Indians Proud: The Top 10 Richest People in India in 2023

The top 10 richest people in India in 2023

Name & India RankGlobal RankNet worth (US$)Company
#1 Mukesh Ambani15$94.3 BReliance Industries
#2 Gautam Adani16$72.2 BAdani Group
#3 Shiv Nadar46$31.2 BHCL Technologies  
#4 Savitri Jindal & family51$29.0 BJSW Group
#5 Cyrus Poonawalla79$22.1 BSerum Institute of India
#6 Dilip Shanghvi89$20.1 BSun Pharmaceutical Industries Ltd
#7 Kumar Birla96$18.7 BAditya Birla Group
#8 Radhakishan Damani100$18.0 BDMart, Avenue Supermarts
#9 Lakshmi Mittal107$16.5 BArcelorMittal
#10 Kushal Pal Singh117$15.1 BDLF Limited

Mukesh Ambani

  1. Age: 66 Years
  2. Net Worth: $89.7 B   
  3. Source of Wealth: Reliance Industries Ltd

Mr Mukesh Ambani, the Managing Director and Chairman of Reliance Industries, is India’s wealthiest individual. As reported by Forbes, Reliance Industries has a revenue of over Rs 8 lakh crore ($104 billion). It is involved in diverse sectors such as petrochemicals, oil and gas, retail, telecom, and more. Ambani’s three children, Akash, Anant, and Isha, are actively involved in managing different divisions of the conglomerate.

Gautam Adani

  1. Age: 61 Years
  2. Net Worth: $51.7 B   
  3. Source of Wealth: Adani Group

Gautam Shantilal Adani, an Indian billionaire industrialist, is renowned as the founder and chairman of the Adani Group, a multinational conglomerate that is involved in port operations and development within India. The Adani Foundation, established by Gautam Adani in 1996, has his wife, Priti Adani, serving as its chairperson. The group’s business interests encompass various sectors, including ports, airports, power generation and transmission, and green energy. Adani is recognised as India’s largest airport operator and also controls Gujarat’s Mundra Port, the country’s largest.

In January 2023, Hindenburg Research, a U.S. firm, accused Adani and his companies of financial fraud and stock market manipulation. After the report was released, the stocks of Adani Group companies have been in free fall, resulting in a wipeout of over $120 billion in their market value.

Shiv Nadar

  1. Age: 78 Years
  2. Net Worth: $29.1 B   
  3. Source of Wealth: HCL Enterprise

Shiv Nadar is the proprietor of the HCL group. HCL boasts renowned clientele such as Cisco, Microsoft, and Boeing. In recognition of his remarkable contributions to the IT industry, Mr Nadar was bestowed with the Padma Bhushan, India’s esteemed third-highest civilian distinction, by the Indian government in 2008. Mr Nadar is a highly respected philanthropist, donating Rs 1,161 crore in late 2022.

Savitri Jindal & family

  1. Age: 73 Years
  2. Net Worth: $25.3 B   
  3. Source of Wealth: O.P. Jindal Group

Savitri Jindal is an Indian politician and entrepreneur who holds the esteemed position of emeritus chair at the O.P. Jindal Group. The various divisions of the business are run by her four sons: Prithviraj, Sajjan, Ratan and Naveen Jindal. Further, JSW Sports, the sports division of the JSW Group, operates as part of the conglomerate that spans India, the USA, South America, Europe, and Africa. Its objective is to actively contribute to developing a vibrant sports ecosystem in India. Savitri Jindal is the richest woman in India.

Cyrus Poonawalla

Billionaire Cyrus Poonawalla, chairman of Serum Institute of India Ltd., sits for a photograph in Pune, Maharashtra, India, on Monday, May 4, 2015. Serum, Asia’s largest vaccine maker, will look at a possible merger with generic drugmaker Cipla Ltd. if the European venture between the two companies succeeds. Photographer: Sanjit Das/Bloomberg via Getty Images
  1.     Age: 82 Years
  2.     Net Worth: $21.2 B   
  3.     Source of Wealth: Serum Institute of India

Cyrus Poonawalla, a prominent figure in vaccine development within India, stands as the primary beneficiary of the expanding sales and earnings through his ownership of the privately held Serum Institute of India. Assisting him in its management is his son Adar. The institute is headquartered in Pune. Notably, the Serum Institute has the prestigious title of being the world’s largest vaccine manufacturer. The recent increase in Cyrus Poonawalla’s wealth can largely be attributed to the widespread utilisation of the Covid-19 vaccines developed by the SII.

Dilip Shanghvi

  1.     Age: 67 Years
  2.     Net Worth: $19.5 B   
  3.     Source of Wealth: Sun Pharmaceuticals

Dilip Shanghvi is a prominent Indian business tycoon and the visionary behind Sun Pharmaceutical Industries, the first Indian pharma company with a $5 billion valuation. He grew Sun through a series of acquisitions, the biggest of which was the 2014 purchase of scandal-tainted rival Ranbaxy Laboratories for $4 billion.

Radhakishan Shivkishan Damani

  1. Age: 68 Years
  2. Net Worth: $16.6 B   
  3. Source of Wealth: Avenue Supermarts Limited

Radhakishan Shivkishan Damani, an Indian entrepreneur and prominent investor, is renowned as the founder of Avenue Supermarts Limited, which runs more than 200 DMart stores in India. Additionally, he exercises control over his investment ventures via his company, Bright Star Investments Limited.

Kumar Mangalam Birla

  1. Age: 56 Years
  2. Net Worth: $17.8 B   
  3. Source of Wealth:  Hindalco Industries

Recognised as a prominent figure in the field of commodities, Kumar Birla assumes leadership over the Aditya Birla Group. Apart from its involvement in the aluminium and cement sectors, the group also provides financial services. Birla also held the role of the non-executive chairman of the Vodafone Idea telecommunications company; however, he stepped down in 2021 as the entity got riddled with more debts. As of 2023, the company has appointed Birla as a non-executive director.Recently, Birla’s children, Ananya and Aryaman, have joined his board of flagship companies. Birla expects them to bring fresh ideas, passion, and energy to the business.

Lakshmi Mittal

  1.     Age: 73 Years
  2.     Net Worth: $15.2 B   
  3.     Source of Wealth: ArcelorMittal

Lakshmi Mittal is the current Chairman and CEO of ArcelorMittal—renowned as the largest global steel manufacturer. In 2019, in collaboration with Nippon Steel, ArcelorMittal successfully acquired Essar Steel for $5.9 billion, a company previously owned by Shashi and Ravi Ruia. In 2021, Mittal passed on the CEO role to his son, Aditya Mittal, while maintaining his position as the executive chairman of ArcelorMittal. Russia’s recent invasion of Ukraine caused ArcelorMittal to stop production at its Kryvyi Rih facility in Ukraine.

Kushal Pal Singh

  1. Age: 92
  2. Net Worth: $13.7 B
  3. Source of Wealth: DLF Limited

Property baron Kushal Pal Singh is chairman emeritus of DLF, India’s biggest listed real estate firm by market cap. Singh is an army veteran. He joined DLF’s a company started by his father-in-law in 1961 and served as chairman for more than five decades.

Uday Kotak

  1. Age: 64 Years
  2. Net Worth: $13.2 B   
  3. Source of Wealth: Kotak Mahindra Bank

Uday Kotak, a prominent figure in India, holds the esteemed Founder and Managing Director position at Kotak Mahindra Group. In 2020, Uday Kotak decided to dilute his stake in the bank for greater regulatory flexibility and improved compliance. As for succession plans, Uday Kotak has been grooming his son, Jay Kotak, to take on a leadership role within the organisation.

Who are the top 10 richest people in the world?

The top 10 richest people in the world (as of August 21, 2023) are:

  1. Elon Musk
  2. Bernard Arnault & family
  3. Jeff Bezos
  4. Larry Ellison
  5. Warren Buffett
  6. Bill Gates
  7. Larry Page
  8. Sergey Brin
  9. Mark Zuckerberg
  10. Steve Ballmer

Forbes India

Pre-Market Information : HDFC Bank, HCL Technologies, Maruti Suzuki, Ultratech and others will be in focus today

Indian markets are going to open amid mixed global cues. US markets closed mixed on Friday. Today US markets will be closed on for the Martin Luther King Jr. Day. This week BoA, Goldman Sachs, Netflix, P&G, and Microsoft will announce results. The Dollar Index inches higher.

However, the Asian markets trade mixed as investors wait for China’s GDP data. On the other hand, Omicron cases found in Beijing too. 

Our Indian market scenario looks mixed. SGX Nifty indicates a gap-down for our markets. 

On Friday and Saturday, HCL Technologies and HDFC Bank posted results. 

The following stocks will be in focus today:

HCL Technologies: This IT major posted a profit of Rs 3,442 crore for December 2021 quarter, up 5.4% QoQ and a revenue of Rs 22,331 crore, up 8.1% QoQ. 

Morgan Stanley raised target price to Rs. 1450. Nomura raised its target price to Rs. 1580. UBS gave a sell call with a target price Rs. 925It also entered into a partnership with a Hungarian data engineering services company, for $ 42.5 million. 

HDFC Bank: The bank posted higher standalone profit at Rs 10,342.2 crore in December 2021 quarter against Rs 8,758.3 crore in December 2020 quarter. Its net interest income was up Rs 18,443.48 crore from Rs 16,317.61 crore YoY. 

Most of the brokerage firms gave either BUY or OUTPERFORM calls. The target price ranges between Rs. 1950 to Rs. 2100. On Friday, the stock closed at Rs. 1545.15.

Maruti Suzuki: It said the prices of its product range wil be raised by 1.7% from Saturday.

Apollo Tyres. It buys 27.2% stake in CSE Deccan Solar for Rs. 9.33 Cr.

Castrol: It will consider a dividend for FY ended Dec.31, 2021 on Feb 7.

Oil India: It sells its stake in the Niobara shale asset in the U.S. for $ 25 million. 

PB Fintech: It will buy 100% stake in Visit internet for Rs. 22.41 Cr.

RBL Bank: It hires a search firm, an external expert for the selection process of CEO. 

Hero MotoCorp:  It approves an investment of  Rs 420 crore in Ather Energy Private Limited.

Cement major Ultratech will post results today. Other important results include Angel One, Tatva Chintan Pharma Chemicals, Tata Steel Long Products, Sonata Software, etc.

 

 

 

 

Pre-Market Information-Reliance Industries, Titan, HCL Technologies, Tata Motors, and others will be in focus

The U.S. markets were down yesterday. The FED indicated the rate hikes. The European markets ended lower. The Asian markets are in red. SGX Nifty also indicates a gap-down for Indian markets. 

The following stocks will be in focus today: 

Tata Motors: Its global wholesales rose to 2% QoQ. Its commercial vehicles wholesale rose to 14% YoY, while its passenger vehicles wholesale down by 3% YoY. 

Reliance Industries: It signed an MoU with the Gujarat government for an investment of Rs. 5.95 lakh Cr in Green and renewable energy projects. 

Datamatics: The company entered a partnership with PSI Services.

Titan Company: Ace investor Rakesh Jhunjhunwala increases his stake to 4.02% during Q3 FY22.

EaseMyTrip: The company recommends a bonus issue of 1:1.

Visaka Industries: The company will consider an interim dividend declaration on January 22nd.

Orient Electric: The company to consider the declaration of interim dividend on January 20th.

Vodafone Idea: The company enters into a partnership with US-based Ciena to revamp its national broadband networks for 5G services.

Ircon International: The company forms a JV Ircon Renewable Power Company. 

Hindustan Aeronautics: ICRA upgrades it’s long-term rating from AAA to AA+. It also upgrades its outlook from ‘positive’ to ‘stable’.

IT major HCL Technologies to declare it’s Q3 results today. 

Pre-Market Information-Reliance, HCL Technologies, Lupin, Titan, and Escorts in focus

Global markets were in red yesterday. However, this morning the Asian markets are showing positive signs. Additionally, the US stock futures are in green. SGX Nifty also showing a gap-up for Indian markets.

LUPIN: After Dr. Reddy’s and Aurobindo Labs, Lupin also launches Molnulup, a Covid Drug based on Molnupiravir.

ZEE LEARN :Zee learn has a mixed story. On one hand, Spring Ventures acquired 50 lakh equity shares in the company at Rs 19.57 per share. On the other hand, IndusInd Bank Ltd Client A/C sold 71,32,775 equity shares in the company at Rs 17.77 per share, and Morgan Stanley Asia (Singapore) Pte – ODI sold 47,69,108 equity shares in the company at Rs 18.44 per share, as per the bulk deal data on NSE.

HINDUJA GLOBAL SOLUTIONS: This process management player has approved Rs 150 per share interim dividend. The board approved 1:1 bonus share issue.

HCL TECHNOLOGIES: HCL Tech in focus as it acquires 51% stake in  German IT Consulting Company, Gesellschaft für Banksysteme GmbH (GBS).

ESCORTS: Ace investor Rakesh Jhunjhunwala increased his stake in the company from 4.75 percent in September 2021 to 5.22 percent in the quarter ended December 2021.

RELIANCE INDUSTRIES: The major conglomerate’s retail wing Reliance Retail bought 25.8 percent in Dunzo for $200 million.

TITAN: Company said that its Jewellery segment grown 16% and Eyewear & Wathes up 28% in respectively, in Q3.

As the US stock futures inch higher and Asian Markets are in green, our markets may also show positive signs.