Singapore: The head of Reliance Industries, Mukesh Ambani, is once again the wealthiest person in India. His net worth is put at 32 billion dollars, an increase of 54 per cent from nearly 21 billion dollars last year, according to the latest Forbes’ India Rich List.
Trailing behind him are Lakshmi Mittal with a net worth of 30 billion dollars, up 46 per cent from 20.5 billion dollars, and Mukesh’s estranged brother, Anil, whose net worth of 17.5 billion dollars, 40 per cent, higher than before, put him in the third place.
A rebounding stock market that gained two-thirds in the past year and an economy growing at 6% have boosted the net worth of India’s richest people, according to the Forbes’ India.
The combined net worth of India’s 100 richest people is 276 billion dollars, almost a quarter of the country’s GDP.
Last year, there were only 27 billionaires on the India Rich List. This year, the number has almost doubled to 52 — two short of what India had at the peak of the stock market boom in 2007.
Naazneen Karmali, India Editor of Forbes Asia and Mumbai bureau manager for Forbes magazine, said: “Happy days are definitely back again for India’s richest. This year’s list shows yet again that when conditions in the financial markets and the economy are right, India has the scale and resources to produce billionaires faster than most of the countries on earth.”
Indrajit Gupta, Editor of Forbes India, said: “The substantial jump in net worth is clear evidence that entrepreneurial capitalism is alive and kicking in India. What’s more, the growth in wealth creation has been broad-based. Entrepreneurs from a wide variety of sectors comprise the list.”
Sunil Mittal has moved down from Number 4 to Number 8 and Azim Premji has moved up to Number 4 position. The Ruia brothers with a net worth of 13.6 billion dollars have made it to number 5 this year.
The richest newcomers are two brothers from Torrent Power -- Sudhir and Samir Mehta, ranked 23 at 2.02 billion dollars.
The Forbes India cover story highlights how 2009 has been a turnaround year for the rich in India. The list is an indicator of how India’s billionaires have done better than their counterparts in other parts of the world.
The three richest Indians are worth 79.5 billion dollars. It takes 24 Chinese billionaires to be worth 80 billion dollars.
Dear pitquote, perhaps you see things with a coloured glass.
How TATA companies work is best explained by the manner in which they tried to squeeze West Bengal govt for the NANO project. Hundreds of crores of govt money at interest free rate for 20 years and thereafter to repay the same in 21 year with just 1 percent interest. This is not including the crores of rupees of sales and commercial tax concessions and land worth hundreds of crores for a penny rate. So much so that in WB Govt cirles, it is said that the decision of TATA to quit was actually a blessing in disguise. TATA was able to arm twist the WB Govt to give fabulous concessions. Mamata will always be regarded as a saviour of West Bengal.
And all this fabulous concessions for a NANO which cannot withstand the safety and other standards for international sales.
We indians only see the external face and decide if a person or product is good or bad.
I am sure that if a deep dig is done, there will not be much to speak proud of infosys.
Tell us what was the wrong done by Reliance Inds or Mukesh. The products manufactured by RIL is better than the world standards and its products can compete with the best in the world.
pitquote - Sure that iy you are hones and a do-gooder then the rewards after you leave your body and this earth will be HEAVENLY.
That is God`s barometer and even I who support Mukesh & RIL cannot deny it.
This honest culture in our markets starts with Udayan Mukeherjee who destroyed Rama Linga Raju. Satyam? Rama Ling Raju? Such honest names? What happened?
Yet believe it or not I invested in RIL because of Udyan Mukeherjee and the Leadership Award bestowed upon RIL by CNBCTV-18 last year re-inforced my belief in Mukesh and RIL. For sure I was not investing MY money in an honest market so I was not expecting honesty for sure.
So on one side your company bestows a leadership award and on the other side Udayan Mukeherjee talks againt RIL and its lack of corporate governance.
So what are you trying to say and who are these guys kidding? Udayan Mukherjee? CNBCTV-18? FII Channel? Corporate governance from thes guys who advocate corporate governance?
To be honest pitquote the best advise that one can give instead of having to buy stock over-valued by 25% to prove your honest the best advise would be to stay out of this SATTA BAZAAR!
In India most of us have been brought up to do our own work and business and not to become part of a SATTA BAZAAR.
So if I told you taht you are a reash, reckless and compulsive gambler in the eyes of most Indians how would you like that.
TATAS, INFOSYS and MRF. All western culture if considered honest would have the most viscious and immoral culture that we double standard Indians have shunned.
So pick your poison but advise no one to be in this market no TATA, no INFOSYS, no MRF, no RIL and certainly no RCOM, RNRL and RPOWER.
Somehow all this illogical talk of honesty in our markets seesm to indicate from some of you guys that Anil Ambani must be the most pure and honest human being on earth.
GOLD FINGER - We readilly support a white skinned FII then our dark Indian. We are willing to give all or wealth to these white men and never have our own.
.....and the best latest topic against RIL. Better leave that gas & oil in the ground we prefer our poverty that much.
piquote - Also please consider. Should the number ONE market leader in it field in the world subject himself to a Q & A session with Udayan Mukeherjee. All those who fall in his trap are expected to LEAK all those juicy HONEST and DISHONEST secrets.
Being a market leader would Mukesh like to give all RIL secrets and that too honestly to the rest of the world?
Sometimes I just cannot understand Udyan Mukherjee and for that matter Mitali Mukherjee who have this habit of asking probing questions and taking the respective management to task.
Certainly if I have a successful business I would not like to be probed and I I don`t? Well I better not be Rama Linga Raju.
To tell you the 100% truth wise businessmen don`t encourage needless discussion which can even indirectly and remotely leak out secrets UNLESS they can press some advantage that they are lackin.
pitquote - I was prompted today by coming accross a discussion Udayan Mukeherjee had with some builder including the Brigade Group of Bangalore.
According to this builder they are re-investing in low income group housing which has huge potential and demand. Their group would be investing Rs 2,000 crores. What is the profit they can expect? 15% because they manage so well but after letting the cat out of the bag was quick to add that it was subject to market conditions.
What is the builder trying to tell? Is he unsure and trying to rope in investors and shareholders or is he telling teh truth? If he is telling the truth then he can expect a flock of builders new and old in this business.
15% nett profit margin? Phew? What is Mukesh Amabani doing with all the RIL liquidity?
Now RIL is also considering diversifying to low income housing projects.
Dear Goldfinger and Bush, thanks for your courtesy
If i cannot get along with my own brother- if i cannot give and taken with my own brother-
HOW YOU EXPECT ME TO GIVE AND TAKE FROM THE INVESTORS.
I EXPECT THEM TO DO SOME THING TO THE COUNTRY RATHER THAN EXPECTING COUNTRY TO DO EVERY THING FOR THEM.
I have not made any reference on their business administration and skills.
Cheers and thanks again for your courtesy.
(i am holding RIL shares from his father time and I find lot of difference. If you have attended the AGM in Shivaji Maidan- then you can really find the difference between father ambani and sons ambani.
Really pathetic and expect things turn around with right mediation than court settlement. The mediation settlement always goes long way than the legal settlement since legal settlement will always keep a long scar on the face of thse two brothers.
Sorry to jump in your deep discussions. However, surprised that view of Udyan Mukherjee or Mittali is used for decision making?!? They are doing their job, and it would have bias individual, organizational intentions etc. Views n opinions are with bias.. Awards etc, they need to validated with ground realities. I guess, that is what has happened.
lion407 - I am sorry to say but Udayan Mukherjee pays scant respect to some companies and their MDs and spokespersons but however goes gooh gah gah (rah rah for Mitali Mukherjee) on their favourites like INFOSYS. You must not just hear the dictum you must watch the expressions as well.
Line of question if they are pre-orchestrated should make matters even worse for this channel however most of the interviews are live based on spot news. I am watching ALL channels and find that even ET NOW is toeing their line with same or discarded so called experts. So I watch all channels look for signals and expressions and then take a market call quite accurately.
Positive calls are given well after the stock has run up and sell calls are given as soon as the stock is run down. That is trickery for sure.
All the time I have to listen and wonder as to why these experts are telling me to buy or sell as the case may be free of charge?
CNBCTV-18 conveniently does not report the court case if it does not favour Anil Ambani. The objective seems to be to tank RIL. It is well known that Shankar Sharma is Udayan`s best friend and Shankar Sharma has given SELL calls on RIL. Yes, if something adverse happens, RIL will tank however that adverse is not in sight at all.
Also Udayan Mukherjee`s moulds are clear on this MMB. Personally I have nothing against them however I do feel that there is a distint bias since they expect some ad revenues or FII interest in the stocks that they talk positive about.
VALIDATED WITH GROUND REALITIES? Yes please what are teh ground realities?
Now to the main response from you. Certainly. When they make a comment and focus a particular stock they expect to see the stock go up or down as they speak and quite often they get surprised to.
However markets DO react to CNBCTV-18 news.
What I am trying to portray in this market is focused on topic of honesty and dishonesty. Corporate governance and lack of it. In this regard who is to ask of the same from CNBCTV-18 who started all this nonsense which is irrelevant in the Indian context. Investments in India is nothing new to the FIIs and it is important that before we go after radical changes and create so much euphoria and doubts in the mind of investors that global markets recover first.
Also when we talk of content and quality we might compare their US counterpart and insist on better quality and content from this Indian counterparts.
pitquote - India is also in modern times mingled with globalisation. Fatherly, son and brotherly relations don`t matter anymore and maybe should not also.
We are now in midst of global problems and oil prices and GRMs are reacting to these problems. GOI has still not lifted the regulation of the price of diesel and petrol otherwsie instead of relying 70% on exports RIL could have relied more than 50% on domestic consumption.
Also GOI is seen lacking. There is talk of capital investment and you need not guess we are far far from achieveing anywehre that was required. Capital based companies still continue to languish.
Regarding the settlement in whatever form and by whatever means I hope will take place soon. What worries me is that all these years Anil Ambani has been thtreatening to disclose all DIRTY family secrets to the world at large. Can such a man ever settle down?
So that you are holding RIL shares of so many years I wonder why you did not sell them at Rs 3000+ and why you still don`t sell at Rs 2,100+ when you are so much against Mukesh and RIL and don`t value RIL at CMP? That is a BIG contradiction that you are living in otherwise you might live to regret it. I am short in the market at appropriate times and so well that has gone well for me. I am quite sure that Monday will present a BIG shorting opportunity on the NIFTY.
Be wise and take a call according to your feelings and comfort.
I have been noticing the bias of CNBC in general and the editor(s), Udyan / Mittali, in particular for some time now!! Not because you mentioned it - I have been noticing how the news related to RIL has been avoided / suppressed / delayed etc. Its crazy for Cnbc to overlook the largest co in India. May be there is something else involved. I am sure the anchors have blessing of top managment, else their jobs would be on line! Hence, in long term viewer-ship only would bring them to right path.
I agree with you `News` by CnbC or for that matter any other channel would have impact on market - but `views`? I frankly many time have gone opposite (not for sake of it, but based on my judgement, and very often its been opposite).
Shankar Sharma - with all the stuff which is out there in open, and being bear all the time (like pendulum swings and would hit your side sooner or latter) so, less said is better.
When I talked about ground realities - what I meant was, for award - they can not ignore RIL that easily. Hence, ground reality hit them, else bias would have come out too much in open.
lion407 - Well in agreement. My main concern at this point of time is not how we take call on individual stocks which should be based on our own fundamentals and comfort levels.
This market is certainly not for retail investors especially intrady. You will have to be very luck to make anything.
My main concern is that of CNBCTV-18 about the negative sentiments spread in matters of family owned business and corporate governance. Also the manner in which particularly anchors of CNBCTV-18 take up with management of certain companies with scant respect. It somehow does not sound right.
Also corporate governance cannot be to a point that the management has to come to the doorsteps of CNBCTV-18 and let out all their business secrets.
Why should RIL talk about specific acquisition interest even before it has happened for example. Unlike INFOSYS RIL does not come out with hefty guidance if any guidance at all. Played down guidance is as much bad for investors and shareholders. If you have to give guidance you must be accurate with your words.
RIL sort of gives guidance in their AGMs however very soft spoken and nothing euphoric either. So at least here RIL is seen as good if not better than INFOSYS.
I only hope that we have proper unbiased quality news media and if CNBCTV-18 can deliver so be it.
I am neither against anil or mukesh. I am against their attitude- just simple language.
Holding: i am holding many shares which has seen two and three generation.
Reliance is only second generation
MRF is third generation
Tata: I hold five tata sons.
So selling for the sake of getting few thousands is not the question. I am not interested to disturb my long term planning. Even if it goes to 10000.00 i am not here to sell it. (after all- now it most of them are free of cost) Even what i got from them i had an opportunity to go into Infosys at 48.00 and you must be knowing the pretty value of it.
Lastly: MRF: i have no intention of selling since I will be loosing many other benefits which MRF is extending to their intial investors. (like discount coupon etc) i have written brief in MRF counter.
SO I WILL LIVE WITH IT. HOPE ANIL PRODIGY AND MUKESH PRODIGY DO SOME THING GOOD FOR THE COUNTRY
TOGETHER LET THEM PROSPER
TOGETHER WE PROSPER
(I Was even so much frustrated: i had a wish: RIL GROUP TO BE NATIONALISED) I think you can remember. I prefer to put the national interest rather than selfish interest though i pretty well know that my holdings will depreciate in value.
AS SUCH THERE IS NO NEED FOR ME TO TAKE ANY CALL IN RELIANCE GROUP SINCE I HAVE SOME SUBSTANTIAL HOLDINGS AND DO NOT WISH TO ADD ANY FURTHER.
pitquote - Nationalisation is always welcome for new initiatives GOI must undertake especially where subsidy is required. How can a private enterprise subsidise.
Whereas some of you wanted nationalisation as a punishment to RIL I recommended nationalisation to punish GOI and put sufficent liquidity and resources for RIL to do some other business.
Anyway nationalisation would put our nation yet another 50 to 100 years back in time unless RIL had some role to play for the experience gained.
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