The tycoons of India: the richest families in the country

6 June 2024 - 17:00

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Who are the scrooges of India? What are their businesses? Here is a concise list of the most influential families in the Asian nation.

The tycoons of India: the richest families in the country

Anant Ambani, 29 years old, younger son of the Indian billionaire Mukesh Ambani - one of the richest men in the world - will marry Radhika Merchant, peer and daughter of the industrialist Viren Merchant, CEO and vice president of Encore Healthcare, a global contract manufacturer in the pharmaceutical industry.

Two of the most powerful families of India therefore await, with anxiety and trepidation, to witness the union of their scions in a golden wedding. The appointment is scheduled for July 12th in Mumbai. Meanwhile, Ambani Jr kicked off a pre-wedding party by organizing a dream cruise in the Mediterranean Sea.

The ship, with hundreds of guests on board - almost all of them prominent personalities, such as Bollywood actors or bigwigs of the Indian economy - set sail from Palermo and, after a few intermediate stops, stopped in Portofino. The cruise, which among other things hosted the Backstreet Boys (for a live concert) and also Mark Zuckerberg and Bill Gates, according to Indian newspapers has well exceeded 130 million euros.

Aside from the colorful news and the fact that Indian tycoons appreciate the Italian landscape, this news offers the perfect assist to shine the spotlight on India’s elite. Who are the country’s scrooges? What are their businesses? Here, therefore, is a concise list of the most influential families - and men - of the Asian nation.

All at Ambani’s feet

Ambani: a surname, a guarantee. In India, his family is a true institution. Mukesh Ambani is not only the richest man in his country: he is the richest in Asia. He is the chairman and largest shareholder of Reliance Industries Limited (RIL), India’s largest private company - with revenues of approximately 19.976 billion dollars and profits exceeding 2 billion – active in the petrochemical, petroleum, natural gas exploration, telecommunications, and retail sectors.

Mukesh joined the ranks of RIL, founded by his father, as a young man and diversified it into a sprawling behemoth. His net worth is subject to fluctuations influenced by various factors, such as stock market performance and business developments. However, it should be around 116-117 billion dollars.

India’s other heavyweight: Gautam Adani

The Ambani family’s nemesis is the Adani family. Gautam Shantilal Adani is known for being the founder and chairman of the Adani Group. This multinational conglomerate is involved in port operations and development in India. The Adani Foundation, founded by Gautam Adani in 1996, has his wife, Priti Adani, as its president.

The group’s business interests span various sectors, including ports, airports, power generation and transmission, and green energy. Adani is recognized as India’s largest airport operator and also controls the Mundra port in Gujarat, the largest in the country.

In January 2023, Hindenburg Research, a US company, accused Adani and his companies of financial fraud and stock market manipulation. After the report was released, shares of Adani Group companies had over $120 billion in their market value. The alarm would then go away. Adani’s estimated net worth? About 80 billion dollars.

The other tycoons of the country

There is a real abyss between Ambani-Adani and the other scrooges of India. Shiv Nadar, founder of HCl Technologies, one of the largest IT companies, is in third place among the richest men in his country with “just” 36 billion dollars. With 21 billion dollars we therefore find Cyrus Poonawalla, the founder of the Serum Institute of India, one of the largest vaccine producers in the world. The life of Poonawalla - who rose to prominence during the COVID-19 pandemic for the role played by his company - is closely linked to the pharmaceutical industry, vaccine production, and product service globally.

We then mention Kushal Pal Singh, president of DLF Limited, one of the largest Indian real estate companies (assets: approximately 21 billion dollars), Kumar Mangalam Birla, an Indian industrialist and president of Aditya Birla group (19 billion dollars), Radhakishan Damani, founder of Avenue Supermarts Limited, head of the famous retail chain D-Mart (17 billion) and Lakshmi Mittal , president and CEO of ArcelorMittal, the largest steel producing company in the world (16 billion). The next Indian scion who may choose to celebrate his wedding in Italy will presumably be part of one of the families mentioned.

Original article published on Italy 2024-06-09 06:48:00. Original title: I tycoon dell’India: quali sono le famiglie più ricche del Paese


# Asia
# India

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