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The <keyword id="19956320" type="General" weightage="20" keywordseo="United-Kingdom" source="keywords">United Kingdom</keyword> hosts a diverse group of individuals and families who have accumulated substantial wealth through various sectors, including industry, finance, retail, and technology. Below is a look at the 25 <keyword id="23033805" type="General" weightage="20" keywordseo="richest-people-in-Britain" source="keywords">richest people in Britain</keyword>, each with their own unique journey to wealth, according to The Sunday Times Rich List 2024. <h2> </h2><h2>25. Tom Morris and family</h2>Net Worth: £6.673bn Tom Morris, the founder of Home Bargains, has quietly built a discount retail empire in the UK. Home Bargains has grown to over 500 stores, and Morris’s approach to low-cost, high-volume retailing has earned him and his family a spot among Britain’s wealthiest. <h2>24. Anders Holch Povlsen</h2>Net Worth: £6.73bn Anders Holch Povlsen, a Danish fashion retailer, owns Bestseller, a company with brands such as Vero Moda and Jack &amp; Jones. Povlsen has also become Scotland’s largest landowner. <h2>23. <keyword id="6354819" type="General" weightage="20" keywordseo="Anil-Agarwal" source="Orion">Anil Agarwal</keyword></h2><div type="image" title="Anil Agarwal" agency="BCCL" msid="113051472" hostid="261" sizebytes="1024664"></div>Net Worth: £7bn Anil Agarwal is the founder and chairman of Vedanta Resources, a mining and metals company with operations in India, Africa, and Australia. Agarwal’s rise from a scrap metal trader to a mining tycoon is marked by his aggressive business strategies and expansion into global markets. <h2>22. John Reece</h2><div type="image" title="John Reece" msid="113051663" hostid="261" sizebytes="456630"></div>Net Worth: £7.224bn John Reece is a significant figure in Ineos and is the chief financial officer of the company. Reece's expertise is in finance and management, owing to his Chartered Accountancy background. <h2>21. Andy Currie</h2><div type="image" title="Andy Currie" msid="113051609" hostid="261" sizebytes="455580"></div>Net Worth: £7.257bn Andy Currie is a director of Ineos, the chemicals company founded by Sir Jim Ratcliffe. Currie’s wealth is closely tied to the success of Ineos, where he has played a key role in its strategic direction and expansion into new markets. <h2>20. Denise, John, and Peter Coates</h2>Net Worth: £7.467bn The Coates family founded Bet365, one of the largest online gambling companies in the world. Denise Coates, the driving force behind the company, has built Bet365 into a dominant player in the industry, with significant revenues generated from its online platform. <h2>19. Lord Bamford and family</h2><div type="image" title="Lord Bamford" msid="113051678" hostid="261" sizebytes="1568515"></div>Net Worth: £7.65bn The Bamford family owns <keyword id="107342" type="General" weightage="20" keywordseo="JCB" source="Orion">JCB</keyword>, a leading manufacturer of construction equipment known for its distinctive yellow machines. Under Lord Bamford’s leadership, JCB has grown into a global brand, exporting to over 150 countries and maintaining a strong market presence in the UK. <h2>18. <keyword id="469673" type="General" weightage="20" keywordseo="nicky-oppenheimer" source="Orion">Nicky Oppenheimer</keyword> and family</h2>Net Worth: £7.937bn Nicky Oppenheimer, ex-chairman and once the controlling shareholder of De Beers, sold his family’s stake in the diamond company to Anglo American for $5.1 billion. Since then, Oppenheimer has diversified his investments, focusing on conservation, private equity, and venture capital. <h2>17. Carrie and François Perrodo and family</h2>Net Worth: £9.168bn The Perrodo family’s wealth comes from their privately-held energy company, Perenco, which operates oil and gas fields around the world. François Perrodo, who took over the company after his father’s death, has continued to expand its global footprint, solidifying their position among Britain’s richest. <h2>16. Marit, Lisbet, Sigrid, and Hans Rausing</h2>Net Worth: £9.188bn The Rausing siblings, part of the Tetra Pak dynasty, have expanded their wealth through diverse investments and philanthropy. While their fortune originates from the packaging industry, they have also made significant contributions to charitable causes, particularly in the arts and education. <h2>15. Barnaby and Merlin Swire and family</h2>Net Worth: £9.986bn The Swire family has deep roots in shipping and aviation, with their conglomerate, Swire Group, operating in industries ranging from property to beverages. Barnaby and Merlin Swire oversee a global empire that includes Cathay Pacific Airways and significant property holdings in Hong Kong. <h2>14. The Duke of Westminster and the Grosvenor family</h2>Net Worth: £10.127bn The Duke of Westminster, Hugh Grosvenor, inherited a vast real estate empire that includes prime properties in London's Mayfair and Belgravia. The Grosvenor family’s wealth is tied to their vast land holdings and investments, managed through the Grosvenor Group. <h2>13. Charlene de Carvalho-Heineken and Michel de Carvalho</h2>Net Worth: £11.751bn Charlene de Carvalho-Heineken, the controlling shareholder of Heineken, along with her husband Michel de Carvalho, manages one of the world’s largest brewing companies. Their wealth is underpinned by the global reach of Heineken, which operates in over 70 countries. <h2>12. Michael Platt</h2>Net Worth: £12bn Michael Platt is a hedge fund manager and the co-founder of BlueCrest Capital Management. Once one of the world’s largest hedge funds, BlueCrest now operates as a private investment firm, with Platt’s fortune growing from his successful investment strategies and management fees. <h2>11. Alex Gerko</h2>Net Worth: £12.055bn Alex Gerko, a mathematician turned financier, made his fortune through algorithmic trading. He is the founder of XTX Markets, one of the world’s largest electronic trading firms. Gerko's innovative approach to trading has positioned him as a significant figure in the finance industry, with a rapidly growing net worth. <h2>10. Kirsten and Jorn Rausing</h2>Net Worth: £12.634bn The Rausing family, heirs to the Tetra Pak fortune, continue to benefit from the global success of the packaging company. Kirsten and Jorn Rausing have also ventured into philanthropy and have stakes in various other businesses, maintaining their status among the wealthiest in the UK. <h2>9. John Fredriksen and family</h2>Net Worth: £12.867bn Norwegian-born shipping magnate John Fredriksen has a net worth built on his dominance in oil tanker shipping. He owns the world’s largest oil tanker fleet through his company Frontline and has substantial stakes in offshore drilling, fish farming, and other maritime sectors. <h2>8. Guy, George, Alannah, and Galen Weston Jr and family</h2>Net Worth: £14.493bn The Weston family has long been involved in retail, owning well-known brands such as Selfridges, Primark, and Fortnum &amp; Mason. Their wealth is not only tied to these retail ventures but also to their vast land holdings and investments in the food industry. <h2>7. <keyword id="29201" type="General" weightage="20" keywordseo="Lakshmi-Mittal" source="Orion">Lakshmi Mittal</keyword> and family</h2> <div type="image" title="Lakshmi Mittal" agency="BCCL" msid="113051708" hostid="261" sizebytes="1017200"></div>Net Worth: £14.921bn Lakshmi Mittal, a steel tycoon, transformed a small family steel business into ArcelorMittal, the world’s largest steel producer. Despite facing challenges in the steel industry, Mittal remains one of Britain's wealthiest individuals, with his family holding extensive investments in real estate, including properties in London’s prestigious Kensington Palace Gardens. <h2>6. Idan Ofer</h2>Net Worth: £14.96bn Israeli billionaire Idan Ofer made his wealth through holdings in shipping and energy. His company, Quantum Pacific Group, owns significant stakes in the shipping firm ZIM and the energy company Pacific Drilling. Ofer’s influence extends to football, with ownership stakes in the Spanish club Atlético Madrid. <h2>5. Sir James Dyson and family</h2> Net Worth: £20.8bn Sir James Dyson revolutionized the home appliance market with his innovative vacuum cleaners, hand dryers, and bladeless fans. His company, Dyson Ltd, continues to expand into new areas such as electric vehicles and robotics, reflecting Dyson's relentless pursuit of innovation. <h2>4. Sir Jim Ratcliffe</h2><div type="image" title="Sir Jim Ratcliffe" msid="113051750" hostid="261" sizebytes="459440"></div>Net Worth: £23.519bn Sir Jim Ratcliffe, the founder and chairman of the chemical company Ineos, is one of the most prominent industrialists in Britain. Starting as a chemical engineer, Ratcliffe built Ineos into a global giant with operations in chemicals, oil and gas, and automotive, including the recent acquisition of the British brand, Grenadier. <h2>3. David and Simon Reuben and family</h2>Net Worth: £24.977bn The Reuben brothers, David and Simon, have amassed their wealth through real estate, particularly in London's lucrative property market. Originally making their fortunes in metals and commodities, the Reubens have since transitioned into property, owning prime real estate across London, including iconic locations like Millbank Tower and the Burlington Arcade. <h2>2. Sir Leonard Blavatnik</h2>Net Worth: £29.246bn Sir Leonard Blavatnik, a Ukraine-born American-British billionaire, built his fortune through diversified investments in industries such as oil, gas, and media. A major shareholder in Warner Music Group, Blavatnik's wealth also stems from his private equity firm, Access Industries, which has stakes in a wide array of sectors including chemicals, technology, and real estate. <h2>1. <keyword id="675132" type="General" weightage="20" keywordseo="Gopi-Hinduja" source="Orion">Gopi Hinduja</keyword> &amp; family</h2><div type="image" title="PP Hinduja and Ashok P. Hinduja" agency="BCCL" msid="113051799" hostid="261" sizebytes="944901"></div>Net Worth:£37.196bn Leading the wealth rankings, the Hinduja family, under Gopi Hinduja's leadership, has a vast empire spanning banking, energy, automotive, and more. The Hinduja Group’s origins trace back to India, and today, the family's business interests are spread across 38 countries, with significant assets in the UK.

These are the top 25 richest people in Britain

OYO’s Ritesh Agarwal and Future Group’s Kishore Biyani did not make the cut this year to be among India’s richest billionaires

<ul><li>The value per share of Vedanta’s stake in Hindustan Zinc Ltd itself is ₹137 apiece and the book value of the was ₹178 as on Sept 30,2019 , according to a note from HDFC Securities.</li><li>Now, the minority shareholders have to approve the delisting at the given price and there should be twice the number of smaller investors in favour of the delisting than those against. </li><li>Voluntarily delisting cannot happen if minority shareholders do not sell their share. </li></ul>The shares of Vedanta Resources fell nearly a percent and a half on Tuesday morning (May 19) after the Board of Directors approved the delisting of the stock at ₹87.5 a piece. The process will cost $2.1 billion to buy out at least 90% of the shareholders at the current price. <div type="image" title="vedanta stock chart" msid="75818634" hostid="261" caption="&amp;lt;p&amp;gt;The value per share of Vedanta&amp;#8217;s stake in Hindustan Zinc Ltd itself is &amp;#8377;137 apiece. The book value of Vedanta as on Sept 30, 2019 was &amp;#8377;178, according to HDFC Securities.&amp;lt;/p&amp;gt;"></div> The promoter group currently owns 50.14% stake in Vedanta while the rest is held by institutional investors and minority shareholders. The promoter group has made an offer to acquire all the balance shareholding, at least 90% of all shares, for the voluntary delisting of the company from stock exchanges. <div type="Article" hostid="261" msid="75818116" title="Billionaires Azim Premji and Kiran Mazumdar Shaw argue against the labour ‘reforms’ in Indian states⁠— and they are not alone" mstype="2" mssubtype="0"></div> Is this a fair price? The value per share of Vedanta’s stake in Hindustan Zinc Ltd itself is ₹137 apiece. The book value of Vedanta as on Sept 30, 2019 was ₹178, according to a note from HDFC Securities to its clients. Therefore, the delisting price has to be a lot higher than the one decided by the Board of Vedanta. "The announcement of delisting comes at cyclical lows and we believe at a significant discount to the fair value, especially when oil, zinc, aluminum, lead all have taken a beating due to the pandemic and greenshoots of recovery have started emerging in China," broking firm Emkay said in a report dated May 13. <table style="width: 343pt;"> </colgroup> <tbody><tr> <td class="xl65" style="height:15.0pt;width:182pt">Brokerage</td> <td class="xl65" style="border-left-width: initial; border-left-style: none; width: 161pt;">Target price for Vedanta</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Motilal Oswal</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹85</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Emkay</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹112</td> </tr></tbody></table> What are the next steps? Now, the minority shareholders ⁠— there should be twice the number of smaller investors in favour of the delisting at the given price ⁠— have to approve this resolution through postal ballot. Agarwal, whose net worth is about $3.1 billion according to Forbes, will also need clearance from the regulators in India and the US as well as its creditors and stock exchanges. It will then set a final floor price and initiate a reverse book building process. What are the options for Vedanta's shareholders? For those who are not happy with the price offered by the promoters of Vedanta, not participating in the buyback is an option. "In case the delisting happens at a higher price, they still have the chance to offer the shares in six months post the actual delisting at the same price. In case the delisting fails, the shareholder does not lose anything; the shares are in the demat account and he has the chance to sell them in the market when the buyback offer is close to ending at a much higher price that the indicative offer price," HDFC Securities said. Voluntarily delisting cannot happen if minority shareholders do not sell their share. Who has enough muscle to protest? Big investors like mutual funds, foreign institutions, and the state-owned giant Life Insurance Corporation of India have enough stake to force a bargain. <div type="image" title="vedanta shareholding" msid="75809933" hostid="261" caption="&amp;lt;p&amp;gt;Vedanta promoters need to buy back at least 90% of all the shares in the market. &amp;lt;/p&amp;gt;"></div> "These institutions will expectedly play a role in ensuring that the delisting happens at a fair price which is much above the indicative delisting price of ₹87.50," the report added. <table style="width: 343pt;"> </colgroup> <tbody><tr> <td class="xl65" style="height:15.0pt;width:182pt">Mutual Fund</td> <td class="xl65" style="border-left-width: initial; border-left-style: none; width: 161pt;">Stake in Vedanta</td> </tr> <tr> <td class="xl66" style="height: 26.25pt; border-top-width: initial; border-top-style: none; width: 182pt;">ICICI PRUDENTIAL EQUITY ARBITRAGE FUND</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">5.03%</td> </tr> <tr> <td class="xl66" style="height: 15pt; border-top-width: initial; border-top-style: none; width: 182pt;">HDFC INFRASTRUCTURE FUND</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">2.47%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">SBI ARBITRAGE OPPORTUNITIES FUND </td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">1.12%</td> </tr></tbody></table>*Source: BSE What makes Vedanta more attractive is the recent reforms announced by the government, though the benefits will flow in over the long term. Some of the major highlights include: <ul><li>A seamless, comprehensive exploration-mining-production policy will be introduced for non-coal minerals like iron ore, bauxite etc. </li><li>The distinction between captive and non-captive mines and that will help transfer mining leases and the sale of unused minerals. Companies will be allowed to transfer the mining lease. </li><li>The Ministry of Mines is in the process of mineral index. Stamp duties will be rationalised at the time of auction. </li></ul> These policy changes may push investors to expect the shares to be more valuable in the long term and seek better price from Anil Agarwal. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/foreign-investors-fpi-sold-shares-despite-modi-20-lakh-crore-stimulus/articleshow/75807397.cms">Foreign investors sold shares worth over a billion dollars in the last four trading days⁠ while India was unveiling it’s ₹20 lakh crore stimulus</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/indusind-icici-bank-hdfc-bank-and-sbi-among-top-10-losers-in-nifty-bank/articleshow/75805726.cms">From IndusInd to ICICI Bank to SBI ⁠— banks were among the worst-hit despite the government pause on new bad loans</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/share-price-impact-on-hul-d-mart-maruti-tata-motors-as-per-goldman-sachs-china-data/articleshow/75786721.cms">Goldman Sachs’s China recovery data can spark hope for HUL and D-Mart, and make Maruti, Tata Motors and IndiGo more anxious</a>

Vedanta shareholders aren't thrilled⁠— stock slides after Board approved delisting at ₹87.5 a piece

<ul><li><keyword id="781" type="General" weightage="100" keywordseo="agarwal" source="Orion">Agarwal</keyword> donated the award money to a Canadian health charity working for the welfare of native Indians.</li><li>The mining tycoon lauded the achievements of the 1.6 million-strong Indo-Canadian community.</li><li>He said India and Canada have many similarities and they complement each other in many fields.</li></ul> <keyword id="28423" type="General" weightage="50" keywordseo="vedanta" source="Orion">Vedanta</keyword> founder Anil Agarwal was honoured with the Global Indian Award worth $50,000 by the Canada-India Foundation at its 15th annual gala here at the weekend. Agarwal donated the award money to a Canadian health charity working for the welfare of native Indians. Accepting the award at a star-studded gala event that included <keyword id="179419" type="General" weightage="50" keywordseo="ontario" source="Orion">Ontario</keyword> Premier <keyword id="275133" type="General" weightage="50" keywordseo="doug-ford" source="Orion">Doug Ford</keyword>, ministers and Indian consul general Apoorva Srivastava, the mining tycoon lauded the achievements of the 1.6 million-strong Indo-Canadian community in this country. "I have gone all over the world, but I have not seen the kind of bonding in the Indian diaspora anywhere that I see in Canada. Take your businesses to the skies and make Canada proud. You live in the best country in the world," Agarwal said. He said India and Canada have many similarities and they complement each other in many fields. "Together, the two countries can do phenomenal work." The Vedanta founder said India has been a poor country. "But the time has reversed. The $3-trillion economy is going to be a $30 trillion economy in the coming years. The middle class that is 20 per cent today is going to be 80 per cent in the next six-seven years. We are going to build 150 big cities in India. Indians may be 20 years behind Canada in terms of lifestyle, but their aspirations are so high that with a population of 1.4 billion you can just imagine the (sheer amount of) demand." Ontario Premier Doug Ford praised the Indian tycoon for this charity. "I cannot think of any more deserving person (for the award) than Anil Agarwal whose generosity has improved the lives of so many people. You are a role model and an inspiration, Anil," the Ontario Premier said. Welcoming Agarwal to the gala event, <keyword id="154015" type="General" weightage="50" keywordseo="canada-india-foundation" source="Orion">Canada India Foundation</keyword> chairman <keyword id="321083" type="General" weightage="50" keywordseo="satish-thakkar" source="Orion">Satish Thakkar</keyword> said, "Mr Agarwal's life story is one that should inspire every youngster growing up, to dream big and persevere to fulfill the dream. As a person who has pledged to give 75 percent of his wealth to charity, Mr. Agarwal is also a philanthropic role model for all. On behalf of CIF and all present, I extend a very very very warm welcome to Mr Agarwal." <keyword id="6360722" type="General" weightage="50" keywordseo="ratan-tata" source="Orion">Ratan Tata</keyword>, Dr A.P.J. <keyword id="5141" type="General" weightage="50" keywordseo="abdul-kalam" source="Orion">Abdul Kalam</keyword> and <keyword id="57060" type="General" weightage="50" keywordseo="deepak-chopra" source="Orion">Deepak Chopra</keyword> among the past recipients of the Global Indian Award started by this premier Indo-Canadian organization in 2007. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/appointment-on-compassionate-ground-concession-not-a-right-sc/articleshow/94615988.cms">Appointment on compassionate ground concession not a right: SC</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/seven-assembly-bypolls-in-six-states-on-nov-3-ec/articleshow/94615301.cms">Seven assembly bypolls in six states on Nov 3: EC</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/jiobook-a-4g-enabled-budget-laptop-is-expected-to-launch-soon-at-15000/articleshow/94613338.cms">JioBook, a 4G-enabled budget laptop is expected to launch soon at ₹15,000</a>

Vedanta founder Anil Agarwal honoured with Global Indian Award in Canada

Once worth $42 billion and sixth on Forber’s Billionaire Index, Anil Ambani pleaded poverty in a dispute against Chinese banks on Friday. He told a UK court that his “net worth was zero” according to <a href="https://www.bloomberg.com/news/articles/2020-02-07/ex-billionaire-says-net-worth-is-zero-in-680-million-loan-fight">Bloomberg</a>. This is despite the fact that he owns a fleet of cars, a jet, a helicopter and a yacht. However, he told the court that these possessions were owned by corporate entities rather than by him personally. As of 3 April 2019, Ambani net worth is around $1.7 billion. Three Chinese banks — Industrial and Commercial Bank of China (ICBC), China Development Bank and the Export-Import Bank of China — are suing Mukesh Ambani’s younger brother for defaulting on a loan that was given to <keyword id="46907" type="CITY" weightage="20" keywordseo="Reliance-communications">Reliance Communications</keyword>. The banks allege that the former Reliance Communications chairman owes them over $700 million (₹5,000 crore), which includes interest. Lenders to Reliance Communications are <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/rcom-lenders-likely-to-claim-up-to-rs-90000-crore/articleshow/69300246.cms?from=mdr">expected to claim</a> dues of up to ₹90,000 crore — double the ₹46,000 crore that the company owes. This is one of the highest demands from a company that’s become insolvent. Banki Thanki QC, the lead counsel for the Chinese banks, <a href="https://timesofindia.indiatimes.com/business/india-business/anil-ambani-tells-uk-court-his-net-worth-is-zero-despite-fleet-of-cars-private-jet-and-yacht/articleshow/74017394.cms">claims</a> that was “a dichotomy” between the younger Ambani’s claims of poverty and his lavish lifestyle. “One is bound to ask why he can’t arrange for his companies to sell those assets and use the funds to pay the courts,” said Thanki. Here’s Anil Ambani’s rags to riches story:

Anil Ambani's journey from $42 billion net worth to claiming poverty

New Delhi, Mar 1 () Mining baron Anil Agarwal, who was among the first to evince interest in bidding for Bharat Petroleum Corp Ltd (BPCL), says valuation of the firm is too high and his company Vedanta will evaluate bidding for it when the final bid document is out. At the close of trading on Friday, BPCL had a market capitalisation of Rs 92,464.40 crore. At this price, the government's Rs 52.98 per cent stake that is being sold in the country's largest privatisation exercise is worth about Rs 49,000 crore. The acquirer will also be required to make an open offer for another 26 per cent stake from minority shareholders which will cost another Rs 24,000 crore. "We certainly are interested in bidding but the valuations are too high," Agarwal told here. "The bid document is not yet out and we will carefully evaluate bidding once the offer document is out." He said share price has moved up 40-50 per cent since the time the government announced its plan to sell stake in November last year. "There are lot of synergies BPCL has with our business. I am the largest private oil producer in the country" and BPCL has refineries to process it and a network of petrol pumps to sell fuel produced from it, he said. "We will evaluate bidding (for BPCL), let's see." The government plans to sell its entire 52.98 per cent stake in BPCL that will give buyers ready access to 14 per cent of India's oil refining capacity and about one-fifth of the fuel market share in the world's fastest-growing energy market. "We are in oil business. We produce 30 per cent oil and gas of the country and this has natural synergies with BPCL," Agarwal said. A two-stage bidding process is to be followed for privatisation of BPCL, wherein request for proposal or RFP in the first stage will be followed by due diligence-cum-bidding by qualified bidders in the second phase. Privatisation of BPCL is essential for meeting the record Rs 2.1 lakh crore target Finance Minister Nirmala Sitharaman has set from disinvestment proceeds in the Budget for 2020-21 fiscal that starts April. BPCL operates four refineries in Mumbai (Maharashtra), Kochi (Kerala), Bina (Madhya Pradesh) and Numaligarh (Assam) with a combined capacity of 38.3 million tonnes per annum, which is 15 per cent of India's total refining capacity of 249.4 million tonnes. While the Numaligarh refinery will be carved out of BPCL and sold to a PSU, the new buyer of the company will get 35.3 million tonnes of refining capacity. It also owns 15,177 petrol pumps and 6,011 LPG distributor agencies in the country. Besides, it has 51 LPG (liquefied petroleum gas) bottling plants. The company distributes 21 per cent of petroleum products consumed in the country by volume as of March this year and has more than a fifth of the 250 aviation fuel stations in India. ANZ ABMABM

BPCL valuation high, evaluating bid: Anil Agarwal

New Delhi, Mar 29 () Metals and mining magnate Anil Agarwal has for the first time taken a board position on his flagship Indian firm, Vedanta Ltd, replacing his brother Navin.Agarwal, 66, who turned a tiny scrap metal business into a mining conglomerate, had so far headed the board of London-headquartered Vedanta Resources.The Indian flagship Vedanta Ltd houses its oil and gas, aluminium, power, iron ore, steel and copper business.In a statement, the company said Agarwal has been appointed "as the non-executive chairman of Vedanta Ltd".He replaces his brother Navin, who will now be the Executive Vice Chairman of the Board.The changes followed chief executive officer S Venkatakrishnan resignation. He was replaced by Sunil Duggal, current head of Vedanta unit Hindustan Zinc Ltd."The company will be run by a management committee comprising of CEO, CFO, CHRO and CCO who will take all key decisions collectively under the guidance of Chairman," the statement said.Besides the Agarwal brothers, Vedanta Ltd also has Anil's daughter Priya as a board director. His trusted lieutenant Tarun Jain is also on the board.Former Hindustan Unilever executive Arun Kumar GR is Chief Financial Officer.Anil Agarwal's other listed firm Hindustan Zinc Ltd is headed by his wife Kiran. He is the non-executive chairman of Sterlite Technologies Ltd, the only other Indian listed company in the group.All other group firms, Cairn Oil and Gas, Sterlite Cooper, Balco, Sesa Goa Iron Ore, Vedanta Aluminium and Electrosteel Steels Ltd are headed by chief executive officers.Ethnically a marwari from Patna, Agarwal came down to Mumbai as a scrap dealer in 1976 and went on to build an empire in copper, zinc, aluminum and iron ore. A school dropout, he founded Vedanta Resources and has been its Executive Chairman since March, 2005.In October 2018, Agarwal took Vedanta Resources private after paying more than USD 1 billion for the one third of the metals firm that he didn't already own.In 2017, he bought a 19 per cent stake in London-listed miner Anglo American through his family trust and sold it in 2019.Vedanta has previously stated that it would invest Rs 60,000 crore expansion of its zinc, silver and oil and gas business. ANZ BALBAL

Anil Agarwal for the 1st time takes board position on Vedanta Ltd

Reliance Anil Dhirubhai Ambani Group or abbreviated as Reliance ADA Group (ADAG) is headquartered in Mumbai. An Indian Conglomerate of companies, this establishment was formed in 2006 by Anil Ambani after the business of his father Dhirubhai Ambani was divided between him and his brother Mukesh Ambani. Following the split of Reliance Industries in December 2005, Anil Ambani got Reliance Infocomm, Reliance Energy and Reliance Capital. Here is an overview of top <keyword id="559059" type="PERSON" weightage="20" keywordseo="Anil-ambani-companies">Anil Ambani companies</keyword>. Reliance Infrastructure Formerly known as Reliance Energy Limited, Reliance Infrastructure Limited, and Bombay Suburban Electric Supply are Indian Private Sector Enterprises involved in power generation, defense, construction and infrastructure. Reliance Power Earlier, Reliance power limited was called as Reliance Energy Generation Limited. This company was created in order to establish, build, operate and maintain power projects in India and International markets. The company has the largest collection of power projects in the private sector in India that is based on thermal energy and renewable energy. Reliance Communications Reliance Communications is a highly popular network provider in India. In February 2019, this company went bankrupt as it could not sell its assets for the sake of repaying its debt. It was declared that the company has an asset worth of Rs.18,000 crores whereas the outstanding debts were Rs.50,000 crores. Reliance Capital Reliance Capital Limited is an India based financial services holding company with a diversified portfolio. A part of the Reliance Group, Reliance Capital is a constituent of Nifty Midcap 50 and MSCI Global Small Cap Index. Reliance Naval and Engineering Identified as R-Naval, Reliance Naval and Engineering Limited was formerly known as Reliance Defense and Engineering Limited. This company is headquartered in Mumbai and is involved with Indian Ship Building and Heavy Industries. This establishment has one of the largest engineering infrastructures in the country. This is the first company from the private sector to get a contract and license for building warships. Reliance Entertainment Reliance Entertainment Private Limited manages the media and entertainment business of the Reliance Anil Dhirubhai Ambani Group. The services of the firm range over content and distribution platforms. Kokilaben Dhirubhai Ambani Hospital Kokilaben Dhirubhai Ambani Hospital is a high-quality tertiary care medical facility situated in Versova, Mumbai, India. This 750-bed multi-speciality hospital was first initiated by Nitu Mandke as a full-fledged and large-scale heart hospital but faced a troubled existence after his death in 2003. Reliance ADA Group of Anil Ambani completed it and named it after his mother Kokilaben Ambani. In 2016, the hospital made an announcement that it will establish about 18 cancer-care centres in the rural regions of Maharashtra. In 2018, Kokilaben Hospital has conferred an award as the Best Multi-specialty Hospitals during the Navbharat Healthcare Awards Summit. Reliance Health Insurance Limited A part of Reliance Capital, Reliance Health Insurance is one of the leaders in the private health insurance sector of India. It has more than 139 offices across India. Affordable health insurance plans and a wide range of options to choose from are the unique distinguishing features of this company.

Here's a look at all the companies that Anil Ambani owns

<keyword id="6355267" type="General" weightage="20" keywordseo="mining" source="Orion">Mining</keyword> mogul <keyword id="6354819" type="General" weightage="20" keywordseo="anil-agarwal" source="Orion">Anil Agarwal</keyword> has said his <keyword id="28423" type="General" weightage="20" keywordseo="vedanta" source="Orion">Vedanta</keyword> group has ample cash flow to service all its <keyword id="44647" type="General" weightage="20" keywordseo="debt" source="Orion">debt</keyword> repayment obligations and that it aims to become a "net <keyword id="817349" type="General" weightage="20" keywordseo="zero-debt" source="Orion">zero debt</keyword> company" in 2-3 years. Agarwal said questions over Vedanta's debt servicing ability are "absolutely irrelevant" as the group will make USD 9 billion of profits next year on revenue of USD 30 billion, which would be sufficient to meet all obligations. The comments by the former scrap metal trader turned industrialist come at a time when scrutiny of highly leveraged Indian conglomerates grows following a US short seller attack on the Adani group. "We have the lowest debt in the world for a group of our size," Agarwal, founder, and chairman of Vedanta Resources, told PTI in an interview here. And the debt is a result of investing billions of dollars across businesses, he said. "Total debt in the company is USD 13 billion. And we have a profit this year of USD 7 billion. Next year our revenue would be USD 30 billion and we will have USD 9 billion profit" across the group. The cash flows are more than sufficient to meet debt servicing obligations. "We are very comfortable," he said. "We have never defaulted to make any payment. We always have a plan to make the payments." Earlier this week, Vedanta Resources Ltd, the parent company of Mumbai-listed mining giant Vedanta Ltd, said it has paid all its maturing loans and bonds due this month to reduce its gross debt by a further USD 1 billion. Vedanta has now reduced debt by a total of USD 3 billion since it announced in February 2022 its intention to accelerate deleveraging. It had announced plans to reduce debt by USD 4 billion within 3 years, of which it has achieved 75 per cent of the committed reduction in 14 months. Agarwal said it is "absolutely irrelevant" to talk about the debt payment capability of the group. The group, whose business spans from zinc to silver, iron ore to aluminium and oil and gas, borrows the bare minimum, and "we have enough cash flow to service that debt," he said. He went on to state that the group would be a net zero debt company in 2-3 years' time. "At the moment the plan is that in 2-3 years we will be a net zero debt company," he said hastening to add that the group may have to borrow in pursuit of its aggressive expansion plans. Diversified natural resources conglomerate plans building capacities in zinc, oil and gas, and aluminium businesses as it believes supply will remain a challenge in the commodities' space in the medium term. The group, which has already invested USD 35 billion in the country so far, plans to become a USD 100-billion company by 2030. Vedanta is also foraying into the manufacturing of semiconductor and display fabs and signed an initial pact with Apple supplier Foxconn to set up a manufacturing facility in Gujarat. India is 100 per cent import-dependent for fabs and semiconductors with domestic consumption expected to cross USD 80 billion by 2026 and touch USD 110 billion by 2030. "Yes 100 per cent within a maximum of 2-3 years time, we will be zero debt company. But we have to do a lot in India. We have to create semiconductors (factory), we have to create display glass (factory), we have to expand our copper (business), we have to expand our aluminium (business), we have to expand oil and gas (operations), this is important. At that point, we might have to take debt (but) we have no plan (as of now)," he said. S&amp;P Ratings on April 3 stated that Vedanta will likely have enough liquidity until December. US short-seller Hindenburg Research's damning report on billionaire tycoon Gautam Adani's infrastructure conglomerate this year triggered a stock market routing that had erased about USD 145 billion in his group's market value at its lowest point. Adani group has denied all allegations by Hindenburg and is plotting a comeback strategy. Agarwal dismissed concerns about paying upcoming liabilities, stressing his commodities businesses were generating enough cash to service debt. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/best-discounts-offers-and-deals-on-smartphones-laptops-and-electronics-items-in-amazon-sale-2023/articleshow/99815311.cms">Amazon Sale 2023: Bank discounts, offers, and deals on gadgets and more teased</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/how-to-grant-social-benefits-to-same-sex-couples-sc-asks-centre/articleshow/99815407.cms">'How to grant social benefits to same-sex couples', SC asks Centre</a>

Anil Agarwal makes 'zero debt' pledge, says 'very comfortable' servicing debt

<ul><li>Three business women have made it to the <keyword id="8204835" type="UNKNOWN" weightage="20" keywordseo="forbes-list-of-100-richest-indians">Forbes list of 100 richest Indians</keyword>. </li><li>Savitri Jindal the matriarch of the steel conglomerate OP Jindal Group is ranked 20 on the list, with a net worth of $5.8 billion. </li><li>Kiran Mazumdar Shaw, 66, is placed at the 54th spot on the list for Biocon, with a net worth of $2.38 billion. </li><li>Pharma owner Leena Tiwari of USV India was ranked 71 on the <keyword id="6373044" type="UNKNOWN" weightage="20" keywordseo="forbes">Forbes</keyword> list, with a net worth of $1.92 billion.</li></ul>Three business women have made it to the <a href="http://www.forbesindia.com/article/india-rich-list-2019/india-rich-list-2019-mukesh-ambani-dominates-adani-kotak-make-big-gains/55657/1">Forbes list of 100 richest Indians</a>. While half of the listees witnessed a drop in their net worth, Savitri Jindal of OP Jindal Group, Kiran Mazumdar Shaw of Biocon and Leena Tiwari of USV India featured on the list, again. As per a recent <keyword id="48085" type="COMPANY" weightage="20" keywordseo="Credit-Suisse">Credit Suisse</keyword> report, Indian female CEOs are at a dismal 2%.The few women in the rich list shows that even fewer made it all the way to the top. The list is topped by Reliance Industries’ chairman Mukesh Ambani for the 12th consecutive year who added $4.1 billion to his net worth. This is thanks to the growth in value after he launched telecom services with Jio. He is followed by Gautam Adani and Hinduja Brothers. Interestingly, the list featured six fresh faces — Byju Raveendran of Byju’s, Manohar Lal and Madhusudan Agarwal of Haldiram Snacks, Rajesh Mehra of fittings company Jaguar, and Samprada Singh of Alkem Laboratories. Savitri Jindal the matriarch of the steel conglomerate OP Jindal Group, was once Asia’s richest woman. She is ranked 20 on the list, with a net worth of $5.8 billion. Set up by her husband Om Prakash Jindal, India’s richest woman now holds a stake in JSW Steel and other mining industries. <div type="image" title="savitri" msid="71538574" hostid="261" caption="&amp;lt;p&amp;gt;Savitri Jindal, OP Jindal Group &amp;lt;sub&amp;gt;BCCL &amp;lt;/sub&amp;gt;&amp;lt;/p&amp;gt;"></div>

 Kiran Mazumdar Shaw, 66, founded and runs biopharmaceutical company Biocon. The female entrepreneur is placed at the 54th spot on the list, with a net worth of $2.38 billion. The company was also ranked in the top 20 global biotech employers. <div type="image" title="kiran" msid="71538599" hostid="261" caption="&amp;lt;p&amp;gt;Kiran Mazumdar Shaw, Biocon Limited &amp;lt;sub&amp;gt;Twitter/kiranshaw &amp;lt;/sub&amp;gt;&amp;lt;/p&amp;gt;&amp;lt;p&amp;gt;&amp;lt;sub&amp;gt;&amp;lt;br&amp;gt;&amp;lt;/sub&amp;gt;&amp;lt;/p&amp;gt;"></div>

 Yet another pharmaceutical company owner Leena Tiwari of USV India was ranked 71 on the Forbes list, with a net worth of $1.92 billion. The company, which was started as a joint venture with Revlon in 1961 is known for its diabetic and cardiovascular drugs.

Savitri Jindal, Kiran Mazumdar Shaw and Leena Tiwari — the only three women on Forbes list of 100 richest Indians

A UK court on Friday directed Reliance Group chairman Anil Ambani to pay USD 100 million towards a conditional order granted to three Chinese banks pursuing the recovery of over USD 680 million owed to them as part of a loan agreement. In what is in effect a deposit to be paid into court pending a full trial in the case, Judge David Waksman has set a six-week timeline for such a payment to be made as he concluded that he did not accept Ambani's defence that his net worth was nearly zero or that his family would not step in to assist him when "push came to shove". "In my overall conclusion, Mr Ambani has not satisfied me that he can't make any payment at all," said Judge Waksman, as he expressed particular criticism of a "lack of candour" and "transparency" on the part of Ambani's defence in reference to his financial means. The Reliance Group indicated that it plans to appeal against the ruling, which will involve a process of seeking permission to appeal. "Mr Ambani is reviewing the order of the UK Court and will take legal advice as to further remedies in appeal," a spokesperson for Anil Ambani said. "The order pertains to an alleged personal liability of Mr Ambani and will have no bearing on the operations of the Reliance Infrastructure Limited, Reliance Power Limited and Reliance Capital Limited," the spokesperson said. The banks - Industrial and Commercial Bank of China Ltd Mumbai Branch, on behalf of itself, China Development Bank and Exim Bank of China - welcomed the order and said they remain confident of their claim succeeding at trial. "This is a straightforward debt claim to recover outstanding loans made to RCom (Reliance Communications) in good faith and secured by a binding personal guarantee given by Mr Ambani, which he has refused to honour," a statement on behalf of the banks said. "We remain very confident in our claim. We hope that Mr Ambani will comply with the court's order and look forward to the swift resolution of the case at trial," the statement said. Another senior Reliance Group official added that based on the legal advice, the RCom chief intends to seek further remedies in appeal and is "confident" that he will have the opportunity to establish that the Chinese claim is "without any merit". Earlier, during a half-day hearing, the court was told that Reliance Group chairman Anil Ambani was a wealthy businessman and now he is not as a result of a "disastrous turn of events" in the telecom market in India. The Chinese banks had sought summary judgment against Ambani over an alleged breach of a personal guarantee on a debt refinancing loan of around USD 925 million in February 2012. Ambani, 60, denies providing authority for any such guarantee, resulting in the High Court action in the UK - the jurisdiction agreed to as part of the terms of the loan agreement. At the hearing at the Commercial Division of the High Court of England and Wales in London to set the terms for the "conditional order" granted to three Chinese banks last year against the Reliance Communications (RCom) boss, his legal team sought to establish that his net worth was zero once his liabilities were taken into account. "The value of Mr Ambani's investments has collapsed since 2012. The Indian telecom sector in particular has been dramatically hit by the Indian government's change of policy in relation to the grant of spectrum," notes his defence. "Whereas Mr Ambani's investments were worth more than USD 7 billion in 2012, they are now worth USD 89 million, and his net worth is zero once his liabilities are taken into account... Quite simply, he was a wealthy businessman, now he is not," said his barrister Robert Howe. The banks' counsel called Ambani's claims into question and repeatedly referred to his "lavish lifestyle". "So, Mr Ambani's assertion is that he is massively personally insolvent, is bankrupt. Has he filed for bankruptcy in India," questioned Justice David Waksman during the course of the half-day hearing. Ambani's legal team, including leading Indian lawyer Harish Salve, responded in the negative, followed by a brief reference in court to India's Insolvency and Bankruptcy Code (IBC) only recently coming into play. "The evidence overall is that Mr Ambani could not come close to paying a sum of USD 700 million into court," said Howe. The banks, represented in court by barrister Bankim Thanki, sought to establish that Ambani had been "at best economical with the truth" in his evidence statements to the court in relation to his financial means. They also pointed to a series of instances where Ambani family members had stepped in to bail him out, even as Ambani's defence sought to establish that their client had no access to the assets and shares under the name of his mother Kokila, wife Tina Ambani and sons Anmol and Anshul in the form of loans. "Are we seriously to believe that his own mother, wife, and sons can't help him in his hour of need for the purpose of complying with a conditional order," said Thanki, who claimed Ambani's evidence was akin to the proverbial "glossy lipstick on the pig" in terms of some "blatant" lies despite the burden of proof lying with him in the case. "ADA's (Anil Dhirajlal Ambani) brother Mukesh is widely regarded as the wealthiest man in Asia and is ranked by Forbes as the 13th richest person in the world and by Bloomberg as the 14th richest person in the world. He has an estimated net worth of USD 55 to 57 billion," notes the banks in court.

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