imbroglio: Gautam Thapar cites board approvals, rejects fund misuse allegations

New Delhi, India's top billionaires, including Gautam Adani and Sunil Bharti Mittal, mega stars from film industry such as Amitabh Bachchan and Shahrukh Khan and cricketing icons from Sachin Tendulkar to M S Dhoni are among those invited for pre-wedding celebrations of Mukesh Ambani's youngest son, Anant early next month. Ahead of the wedding ceremony in July, guests from around the world have been invited to three-day pre-wedding festivities beginning March 1, at Gujarat's Jamnagar, which houses Ambani's mega oil refineries. Anant Ambani, the youngest of the three children Mukesh Ambani and Nita Ambani have, is set to marry Radhika Merchant - the younger daughter of <keyword id="20720133" type="General" weightage="20" keywordseo="viren-merchant" source="keywords">Viren Merchant</keyword>, CEO of Encore Healthcare, and entrepreneur Shaila Merchant. With Jamnagar not having five-star hotels, ultra-luxury tents housing best of facilities, including tiled bathrooms are being erected for the guests. The guest list includes international business leaders like Meta CEO Mark Zuckerberg, Microsoft founder Bill Gates, Alphabet CEO Sundar Pichai, Adobe CEO Shantanu Narayen, Walt Disney CEO Bob Iger, BlackRock CEO Larry Fink, Adnoc CEO Sultan Ahmed Al Jaber, and EL Rothschild chair Lynn Forester de Rothschild, sources said. Indian business magnates invited include Gautam Adani and family, Tata Sons chairman Natarajan Chandrasekaran , Aditya Birla Group Chairperson Kumar Mangalam Birla, and his family, Godrej family, Infosys chairman Nandan Nilekani, RPSG Group head Sanjiv Goenka, Wipro's Rishad Premji, banker <keyword id="19998917" type="General" weightage="20" keywordseo="uday-kotak" source="keywords">Uday Kotak</keyword>, vaccine maker Serum Institute of India CEO Adar Poonawalla, Airtel chairman Sunil Mittal, Hero's Pawan Munjal, Roshni Nadar of HCL, Zerodha co-founder Nikhil Kamath, entrepreneur Ronnie Screwvala and Sun Pharma's Dilip Sanghi. Top cricketers, including Sachin Tendulkar and family, MS Dhoni and family, Rohit Sharma, K L Rahul, Hardik and Krunal Pandya and Ishan Kishan too are on the invitee list. <keyword id="19897820" type="General" weightage="20" keywordseo="bollywood" source="keywords">Bollywood</keyword> will be represented by mega stars Amitabh Bachchan and family, Abhishek and Aishwarya Rai Bachchan, Shahrukh Khan and family, Amir Khan, Salman Khan, Akshay Kumar and Twinkle Khanna, Ajay Devgn and Kajol, Saif Ali Khan and family, Chunky Pandey, Ranveer Singh and Deepika Padukone, Ranbir Kapoor and Alia Bhatt and <keyword id="19895145" type="General" weightage="20" keywordseo="vicky-kaushal" source="keywords">Vicky Kaushal</keyword> and Katrina Kaif. Madhuri Dikshit and Sriram Nene, Aditya and Rani Chopra, Karan Johar, Boney Kapoor and family, Anil Kapoor and family, <keyword id="19946417" type="General" weightage="20" keywordseo="varun-dhawan" source="keywords">Varun Dhawan</keyword>, Sidharth Malhotra, Shraddha Kapoor and Karisma Kapoor, Rajnikanth and family are are on the invitee list. The three-day-long event will be themed, according to 'Event Guide' sent to the invitees. Chartered flights have been arranged to ferry guests from Delhi and Mumbai to Jamnagar and back. Guests are expected to arrive by mid-day on March 1. Hollywood pop-icon Rihanna, along with Diljit Dosanjh and others, will enthrall the guests with their performances. Day 1 celebrations are called 'An Evening in Everland' where guests are expected to wear elegant cocktail attire. Day 2 will host 'A Walk on the Wildside' with 'jungle fever' being the suggested dress code. It is set to be held outdoors in the Ambanis' animal rescue centre in Jamnagar. The guests will then proceed to 'Mela Rouge' which will be a potpourri of desi activities and the guests will wear their favourite south Asian attires. For Day 3, two events - 'Tusker Trails' and 'Hashtakshar' are planned. The first event will be an outdoor affair where the guests will enjoy the natural beauty of Jamnagar and for the last and final event, they'll be dressed in 'heritage Indian Wear'. All the guests will be provided with personal laundry services, saree drapers and other custom assistance, the nine-page event guide said.

Billionaires to Bollywood: All invited to Anant Ambani's pre-wedding festivities

Billionaires, tech titans and business leaders on Monday joined in celebrating the inauguration of the Ram temple at Ayodhya as corporate <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> gave leaves to staff and organised special prayers to mark the consecration. Billionaire Mukesh Ambani and his family as well as steel tycoon Lakshmi N MIttal, telecom czar Sunil Bharti Mittal, Reliance Group head Anil Ambani and Aditya Birla group chairperson <keyword id="20019610" type="General" weightage="20" keywordseo="kumar-mangalam-birla" source="keywords">Kumar Mangalam Birla</keyword> and his daughter Ananya Birla were among the businessmen in Ayodhya for the consecration of Ram temple. Ambani's oil-to-telecom conglomerate gave all its employees a leave, organised special puja at over a dozen temples housed in premises across the country, and offered 360-degree virtual tour to the temple on JioTV. Billionaire Gautam Adani, who was among the corporate leaders invited for the ceremony, in a post on X said, "On this auspicious day, as the Ayodhya Mandir's doors open, let it be a gateway to enlightenment and peace, binding the communities with the timeless threads of Bharat's spiritual and cultural harmony." In another post, he announced his apples-to-airport group's decision to sponsor 14 students wanting to do PhD in Indology (academic study of India, its people, culture, languages and literature). "This will give global recognition to India's soft power and Indology." Prashant Ruia, Director of Essar Capital - the investment manager for the Essar Group, too was in Ayodhya for the event. "Blessed to have been in a sea of humanity for the #RamMandirPranPratishta at #AyodhaRamMandir with reverence, faith &amp; belief. A turning point in our history that has reunified the country in our dreams, desires, hopes and aspirations. #JaiShreeRam," he posted on X. Zoho CEO <keyword id="20290193" type="General" weightage="20" keywordseo="srihar-vembu" source="keywords">Srihar Vembu</keyword> too posted pictures with family of his visit to Ayodhya temple. "In Ayodhya with my amma Janaki and my brother Kumar and his wife Anu. Amma is a life-long devotee of Lord Shri Ram. Very blessed to be here." EaseMyTrip co-founder and CEO Nishant Pitti posted a video of him taking an Indigo flight to Ayodhya. From the temple site, he posted: "On this auspicious day of <keyword id="19904197" type="General" weightage="20" keywordseo="ram-lalla" source="keywords">Ram Lalla</keyword> Pran Pratishtha, the spirit of unity and celebration resonates in the heart of millions of Indians. May Lord Ram fill our lives with joy, peace, and prosperity." OyoRooms founder and group CEO Ritesh Agarwal, clad in saffron waist and kurta, gave ball-by-ball commentary of the ceremony on X. "The energy here is infectious - this is truly historic moment! Chants and prayers can be heard as devotees stream in," he said in one of the posts. SEE ALSO:<a href="https://www.businessinsider.in/india/news/ayodhya-2-0-transformed-holy-town-turns-a-page-with-temple-pivot/articleshow/107042516.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/ayodhya-2-0-transformed-holy-town-turns-a-page-with-temple-pivot/articleshow/107042516.cms" target="_blank">Ayodhya 2.0: Transformed holy town turns a page with temple pivot</a> <a href="https://www.businessinsider.in/india/news/ram-lalla-consecrated-at-ayodhya-temple-extraordinary-moment-says-pm-modi/articleshow/107048384.cms">Ram Lalla consecrated at Ayodhya temple; 'extraordinary moment' says PM Modi</a> <a href="https://www.businessinsider.in/politics/news/pm-modi-participates-in-pran-pratishtha-ceremony-at-ram-temple-in-ayodhya/articleshow/107046746.cms">PM Modi participates in Pran Pratishtha ceremony at Ram Temple in Ayodhya</a>

India Inc leaders, tech titans join Ram temple consecration celebrations

With the latest official data indicating a cooling off in the headline <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword> to 4.7 per cent in April, <keyword id="7268643" type="General" weightage="20" keywordseo="RBI-Governor-Shaktikanta-Das" source="Orion">RBI Governor Shaktikanta Das</keyword> said that it proves the 'monetary policy is on the right track, here on Friday. Terming the official data as a very satisfying development, Das refused to comment if the release of the numbers would lead to change of the policy stance or the <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) becoming less hawkish. He preferred to say that all this would be clear on June 8 when the next policy review will come up. Das was speaking at the launch of the book 'Made In India' by the G-20 Sherpa Amitabh Kant in Mumbai on Friday evening. He said the RBI is optimistic and fairly confident over India's 6.5 per cent real <keyword id="44910" type="General" weightage="20" keywordseo="gdp-growth" source="Orion">GDP growth</keyword> rate though other analysts have differing views. The RBI chief pointed out that private investments are picking up and it is visible in sectors like enlisted steel, cement and petrochemicals, among others, and any entrepreneur can testify on the growth momentum of higher sales notched every month. Das said that if India grows at 6.5 per cent, it would contribute 15 per cent to the world growth during the year, "which is no mean achievement". Das also stressed the need to continue with reforms, keep accessing the best technology and hike the expenditure on research and development, both in the public and private sectors. In his book, Kant discusses how the Indian economy has emerged as one of the largest in the world with a vibrant startup ecosystem. The Indian economy has come a long way since the time economic performance, shacked by Socialist politics and the licence-permit-quota raj, was christened as the 'Hindu rate of growth'. Kant has attempted to understand the remarkably robust and resilient growth story of the Indian business and enterprise, in a multi-faceted survey of the country's business heritage and culture. The book includes accounts of the development of Indian business and enterprise from the pre-Independence era to the present, 75 years post-Independence. There are inspirational accounts of the top business families or groups like the Tatas, Birlas, Walchand Hirachand Doshi, Wadias, Kirloskars, Shapoorji Pallonji, and the new age entrepreneurs like Sunil Bharti Mittal and Rahul Bhatia. Also present at the launch were Tata Sons Chairman N. Chandrasekaran, Kotak Mahindra Bank CEO Uday Kotak, Nykaa CEO Falguni Nayar. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-motors-posts-net-profit-of-5408-crore-in-q4-beats-estimates/articleshow/100189259.cms">Tata Motors posts net profit of ₹5,408 crore in Q4, beats estimates</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-hindenburg-row-sc-hints-at-granting-sebi-extension-on-probe-report-to-decide-on-may-15/articleshow/100185994.cms">Adani-Hindenburg row: SC hints at granting SEBI extension on probe report, to decide on May 15</a>

As inflation cools off, RBI Guv says 'monetary policy on right track'

<ul><li> <keyword id="6355725" type="General" weightage="20" keywordseo="tata-group" source="Orion">Tata Group</keyword> continues to be the most valuable brand in the country for the eighth time in a row.</li><li> The title was previously held by State Bank of India (SBI) in 2013, which had a brand value of about $6 billion.</li><li>Tata Group has continued to beat other conglomerates like Mukesh Ambani-led <keyword id="10926" type="General" weightage="20" keywordseo="reliance" source="Orion">Reliance</keyword> Industries and Sunil Mittal-led Bharti <keyword id="15491" type="General" weightage="20" keywordseo="airtel" source="Orion">Airtel</keyword> since 2013.</li></ul>Indian multinational conglomerate Tata Group continues to be the most valuable brand in the country for the eighth time in a row. The title was previously held by State Bank of India (SBI) in 2013, which had a brand value of about $6 billion. According to brand valuation consultancy Brand Finance, Tata Group’s brand value increased by 12% to reach a whopping $24 billion mark. Infosys was a distant second, which was nearly half the value of the century-old business group. Tata Group has continued to beat other conglomerates like Mukesh Ambani-led Reliance Industries and Sunil Mittal-led Bharti Airtel since 2013. It also surpassed the brand value of India’s largest life insurance company <keyword id="6367143" type="General" weightage="20" keywordseo="lic" source="Orion">LIC</keyword>, largest lender SBI, as well as biggest IT behemoths like Infosys and Wipro. <div type="image" title="Tata Group is once again the biggest brand in India -- check out others in top 10" msid="92219274" hostid="261"></div> Back in 2013 when SBI led the Indian market in terms of brand value, the list was slightly different too. Reliance Industries was the second <keyword id="14199127" type="General" weightage="20" keywordseo="biggest-brand-in-india" source="Orion">biggest brand in India</keyword> with a valuation of $3.7 billion, which has now nearly doubled in the last eight years. Reliance was followed by Airtel with brand value of $3.7 billion and Tata Group stood at fourth position with a brand value of $3.5 billion. Tata Group’s brand value has witnessed the highest jump, whereas SBI’s brand value has witnessed a sluggish growth. SEE ALSO <a href="https://www.businessinsider.in/tech/news/airtel-launches-its-first-multiplex-but-in-the-metaverse/articleshow/92200692.cms">Airtel launches its first multiplex, but in the metaverse</a> <a href="https://www.businessinsider.in/business/news/adani-sells-a-fourth-of-its-green-hydrogen-business-to-frances-totalenergies/articleshow/92197541.cms">Adani sells a fourth of its green hydrogen business to France’s TotalEnergies</a> <a href="https://www.businessinsider.in/stock-market/news/burger-king-dominos-kfc-to-see-high-growth-even-as-consumer-staples-suffer/articleshow/92196523.cms">Burger King, Domino's &amp; KFC to see high growth even as consumer staples suffer</a>

Tata Group is once again the biggest brand in India — check out others in top 10

<ul><li>Even before the coronavirus outbreak, Indian economy has been slowing down which has led <keyword id="390386" type="PERSON" weightage="20" keywordseo="Indian-billionaires">Indian billionaires</keyword> to collectively lose 23% of their net worth. </li><li>Mukesh Ambani is still the richest man in India with a networth of $36.8 billion though he fell to 21st rank from the tenth rank he held earlier, globally. </li><li>The other billionaires who lost wealth include Uday Kotak, Gautam Adani, and Shiv Nadar. Radhakishan Damani and Sunil Bharati Mittal were the only exceptions.</li></ul>The Covid-19 outbreak and slowdown has cost many people their salaries, jobs and much more. Indian billionaires are not immune to it either. Collectively all of India’s 102 billionaires lost $93 billion - or a quarter of their wealth. Indian billionaires are now worth $313 billion as opposed to $406 billion last year - that is 23% lower than what they held last year. “The COVID-19 pandemic was a double whammy for India’s billionaires, whose fortunes had already taken a hit from a slowing economy and falling consumer demand. Even before India went into a total lockdown at the end of March, its stock market had plunged to a three-year low as of March 18, the date we finalized this year’s list,” <a href="https://www.forbes.com/sites/naazneenkarmali/2020/04/07/indias-10-richest-billionaires-in-2020/#498bb74b7c23">reported Forbes</a>. As all Indian billionaires lost, Mukesh Ambani could retain his title as India’s richest man. But his net worth slumped to $36.8 billion from $50 billion earlier, which made him lose his global ranking. He is now the 21st richest man in the world as opposed to 9th richest man earlier. Many other billionaires including Uday Kotak, Cyrus Poonawalla, and Shiv Nadar lost over a billion dollars each. Radhakishan Damani of DMart and Sunil Bharati Mittal were the only exceptions. Damani is now the second richest man in India. His net worth rose by a quarter to $13.8 billion from $11.1 billion earlier after shares of Avenue Supermarts surged 31% between January 1 and February 18. But slowdown is not the only reason why many billionaires lost their wealth. This number was greatly affected by generosity, and mostly from one person. Tech tycoon <a href="https://www.businessinsider.in/india/news/azim-premji-foundation-and-wipro-donate-1125-crore-to-fight-coronavirus-pandemic/articleshow/74927786.cms">and owner of Wipro Azim Premji donated 73% of his wealth</a>, reducing the collective net worth by a substantial amount. Here are the latest set of 10 richest people in India and net worth, according to Forbes Note: All the net worth are current estimates as of March 18, 2020 <ol><li>Mukesh Ambani, Chairman and managing director of Reliance Industries <div type="image" title="3500BF99-ADA7-4187-AFC5-5DF385AB4058" msid="75045524" hostid="261"></div></li></ol>Net worth 2020: $36.8 billion Networth 2019: $50 billion Residence: Mumbai Source of wealth: Petrochemicals, Oil &amp; Gas 2. Radhakishan Damani, Founder of Avenue Supermart <div type="image" title="06C7A9DE-52BF-4316-9635-5EEC5EA4890C" msid="75045582" hostid="261"></div> Net worth 2020: $13.8 billion Net worth 2019: $11.3 billion Residence: Mumbai Source of wealth: Retail, Investments 3. Shiv Nadar, Founder and chairman of HCL <div type="image" title="C8AD9138-2839-45DC-8C94-46256308BFCB" msid="75045592" hostid="261"></div> Net worth 2020: $11.9 billion Net worth 2019: $14.6 billion Residence: Delhi Source of wealth: Software Services 4. Uday Kotak, Executive VC and MD of Kotak Mahindra Bank <div type="image" title="ABC9EE1B-76CF-4463-B54C-B7457AC758DE" msid="75045640" hostid="261"></div> Net worth 2020: $10.4 billion Net worth 2019: $11.8 billion Residence: Mumbai Source of wealth: Banking 5. Gautam Adani, Chairman and founder of the Adani Group <div type="image" title="A6E80505-C2D3-48CC-A228-08FEBD998BA9" msid="75045766" hostid="261"></div>Net worth 2020: $8.9 billion Net worth 2019: $8.7 billion Residence: Ahmedabad Source of wealth: Commodities, Ports 6. Sunil Mittal, Founder and chairman of Bharti Enterprises <div type="image" title="4A9E7EB2-CF33-4723-876C-21F540D987DC" msid="75045796" hostid="261"></div> Net worth 2020: $8.8 billion Net worth 2019: $6.5 billion Residence: Delhi Source of Wealth: Telecom 7. Cyrus Poonawalla, Chairman of Poonawalla Group <div type="image" title="248E9904-19C2-413C-8FD5-C86D30E8A0F3" msid="75045921" hostid="261"></div> Net worth 2020: $8.2 billion Net worth 2019: $9.5 billion Residence: Pune Source of wealth: Vaccines 8. Kumar Mangalam Birla, Chairman of the Aditya Birla Group <div type="image" title="5E1CAFDB-A6D1-46A9-B3D1-EE21862E28BD" msid="75045951" hostid="261"></div>Net worth 2020: $7.6 billion Net worth 2019: $11.1 billion Residence: Mumbai Source of wealth: Commodities 9. Lakshmi Mittal, Chairman and CEO of ArcelorMittal <div type="image" title="12A0597E-8231-43FA-99BB-19EBDEDFE9D4" msid="75045988" hostid="261"></div>Net worth 2020: $7.4 billion Net worth 2019: $10.5 billion Residence: London Source of wealth: Steel 10. Azim Premji , Chairman of Wipro (rank tied with Dilip Sanghvi), <div type="image" title="7BC8A475-B3D0-4213-8014-2D33120E441B" msid="75046024" hostid="261"></div> Net worth 2020: $6.1 billion Net worth 2019: $22.6 billion Residence: Bangalore Source of wealth: Software Services 10. Dilip Shanghvi, Founder Sun Pharmaceuticals <div type="image" title="Dilip_Shanghvi1" msid="75046063" hostid="261"></div>Net worth 2020: $6.1 billion Net worth 2019: $7.6 billion Residence: Mumbai Source of Wealth: Pharmaceuticals <a href="https://www.businessinsider.in/politics/india/news/mukesh-ambani-drops-11-places-in-forbes-rich-list-after-coronacrash-is-now-the-21st-richest-man/articleshow/75040009.cms" data-type="tilCustomLink">Mukesh Ambani drops 12 places in Forbes rich list after Coronacrash — is now the 21st richest man in the world</a>

Indian billionaires lost $93 billion in a year as Covid-19 and slowdown ate into their wealth

These 119 Indian billionaires are worth over $300 billion right now, according to Forbes

ealth does not remain static especially during the fluctuating industry scenario today. India has produced several billionaires who occupy a significant number of slots on the list of wealthiest persons in the world today. Here is the list of the top 10 richest persons in India as per their latest real time Forbes data on 11 October 2021. 1. Mukesh Ambani - $102 billion The wealthiest person in India, Mukesh Ambani of Reliance Industries occupies the Tenth slot in the world’s richest persons’ list. Mukesh Ambani has a net worth of $102 billion. Much of Mukesh’s wealth ensues from the petrochemicals and oil and gas businesses built by his father Dhirubhai Ambani ⁠— a business icon in his own right— but Mukesh is pivoting to more consumer-facing businesses like telecom and retail. Reliance Jio is one of the largest telecom networks in India today and has <a href="https://www.businessinsider.in/business/news/mukesh-ambani-owned-reliance-jio-compared-to-alibaba-and-tencent/articleshow/77059624.cms">already raised over $20 billion in recent months</a> and the next leg of fundraising <a href="https://www.businessinsider.in/business/news/mukesh-ambani-next-goal-seems-to-be-the-retail-king-of-india/articleshow/76953716.cms">will be for retail</a>. 2. Gautam Adani - $71.7 billion Gautam Adani’s net worth as per the latest forbes records is $71.7 billion. He is the Second <keyword id="7413735" type="General" weightage="20" keywordseo="richest-person-in-india" source="Orion">richest person in India</keyword> and ranks 15 on the list of the world’s richest. Apart from Mundra Port, the largest in India, his wealth-generating portfolios include a range of commodities, power generation including renewable energy (like solar farms), and transmission to name a few. 3. Shiv Nadar - $31.5 billion With his $31.5 billion estimated net worth, Shiv Nadar ranks as the third richest person in India. HCL Technologies founded by him is a (₹) 274826 crore (market value) company and one of the largest software services exporters in the world today. With its presence in over 45 countries on the globe, HCL Technologies makes Shiv Nadar claim the 41th slot in the list of world’s richest persons. 4. Radhakishan Damani &amp; Family - $ 22.1 billion Radhakishan Damani’s net worth of $22.1 billion, which makes him the fourth richest person in India today. He occupies the 101 position in the global rich list. Radhakishan Damani is a veteran Mumbai stock market investor who founded <a href="https://www.businessinsider.in/business/news/radhakishan-damani-has-a-string-of-challenges-ahead-of-him-and-falling-profits-at-dmart-dont-help/articleshow/76936913.cms">the supermarket chain DMart </a>which went public in 2017, and eventually went on to be the world’s most-valued retail chain for its unique model that makes the holding company Avenue Supermarts more profitable than many of its peers. 5. Savitri Jindal &amp; Family - $18.6 billion Standing at the 106th position in the world and the richest woman in India is Savitri Jindal, the 70-year-old chair of a multibillion dollar conglomerate, who's worth $18.6 billion. India's women billionaires also include the heads of pharmaceutical, software, and consumer goods companies. 6. Cyrus Poonawalla - $18.2 billion Ranked as the 6th wealthiest person in India, Cyrus Poonawalla has a net worth of $18.2 billion. He founded the Serum Institute of India in 1966 and it is today the largest producer of vaccines for measles, influenza and polio. At present, the company is also co-developing two vaccines for COVID-19 and has a <a href="https://www.businessinsider.in/science/health/news/adar-poomawala-says-oxfords-covid-vaccine-is-expected-to-hit-the-indian-market-in-the-first-quarter-of-2021/articleshow/77107541.cms">significant lead over other similar researches that are underway</a>. In the world’s wealthiest persons list he ranks in the 110th position. 7. Lakshmi Mittal - $ 17.6 billion The Chairman and CEO of ArcelorMittal, Sunil Mittal has a net worth of $17.6 billion and ranks as the Seventh richest person in India. His wealth status positions him in the 115 place on the world’s richest persons list. He is known for turning sick steel producing companies into profitable ventures across the world. He most recently bagged the bankrupt Essar Steel in India, which was owned by the Ruia family. 8. Kumar Birla - $16.1 billion Standing at the 131th position in the world’s richest persons’ list, Kumar Birla has a net worth of $16.1 billion, which makes him the Eighth wealthiest person in India. The head of Aditya Birla Group which he inherits for the fourth generation in row, his group is concerned with producing cement and aluminum alongside retail, telecom and financial services. 9. Uday Kotak - $16.1 billion The founder of Kotak Mahindra Bank, Uday Kotak, occupies the fifth position on the list of India’s richest. With a net worth of $16.1 billion, Kotak takes 132nd place on the world’s richest persons’ list. 10. Dilip Shanghvi - $14.4 billion The tenth richest person in India is Dilip Shanghvi whose latest net worth is $14.4 billion. The founder of Sun Pharma, Dilip Shanghvi has turned his firm into the largest player in the manufacturing of specialty generic drugs. He has also invested in energy and oil ventures. On the world’s richest persons’ list, he ranks in the 146th position. See Also - <a href="https://www.businessinsider.in/business/news/top-10-richest-people-in-the-world/articleshow/74415117.cms">Top 10 richest people in the world</a> <a href="https://www.businessinsider.in/top-10-largest-economies-in-the-world/articleshow/70547252.cms">Top 10 largest economies in the world</a> <a href="https://www.businessinsider.in/finance/news/list-of-top-20-richest-people-in-the-world/articleshow/74475220.cms">Top 20 richest people in the world</a>

You Searched For "Sunil Bharti Mittal Gautam Adani" and got 8 results

CG Power imbroglio: Gautam Thapar cites board approvals, rejects fund misuse allegations

PTI

Billionaires to Bollywood: All invited to Anant Ambani's pre-wedding festivities

PTI

India Inc leaders, tech titans join Ram temple consecration celebrations

PTI

As inflation cools off, RBI Guv says 'monetary policy on right track'

IANS

Tata Group is once again the biggest brand in India — check out others in top 10

Kritti Bhalla

Indian billionaires lost $93 billion in a year as Covid-19 and slowdown ate into their wealth

Preeti Soni

These 119 Indian billionaires are worth over $300 billion right now, according to Forbes

BI India Bureau

Meet the top 10 richest person in India

BI India Bureau