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collector’s edition 2016 5- c o v e r


Price rs. 300. december 21, 2016

collector’s edition 2016
december 21, 2016

second forbes
highest india
wealth rich list
(in % terms)
Rank 35

AjAy pirAmAl piramal group
collector’s edition 2016
december 21, 2016

richest forbes
self - made india
rich list
woman 2016

Rank 65

collector’s edition 2016
december 21, 2016

returnee forbes
rich list

Rank 89

viKAS oberoi
oberoi realty
collector’s edition 2016
december 21, 2016

entrants forbes
rich list

Rank 95

( l - r ) d i vya n k a n d
b h av i n t u r a k h i a

Welcome to the

Tablet Edition
The 100 richesT indians

(l e t t e r fro m th e e dito r)

The Billionaires Club

while the bansals of flipkart fail to make the cut,
the turakhia brothers debut on the rich list this year

s India seeks to and Vikas Oberoi of Oberoi Realty
free itself from the also makes a comeback to the list.
shackles of red tape The distribution of wealth within
and stakes claim in the top 100 continues to improve,
the ease-of-business with the top 20 contributing 52
sweepstakes, the percent of the aggregate wealth.
unleashing of entrepreneurial This is particularly significant, given
energies is in evidence. The that the share of the top 20 stood at
2016 Forbes India Rich List, the a much higher 70 percent in 2009.
definitive listing of the country’s If the entry of Sachin and Binny
100 wealthiest, sees a record cut-off Bansal was the big news from 2015,
this year at $1.25 billion, up from this year sees the two Flipkart
the previous year’s $1.1 billion. founders drop out of the top 100,
The aggregate wealth of India’s reflecting the reality check being
100 richest people has gone up to witnessed by the Indian ecommerce
$381 billion, up 10 percent in line sector. But it’s not as if the emerging
with the movement of the markets sectors aren’t represented: Bhavin
over the same period. The higher and Divyank Turakhia of Directi best,
cut-off means fewer newcomers— make their debut, propelled by the
only six—this year. The top five spectacular $900 million sale of
slots are occupied by Mukesh their ad-tech firm As
Ambani (who leads the list for new ideas and ventures emerge, Sourav MajuMdar
the ninth consecutive time), Dilip fresh faces such as these are likely editor, Forbes India
Shanghvi, the Hinduja brothers, to continue to find a place in the list.
Azim Premji and Pallonji Mistry. Aside from the number-
Slice and dice the list a little and crunching and the stories behind @TheSouravM
some interesting facets emerge. the billions, this collector’s issue
While the pharmaceuticals sector brings you rare pictures of the
and diversified businesses throw tycoons from their personal albums.
up the most number of billionaires, We also highlight the ten most
the government’s focus on influential billionaires on Twitter
infrastructure and housing has led and some of their most popular
to huge gains for the cement and tweets, which give a glimpse into
paints sector. Benu Gopal Bangur of how they view important events
Shree Cement, for instance, powers and issues. Chief Photo Editor
into the top 15 for the first time, Vikas Khot and Design Director
while Ashwin Dani of Asian Paints Anjan Das then join hands with
adds over $1 billion to his wealth. consulting fashion director Yatan
Despite the challenges in the real Ahluwalia to present some of
estate sector, Kushal Pal Singh of the latest trends in fashion and
DLF is the top wealth gainer in grooming. After all, success, wealth
percentage terms, buoyed by news and style must go hand in hand.
of a stake sale plan in his rental arm, Happy reading!

december 21, 2016 forbes india | 7

Contents / december 21, 2016 ● Volume 8 Issue 23

the 54

(q u i c k ta k e s )

The biggest gainers and losers

Six billionaires who made their
debut on the list

The 13 who failed
to make the cut this year

(t h e l i s t)

How the right call changed
fortunes for billionaires

Parsing the numbers for
the rich and the famous Piramal group chairman ajay Piramal has managed to avoid any serious misstep

( p r o f i l e s)

Her business canny and resilience
has helped Kiran Mazumdar-Shaw
build Biocon into a global force
to reckon with


By taking a path less travelled,
Ajay Piramal has built a diversified
empire of successful businesses
54: Joshua NaValkar; 48: bmaxImage

Vikas Oberoi has transformed
his father’s small firm into
India’s second-most valued real
estate developer

kiran mazumdar-shaw, chairperson and md of biocon, is not afraid of sharing her strong views

8 | forbes india december 21, 2016


How to make money
without yearning for it,
the Azim Premji way


From Rs 1,200 and a long-term
vision in tow, Rajesh Mehta
has built a multimillion-dollar
jewellery enterprise

The auto tycoon is carrying
forward his father’s legacy of
transformative mass travel

Toying with tech from a tender age
has made the Turakhia brothers
young billionaires

114: Joshua NaValkar; 128: bmaxImage; 134: selVaPrakash lakshmaNaN for forbes INdIa; 160: arINdam mukherJee for forbes INdIa
Vikas oberoi, oberoi realty’s chairman and md, uses the principles of karma to build a brand

How the Goenkas of the Welspun
Group ripped a centre seam and fell
off the list

( i n t e r v i e w)

The entrepreneurship scene in India
is alive and kicking, feels Infosys
co-founder NR Narayana Murthy

(b i g e x i t)


A year after their debut,
the Bansals of Flipkart
are out of the list. 78
Here’s why
rajesh mehta, founder and executive chairman of rajesh exports, is shy of flaunting his wealth


Infosys co-founder Nr Narayana murthy is impressed with new ideas Prashant bangur, joint md of shree cement, learnt a lot from his father

december 21, 2016 forbes india | 9

the 100 richest indians Contents

models at their stylish best while attempting the billionaire look


(o b i t u a r y) (p h oto f e at u r e )


A look into the albums
For Brijmohan Lall Munjal,
of some of India’s billionaires
honesty and integrity
were essential to building
(t w i t t e r ta l k )
a successful business
(next g e n) The 10 most influential
business leaders on Twitter
FOUNDATION (s t y l e)
How Prashant Bangur
cemented his position in 104 | THE STYLE MEISTERS
his father’s company How to master the billion-dollar look

We value your feedback.

Write to us at:  letters may be edited for brevity.
read us online at
cover Typography: anjan das
on the cover & this page: Joshua Navalkar (ajay Piramal, Vikas oberoi);
bmaximage (kiran mazumdar-shaw); eric millette for forbes India (Turakhia
brothers) digital Imaging by: sushil mhatre

emami co-founder radhe shyam agarwal and wife in kashmir REGULARS 114 | THOUGHTS
104: VIkas khoT

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10 | forbes india december 21, 2016

The 100 richesT indians

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december 21, 2016 forbes india | 11

The 100 richesT indians

( q u i c k( pta
r okfeisl)e s )

The Wealth
taking account of those who struck highs
and hit lows over the last year
By Salil Panchal

/ The BiGGesT Gainers /

ajay Piramal
+ $2.20 bln (84.62%)
Rank 22; 12 places

Kushal Pal Singh, who set up India’s

largest real estate developer DLF,
is the highest gainer in the 2016
Forbes India Rich List in terms of
percentage rise in wealth—it is up to
$4.8 billion in 2016 from $2.6 billion
in 2015. The jump in fortunes has been
fuelled by the rise in the DLF stock—
up 26.8 percent since September,
2015—after the board had last year
cleared a proposal through which the
promoters would sell 40 percent of
their stake in commercial property
development arm DLF Cyber City
Developers to institutional investors.
The proceeds of the stake sale—
estimated to be Rs 12,000 crore—
would be used to help the company
lower its debt of Rs 22,487 crore for
the quarter ending June 30, 2016.
The process has started; Blackstone
Group and GIC of Singapore are
believed to be among the bidders. 1.78 billion in 2015). His fortunes have a time when others have shied away
soared as the shares of his flagship and due to a sluggish growth trajectory.
AJAY PIRAMAL, Piramal Group holding company Piramal Enterprises (See Eye on the Prize, page 104)
+$1.47 bln (82.58%) Ltd (PEL) have risen (around 116.16
Rank 35; 27 places percent since September last year) VINOD & ANIL RAI

Ajay Piramal, chairman of the on the possibility that its financial GUPTA, Havells India
diversified $3.2 billion Piramal Group, services business could be spun +$960 mln (61.54%)
JoShua navalkar

is the second highest gainer in the 2016 off and listed separately in coming Rank 46; 28 places

Forbes India Rich List, both in terms years. The financial services arm is Vinod and Anil Rai Gupta are the
of rank (he was No. 62 in 2015) and in involved in wholesale lending to real highest gainers by rank in the 2016
terms of percentage rise in wealth ($ estate projects across major cities, at Forbes India Rich List, rising 28 places

12 | forbes india december 21, 2016

The 100 richesT indians

this year to No. 46. Vinod is the wife have spurred the growth of paint raised Rs 1,993.44 crore through the
of Qimat Rai Gupta, who passed away companies in India over the past year. issuance of 6.28 crore shares
in November 2014, and first appeared to qualified institutional buyers.
in the list in 2015 after inheriting her VIVEK CHAAND SEHGAL, This auto-parts company is
husband’s shares in electricals firm Motherson Group now eyeing the North American
Havells India. The company has seen +$ 1.1 bln (44%) region and China for further
a steady pace of growth across all the Rank 31; 5 places growth for its businesses.

main segments of switchgears, cables,

consumer durables and lighting. In vivek HARSH MARIWALA, Marico
December last year, Havells agreed to chaand +$1.05 bln (40.54%)
sell 80 percent stake in European light Rank 30; 5 places

maker Sylvania to China’s Shanghai This consumer goods veteran is

Feilo Acoustics for $205 million and amongst the 15 billionaires who has
the balance over the next 3 to 5 years. seen an over $1 billion rise in wealth
in the year, backed by a 26 percent
ASHWIN DANI, Asian Paints jump in consolidated net profit for his
+$ 1.1 bln (50%) listed Marico for FY16, at Rs 724.79
Rank 34; 9 places crore on revenues of Rs 6,132 crore.

The paints tycoon is the non-executive Its best-selling brands include Saffola
vice chairman of Asian Paints, cooking oil and Parachute hair oil.
which was founded by his father The company continues to bet on
and three others in 1942. He, along India’s urban consumption growth
with Benu Gopal Bangur of Shree story and also expects rural demand
Cements, is among the 15 on the list to revive in FY2017. Mariwala’s son
who have added over $1 billion to Rishabh operates the family office,
their wealth over the previous year. The co-founder of the $7.2-billion Sharrp Ventures, which looks after
Reason: Asian Paints’ stock has risen Samvardhana Motherson Group got the family’s investments across asset
smartly this year—up 46.5 percent a boost as net profits of the group’s classes (equity, real estate, debt
since September last year—backed by flagship firm Motherson Sumi and also some seed, venture capital
strong earnings growth. Factors like Systems rose by 36 percent in FY16, and private equity opportunities)
an increase in residential and non- to Rs 1,796 crore, which led to a and is also the co-founder at Soap
residential construction spending, 19.17 percent jump (since September Opera N More, started by his
besides gains in manufacturing last year) in the company’s stock price. mother Archana Mariwala, which
output and low raw material costs, Last month, Motherson Sumi had sells niche handmade soaps.

/ The BiGGesT LOsers /

& Shivinder SINGH, Fortis Healthcare
Singh -$390 mln (-22.03%)
Rank 92;  29 places
Fortunes continue to wane for the
two brothers in the Forbes India Rich
list for the fourth successive year; this
time, they have seen their sharpest
year-on-year percentage fall in both
wealth and rank, dropping to 92 from
63 last year. They were ranked 37
in 2014 and 26 in 2013. This year, a
Singapore arbitration court imposed a
$390 million fine on them for allegedly
aMit verMa

suppressing and misrepresenting

facts when they sold their pharma

14 | forbes india december 21, 2016

firm, Ranbaxy Laboratories, to pharmaceutical firm, has acquired estimated revenue of $6 billion
Japan’s Daiichi Sankyo eight years Micro Lab’s manufacturing facility and more than 2,400 stores spread
ago. (Dilip Shanghvi’s Sun Pharma in Baddi, Himachal Pradesh. across the Middle East, Africa
took a controlling stake in Ranbaxy and India. It recently inked an
in 2014.) Malvinder and Shivinder REDDY FAMILY, agreement to open new stores
have denied any wrongdoing and are Dr Reddy’s Laboratories with Abu Dhabi’s upcoming
contesting the ruling in Singapore and -$460 mln (-17.62%) Reem Mall and also with Oman’s
in India. The brothers have instead Rank 54;  21 places Muscat Grand Mall. The group
focussed on building their health had suspended sales of all Trump-
care services businesses through branded products last December
Fortis Healthcare, which was set up after the US presidential candidate
in 2001. Last year, Shivinder gave up made anti-Muslim remarks.
his business responsibilities at Fortis Jagtiani also owns a minority stake
to focus on community spiritual in British retailer Debenhams.
work at Radha Soami Satsang Beas,
to which the family is linked. LEENA TIWARI, USV India
-$270 mln (-14.21%)
DILIP & ANAND Rank 79;  25 places
SURANA, Micro Labs The media-shy heir of privately-
- $290 mln (-18.35%) held generic drug company USV
Rank 96;  24 places India, which is run by her husband
The brothers who run generics firm Prashant, saw her position drop
Micro Labs, which they inherited both in terms of percentage wealth
from their late father Ghewar Chand Satish reddy (-14.21%) and rank (to 79 from
Surana, have had the second highest 54 last year). The company was
percentage drop in wealth and a India’s second largest drug maker started by her late father as a joint
sharp fall in rank too this year. The Dr Reddy’s Laboratories had venture with Revlon in 1961. USV
Bengaluru-based firm has faced some disappointing earnings in the June specialises in the highly competitive
rough weather since a warning from 2016 quarter, and saw a 76.3 percent areas of diabetic and cardiovascular
the US Food and Drug Administration decline in consolidated profit to drugs, with a portfolio that spans
over quality concerns. Despite the Rs 153.5 crore year-on-year while biosimilar drugs and injectables and
company’s stated growth ambitions, revenue slid 14 percent for Q1FY17. active pharmaceutical ingredients.
the media has reported that Indoco The company has said quarterly It has operations in Asia, Africa,
Remedies, a Mumbai-headquartered earnings were weak due to the lack the Middle East, CIS, and Panama.
of new launches in the first half of
2016, but expects the situation to SHIV NADAR, HCL Group
improve in the second half. The Reddy - $1.5 bln; (-11.63%)
family’s wealth has been impacted Rank 8;  2 places
by a 19.64 percent fall in stock prices Amongst the top 10 richest Indians,
since September last year. To combat Nadar saw his rank fall two places
the slump, Dr Reddy’s, which is from the previous year to No 8
shared by late founder K Anji Reddy’s while his wealth has fallen by
son Satish Reddy and son-in-law $1.5 billion, to $11.4 billion. He
GV Prasad, has said that it plans to is the co-founder of the HCL
invite US FDA officials to re-inspect Group, the bulk of whose revenues
some of their factories, after getting comes from the IT major HCL
warning letters from the regulator. Technologies. The company has
Surana: vivek Mathew

been facing some pressure in terms

MICKY JAGTIANI, of slowing growth, reporting a
Landmark Group 6 percent sequential growth in
-$ 900 mln (-16.98%) revenues—which stood at Rs 11,336
Rank 24;  7 places crore—for the April-June quarter.
Dilip Surana Jagtiani founded and chairs the Nadar, now 71, is keen to pass on
Landmark Group, which has an the baton to his only child Roshni.

december 21, 2016 forbes india | 15

The 100 richesT indians

( q u(i cp kr ota l e s)
f ik

The First-Timers
six india inc members made their debut
in the billionaires club this year
By DeBojyoti Ghosh

Pawan Munjal was recently appointed chairman, Ayurved, which sells personal care,
$3.65 billion managing director and CEO of Hero home care, food and health care
Rich List rank: 29 MotoCorp, has been instrumental products under its brand, recorded
Pawan Munjal takes his father’s place in driving the company’s expansion net sales of Rs 5,000 crore for FY16.
in the 2016 Forbes India Rich List in foreign markets. Last year, the
(Brijmohan Lall Munjal, the founder company opened its first overseas satish Mehta
of the Hero Group who passed away facility in Colombia and in the $1.6 billion
in November last year, was ranked current fiscal it plans to launch its Rich List rank: 82
No. 27 in the 2015 Forbes India Rich second overseas plant in Bangladesh. From being a domestic player, Satish
List). Despite operating in a highly Earlier this year, the billionaire Mehta’s Emcure Pharmaceuticals
competitive and volatile auto industry, entrepreneur also invested Rs 850 today has made its presence felt in
Hero MotoCorp has managed to crore to set up a research facility, the global branded generic drug
retain its dominant position in the with over 500 engineers, in Jaipur. market with 60 percent of its revenues
two-wheeler segment. During FY16, coming from overseas, largely North
the country’s largest two-wheeler acharya Balkrishna America. The Pune-based company
maker recorded sales of over 6.6 $2.5 billion that 65-year-old Mehta, managing
million units (bikes and scooters) in Rich List rank: 48 director and CEO, founded in 1981
the domestic market. Hero parted Riding on Patanjali Ayurved’s as a contract drug manufacturer for
ways with its long-term partner and stratospheric success, co-founder multinationals, today sells its branded
Japanese automaker Honda Motor Acharya Balkrishna makes his debut generic products in 65 countries and
Company in December 2010 and on the 2016 Forbes India Rich List. operates nine manufacturing facilities
since then, Pawan Munjal, 62, who The self-made billionaire holds including one in the US. The sustained
97 percent in the consumer goods growth of Emcure has ensured
Pawan Munjal company that he started in 2006 Mehta’s place on the list. Earlier
along with his childhood friend this year, the unlisted company,
and yoga guru Baba Ramdev. While in which private equity firm Bain
Ramdev doesn’t hold any stake in the Capital has invested, was faced with
business, he has been instrumental a crisis when the US Food and Drug
in building the company’s brand Administration issued a warning letter
equity. Ramdev’s popularity with saying the regulator had inspected the
his millions of disciples has given company’s facility at Hinjewadi, Pune,
the homegrown player an edge in an and found “significant violations” of
industry dominated by global giants standard manufacturing practices.
such as Unilever, Procter & Gamble
and Colgate. Apart from running jai hari & yadu hari dalMia
the FMCG business, Balkrishna, $1.5 billion
44, also oversees 5,000 Patanjali Rich List rank: 88
clinics and health care centres, and The Dalmia brothers Jai Hari, 71,
operates a yoga and ayurveda research and Yadu Hari, 69, make an entry
AMit VerMA

institute. He is also the founder of the into the Forbes India Rich List as
University of Patanjali in Haridwar. the share prices of their cement
According to the company, Patanjali company surged in the beginning of

16 | forbes india december 21, 2016

the current fiscal. Benefiting from The group’s other businesses include their career. In August, Divyank,
rising demand, cement maker Dalmia sugar and energy and the company, 34, sold his advertising-technology
Bharat recorded a 76 percent year- headquartered in New Delhi, counts startup for a staggering
on-year jump in profit in the first private equity major KKR as its $900 million to a group of Chinese
quarter of this fiscal, moving its share largest institutional shareholder. investors. Bhavin, 36, played a key
price up by 120 percent between role in the negotiation of the deal.
April and September this year, which Bhavin & divyank turakhia This, along with their personal
outperformed those of peers such as $1.3 billion investments and other exits, made for
UltraTech Cement, Shree Cement and Rich List rank: 95 the debut of the Turakhia brothers
ACC. The siblings inherited India’s The siblings are one of the new breed on the 2016 Forbes India Rich List.
fourth-largest cement company from of successful tech entrepreneurs The tech duo has had other exits
their father Jaidayal Dalmia, who from India who have made it to the prior to this deal, including sale of
set up the cement business in 1939. billion-dollar club quite early in their web-hosting business for $160
million to Nasdaq-listed Endurance
jai hari Dalmia shamsheer Vayalil Group in 2014. Since their teens,
the brothers have been involved in
creating businesses such as voice and
messaging services, web hosting,
cloud infrastructure, etc. The duo
founded technology company
Directi in 1998 as teenagers. At
present, Directi has over 1,500
employees with offices in Mumbai,
Delhi, Bengaluru, Dubai, New
York, Zurich and other cities.

shaMsheer vayalil
$1.27 billion
Rich List rank: 98
Born into a business family in Kerala,
Shamsheer Vayalil, 39, always
wanted to become an entrepreneur.
A radiologist, he founded VPS
Healthcare in 2007 and opened a
hospital in Abu Dhabi. Today, he
runs a network of hospital chains,
medical centres, clinics and
pharmacies across the GCC countries
and India, including Abu Dhabi’s
largest private tertiary centre,
Burjeel Hospital, also considered
VPS’s flagship hospital. This year,
VPS forayed into the Indian market
with the acquisition of Lakeshore
Hospital, one of the largest super-
speciality hospitals in Kochi,
followed by the acquisition of New-
Delhi based Rockland Hospitals
in July. He is also the son-in-law
of billionaire entrepreneur MA
Bhavin (left) & Divyank turakhia Yusuff Ali, who is No. 25 in the
2016 Forbes India Rich List.

december 21, 2016 forbes india | 17


The List
The 100 rIchesT IndIans

(o v e r v i e w)

Wireless Warfare

he September launch
of Jio, the long-awaited
4G phone service
of oil and gas giant
Reliance Industries
(Reliance Industries is
the owner of Network18, publishers of
Forbes India), unleashed a price war
in India’s hypercompetitive telecom
market with an offer of a four-month
free trial followed by free voice
calls and messaging and low-priced
data services. Stocks of incumbents,
including telecom pioneer Sunil
Mittal’s Bharti Airtel, tumbled.
Mittal, who founded his Singtel-
backed company 21 years ago, has the
most to lose; one in four Indians with
a mobile phone is an Airtel customer.
Sunil Mittal ranks
To fight off the fearsome competitor, 12th on the
Mittal bought 4G spectrum from 2016 Forbes
India Rich List
struggling rivals for $1.2 billion
and topped it up by buying more
at a recent government auction. boosted cement and paint fortunes. the spot of his father, Brijmohan Lall
Reliance chairman Mukesh Soaring shares of his Shree Cement Munjal, who died last November.
Ambani, who wants to sign up propelled Benu Gopal Bangur into Eight returned to the ranks after
100 million customers in short the top 20 for the first time. He and their companies outperformed the
order, accused Airtel and others of Ashwin Dani of Asian Paints were stock market’s 12 percent rise in the
blocking Jio’s calls to their networks among 15 people who added more past year, including biotech pioneer
during the trial phase. Airtel said it than $1 billion to their wealth. Kiran Mazumdar-Shaw, India’s
had always provided access to Jio With the entry price to the top 100 richest self-made woman. Efforts
and increased the interconnection at a record $1.25 billion, there are to revive Suzlon by founder and
points to its network after Jio’s only six newcomers this year. The former billionaire Tulsi Tanti have
commercial launch. The standoff youngest are serial entrepreneurs yet to restore his place in the roster.
notwithstanding, both are better Bhavin, 36, and Divyank Turakhia, The 13 who dropped off include

off this year. While Mittal’s wealth 34, who sold their ad tech firm not only textile figure Balkrishan
rose on new information about his for $900 million in August Goenka (see story, page 150) but
private assets, Ambani retained the this year (see story, page 146). Another also pals Sachin Bansal and Binny
No 1 spot for the ninth consecutive new face is Acharya Balkrishna, who Bansal (page 154), co-founders of
year on a 21 percent rise in Reliance’s co-founded consumer goods-maker Flipkart, amid uncertainty about the
shares in the past 12 months. Patanjali Ayurved with his friend, ecommerce giant’s valuation.
The government’s infrastructure yoga guru Baba Ramdev. Two- Additional reporting by megha bahree,
push and housing-for-all policy wheeler tycoon Pawan Munjal takes sean kilachand and anuradha raghunathan

20 | forbes india december 21, 2016

The 100 richesT indians the Top 10

1.  Mukesh AMbAni
$22.7 BILLION 
SOURCE: Oil & gas
AGE: 59. Married, 3 Children
Oil and gas tycoon sparked telecom
price war with the launch of 4G phone
service Jio at the annual shareholders’
meeting of his Reliance Industries in
September. The $44.7 billion (revenue)
Reliance Industries is locked in a legal
battle with the government related to
the recovery of costs associated with
developing a gas field. Wife Nita, who
sits on Reliance’s board, is a member of
the International Olympic Committee.
(Reliance Industries owns Network18,
the publishers of Forbes India.)

2.  Dilip shAnghvi
$16.9 BILLION 
SOURCE: Pharmaceuticals
AGE: 60. Married, 2 Children
India’s richest pharma magnate’s
wealth is down by $1.1 billion along
with a drop in shares of his Sun
Pharmaceutical Industries, the
world’s fifth-largest generics maker.
The company’s profitability improved
in a recent quarter partly due to US
sales of the generic version of Glivec,
a leukaemia drug made by Novartis.
Earlier this year, Sun acquired 14
drugs from Novartis in Japan for
$293 million that will be distributed
by Mitsubishi Tanabe Pharma.

• India’s ODI and T20 captain

MS Dhoni is brand ambassador for
Sun’s Revital H health supplement

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22 | forbes india december 21, 2016

3.  hinDujA brothers
$15.2 BILLION 
SOURCE: Diversified
RESIDENCES: London/Geneva/
Four close-knit siblings, Srichand,
Gopichand, Prakash and Ashok,
control the Hinduja Group, a
far-flung multinational empire
with businesses ranging from
trucks and lubricants to banking
and cable television. The group
commissioned its much-delayed
1,040 megawatt thermal power
unit in south India in July
and is reportedly in the fray
to acquire SunEdison’s Indian
solar power assets. The brothers
are expected to open London’s
first Raffles Hotel in the historic
Old War Office building in
Whitehall they bought 2 years
ago with a Spanish group.
Gopichand Hinduja

4.  AziM preMji 5.  pAllonji Mistry

$15 BILLION  $13.9 BILLION 
SOURCE: Information SOURCE: Diversified
Technology AGE: 87. Married, 4 Children
AGE: 71. Married, 2 Children RESIDENCES: Mumbai/London
RESIDENCE: Bengaluru Reclusive tycoon’s engineering
Tech magnate’s $7.7 billion and construction giant, 151-year-
(revenue) Wipro, India’s third- old Shapoorji Pallonji Group,
largest outsourcer, reported a is run by older son Shapoor.
6 percent fall in net earnings to Younger son Cyrus chairs the
$304 million in a recent quarter $108 billion (revenue) Tata
amid sluggish sales. To boost Group, a conglomerate of more
growth, Wipro has been on a than 100 companies, including
buying spree in the past year. valuable outsourcer Tata
Its most recent acquisition Consultancy Services. Mistry’s
was HealthPlan Services, an 18.4 percent stake in holding
insurance-technology firm based outfit Tata Sons is his biggest
in Florida, for $460 million. But asset. Shapoor is reportedly

it called off the $130 million negotiating to acquire a 51

purchase of New Jersey-based percent stake in Karaikal Port in
Viteos Group, citing delays South India. This year, Mistry
in completion of the deal. In received the Padma Bhushan, one
August, Premji completed of India’s highest civilian awards.
five decades as Wipro’s
boss. (See story, page 124)

december 21, 2016 forbes india | 23

The 100 richesT indians the Top 10

6.  lAkshMi MittAl 7.  goDrej fAMily

$12.5 BILLION  $12.4 BILLION 
SOURCE: Steel SOURCE: Consumer Goods,
AGE: 66. Married, 2 Children Real Estate
After declining for two years, Clan behind the $4.6 billion
the steel baron climbs two (revenue) Godrej Group, a
spots as his ArcelorMittal 119-year-old consumer-goods
reported net profit of $1.1 billion giant, which is aiming for a
in a recent quarter, its best in tenfold increase in revenue
five years. The world’s biggest every 10 years, has been on
steelmaker, which has been an acquisition spree. Godrej
buffeted by a global supply glut Consumer Products, overseen
caused by exports from China, by patriarch Adi Godrej,
got a reprieve from an uptick boosted its presence in Africa
in demand and import tariffs with the acquisition of three
on steel imposed by the US and personal care companies in
Europe. In 2015, Arcelor saw Zambia, Senegal and Kenya.
revenue fall by 20 percent to Dairy and agribusiness firm
$64 billion and its net loss rise Godrej Agrovet took majority
sevenfold to $7.9 billion. Arcelor, stakes in agrochemicals
together with Italian steelmaker firm Astec LifeSciences and
Marcegaglia, has bid for Italy’s Creamline Dairy. Private unit
loss-making ILVA steel plant. Godrej & Boyce acquired
online home-decor firm
India Circus in January.

8.  shiv nADAr 9.  kuMAr birlA

$11.4 BILLION  $8.8 BILLION 
SOURCE: Information SOURCE: Commodities
Technology AGE: 49. Married, 3 Children
AGE: 71. Married, 1 Child RESIDENCE: Mumbai
RESIDENCE: Delhi Commodities king, who chairs
IT pioneer’s homegrown software the $41 billion (revenue) Aditya
outfit HCL Technologies is Birla Group, is restructuring
reportedly mulling a US listing. his empire. In August, he
In February, it acquired Volvo’s announced the merger of
IT outsourcing arm for $130 Aditya Birla Nuvo with cash-
million and simultaneously rich Grasim Industries, to be
signed a deal with the Swedish followed by the demerger of
automaker to provide software the financial services business
services. In April, HCL agreed into a separate company.
to acquire Mumbai software Shares of both companies fell
firm Geometric, controlled by on investor concerns that the
the Godrej family, in a share merger lacked synergies. Birla
swap valued at $190 million. His defended the move, saying
eponymous Nadar University it would create a company
is partnering with Dell for that combines growth with
technology projects in areas such stability. In April, Birla’s
as cloud computing and big data. UltraTech Cement concluded
the $2.4 billion acquisition of
rival Jaypee Group’s cement
units. Daughter Ananya has
founded a microfinance firm.

24 | forbes india december 21, 2016

10.  Cyrus poonAwAllA
$8.6 BILLION 
SOURCE: Vaccines
AGE: 75. Widower, 1 Child
Vaccine billionaire, who set up
Serum Institute of India 50 years
ago, gained on rising revenue and
profit at the privately owned firm,
which son, Adar, helps him run.
Serum reported a record profit of
$360 million on revenue of $695
million for the year ended March
2016. Poonawalla is investing $150
million in a factory to make a range
of new vaccines, including for
dengue, pneumonia and diarrhoea.
Adar featured among Forbes Asia’s
Heroes of Philanthropy this year
for donating $15 million to cleaning
up Pune, where the family resides.

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december 21, 2016 forbes india | 25

The 100 richesT indians

68 percent stake in the $1.3 billion

11.  uday KotaK (revenue) consumer-goods firm
$8.3 BILLION  Dabur. The company reported
SOURCE: Banking a rise in revenue, mainly from
AGE: 57. Married, 2 Children growing demand for its hair oils,
RESIDENCE: Mumbai toothpaste, packaged juices and
After acquiring rival ING Vysya Bank home-care products. Dabur is
22 months ago, his Kotak Mahindra developing two ayurvedic drugs, for
Bank is reaping the benefits of malaria and diabetes, in partnership
that merger. Net profit in a recent with the Indian government.
quarter doubled to $159 million.
Canada Pension Plan Investment 16.  ShaShi & ravi ruia
Board recently received Reserve $5.8 BILLION 
Bank approval to increase its stake SOURCE: Diversified
in the bank from 5 percent to 10 AGE: 72. Married, 2 Children
percent. The Canadian pension fund AGE: 67. Married, 2 Children
manager has partnered with the bank RESIDENCES: Mumbai/London
for a $525 million fund to acquire Brothers have been busy
stressed assets of Indian banks. restructuring their debt-laden Essar
Commenting on rising bad loans at Group, a $27 billion (revenue) steel-
state-owned banks, Kotak recently to-shipping conglomerate. They took
said: “Return of capital is more Mumbai-listed Essar Oil private in
important than return on capital.” preparation for a 49 percent-stake
sale in the company to Russian
oil-producer Rosneft. The $2.8
12.  Sunil Mittal power with projects in Tamil Nadu, billion deal (excluding debt) is yet
$6.6 BILLION  Gujarat and Rajasthan. The group also to be concluded. In February, they
SOURCE: Telecom plans to make solar panels, but hasn’t sold an office complex in Mumbai’s
AGE: 59. Married, 3 Children yet selected a technology partner. financial district for $350 million to
RESIDENCE: Delhi a Bengaluru developer. The Ruias
Shares of telecom tycoon’s Bharti 14.  Benu Gopal BanGur are said to be looking for a buyer
Airtel tumbled in September with $5.9 BILLION  for their outsourcing unit Aegis.
the arrival of Reliance Jio. [Reliance SOURCE: Cement
Industries owns Network18, the AGE: 85. Widower, 2 Children 17.  Bajaj faMily
publishers of Forbes India.] But RESIDENCE: Kolkata $5.7 BILLION 
his wealth is up based on new Patriarch enters top 20 for the first SOURCE: Motorcycles
information about his private assets. time on soaring shares of his Shree RESIDENCES: Pune/Mumbai
Cement, which boosted his wealth by Clan that controls the 90-year-old
13.  GautaM adani $2 billion. The cement maker benefited Bajaj Group saw its wealth increase
$6.3 BILLION  from a surge in sales and lower energy by $1.3 billion, partly from the 70
SOURCE: Infrastructure, costs due to a fall in coal prices. Son percent rise in shares of financial-
Commodities Hari Mohan and grandson Prashant, services arm Bajaj Finserv. The
AGE: 54. Married, 2 Children who run the company, have earmarked group’s financial-services business
$330 million for capacity expansion. is overseen by Sanjiv Bajaj, younger
RESIDENCE: Ahmedabad
(Prashant Bangur story, see page 160) son of chairman Rahul Bajaj, 77, who
Ports tycoon was impacted by a fall
shares fortune with cousins Shekhar,
in shares of his Adani Ports & SEZ,
15.  anand BurMan Madhur and Niraj. Motorcycle
which his son Karan runs as chief
$5.85 BILLION  maker Bajaj Auto, run by patriarch’s
executive. Adani’s controversial
older son Rajiv, introduced the
coal-mining project in Queensland SOURCE: Consumer goods
V15, a 150 cc motorcycle partly
got a reprieve when a federal court AGE: 64. Married, 2 Children
made with metal from INS
in August dismissed a legal challenge RESIDENCE: Delhi
Vikrant, India’s first aircraft
by an environmental group to the Five branches of the Burman clan,
carrier. The company has begun
approval granted by the government. which he heads, share the wealth,
exporting Qute, a new four-wheel
At home, Adani is expanding into solar the bulk of which is derived from a
“quadricycle” but is awaiting court
approval to introduce it in India.
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26 | forbes india december 21, 2016

18.  SuBhaSh Chandra
$5.6 BILLION 
AGE: 65. Married, 3 Children Tulsi TanTi

Second Wind
Media magnate’s Zee Entertainment
Enterprises, flagship of his Essel
Group and run by sons Punit and
Amit, sold its Ten Sports Network
to Sony Pictures for $385 million in
August. The television broadcaster’s
array of 75 channels reaches more
than 1 billion viewers in 171 countries.
Zee’s presence in Southeast Asia
covers Indonesia, Thailand, Malaysia,
Singapore and the Philippines.
Essel’s infrastructure unit has a
joint venture with China’s Golden
Concord Holdings for a $2 billion
solar-equipment project in Andhra
Pradesh. He was recently elected
as an MP.

• Chandra’s autobiography, The

Z Factor—My Journey as the n 2007, Tulsi Tanti, the founder to build wind farms and eventually
Wrong Man at the Right Time, of Suzlon Energy, was the tenth- sell them to foreign investors looking
was published this year
richest person in the country, for a renewable-energy play.
with a $10 billion fortune. Back then, The winds of fortune have shifted
19.  Savitri jindal Suzlon was the world’s most valuable in Suzlon’s favour. The Modi-led
$5.3 BILLION  wind-turbine maker, and Tanti, who government’s target for renewable
SOURCE: Steel, Power had just won a hotly contested bid to energy—both wind and solar—is 175
AGE: 66. Widow, 9 Children acquire German rival Repower for $2 GW by 2022. Tanti has latched on to
RESIDENCES: Hisar/Delhi billion, was out to conquer the world. what he calls a “hybrid model” under
After declining last year, fortune of which he will build combined wind-
Soon enough Tanti was battling
steel and power clan, whose matriarch
headwinds as reports of quality and solar-power projects. “Suzlon’s
chairs the OP Jindal Group, rose
problems with Suzlon’s big blades greatest advantage was that they were
as steel prices recovered. Mumbai-
battered the stock and hurt sales. a first mover in wind,” says Kanika
based son Sajjan saw shares of his
JSW Steel almost double in the past Tanti’s debt-fuelled expansion made Chawla, senior programme lead at
year. In May, he agreed to acquire a Suzlon infamous as the country’s the Council of Energy, Environment
1,000-megawatt thermal power unit largest defaulter on foreign-currency & Water, a non-profit policy research
for $750 million from his struggling loans. In 2012, India’s wind man fell institute in Delhi. “Their international
younger sibling Naveen’s Jindal from the ranks of India’s richest, expansion plans backfired, but what’s
Power & Steel, which is weighed and he hasn’t made the cut since. helped them is that they’ve burrowed
down by $3.6 billion in debt. Suzlon began a turnaround last deep and focussed on the Indian
year when it sold Repower (since market. The domestic market opening
20.  deSh Bandhu Gupta renamed Senvion) for $1.1 billion. up has been a saviour for Suzlon.”
$5.1 BILLION  The proceeds were deployed to prune In March, Suzlon reported its first
photographs: amit Verma

SOURCE: Pharmaceuticals the company’s $2.8 billion debt. In annual profits in seven years. Tanti’s
AGE: 78. Married, 5 Children another crucial move, Tanti was able aim: To recapture the 50 percent share
RESIDENCE: Mumbai to attract a white knight: Pharma of the Indian market he once owned;
Founder of generics champ Lupin, billionaire Dilip Shanghvi bought a 20 Suzlon now has a 36 percent share. As
run by daughter Vinita and son percent stake for $290 million, though for regaining rank-worthy wealth—his
Nilesh, is poorer by $800 million he plays no role in the company. is now likely under $200 million—
as the company’s shares fell partly Shanghvi also committed $65 million he will need a serious tailwind.
on an adverse report on one of its to a separate joint venture with Tanti —megha bahree

december 21, 2016 forbes india | 27

The 100 richesT indians

factories by the US FDA. Bullish on 23.  panKaj patel founded and chairs, suspended
Japan, Lupin agreed in August to buy $4.5 BILLION  sales of all Trump-branded
21 generic drugs from Osaka-based SOURCE: Pharmaceuticals products last December after
Shionogi for $150 million. Vinita and AGE: 63. Married, 2 Children the US presidential candidate
Nilesh jointly won the Ernst & Young RESIDENCE: Ahmedabad made anti-Muslim remarks. With
Entrepreneur of the Year Award 2015. Pharmacy grad’s generics outfit estimated revenue of $6 billion,
Cadila Healthcare was taken Landmark, which his wife Renuka
21.  viKraM lal to court by Swiss giant Roche helps him run, has more than 2,400
$5 BILLION  for selling a clone of its popular stores spread across the Middle
SOURCE: Motorcycles breast cancer drug Herceptin in East, Africa and India.
AGE: 74. Married, 3 Children India. Cadila said it had secured It recently inked an agreement to
RESIDENCE: Delhi regulatory approval. Its shares, open new stores with Abu Dhabi’s
Record sales of the iconic Royal which suffered a hit earlier when upcoming Reem Mall and also
Enfield motorbike kept shares it received a warning from the US with Oman’s Muscat Grand Mall.
of his Eicher Motors aloft. The FDA for violating manufacturing
company sold more than 500,000 standards at one its factories, 25.  Ma yuSuff ali
bikes in the year ended March 2016, recovered after a positive $4 BILLION 
a 50 percent jump over the previous report by the health regulator. SOURCE: Retail
year. It also launched its much- In June, Cadila acquired two AGE: 60. Married, 3 Children
anticipated Himalayan adventure drugs in the pipeline from Teva
bike in March. Son Siddhartha, who Pharmaceutical’s US portfolio.
Middle East retail king presides
runs Eicher, relocated to London over $6.3 billion (revenue) LuLu
last year to oversee the company’s 24.  MiCKy jaGtiani Group, with 129 stores in the Gulf
global expansion; the first US store $4.4 BILLION  region, India, Egypt, Indonesia
recently opened in Milwaukee, the SOURCE: Retail and Malaysia. New projects
home of rival Harley-Davidson. In AGE: 65. Married, 3 Children include a $300 million investment
May, the family sold 4.2 percent RESIDENCE: Dubai in Thiruvananthapuram that
of its stake in Eicher, but it still Middle East retailing giant will include a mall, hotel and
retains close to 51 percent. Landmark Group, which he convention centre. The group’s
hospitality arm owns Dubai’s first
Steigenberger hotel, a German
22.  KuShal pal SinGh luxury hotel brand and a 50
$4.8 BILLION  percent stake in the Sheraton
SOURCE: Real Estate hotel in Muscat, which will reopen
AGE: 85. Married, 3 Children later this year after renovations.
Despite a sluggish property
26.  MadhuKar pareKh
market, property baron’s
DLF saw its shares rise on
$3.9 BILLION 
SOURCE: Adhesives
news that he plans to sell his
40 percent stake in valuable AGE: 70. Married, 2 Children
rental arm DLF Cyber City RESIDENCE: Mumbai
Developers to institutional Chairman of Pidilite Industries,
investors and use the proceeds founded by his late father Balvant
to pare down DLF’s $3.3 billion Parekh in 1954, benefited from an
debt. Blackstone Group, Abu uptick in Pidilite shares on rising
Dhabi Investment Authority profits due to lower raw material
and GIC of Singapore are costs. The company, now run by
believed to be among the a professional CEO, gets more
bidders. In April, DLF opened than half its $811 million revenue
its 2-million-square-foot from adhesives and sealants but
Mall of India near Delhi. is best known for its white glue
Fevicol. In April, it formed a joint
venture with an Italian company
to make wood finishes. Four family
members work at the company.
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28 | forbes india december 21, 2016

27.  Sudhir & SaMir Mehta
$3.85 BILLION  29.  pawan Munjal
SOURCE: Pharmaceuticals, Energy $3.65 BILLION 
AGE: 62. Married, 2 Children SOURCE: Motorcycles
AGE: 53. Married, 2 Children AGE: 62. Married, 3 Children
Brothers get bulk of wealth from Son of the late Brijmohan Lall Munjal, founder of Hero Group, who died
listed pharma outfit Torrent last year at the age of 92, takes his father’s spot in the ranks. He runs
Pharmaceuticals, a 57-year-old motorcycle flagship Hero MotoCorp, a former partner of Japan’s Honda
company founded by their late and the world’s largest producer of two-wheelers by volume. It has sold
father, who started out as a pharma 65 million units to date, of which more than 6.6 million were sold in the
salesman. The firm gets 40 percent year ended March 2016. Pawan has led a global expansion after parting
of its $1 billion revenue from the US ways with Honda five years ago. Hero opened its first overseas factory in
and about a third from India. Their Colombia last year and has a second one coming up in Bangladesh. He has
Torrent Power, overseen by older also invested $126 million in a new research unit in Jaipur that employs 500
brother Sudhir, distributes electricity engineers. The fortune includes shares held by older brother Suman and
to more than 3 million customers late brother Raman’s family. In what was seen as a family divide, younger
in their home state of Gujarat, plus sibling Sunil stepped down as Hero’s joint managing director in August to
Maharashtra and Uttar Pradesh. run his own independent businesses. (Brijmohan Lall Munjal obit, page 158)

28.  Kuldip &

GurBaChan SinGh dhinGra
$3.7 BILLION 
AGE: 69. Married, 3 Children
AGE: 66. Married, 3 Children
Brothers saw their wealth surge as
their Kolkata-headquartered Berger
Paints India, the country’s second-
largest paint maker, in which they
hold 75 percent, reported a 55 percent
jump in net profit for a recent quarter.
Berger is banking on rising demand
in the Northeast, where it is building
new factories. In June, the company
transferred its automotive-paints office, is looked after by son Rishabh. fillip to its shares. Japanese partner
business to BNB Coatings India, a joint Mariwala, who shares wealth with his Sumitomo owns more than a fourth
venture with Japan’s Nippon Paint. uncle and cousins, is writing a book of Motherson Sumi, which has 145
about his business career that is due factories in 25 countries and gets 85
30.  harSh Mariwala out next year. percent of its $5.7 billion revenue
$3.64 BILLION  from overseas. He started the group in
SOURCE: Consumer goods • One in every 10 coconuts grown 1975 as a trading outfit along with his
AGE: 65. Married, 2 Children in India is used by Marico mother, hence the name Motherson.
Shares of consumer-goods outfit 31.  viveK Chaand SehGal 32.  anil aMBani
Marico, which he chairs, got a lift $3.6 BILLION  $3.4 BILLION 
when it reported a 26 percent rise in SOURCE: Auto Parts SOURCE: Diversified
photographs: amit Verma

net earnings to $109 million in the AGE: 59. Married, 2 Children AGE: 57. Married, 2 Children
year ended March. The company, RESIDENCE: Delhi RESIDENCE: Mumbai
which sells in 25 countries and aspires Co-founder of the $7.2 billion Younger Ambani sibling orchestrated
to be an Indian multinational, cut (revenue) Samvardhana Motherson the merger of his Reliance
the price of its popular Parachute Group got boost as profits at auto- Communications’ telecom business
coconut hair oil, a category in which it components flagship Motherson with that of rival Aircel, controlled
competes with Anand Burman’s (No Sumi Systems rose by 38 percent in by Malaysian billionaire Ananda
15) Dabur. Sharrp Ventures, his family the year ended March 2016, giving a Krishnan, to form what will be the

december 21, 2016 forbes india | 29

The 100 richesT indians

country’s fourth-largest mobile 34.  aShwin dani Uttar Pradesh, where it is located.
phone operator once the merger, $3.3 BILLION 
which requires regulatory approvals, SOURCE: Paint • Indu Jain was honoured with
is completed. He’s also betting on AGE: 73. Married, 3 Children the Padma Bhushan, one of the
the defence sector with a new joint RESIDENCE: Mumbai nation’s highest civilian awards
venture between his Reliance Defence Non-executive vice chairman of $2.3
and Israel’s Rafael Advanced Defense billion (revenue) Asian Paints added 37.  pv raMpraSad reddy
Systems to manufacture air-to-air more than $1 billion to his wealth $3.15 BILLION 
missiles. Son Anmol, who works at as the company’s shares touched SOURCE: Pharmaceuticals
Reliance Capital, was appointed to a high in July when it reported AGE: 58. Married, 2 Children
that company’s board in August. double-digit growth in quarterly RESIDENCE: Hyderabad
revenue and net profit. The paint His Aurobindo Pharma, which
33.  Kapil & rahul Bhatia maker said it benefited from lower gets 85 percent of its $2.1 billion
raw material costs and growing revenue from international markets,
$3.35 BILLION 
sales in Fiji, Nepal and the UAE. saw its shares fall in February after
SOURCE: Airlines
a US FDA inspection resulted in
AGE: 84. Married, 2 Children
35.  ajay piraMal adverse observations about one of its
AGE: 56. Married, 2 children factories that makes antiretroviral
$3.25 BILLION 
SOURCE: Diversified drugs. The company responded to
Father and son’s wealth was the FDA’s concerns and subsequently
propelled by the November listing AGE: 61. Married, 2 Children
RESIDENCE: Mumbai got an approval from the American
of their InterGlobe Aviation, regulator. The stock got a boost after
which owns IndiGo, India’s largest His fortune has jumped by more
than 80 percent as shares of flagship the company reported rising profits
and most profitable airline, with a in a recent quarter on higher sales.
market share of 40 percent. Fare Piramal Enterprises soared in the
past year, buoyed partly by the news Aurobindo was among the two short-
wars took a toll on the budget listed bidders for Israeli firm Teva
carrier’s net profit, which declined of a restructuring that will involve the
financial-services business being spun Pharmaceutical Industries’ portfolio of
by 7 percent to $89 million in a drugs in the UK, Ireland and Iceland.
recent quarter. The airline took off and listed separately. Piramal has a
delivery of its first new Airbus board seat at Tata Sons, holding outfit
of the Tata conglomerate, in which 38.  ravi pillai
A320neo aircraft in March but may
delay further inductions pending fellow billionaire Pallonji Mistry (No $3.1 BILLION 
5) has a stake. (See story, page 104) SOURCE: Construction
an upgrade to their engines. The
Bhatias are mulling a public listing AGE: 63. Married, 2 Children
of their travel commerce firm 36.  jain faMily RESIDENCE: Bahrain
InterGlobe Technology Quotient. $3.2 BILLION  Middle East construction magnate’s
SOURCE: Media $5.3 billion (revenue) RP Group
expanded into Kuwait last year
rahul bhatia RESIDENCE: Delhi/Mumbai
after securing three projects from
Family behind media powerhouse
the Kuwait National Petroleum. In
Bennett, Coleman & Co, which is
August, he pledged to employ 3,000
chaired by matriarch Indu Jain and
Indians from the thousands who had
run by sons Samir and Vineet. It is
lost their jobs in Saudi Arabia due to
best known for its daily newspaper
an economic slowdown. Other assets
The Times of India, the world’s
include hotels in Dubai and his native
largest daily newspaper by circulation;
Kerala state.
The Economic Times, the world’s
biggest financial newspaper after
• His daughter’s four-day wedding
the Wall Street Journal; and news
gala last November had 60,000 guests
channel Times Now. In June, the
group formed a joint venture with US-
based Vice Media to produce digital, 39.  vijay Chauhan
mobile and TV content for the Indian $3 BILLION 
market. In August, its new Bennett SOURCE: Biscuits & Confectionery
University, which collaborates AGE: 80.
with US-based Babson College and RESIDENCE: Mumbai
Georgia Institute of Technology, was Patriarch of family that controls Parle
inaugurated by the chief minister of Products, best known for its popular

30 | forbes india december 21, 2016

biscuit, Parle G. The privately held Andhra Pradesh has faced opposition Asian Paints and the company’s
biscuit, confectionery and snacks from local shrimp hatcheries for non-executive chairman. Fortune,
maker gets 80 percent of its estimated fear that it may contaminate the which he shares with family, is up on
$1.3 billion revenues from biscuits. sea water. The company says the share gains. The company, run by a
The Chauhans’ recent decision to shut concerns are unfounded as effluents professional CEO, is adding capacity
down Parle’s 87-year-old factory in will be treated before being released. in anticipation of a spurt in domestic
Vile Parle, a Mumbai suburb for which demand as economic growth picks up.
the company was named, created a 42.  SaMprada SinGh
furore on social media. Parle made an $2.7 BILLION  45.  rajan raheja
announcement on Facebook that the SOURCE: Pharmaceuticals $2.55 BILLION 
move would not impact availability AGE: 90. Widower, 3 Children SOURCE: Diversified
of its products, as it has numerous RESIDENCE: Mumbai AGE: 62. Married, 2 Children
factories across the country. Pharma magnate who founded RESIDENCE: Mumbai
Alkem Laboratories more than Shares of tycoon’s Exide Industries
40.  Kalanithi Maran four decades ago took the company regained momentum as a growing
$2.9 BILLION  public last December. Shares of the auto market increased demand for
SOURCE: Media generics maker are up by more than its automotive batteries, a sector in
AGE: 51. Married, 1 Child 50 percent since the IPO. For the year which it enjoys market leadership.
RESIDENCE: Chennai to March 2016, Alkem reported a 72 The company is ramping up capacity
Media baron’s Sun TV Network’s percent jump in net earnings to $100 with plans to spend $210 million.
shares fell in May after state elections million on revenue of $745 million. Cable television unit Hathway Cable
resulted in a defeat for the political Cousin Basudeo Narain Singh runs & Datacom announced the IPO of its
party led by his granduncle but have Alkem as its executive chairman. subsidiary GTPL Hathway, a cable TV
since recovered. Maran, who sold his and broadband-services provider.
controlling stake in budget airline 43.  aShwin ChoKSi
SpiceJet last year, took the buyer to $2.65 BILLION  46.  vinod & anil rai Gupta
court for allegedly delaying the issue SOURCE: Paint $2.52 BILLION 
of warrants that he was supposed to AGE: 73. Married, 2 Children SOURCE: Electrical fittings
get as part of the deal. The buyer said RESIDENCE: Mumbai AGE: 71. Widow, 3 Children
regulatory approval had not been Son of one of 4 co-founders of AGE: 47. Married, 2 Children
received for issuing the warrants.
Maran and his politician brother,
Dayanidhi, are embroiled in a telecom 44.  yuSuf haMied
corruption case being investigated by
$2.6 BILLION 
the Central Bureau of Investigation.
SOURCE: Pharmaceuticals
The Marans have denied all charges.
AGE: 80. Married
Despite these legal troubles, Sun TV is
eyeing expansion; it tied up with US- RESIDENCE: Mumbai/London
based YuppTV to launch its channels Wealth of non-executive chairman of
in West Asia and North Africa. $2 billion (revenue) generics maker
Cipla took a hit as a cut in drug
prices by the government impacted
41.  Murali divi domestic revenue, causing shares to
$2.8 BILLION  fall. The company appointed a new
SOURCE: Pharmaceuticals CEO and named Hamied’s niece
AGE: 65. Married, 2 Children Samina Vaziralli as executive vice
RESIDENCE: Hyderabad chairman in September. Cipla is
Generics maker Divis Laboratories, expanding overseas, notably in South
which he founded 26 years ago, Africa, where a new $90 million
photographs: amit Verma

reported close to a one-third jump plant to make biosimilar drugs will

in net earnings to $166 million on be built in Durban. Cipla is also
revenue of $580 million in the year one of a group of companies that
ended March 2016. The company’s successfully bid for drugs divested
factory in South India was successfully by Israel’s Teva Pharmaceutical.
inspected by the US FDA in February,
but its plan to build a new unit to make
pharma ingredients near the coast in Up down Unchanged new to list retUrnee

december 21, 2016 forbes india | 31

The 100 richesT indians

RESIDENCE: Delhi 49.  aBhay vaKil 51.  BaBa Kalyani

Buoyant sales of lighting and $2.45 BILLION  $2.25 BILLION 
electrical fixtures boosted shares SOURCE: Paint SOURCE: Forgings
of Havells, founded by Vinod AGE: 65. Married, 3 Children AGE: 67. Married, 1 Child
Gupta’s late husband and run RESIDENCE: Mumbai RESIDENCE: Pune
by youngest son Anil Rai Gupta, Non-executive director of Asian His auto parts maker Bharat Forge,
who is listed with her this year. Paints has been with the company, which son Amit helps him run,
Havells sold its 80 percent stake which was co-founded by his suffered a drop in revenue and net
in troubled European light father, for more than four decades. profit in a recent quarter due to
manufacturer Sylvania in December Shares wealth, derived from declining exports. Kalyani attributed
for $160 million to Shanghai Feilo stake in company, with family. the fall to a weak truck market in
Acoustics. Havells has recently North America. The tycoon’s bet on
started selling home-automation the defence sector is taking shape:
50.  Chandru raheja
products and solar streetlights. Later this year, Bharat Forge will
$2.4 BILLION 
SOURCE: Real Estate be testing three howitzer guns it
47.  Br Shetty AGE: 76. Married, 2 Children
has developed. The company has
collaborated with Tata Motors and
SOURCE: Health Care US-based General Dynamics to bid on
Real estate magnate’s privately held
AGE: 74. Married, 4 Children a $7.5 billion project to build infantry
K Raheja Corp, run by sons Ravi and
RESIDENCE: Abu Dhabi combat vehicles for the Indian army.
Neel, is mulling selling a minority
Former pharma salesman’s hospital stake in its commercial-property unit
chain NMC Healthcare entered Mindspace, to raise $300 million. 52.  KarSanBhai patel
Saudi Arabia in August by acquiring This will be followed by a REIT $2.24 BILLION 
two hospitals and is negotiating to listing of these assets. The developer, SOURCE: detergents
buy Sunshine Hospital in Hyderabad. known for its IT parks, has bought AGE: 72. Married, 3 Children
Shetty plans to invest $1.8 billion a 62-acre plot for $53 million in the RESIDENCE: Ahmedabad
with the Andhra Pradesh state Navi Mumbai area. Other assets Low-profile detergent king, who
government for projects in health include hotels, malls and department delisted his company, Nirma, in
care, hospitality and education. store chain Shoppers Stop. 2012, returns to the list after a
four-year absence as a result of new
information about the company’s
48.  aCharya BalKriShna financial performance. Led by son
$2.5 BILLION  Hiren, Nirma is expanding its cement
SOURCE: Consumer goods business. In July, the company beat
AGE: 44. Single bidders such as Ajay Piramal and
RESIDENCE: Haridwar the Jindal family’s JSW Cement to
Childhood friend of politically well- buy French cement major Lafarge’s
connected yoga guru Baba Ramdev India operations for $1.4 billion.
makes debut thanks to his 97 percent
holding in fast-growing consumer goods
53.  raKeSh jhunjhunwala
outfit Patanjali Ayurved, which they
co-founded in 2006. With revenue of
$2.2 BILLION 
SOURCE: Investments
$780 million, Patanjali sells everything
from herbal toothpastes and cosmetics AGE: 56. Married, 3 Children
to noodles and jams. Though Ramdev RESIDENCE: Mumbai
holds no shares in Patanjali, he is the Outspoken investor with a Midas
company’s de facto brand ambassador, touch sent shares of Aptech soaring
while Balkrishna runs operations. Among when he raised his stake in the IT
much else, Balkrishna also oversees 5,000 training firm. He recently urged the
Patanjali clinics, the Patanjali University management of Jaguar carmaker
and a yoga and ayurveda research Tata Motors, in which he owns a
institute. He says Patanjali’s profits are stake, to improve disclosure on its
donated to various trusts and charities. hedging practices. He calls himself
an old-fashioned investor and
is known to shun startups with
high valuations but no profits.
Up down Unchanged new to list retUrnee

32 | forbes india december 21, 2016

54.  reddy faMily was recently downgraded by ratings 59.  MG GeorGe Muthoot
$2.15 BILLION  firms Moody’s and Fitch, partly $1.92 BILLION 
SOURCE: Pharmaceuticals due to its rising debt. Recently it SOURCE: Financial Services
RESIDENCE: Hyderabad completed the first 60-storey tower AGE: 66. Married, 2 Children
Fortune linked to India’s second- of its landmark World Towers project RESIDENCE: Delhi
largest drug maker, Dr Reddy’s in midtown Mumbai, billed as the In the past 12 months, rising gold
Laboratories, which is shared by the world’s tallest residence. Unfazed prices more than doubled the shares
late founder K Anji Reddy’s son Satish by Brexit, Lodha has started sales of of Muthoot Finance, listed flagship
Reddy and son-in-law GV Prasad, its luxury apartments in London at of his Muthoot Group, returning him
took a hit after a US FDA inspection Grosvenor Square and Lincoln Square.
of three of its factories resulted
in warnings from the regulator in 57.  Sunil vaSwani 60.  Sunny varKey
November. The company, which $2 BILLION  $1.9 BILLION 
gets more than 50 percent of its $2.3 SOURCE: Diversified SOURCE: Education
billion in revenue from the US, has AGE: 53. Married, 3 Children AGE: 59. Married, 2 Children
spent $36 million so far on fixing the RESIDENCE: Dubai RESIDENCE: Dubai
problems. It has also been beefing Tycoon’s Dubai-headquartered His GEMS Education, the world’s
up its portfolio with acquisitions: It Stallion Group, named after his largest operator of K–12 schools
bought six over-the-counter brands favourite animal, gets the bulk of with 89 worldwide, offered shares
from US drugmaker Ducere Pharma its $3.7 billion in revenue from to its teachers in a bid to deter rivals
and completed the acquisition of Africa. Businesses span commodities from poaching them. The private
eight pipeline drugs from Teva trading, frozen foods, auto assembly education firm, which counts
Pharmaceuticals Industries and an and dealerships, including Nissan, the Blackstone Group among its
affiliate of Ireland-based Allergan. Volkswagen, Audi and Porsche. investors, borrowed $250 million
A British and Nigerian citizen, in April to fund expansion in its
55.  aMalGaMationS Vaswani was born in India, grew Middle East stronghold. Varkey
Group faMily up in Nigeria and went to college is well connected: Former US
$2.1 BILLION  in London. He lives in Dubai’s president Bill Clinton was honorary
SOURCE: Tractors tony Emirates Hills in an opulent chairman of non-profit arm
RESIDENCE: Chennai mansion, which includes an Varkey Foundation until 2015 and
Storied South Indian family, best indoor aviary, a nightclub, an reportedly received $5.6 million
known for tractor manufacturer automatic car wash and a casino. in consultancy fees from GEMS.
Tractors & Farm Equipment
(TAFE) and diesel engine maker 58.  rajendra aGarwal
Simpson & Co, are descendants of the $1.95 BILLION 
late founder S Anantharamakrishnan.
SOURCE: Pharmaceuticals
The group, an agglomeration of
40 companies, is chaired by the
Medical doctor whose family owned a
founder’s son A Krishnamoorthy.
pharmacy in Jaipur, set up Macleods
TAFE, run by his niece Mallika
Pharmaceuticals 30 years ago to
Srinivasan, counts US agri-equipment
make anti-TB medicines and built
maker AGCO as its partner. She also
it into the country’s sixth largest
sits on the boards of AGCO, Tata
pharma outfit. Macleods was in the
Steel and Tata Global Beverages.
news earlier this year when an MP
alleged that it had bribed doctors
56.  ManGal praBhat to prescribe its drugs. The firm
lodha denied any wrongdoing and said the
$2.05 BILLION  allegations were baseless. No charges
photographs: amit Verma

SOURCE: Real Estate were filed. Macleods voluntarily

AGE: 60. Married, 2 Children recalled a drug to treat Parkinson’s
RESIDENCE: Mumbai disease from the US market due to
Property magnate’s privately held quality issues. Agarwal’s older brother
Lodha Group, run by sons Abhishek Girdhari Lal Bawri is chairman
and Abhinandan, is building a and younger brother Banwari Lal
75-storey Trump Tower in Mumbai, to Bawri is joint managing director.
be completed by 2018. The company

december 21, 2016 forbes india | 33

The 100 richesT indians

to the top 100 ranks. With his three (See story, page 134) profits at his privately held Intas
brothers, he runs India’s leading • Murthy recently disclosed that Azim Pharmaceuticals, in which Temasek
lender against gold, founded by his Premji once interviewed him for a and ChrysCapital are investors. The
grandfather in 1887. Muthoot Finance job at Wipro—and he was rejected company, run by sons Nimish and
has more than 4,200 retail branches Binish, was in the news recently for
and six million customers. It was 63.  anil aGarwal
recently investigated by the income $1.86 BILLION 
tax authorities. The company said it SOURCE: Metals 65.  Kiran
was a routine check and that Muthoot AGE: 63. Married, 2 Children MazuMdar-Shaw
Finance was the top corporate RESIDENCE: London $1.83 BILLION 
taxpayer in its home state of Kerala. Metals magnate, who controls SOURCE: Biopharmaceuticals
London-listed Vedanta Resources, AGE: 63. Married
• Enjoys listening to Carnatic music completed the merger between RESIDENCE: Bengaluru
Vedanta’s debt-laden Indian unit Biotech pioneer’s wealth climbed
61.  rajeSh Mehta and cash-rich oil-and-gas firm Cairn along with shares of her listed
$1.88 BILLION  India after sweetening the terms Biocon, which have more than
SOURCE: Jewellery for minority investors. Agarwal’s doubled in the past year. The
AGE: 52. Married, 2 Children longstanding plan to acquire from company, Asia’s largest insulin
RESIDENCE: Bengaluru the government the remaining producer, is aiming for a 10 percent
Runs gold-jewellery exporter 30 percent stake in Hindustan share of the global market. In July,
Rajesh Exports, which straddles the Zinc that he doesn’t own faced a it launched a disposable insulin pen
entire value chain from mining to setback when the Supreme Court in Japan with partner FUJIFILM
refining to retailing. With a refining blocked the sale. His listed Sterlite Pharma, while in August, biosimilar
capacity of 2,400 tonnes annually, Technologies hived off its power drugs to treat certain cancers,
it is the biggest gold processor in transmission business into a separate co-developed with US-based
the world. The company reported company with a view to listing an Mylan, were accepted by European
a threefold jump in revenue to $25 infrastructure investment trust. regulators for review; news of these
billion in the past year, buoyed by milestones lifted the stock. Shares
last year’s acquisition of Swiss gold 64.  Mannalal aGrawal of contract research arm Syngene
refinery Valcambi for $400 million. $1.85 BILLION  are up by 92 percent since its IPO
Shares his wealth, which includes SOURCE: Pharmaceuticals in August 2015. (See story, page 94)
stakes in African gold mines, with AGE: 69. Married, 3 Children • Mazumdar-Shaw was recently
three brothers. (See story, page 128) RESIDENCE: Mumbai awarded the Chevalier de
Co-founder of Ajanta l’Ordre National de la Légion
• Mehta is a fan of Bollywood music Pharmaceuticals, which he controls d’Honneur, France’s highest
with his two siblings, gained as the civilian honour, for her outstanding
62.  nr narayana Murthy company’s shares jumped by 40 contribution to bioscience
$1.87 BILLION  percent in the past year on rising
SOURCE: Software Services sales in India and Africa, its biggest
AGE: 70. Married, 2 Children market. The generics maker, which
RESIDENCE: Bengaluru has a presence in more than 30
Legendary co-founder of Infosys countries in Asia and Africa, is slowly
gets wealth from a minority stake in establishing a foothold in the US.
the firm from which he retired after The $260 million (revenue) firm
installing a former SAP executive has invested $60 million in a new
as the company’s first non-founder formulations plant in Guwahati in
CEO. His private investment firm, northeastern India. US-educated sons,
Catamaran Ventures, has formed an Yogesh and Rajesh, run the company.
insurance brokerage joint venture
with British broker Aon. The Infosys 66.  haSMuKh ChudGar
Foundation, overseen by wife Sudha, $1.8 BILLION 
is setting up the Infosys Institute of SOURCE: Pharmaceuticals
Robotic Surgery in Bengaluru with AGE: 83. Married, 3 Children
health care firm Narayana Health. Returns to the list on rising sales and

Up down Unchanged new to list retUrnee

34 | forbes india december 21, 2016

its $764 million acquisition of Teva watch
Pharmaceutical’s generics business
in the UK and Ireland. The $1 billion
(revenues) Intas is awaiting regulatory

On the Rise
approval to launch a biosimilar version
of an Amgen blockbuster cancer
drug that boosts white blood cells.

67.  Mofatraj Munot
$1.79 BILLION  ome of India’s
SOURCE: Real Estate more celebrated
AGE: 71. Widower, 3 Children entrepreneurs
RESIDENCE: Mumbai have yet to reach the
Developer’s Kalpataru, run richest 100 threshold.
by son Parag, is focusing on its Here are five looming
11.2-million-square-foot township in the wings.
in suburban Mumbai, which will Radhika (right) &
be a mix of residences, offices and Sandeep Aggarwal,
retail spaces. The privately held 41, 43, returned from
firm has also started work on four the Silicon Valley
residential redevelopment projects. in 2011 to start an
Engineering contractor Kalpataru ecommerce venture
Power Transmission, which builds with a friend to sell
electricity transmission towers low-cost, unbranded
in more than 21 countries and is goods to small-
Munot’s only listed asset, is flush town India. Their
with orders exceeding $1.2 billion.
achieved unicorn
68.  laChhMan daS Mittal status after a January
$1.78 BILLION  funding round valued
SOURCE: Tractors the online marketplace
AGE: 85. Married, 5 Children at $1.1 billion and the surgeon who believes in the
RESIDENCE: Delhi couple’s estimated 20 percent stake “Walmartisation” of health care, took
His privately held Sonalika Group,
at $220 million. Radhika is chief his hospital chain Narayana Health
India’s third-largest tractor maker,
business officer while Sandeep runs public last December. Shares of the
is mulling listing its International
Droom, an online seller of used cars Bengaluru-headquartered health
Tractors unit, which is backed
by Blackstone Group and Japan’s that he founded two years ago. care provider are up by 29 percent
Yanmar. Weaker domestic demand Vijay Shekhar Sharma, 38, since. Shetty’s 65 percent stake,
for its Sonalika tractors was partially is the founder of fast-growing, held together with his wife, is worth
offset by higher exports. The company, Alibaba- backed mobile wallet more than $600 million. Narayana
run by his sons and grandsons, has Paytm, an acronym for “Pay Through has 24 hospitals, including one in
started selling in the US and is due Mobile”, with 139 million users and the Cayman Islands, treating more
to open an assembly unit in Iran. three million transactions daily. than two million patients annually.
Son of a school teacher, Sharma Bhavish Aggarwal, 31, co-
69.  Glenn Saldanha latched on to mobile payments in founder and CEO of Ola, India’s most
$1.77 BILLION  2011. A recent funding round by popular cab-hailing app with a fleet
SOURCE: Pharmaceuticals Taiwanese chipmaker MediaTek of 450,000 vehicles in 102 cities.
photographs: amit Verma

AGE: 45. Married, 2 Children reportedly values Paytm at $4.8 Aggarwal quit Microsoft to start Ola
RESIDENCE: Mumbai billion, making Sharma, with his 21 in 2011 with a college pal. The Uber
Pharmacist’s listed Glenmark percent stake, a billionaire. Sharma rival has raised close to $1 billion from
Pharmaceuticals, which he controls is spinning off Paytm’s ecommerce investors such as Japan’s SoftBank
with his family, has been buffeted business into a separate company and China’s Didi Chuxing. Avid
by currency depreciation and saw and will be starting a niche bank. photographer Aggarwal’s estimated 15
revenue from emerging markets Devi Prasad Shetty, 63, a UK- percent holding is worth $750 million.
(excluding India) decline by 22 trained, award-winning cardiac —nk

december 21, 2016 forbes india | 35

The 100 richesT indians

percent. The company derives 60 include stakes in companies of 73.  MuruGappa faMily
percent of its $1.2 billion in annual the Bajaj family (No 17), which $1.7 BILLION 
revenue from India and the US. Last has seen their shares surge of SOURCE: Diversified
year, it received approvals to sell 19 late. (See story, page 140) RESIDENCE: Chennai
generic drugs in the US, the most it Clan behind the 116-year-old
has ever received in a year. Glenmark 72.  raMeSh juneja Murugappa Group, a conglomerate of
has four drugs in clinical trials, two $1.72 BILLION  28 companies with combined annual
of them in phase two. Investors SOURCE: Pharmaceuticals revenue of $4.5 billion, returns to
include Singapore’s Temasek. AGE: 63. Married, 2 Children the 100 richest on share gains at all
RESIDENCE: Delhi its companies after dropping off last
70.  aBhay firodia His privately held Mankind year. Sugar outfit EID Parry saw
$1.76 BILLION  Pharma, which he owns and runs shares double on rising sugar prices
SOURCE: Automobiles with younger brother Rajeev, while abrasives maker Carborundum
AGE: 71. Married, 4 Children is a low-cost generics champion Universal recorded a 72 percent surge
RESIDENCE: Pune generating most of its $600 on a jump in sales and profitability. TI
Chairman of Force Motors, run by million in revenue in India. Cycles, a leading maker of bicycles in
son Prasan, has opened three new To rev up sales, the company is India, has opened a factory in Punjab
factories in the past year, including expanding overseas, targeting to cater to the northern and eastern
one to make engines and axles for the US market, where it plans to markets. Murugappa chairman A
Mercedes-Benz. His privately held set up a factory. Juneja’s UK- Vellayan, who stepped down in
Jaya Hind Industries, which has a educated son Arjun is leading the May 2015 after being charged with
joint venture with French auto parts international drive. insider trading by market regulator
maker Montupet, supplies cylinder Sebi, was reappointed five months
heads to Ford from a new factory • The brothers were born on later. This May, Sebi dismissed the
in Madhya Pradesh. His holdings the same day, 10 years apart case but said it may reinvestigate.
He has denied the charge.

71.  nirav Modi 74.  ranjan pai

$1.74 BILLION  $1.69 BILLION 
SOURCE: Diamond Jewellery SOURCE: Education, Health Care
AGE: 45. Married, 3 Children AGE: 43. Married, 2 Children
Diamond jewellery designer Medical doctor’s education and
is reportedly mulling an IPO health care empire Manipal Group
of his $1.8 billion (revenue) has six colleges, including four
Firestar Diamond. Meantime, overseas, in Malaysia, Antigua, Dubai
he’s expanded the high street and Nepal, as well as 16 hospitals
presence of his eponymous brand with two more in the pipeline in
by adding two more boutiques, Delhi. He recently floated Neev, a
in London and Macau, bringing real estate investment fund, with
the total to eight. He’s aiming four partners, to invest in small
for 30 boutiques in a dozen property developers in Bengaluru
countries by 2020. Modi’s ultra- and Mumbai. Also invested in new
rich and celebrity clients include finance company InCred, which
Hollywood actress Kate Winslet, offers education loans, mortgages and
who wore his jewels at the Oscar loans to small enterprises. Pai has
ceremony this year. backed Saha, a venture capital fund
focussed on women entrepreneurs.
• The diamantaire celebrated
five years of his brand and 75.  harSh GoenKa
his wife Ami’s 40th birthday $1.67 BILLION 
in March with a gala held in SOURCE: Diversified
a Jodhpur palace hotel AGE: 58. Married, 2 Children
Fifth generation of storied business
Up down Unchanged new to list retUrnee clan, who chairs $3.1 billion

36 | forbes india december 21, 2016

(revenue) RPG Group, a tyres-to- 77.  Salil SinGhal was started by her late father as
technology conglomerate, is keen $1.65 BILLION  a joint venture with Revlon in
to back startups and encourages SOURCE: Agrochemicals 1961. USV specialises in diabetic
staff to become entrepreneurs. AGE: 69. Married, 3 Children and cardiovascular drugs, with
The group’s pharma arm, RPG RESIDENCE: Delhi a portfolio that spans biosimilar
LifeSciences, recently bought seven The promise of a good monsoon drugs and injectables and active
drugs from Dilip Shanghvi’s (No 2) this year drove up shares of his pharmaceutical ingredients. Son
Sun Pharmaceuticals. Tyremaker PI Industries, which makes plant Vilas, who founded a gaming outfit
Ceat, run by son Anant, is building protection and nutrient products. in Los Angeles, has a board seat.
new factories in India and overseas. The company, which also does custom
synthesis for global chemical majors,
has been run by his son Mayank
76.  jitendra virwani
since 2009. It opened a research
$1.66 BILLION  centre in Udaipur in February. Shares
SOURCE: Real Estate wealth with two brothers. They
AGE: 50. Married, 4 Children also own calcite miner Wolkem.
RESIDENCE: Bengaluru
Fast-rising property baron’s 78.  pnC Menon
Embassy Property Development,
$1.64 BILLION 
Bengaluru’s biggest developer of
SOURCE: Real Estate
office parks with partners such
AGE: 67. Married, 3 Children
as private equity firm Blackstone,
has moved into building industrial
Property developer, who hails from
parks and warehousing spaces
Kerala, is expanding his Sobha
in a $250 million joint venture
Group’s Middle East operations,
with American private equity firm
which span the UAE, Qatar, Oman
Warburg Pincus. Embassy’s newest
and other Gulf countries. In April,
project in its home city is Embassy
he signed a joint venture with the
Springs, a 300-acre township
government of Umm al-Quwain
near Bengaluru airport. Next
to develop the UAE’s least-known
up is probably a REIT listing of
emirate into a tourist hotspot.
Embassy’s office assets. Son Karan,
The proposed $6.8 billion island
who works with him, is overseeing
development will comprise seafront
a new venture in shared office
villas, hotels, wellness resorts,
boutique stores and an 18-hole golf
course. Sobha is also building two 80.  nandan nileKani
• Virwani’s 50th-birthday bash
projects totalling $13 billion in Dubai. $1.62 BILLION 
in February, held in his home,
Listed Indian arm Sobha Developers SOURCE: Software Services
drew more than 500 guests
is run by son Ravi. AGE: 61. Married, 2 Children
RESIDENCE: Bengaluru
• He and his wife, Sobha, after Infosys co-founder recently
whom the group is named, signed teamed up with Ratan Tata, former
the Giving Pledge in June chairman of the Tata Group, to
start Avanti Finance, which will
79.  leena tewari provide microloans to the poor.
$1.63 BILLION  Nilekani, who is credited with
SOURCE: Pharmaceuticals building Aadhaar, India’s identity
AGE: 59. Married, 2 Children card scheme, while chairman of
photographs: amit Verma

RESIDENCE: Mumbai the Unique Identity Authority

Media-shy heir of pharma fortune of India, has backed several
chairs privately held USV India, startups, including auto parts
which is run by her husband, maker Sedemac Mechatronics,
Prashant, an Indian Institute of whose founders studied at the
Technology grad who studied Indian Institute of Technology,
mechanical engineering at Cornell Bombay, his alma mater.
University in the US. The company

december 21, 2016 forbes india | 37

The 100 richesT indians

Emcure’s revenue of $650 million is The companies settled out of court in

81.  S GopalaKriShnan generated overseas, mainly in North May. Patanjali says it has changed the
$1.61 BILLION  America. Emcure, which counts packaging.
SOURCE: Software Services private equity firm Bain Capital as a
AGE: 61. Married, 1 Child key investor, employs 11,000 people, • Emami has Bollywood actors and
RESIDENCE: Bengaluru has nine factories and sells in 65 tennis star Sania Mirza as brand
Co-founder of Infosys is backing countries. Mehta’s two US-educated ambassadors
startups after retiring from the children, son-in-law and nephew • Emami’s Fair and Handsome
company two years ago. Has work with him. Avid cricket fan. men’s fairness cream is a
invested in 25 companies through market leader in the UAE
his business incubator Axilor 83.  ravi jaipuria
Ventures. He has also funded and $1.57 BILLION  86.  SaMeer Gehlaut
created Itihaasa, a digital app that SOURCE: Soft Drinks $1.55 BILLION 
chronicles the evolution of India’s AGE: 61. Married, 2 Children SOURCE: Financial Services,
IT industry through, among much RESIDENCE: Delhi Real Estate
else, interviews with industry Cola king, who presides over $1.1 AGE: 42. Married, 2 Children
stalwarts such as Azim Premji (No billion (revenue) drinks and foods RESIDENCE: Mumbai
4) and fellow Infosys co-founder conglomerate RJ Corp, is aiming IIT engineer’s mortgage lender,
NR Narayana Murthy (No 62). for group revenue of $5 billion by Indiabulls Housing Finance, raised
2020. He’s preparing to list his $2.3 billion through bond issues
flagship Varun Beverages, PepsiCo’s since July to fund expansion. It
second-biggest bottler, which is owns a 40 percent stake in UK-based
named after his son. Fast-food outfit OakNorth Bank, a lender to small
Devyani International has 500 retail businesses. In February, he hosted
outlets for brands such as KFC, the 15-year celebration of his group
Pizza Hut, Costa Coffee and TWG at the site of his upcoming $1.5 billion
Tea. Jaipuria also owns a minority residential development in Mumbai.
stake in health care firm Medanta. Gehlaut is building a luxury hotel in
London’s Mayfair area. He recently
84.  radhe ShyaM aGarwal bought a Global 5000 airplane.
$1.56 BILLION 
SOURCE: Consumer Goods 87.  devendra jain
AGE: 71. Married, 3 Children $1.54 BILLION 
RESIDENCE: Kolkata SOURCE: diversified
AGE: 87. Married, 4 Children
84.  radhe ShyaM GoenKa RESIDENCE: Delhi
$1.56 BILLION  The Inox Group’s chairman’s listed
SOURCE: Consumer Goods wind energy arm Inox Wind, run by
AGE: 70. Married, 3 Children grandson Devansh, has a capacity
RESIDENCE: Kolkata of 1,600 megawatts. With roots in
82.  SatiSh Mehta Co-founders of consumer goods newsprint and chemicals, Inox is now
$1.6 BILLION  flagship Emami, which saw its shares better known for its chain of cinemas,
SOURCE: Pharmaceuticals drop amid sluggish demand in rural with 109 multiplexes in 57 cities.
AGE: 65. Married, 2 Children markets. The $400 million (revenue)
RESIDENCE: Pune company rolled out new products 88.  jai hari &
Pharma distributor’s son founded like Emami 7 Oils in One, Fair and yadu hari dalMia
and runs privately held Emcure Handsome instant fairness facewash $1.5 BILLION 
Pharmaceuticals. He started for men and Nityam laxative tablets. SOURCE: Cement
the Pune-based generics maker Emami had filed a case against herbal AGE: 71. Married, 1 Child
as a contract manufacturer for consumer goods maker Patanjali— AGE: 69, Married, 2 children
multinationals in 1981. After more co-founded by yoga guru Baba RESIDENCE: Delhi
than a decade, Mehta began marketing Ramdev—for allegedly copying the Siblings run cement company Dalmia
and distributing his own branded design of Emami’s Kesh King bottle Bharat, inherited from father
generics. Today close to 60 percent of for Patanjali’s Kesh Kanti bottles. Jaidayal Dalmia, who established the
first factory in 1939. The $1.1 billion
Up down Unchanged new to list retUrnee (revenue) company, which counts

38 | forbes india december 21, 2016

US-based private equity firm KKR 90.  anand Mahindra 92.  Malvinder
as an investor, is the fourth-largest $1.42 BILLION  & Shivinder SinGh
cement producer in the country, SOURCE: Automobiles $1.38 BILLION 
with 11 factories. Benefiting from AGE: 61. Married, 2 Children SOURCE: Health Care
rising demand, Dalmia Bharat has RESIDENCE: Mumbai AGE: 43. Married, 3 Children
seen its shares soar in the past year, Harvard grad runs the $17.8 billion AGE: 41. Married, 4 Children
earning the brothers a spot on the (revenue) group and gets wealth RESIDENCE: Delhi
list for the first time. Their 2 sons from listed flagship Mahindra Brothers faced setback when
work with them. Other interests & Mahindra as well as a small stake a Singapore arbitration court
include sugar and energy. in Kotak Mahindra Bank. M&M, imposed a $390 million fine on
whose businesses range from autos them for allegedly suppressing and
to IT, launched 14 autos in the past misrepresenting facts when they
89.  viKaS oBeroi
year, including the Blazo commercial sold their pharma firm, Ranbaxy
$1.45 BILLION  truck, which optimises fuel use based Laboratories, to Japan’s Daiichi
SOURCE: Real Estate on road and load conditions, and the Sankyo eight years ago. The
AGE: 46. Married, 2 Children eVerito electric sedan. Singhs denied any wrongdoing
RESIDENCE: Mumbai and are contesting the ruling in
Property magnate who counts • With 3.5 million followers on both Singapore and India. Their
Morgan Stanley as an early backer Twitter, Mahindra was recently hospital chain, Fortis Healthcare,
of his Mumbai-focussed Oberoi named among the top 10 global which Malvinder runs as executive
Realty returns to the ranks on CEOs to follow by financial chairman, is demerging its
share gains and new information media firm Benzinga, alongside diagnostics business. The brothers
on his private assets, after dropping Bill Gates and Tim Cook rejoined the board of financial
off last year. The firm, which firm Religare Enterprises in a non-
owns a Westin hotel in suburban executive capacity in July after
Mumbai, is building the city’s first 91.  Sanjiv GoenKa
$1.4 BILLION  a six-year gap. Shivinder retired
Ritz-Carlton hotel and residences, from business last year to work
due to open in 2018. This year, SOURCE: Diversified
for a spiritual organisation.
Oberoi, who is not related to the AGE: 55. Married, 2 Children
family behind the Oberoi hotel RESIDENCE: Kolkata
93.  Sunder GenoMal
chain, received approval to develop Younger brother of Harsh Goenka
a four-acre midtown plot that (No 75) controls $2.6 billion $1.35 BILLION 
he personally owns; he plans to (revenue) conglomerate RP-Sanjiv SOURCE: Garments
build a mall, hotel and serviced Goenka Group. Its 117-year-old AGE: 62.
apartments. (See story, page 114) power utility, CESC, with three RESIDENCE: Bengaluru
million customers, has expanded Gets wealth, which he shares with
beyond its eastern India stronghold two older brothers, from 49 percent
with newly acquired rights to stake in Page Industries, one of
distribute electricity in Rajasthan. the biggest global licensees for
Supermarket chain Spencer’s, undergarment maker Jockey, which
which son Shashwat looks after, is benefiting from rising sales. The
bought grocery website meragrocer. $269 million (revenue) Page makes
com last December and plans to and sells underwear and leisurewear
start offering home deliveries. in India, Sri Lanka, Bangladesh, Nepal
Goenka, who owns cricket team and UAE.
Rising Pune Supergiants and football
team Atletico de Kolkata, plans to • Genomal enjoys playing the guitar
personally invest $75 million in
building a sports complex in Kolkata 94.  ajay KalSi
photographs: amit Verma

that will include a stadium and a $1.31 BILLION 

budget hotel. SOURCE: Energy
AGE: 55. Married
• Son Shashwat’s wedding Chairman of London-listed Indus
in January included a Gas, which owns natural gas blocks
performance by Cirque du in Rajasthan in western India, regains
Soleil and drew 2,500 guests his billionaire status and climbs back
into the ranks after a two-year hiatus

december 21, 2016 forbes india | 39

The 100 richesT indians

as shares of the energy firm jumped 99.  rajju Shroff

fourfold since January. Indus plans 98.  ShaMSheer vayalil $1.26 BILLION 
to spend $85 million to appraise and $1.27 BILLION  SOURCE: Agrochemicals
develop existing wells. Kalsi’s other SOURCE: Health Care AGE: 83. Married, 3 Children
interests span real estate, business- AGE: 39. Married, 4 Children RESIDENCE: Mumbai
process outsourcing and footwear. He RESIDENCE: Abu Dhabi Chairman of UPL, a leading
has a small stake in Reebok India. Son-in-law of MA Yusuff Ali agrochemicals player, returns
(No 25) founded and runs VPS to the list after a six-year hiatus
95.  Bhavin & divyanK Healthcare, a network of hospitals, on a jump in shares propelled by
turaKhia clinics and pharmacies in the UAE growing sales in Latin America and
$1.3 BILLION  and India. Born into a business Europe. He owns a one-third stake
SOURCE: Tech family in Kerala, he migrated to the in UPL, started by him in 1969 to
AGE: 36. Single Middle East after medical studies make red phosphorus, which is
AGE: 34. Single and worked as a radiologist at a used in matchsticks. Older son Jai
RESIDENCE: Dubai local hospital. Backed initially by runs operations and is global chief
Brothers make debut after selling his father-in-law, he started with executive officer and vice chairman.
ad tech firm for $900 one hospital in Abu Dhabi in 2007. In June, UPL acquired a 26 percent
VPS expanded into India this stake in forecasting firm Weather
million to Chinese investors in
year by acquiring the Rockland Risk Management Services.
August. (See story, page 146)
Hospital chain in North India and
the Lakeshore Hospital in Kochi. 100.  ShyaM & hari
96.  dilip & anand Surana
$1.29 BILLION  Bhartia
SOURCE: Pharmaceuticals $1.25 BILLION 
AGE: 50. Married, 1 Child SOURCE: Diversified
AGE: 45. Married, 3 children AGE: 63. Married, 3 Children
RESIDENCE: Bengaluru AGE: 59. Married, 4 children
Brothers run generics firm Micro RESIDENCE: Delhi
Labs, which they inherited from Brothers get more than half their
their father, who started as a wealth from pharma flaghsip
pharmaceutical distributor in Jubilant Life Sciences, which
Chennai. The firm aims to more surged 74 percent, buoyed partly
than double revenue to $1 billion by higher margins reported in
by 2020 from $385 million. a recent quarter. About a third
of the fortune is from their
fast-food company Jubilant
97.  azad Moopen
FoodWorks, which operates
$1.28 BILLION  Domino’s Pizza and Dunkin’
SOURCE: Health Care Donuts outlets in India. Both have
AGE: 63. Married, 3 Children been affected by sluggish demand
RESIDENCE: Dubai and competition from popular
Physician is preparing to list his online food-delivery services.
Dubai-based hospital chain Aster Brothers delisted their AIM-listed
DM Healthcare, which operates a energy arm in the past year.
network of 13 hospitals, 87 clinics
and 180 pharmacies in the Middle
East and India. Aster treats 10
million patients annually and M e t h o d o l o g y
employs over 1,000 doctors. In May, This list was compiled using shareholding and financial information
Aster acquired a 25 percent stake obtained from the families and individuals, stock exchanges, analysts
in Hyderabad’s Ramesh Hospitals.
and India’s regulatory agencies. The ranking lists family fortunes,
Moopen gave up his teaching job
including those shared among extended families such as the Godrej
in his native Kerala and started
and Bajaj families. Public fortunes were calculated based on stock
with a single clinic in Dubai in 1987.
Daughter Alisha overseas strategy. prices and exchange rates as of September 9. Private companies
were valued based on similar companies that are publicly traded.

Up down Unchanged new to list retUrnee

40 | forbes india december 21, 2016

The 100 richesT indians

Telling Their Fortunes

a low-down of the 2016 forbes india rich list: new faces, returnees,
top gainers and losers, the hot sectors and some interesting facts

25 $83.7 bln ToTal nET worTh of InDIa’s

top five billionaires

Is MorE Than
$22.7 bln
*By comparison,
Estonia has a GDP
20 of $22.7 bln

ThE cosT of
1,230 Mars 18 times ThE PrIcE of
ThE cosT of
Orbiter hosTInG 128,967,642
‘ManGalyaan’ ThE 2016 rio aPPlE iPhonE 7
MIssIons olympics (32 GB) PhonEs

W e a lt h ( $ b l n )

$15 bln
*By comparison,
Mozambique’s GDP
10 is $14.7 bln $4.8 bln
The biggest
wealth gainer
(in %) in the list

Benu Gopal
Shashi &
Ravi Ruia
Desh Bandhu
Kushal Pal

2016 2015
*World Bank data for 2015

42 | forbes india december 21, 2016

crests and troughs billionaires
How tHe fortunes of tHis year’s top five Have moved since by sector
PharMacEuTIcals DIvErsIfIED

Mukesh Ambani
(Change in wealth since first
30 appearance: -29%) 18 13
rEalTy consuMEr GooDs
wealth ($ bln)


15 7 6
Azim Premji
10 sofTwarE/IT hEalTh carE
Pallonji Mistry
(+101%) Hinduja brothers
5 (+90%)
Dilip Shanghvi
(+312%) 4
2009 2010 2011 2012 2013 2014 2015 2016
Pallonji Mistry and three of the four hinduja brothers are not indian citizens and were not
considered in the rich lists earlier. however, they were included in 2010 and 2012 resPectively,
due to their business ties to the country
4 3

Wealth MoTorcylEs oThErs

of Top 100

$381 bln 78%

sharE of ToP 50
3 37

29 $ 2.5 bln
$ 3.65 bln Debuts riding on
replaces his late Patanjali’s rise
father Brijmohan
lall Munjal
BR Shetty
Kuldip & Gurbachan
Singh Dhingra
Pawan Munjal
Vivek Chaand
Kapil & Rahul

Jain family

PV Ramprasad
Vinod & Anil
Rai Gupta

MA Yusuff
Sudhir &
Samir Mehta

december 21, 2016 forbes india | 43

The 100 richesT indians

neWcoMers and returnees oVerall Wealth

tHe debutants contributed $11.8 billion to tHe wealtH tHe total wortH of tHe 100 ricHest indians witnessed a steep
of tHe list tHis year, wHile tHose wHo made a comeback 20 percent fall in 2011, and scaled a new HigH only in 2014
poured in a combined $13.5 billion

Rank Name Wealth Status

($ bln)
29 Pawan Munjal 3.65 

oVeRALL weALtH ($ BLN)

48 Acharya Balkrishna 2.50  346
82 Satish Mehta 1.60 
88 Jai Hari & Yadu 1.50 

Hari Dalmia 3.
95 Bhavin & Divyank 1.30  9%

turakhia 276 250
98 Shamsheer Vayalil 1.27  2.
52 Karsanbhai Patel 2.24  241

59 MG George Muthoot 1.92 

2009 2010 2011 2012 2013 2014 2015 2016
65 Kiran Mazumdar-Shaw 1.83 
66 Hasmukh Chudgar 1.80  Change in wealth

73 Murugappa family 1.70 

89 Vikas oberoi 1.45 
leaps & plunges
94 Ajay Kalsi 1.31 
top gainers
99 Rajju Shroff 1.26 

22 35 36

3.1% 3.5%
Kushal Pal ajay jaIn
sInGh PIraMal faMIly
84.6% 82.6% 73%
Newcomers’ returNees’
coNtributioN to share iN overall
overall wealth wealth 46 28
vInoD & anIl KulDIP & GurBachan rank in 2016
raI GuPTa sInGh DhInGra
tricKling doWn wealth change
tHe 80-20 rule, wHen applied to tHe ricH list, sHould
61.5% 55.5% from 2015
translate to tHe top20 billionaires accounting for 80
percent of tHe wealtH. However, tHe sHare of tHe top 20
in overall wealtH Has steadily eroded from 70 percent in
biggest losers
2009 to 52 percent in 2016, indicating a trickling down of
fortunes to tHe lower order
92 Malvinder & Shivinder Singh -22%
96 Dilip & Anand Surana -18.4%
weALtH ($ BLN)

250 54 Reddy family -17.6%






100 24 Micky Jagtiani
2009 2010 2011 2012 2013 2014 2015 2016 55 Amalgamations Group family -14.3%
top 20 Next 80

44 | forbes india december 21, 2016

the 100 richest indians 50 Chandru Raheja 2.40 14.3 -6 8
missing in 2016: tHe poster boys of indian ecommerce 51 Baba Kalyani 2.25 -2.2 -10 8

rank name Wealth change change appear- 52 Karsanbhai Patel 2.24 Returnee Returnee 5
2016 in 2016 in wealth in rank ances 53 Rakesh Jhunjhunwala 2.20 18.3 3 8
($ bln) from 2015 from since
(%) 2015 2009 54 Reddy family 2.15 -17.6 -21 8

1 Mukesh Ambani 22.70 20.1 0 8 55 Amalgamations Group 2.10 -14.3 -18 3

2 Dilip Shanghvi 16.90 -6.1 0 8
56 Mangal Prabhat Lodha 2.05 No Change -11 7
3 Hinduja brothers 15.20 2.7 1 5
57 Sunil Vaswani 2.00 No Change -9 2
4 Azim Premji 15.00 -5.7 -1 8
58 Rajendra Agarwal 1.95 6.0 0 3
5 Pallonji Mistry 13.90 -5.4 0 7
59 MG George Muthoot 1.92 Returnee Returnee 4
6 Lakshmi Mittal 12.50 11.6 2 8
60 Sunny Varkey 1.90 -5.9 -13 4
7 Godrej family 12.40 8.8 0 8
61 Rajesh Mehta 1.88 10.6 4 6
8 Shiv Nadar 11.40 -11.6 -2 8
62 NR Narayana Murthy 1.87 -2.6 -9 8
9 Kumar Birla 8.80 12.8 1 8
63 Anil Agarwal 1.86 -5.1 -12 8
10 Cyrus Poonawalla 8.60 8.9 -1 8
11 Uday Kotak 8.30 27.7 1 8 64 Mannalal Agrawal 1.85 37.0 20 2

12 Sunil Mittal 6.60 6.5 1 8 65 Kiran Mazumdar-Shaw 1.83 Returnee Returnee 7

13 Gautam Adani 6.30 -10.0 -2 8 66 Hasmukh Chudgar 1.80 Returnee Returnee 2

14 Benu Gopal Bangur 5.90 51.3 8 8 67 Mofatraj Munot 1.79 17.0 11 7

15 Anand Burman 5.85 6.4 1 8 68 Lachhman Das Mittal 1.78 -8.7 -16 5

16 Shashi & Ravi Ruia 5.80 No Change -1 8 69 Glenn Saldanha 1.77 -10.2 -19 5

17 Bajaj family 5.70 29.5 2 8 70 Abhay firodia 1.76 38.6 18 4

18 Subhash Chandra 5.60 16.7 0 8 71 Nirav Modi 1.74 24.3 11 4

19 Savitri Jindal 5.30 39.5 4 8 72 Ramesh Juneja 1.72 11.7 5 4

20 Desh Bandhu Gupta 5.10 -13.6 -6 8 73 Murugappa family 1.70 Returnee Returnee 7
21 Vikram Lal 5.00 16.3 -1 5 74 Ranjan Pai 1.69 -3.4 -10 5
22 Kushal Pal Singh 4.80 84.6 12 8 75 Harsh Goenka 1.67 10.6 4 6
23 Pankaj Patel 4.50 9.8 -2 8 76 Jitendra Virwani 1.66 0.6 -8 5
24 Micky Jagtiani 4.40 -17.0 -7 8 77 Salil Singhal 1.65 32.0 13 2
25 MA Yusuff Ali 4.00 8.1 -1 4 78 PNC Menon 1.64 32.3 13 4
26 Madhukar Parekh 3.90 25.8 0 4 79 Leena tewari 1.63 -14.2 -25 2
27 Sudhir & Samir Mehta 3.85 16.7 -2 8 80 Nandan Nilekani 1.62 0.6 -11 8
28 Kuldip & Gurbachan 3.70 55.5 11 4 81 S Gopalakrishnan 1.61 -3.6 -14 8
Singh Dhingra
82 Satish Mehta 1.60 New New 1
29 Pawan Munjal 3.65 New New 1
83 Ravi Jaipuria 1.57 No Change -10 4
30 Harsh Mariwala 3.64 40.5 5 8
84 Radhe Shyam Agarwal 1.56 0.6 -9 5
31 Vivek Chaand Sehgal 3.60 44.0 5 5
84 Radhe Shyam Goenka 1.56 0.6 -9 5
32 Anil Ambani 3.40 17.2 -3 8
86 Sameer Gehlaut 1.55 3.3 -6 4
33 Kapil & Rahul Bhatia 3.35 39.6 5 6
87 Devendra Jain 1.54 -3.1 -16 6
34 Ashwin Dani 3.30 50.0 9 8
88 Jai Hari & Yadu Hari 1.50 New New 1
35 Ajay Piramal 3.25 82.6 27 8
36 Jain family 3.20 73.0 21 8
89 Vikas oberoi 1.45 Returnee Returnee 7
37 PV Ramprasad Reddy 3.15 12.5 -7 5
90 Anand Mahindra 1.42 26.8 9 6
38 Ravi Pillai 3.10 31.9 2 4
91 Sanjiv Goenka 1.40 19.7 6 6
39 Vijay Chauhan 3.00 11.1 -8 4
92 Malvinder & Shivinder 1.38 -22.0 -29 8
40 Kalanithi Maran 2.90 9.4 -8 8 Singh
41 Murali Divi 2.80 22.8 1 8 93 Sunder Genomal 1.35 12.5 2 2
42 Samprada Singh 2.70 36.4 7 4 94 Ajay Kalsi 1.31 Returnee Returnee 5
43 Ashwin Choksi 2.65 40.2 12 8 95 Bhavin & Divyank 1.30 New New 1
44 Yusuf Hamied 2.60 -11.9 -16 8 turakhia
45 Rajan Raheja 2.55 25.6 1 8 96 Dilip & Anand Surana 1.29 -18.4 -24 3
46 Vinod & Anil Rai Gupta 2.52 61.5 28 2 97 Azad Moopen 1.28 -11.7 -16 3
47 BR Shetty 2.51 48.5 19 5 98 Shamsheer Vayalil 1.27 New New 1
48 Acharya Balkrishna 2.50 New New 1 99 Rajju Shroff 1.26 Returnee Returnee 2
49 Abhay Vakil 2.45 34.6 11 8 100 Shyam & Hari Bhartia 1.25 3.3 -6 8

december 21, 2016 forbes india | 45

The 100 richesT indians

(q u i c k ta k e s )

The Dropouts
industry woes and market volatility played a part
in these 13 tycoons not making the cut in 2016
By Aveek DAttA

Venugopal DHoot
habil khorakiwala
Videocon Industries Ltd
No 61 in 2015
A slowdown in the consumer durables
sector and declining returns from
the oil and gas business, in line with
the fall in global crude prices, have
taken a toll on Videocon, and on
the fortunes of its chief, Venugopal
Dhoot, 65. The company is reeling
under a debt burden of around
Rs 43,000 crore. In June 2016, Credit
Analysis and Research (CARE) Ltd
cut its ratings on the company’s
bank loans. Videocon, which also
has a telecommunications venture,
sold the spectrum it held to Bharti
Airtel in March 2016 for Rs 4,428
crore. According to recent reports,
the company is planning to monetise
some of its international oil and gas
assets to repay debt. Over the last
one year, Videocon’s share price
has declined by 24.5 percent.

SHiSHir bajaj
Habil KHoraKiwala some adverse observations against Bajaj Group
Wockhardt Ltd the company’s manufacturing units No 85 in 2015
No 59 in 2015 in Waluj, Maharashtra, and issued Following a separation of business
Habil Khorakiwala, 74, chairs the another import alert against a unit interests among members of the
Mumbai-based pharma major that has in Ankleshwar, Gujarat, where Bajaj family, Shishir Bajaj, 68, and his
been battling headwinds ever since Wockhardt makes active pharma son Kushagra Nayan Bajaj control
the US Food and Drug Administration ingredients. Its share price has the interests in sugar production,
(USFDA) issued an import alert tanked by around 35 percent over power transmission, FMCG and
against its drug manufacturing facility the last one year compared to a infrastructure. The flagship company
in Chikalthana, Maharashtra, in 10.5 percent increase in the S&P is Bajaj Hindusthan Sugar Ltd,
2013. This implies that drugs made BSE Sensex. While the company’s Asia’s largest and the world’s fourth
at this facility can’t enter the US, the revenues have remained stable largest sugar producer. Owing to
largest market for generic drugs in year-on-year in 2015-16 at Rs 4,558 the challenges in the Indian sugar
the world. (The alert had not been crore, net profit declined by 19.5 industry, including low price
vikAs khot

lifted till the time of going to press.) percent in the same period. realisation and high sugarcane dues
The US drug regulator has also made to farmers, the company has been

46 | forbes india december 21, 2016

venugopal Dhoot Chirayu Amin

reeling under losses. It even had to since metamorphosed into India’s US over the last few years and has a
approach bankers to restructure largest ecommerce company, selling sizeable portfolio of drugs in India as
its debt and temporarily shut down everything from electronics to well. Over the last four years till FY16,
operations at some of its units. footwear and apparel. To strengthen Alembic Pharma’s revenues have
However, Bajaj Hindusthan was its foothold in the online apparel grown at a compound annual growth
successful in narrowing its losses retailing business, Flipkart even rate (CAGR) of 21 percent to Rs 3,145
in 2015-16 to Rs 206.59 crore, from acquired Myntra in 2014. But intense crore and net profit has grown at 53
Rs 1,192.45 crore in the preceding competition in the ecommerce space, percent to Rs 719 crore. But sectoral
fiscal. Prospects for the Indian with Amazon investing heavily in challenges have seen the pricing
sugar industry have been looking up India to corner market share and power of drug-makers in India come
recently as prices have firmed up due Snapdeal trying to retain its foothold, under pressure and have resulted
to a fall in production, improvement has taken a toll on Flipkart. That, in relatively tepid growth for
in exports, and higher proportion along with profitability concerns, Alembic Pharmaceuticals in the
of ethanol (a byproduct of sugar has led many existing investors domestic sector. Over the last year
production) blending with fuel. to re-evaluate their holdings in till September 30, the company’s
The group’s other big business is the company. On the basis of the share price has seen considerable

venugopAl Dhoot; vikAs khot; ChiRAyu Amin: mexy xAvieR

consumer products, which has also markdowns, the ecommerce venture’s volatility, fluctuating between a high
seen muted volume growth due to current valuation is pegged to be of Rs 737 per share, to as low as
a general slowdown in the sector. around $10 billion, down from $15 Rs 527, before rising again to around
billon at its peak. (See page 154) Rs 650. The group’s other listed
SacHin banSal anD entity, Alembic Ltd, which houses
binny banSal cHirayu amin the real estate business, has also seen
Flipkart Alembic Group similar fluctuations in its stock price.
Both No 86 in 2015 No 93 in 2015
Sachin Bansal, 35, and Binny Bansal, Chirayu Amin, 69, is the patriarch of
tHe otHerS
33, have been the poster boys of the the Vadodara-based Alembic Group,
Indian ecommerce growth story. whose main business interests include Rakesh Gangwal 70 (Rank in 2015)
Balkrishan Goenka 83
The friends—they aren’t related to pharmaceuticals and real estate. Achal Bakeri 89
each other—worked for Amazon Alembic Pharmaceuticals, one of the Murli Dhar & Bimal Gyanchandani 92
K Dinesh 96
before pooling in their life’s savings oldest pharma companies in India, Radhakishan Damani 98
to start Flipkart in 2007 as an online has been making rapid strides to Raghuvinder Kataria 100
seller of books. The venture has grow its generic drugs business in the

december 21, 2016 forbes india | 47

The 100 richesT indians

( p r o f i l e s)

k i r a n m a z u m da r - s h aw

Biocon ’s
through her focus on technology,
scale and grit, kiran mazumdar-shaw
has helped build biocon into a global
biopharma force to reckon with
By Aveek DAttA
kiran Mazumdar-Shaw,
chairperson and MD of
Biocon, has taken bold
bets, some of which
were ahead of their time

The 100 richesT indians

n September 9, comeback isn’t far to seek. The lead to sustainable value creation.
Bengaluru—India’s company ended fiscal 2016 with Rs Ours is a long gestation business and
IT hub—came to a 3,570 crore in revenues, up 14 percent it can take up to 10 years for a product
grinding halt due to a over FY15, and a net profit of Rs to come to market. Very few investors
general strike called 896 crore (including an exceptional are willing to wait for that long.”

against a Supreme gain of Rs 575.40 crore fuelled by
Court directive, asking the Karnataka the listing of its contract research efore establishing Biocon
government to release water from subsidiary Syngene), up 80 percent in 1978, Mazumdar-Shaw
river Cauvery to Tamil Nadu. over the previous year. Over the had returned to India with
One prominent Bengaluru citizen, last five years, Biocon’s topline a master’s degree in malting
industrialist Kiran Mazumdar- has grown at a compound annual and brewing from Ballarat College,
Shaw, decided to raise her voice on growth rate (CAGR) of 14 percent, Melbourne University. Her biography,
Twitter against the demonstrations while its bottomline has risen at 19.5 Myth Breaker: Kiran Mazumdar-
that were crippling normal life. As percent annually. Its market value Shaw and the Story of Indian Biotech,
is the trend these days, Mazumdar- has skyrocketed to Rs 19,107 crore points out that Mazumdar-Shaw, the
Shaw immediately got trolled by the (as on October 5), more than double daughter of Rasendra Mazumdar,
pro-agitation brigade. Undaunted, of what it was a year back. The former chief brewmaster at United
she followed this up with an open benchmark S&P BSE Sensex rose a Breweries, realised it wouldn’t be easy
letter, where she empathised with modest five percent in that period. for a woman to land a job at a brewery
the farmers who would suffer from To get to this point, Mazumdar- in India those days. She was about to
the SC verdict, but reiterated that Shaw has taken bold bets, some of leave for Scotland to work at a malting
bandhs weren’t the solution. which were ahead of their time and company when she was approached
This isn’t the first time that not always palatable to stakeholders. by Les Auchincloss, the owner of
Mazumdar-Shaw has spoken up on But she stayed the course even as an Irish company called Biocon
issues of public concern. She has been questions were repeatedly raised Biochemicals. He wanted Mazumdar-
as much vocal about Bengaluru’s over Biocon’s business model and its Shaw to be their partner for the
civic infrastructure as she has been need to spend copiously on research company’s proposed Indian foray.
with gender biases in corporations. and development (R&D), without Though initially hesitant, she
Says TV Mohandas Pai, immediate sales and decided to enter into a joint venture
an old acquaintance and at a glance profitability. For with the Irish firm. Just 25 at the
chairman of Manipal instance, five years ago, time, she became the head of Biocon
Kiran MazuMdar-
Global Education, Shaw Biocon’s shares were India. (Biocon Biochemicals was
“She is a strong person Chairperson and MD, trading at about Rs 350 acquired by Unilever in 1989, and its
who is not afraid to apiece; they appreciated stake in the Indian joint venture was
share strong views that age: 63 to only about Rs sold to Mazumdar-Shaw in 1998.)
are based on fact.” 450 till a year back, Biocon India has come a long way
rank in the
It is this feistiness rich List: 65 representing a CAGR of since its start as India’s first exporter
with which the 63-year- only six percent. But on of enzymes to the US and Europe
net worth: $1.83 billion
old chairperson and MD October 5, they closed (the enzymes division was divested
of Biocon has pioneered The Big Challenge at Rs 955.35 per share. in 2007). By the time Mazumdar-
an enterprise in the field Faced: to convince in- “It used to bother me Shaw completely acquired Biocon,
vestors that the busi-
of biopharmaceuticals, ness model of incur- [that investors didn’t the company had perfected an
emerging, in the process, ring high R&D costs appreciate Biocon’s in-house proprietary fermentation
will yield sustainable
as India’s richest returns. encourag- efforts earlier],” admits technology and used it to enter
self-made woman. Pai ing developments in Mazumdar-Shaw in a biopharmaceuticals and statins (drugs
Japan and europe
believes that Mazumdar- have stoked investor telephone interview. used to lower cholesterol levels).
Shaw is perhaps at “the confidence “But not anymore. The Indian pharmaceuticals
peak of her career”, The way Forward: Investors prefer to bet industry, as a whole, has done
and her strong return in FY17, Biocon will on simple ideas and well for itself by catering to the
be filing for approval
to the Forbes India in the US and europe Biocon is a complex, lucrative generic drugs market in the
Rich List for 2016, after for four new biosimi- technology-driven story. US. Most of the medicines made by
lar drugs and look to
dropping out last year, commercialise them This technology will be Indian companies are chemically-
reflects his confidence. soon thereafter a big differentiator for synthesised from small molecules,
The reason for her Biocon in future and which are organic compounds that

50 | forbes india december 21, 2016

help regulate a biological process. most other players are making of over 40 percent. In comparison,
But the biologic drugs that Biocon generic versions of drugs that are Biocon’s RoE and operating
specialises in are made from large going off-patent. This has also profit margin stood at a relatively
molecules, which, essentially, are helped the drugmaker develop a modest 24 percent each in FY16.
proteins found in living organisms. robust biosimilars programme, The Street’s scepticism over
Biologics are believed to be capable of since it understands the process of Biocon’s future potential stemmed
delivering better targeted treatment discovering a new drug in a lab to from the fact that compared to
for ailments, with fewer side- developing it for end-use. “Our legacy small-molecule generic drugs, the
effects than small molecule drugs. in biotechnology propelled us to get R&D costs for developing biologics,
“Our overarching mission was into biosimilars very early on,” says including biosimilars, are significantly
to provide affordable access to Arun Chandavarkar, Biocon’s chief high and the time taken is long.
very expensive life-saving drugs executive and joint managing director. According to Chandavarkar, each
in the field of biologics,” says At present, Biocon has a robust biosimilar molecule costs anywhere
Mazumdar-Shaw. “I always pipeline of 10 biosimilar drugs between $50-150 million to develop,
believe that if any business idea (including different types of as compared to the $3 million needed
succeeds in India, it will be a insulin) under development with for a traditional generic drug.
success globally. So we wanted an addressable market size of $60 Also, biologics and biosimilars are
to make these world-class drugs billion. In order to diversify the risk at a relatively nascent stage around
in India at a much lower cost.” associated with the development the world and comprise a smaller,
The first blockbuster drug that
Biocon made and sold was human
insulin, using a new method known
as the Pichia fermentation technique
“2016 could be a turning
that Mazumdar-Shaw imported point for biocon. four
from Cuba. The novel method
helped Biocon make insulin with potential filings...would
the same efficacy, but at a much
lower cost. This encouraged her to
bring it recognition.”
set up a large insulin-making facility
in Malaysia with $250 million, of these products, Biocon has though fast-growing, portion of
and also expand the scope of the partnered with US generic drug- the global pharma market. That is
company’s biologic drug discovery maker Mylan. The strategic expected to reach around 20 percent
initiatives and development of collaboration leverages Biocon’s of the global pharmaceuticals market
biosimilars (a drug with similar development and manufacturing in 2017, according to data from
properties to a previously licenced capabilities and Mylan’s regulatory IMS Health, an American provider
biologic drug). Some therapeutic and commercial expertise. of global health care information
areas targeted by Biocon include In its latest investor presentation and technology services. Also, the
diabetes, oncology, autoimmune in June 2016, Biocon stated that, regulatory landscape governing
diseases and dermatology. in FY17, it is on track to file for their use is still evolving in mature
Biocon’s drug discovery regulatory approval pertaining to markets like the US and Europe.
programme includes four molecules four of these drugs across the US “Although the global biosimilar
that are under development: Insulin and Europe. These drugs have either story has more questions than
Tregopil (a rapid-action insulin); completed Phase-III trials or are answers at this point, these will
Itolizumab (commercialised in in advanced stages of doing so. be addressed by market forces,
India to treat psoriasis and being Despite the rapid strides made regulators and courts in the years
developed for other global markets); by Biocon towards developing new to come,” says a Morgan Stanley
siRNA (for rare diseases); and biologics as well as biosimilars, the research report dated April 5.

fusion proteins (combination of company’s stock had been out of
large and small molecules for favour with investors who had the ut as the maxim goes,
targeted cancer treatment). option of buying into several Indian nothing succeeds like
Work on these new biologic generic drugmakers. Many of them success. A couple of
drugs puts Biocon among the few have been reporting consistent encouraging international
innovator companies in the Indian operating profit margins of over 30 developments pertaining to its
pharmaceuticals industry, where percent and return on equity (RoE) biologics portfolio have turned the

december 21, 2016 forbes india | 51

The 100 richesT indians

kiran Mazumdar-Shaw at the launch of biological drug Alzumab in August 2013 in Bengaluru

investors’ tide in Biocon’s favour. markets monetization is underway, competition in this space, the erosion
Biocon received regulatory but the US and EU opportunities in the prices of biosimilar drugs is
approval to sell Insulin Glargine will take at least two years.” going to be less severe than in the
(a long-acting insulin biosimilar) in The greater opportunities case of generic drugs. Depending
a tough regulatory market like Japan opening up in the global biopharma on demand and competition, the
in March 2016. This was followed by market are well-suited to Biocon, generic version of a small-molecule
announcements in July and August considering its headstart in the drug can sell for as cheap as at 10
that the European Medicines Agency sector. For one, a larger proportion percent of the price of the original
had accepted Biocon’s application of new drugs being approved by drug. “Given the limited competition,
to market biosimilar Pegfilgrastim regulators like the US Food and pricing discount to brand could be
and Trastuzumab (both cancer Drug Administration (USFDA) are around 30-40 percent, implying
drugs) for review. Meanwhile, biologics (due to their higher efficacy around $15 billion biosimilars
Biocon also started selling Insulin and lower side effects). “More than market by 2025,” says a report by
Glargine and Trastuzumab in half of the top 10 drugs sold in the Axis Capital dated January 5.
emerging markets last fiscal. world now are biologics,” says Industry experts expect drug
All of this has led investors to Chandavarkar. Besides, the global regulators to expedite the process of
believe that Biocon may be on the biosimilars market is also nearing an approving biosimilar drugs in order
right track after all. The Morgan inflection point with original drugs to ease the pressure on government
Stanley report says: “2016 could be worth around $70 billion slated to health care budgets. Besides,
a turning point for Biocon. Four lose patent protection by 2025. This private sector health insurance
potential filings in the US and opens up a significant opportunity companies are also likely to promote
gettY iMAgeS

EU (European Union) would add for companies like Biocon. the use of biosimilars, since they
credibility to its pipeline and bring Because of the high entry-barriers are considerably cheaper than the
market recognition. Emerging (such as R&D cost) and limited expensive original biologic versions.

52 | forbes india december 21, 2016

hile Biocon’s promising operating profit margin of 32 percent. involve technology transfer and risk
biopharma business is The other hallmark of Syngene’s to intellectual property (IP). Since
one leg of its growth business model is the longevity of its we have maintained an impeccable
story, the other and contracts. “The company manages to track record of maintaining data
equally important aspect is Syngene roll forward around 90-95 percent integrity and confidentiality, it
International, Biocon’s contract of its existing business into the next becomes an attractive proposition
research organisation (CRO). year. Every year, around two-thirds for clients to stick with us even
In 1994, Biocon set up Syngene of new business comes from existing for commercial manufacturing.”
to address the growing need for clients and the rest comes from new And therein lies the secret of
outsourced R&D in pharma. Syngene clients,” says a Motilal Oswal research Syngene’s success: Despite being the
was listed as a separate entity last year report dated October 4. “This subsidiary of another pharmaceuticals
and its shares have skyrocketed since demonstrates the company’s strong company, and a CRO to multiple drug-
then. The company, which was earlier client relationship-building skills.” makers from around the world, it has
a 100 percent subsidiary of Biocon, To further improve connect with been able to manage strict control on
helps pharma companies from across consumers from different corners of data integrity and IP. “There is a very
the world with their drug discovery, the world, Syngene roped in Jonathan strong firewall between Biocon and
development and commercialisation Hunt as CEO in January this year. us,” says Nerurkar. “Except Kiran,
endeavours. It has emerged as Asia’s Hunt was president and director who is the group chairperson, every
largest CRO that caters to eight at AstraZeneca, Austria, and chief other functional team, including the
of the top 10 drugmakers in the operating officer at AstraZeneca R&D team, are separate. If you ask

the great opportunities in global

biopharma are well suited to
biocon, given its headstart
world, including marquee global India, before joining Syngene. the Biocon CEO about the projects
names like Bristol Myers Squibb, Syngene has set itself a target to that Syngene is working on, he
Amgen, and Abbott Nutrition. achieve a turnover of $250 million wouldn’t know.” Even Syngene’s
In August 2015, Biocon raised (around Rs 1,666 crore) by FY18 and employees who work on different
Rs 550 crore by selling a portion of appears on its way to achieve that projects at the same time have been
its holding in Syngene through a goal. One of the strategies adopted trained not to chat casually about
public issue. The parent company by the company to boost its earnings their confidential work, even over
holds a 73.4 percent stake in the is to move up the value chain. As a cup of coffee in the canteen.
company at present. Syngene’s part of its current business offerings, Syngene was born out of
share prices have risen over 60 Syngene manufactures, for its clients, Mazumdar-Shaw’s foresight that
percent since, to Rs 498.70 per share limited batches of drugs for the initial if Indian IT companies can work
as on October 5, and its present commercial launch phase. The CRO is on critical projects for global
market value is at Rs 9,970 crore. now getting into full-scale commercial corporations, then there was an
The growth in Syngene’s earnings manufacturing of APIs (active pharma opportunity to replicate the same
and market value also partially reflect ingredients) for its customers, and model in the pharma space. And
in Biocon’s consolidated performance is building a $100-million facility whether at Biocon or Syngene,
by virtue of the latter’s shareholding for this purpose in Mangaluru. It Mazumdar-Shaw’s focus on
in the company. According to expected to be ready in 2019. technology and intellectual
Syngene’s latest investor presentation “Over the course of our work property, along with her resilience,
dated July 2016, the company’s we have built a lot of process have helped her build pharma
revenues have grown at a CAGR of knowledge and will use that to enterprises of global scale. These
28 percent between FY12 and FY16 take up manufacturing on behalf qualities may well have seen
to Rs 1,113 crore; during the same of clients,” says Manoj Nerurkar, Mazumdar-Shaw become a
period, operating profit rose at a Syngene’s chief operating officer. globally renowned brewmaster. But
CAGR of 27 percent to Rs 363 crore, “Taking the final manufacturing of fortuitously, the brewing industry’s
and the company reported an average the end-product elsewhere would loss has been Indian pharma’s gain.

december 21, 2016 forbes india | 53

The 100 richesT indians

( p r o f i l e s)

a jay p i r a m a l

Ajay Piramal, chairman

of Piramal Group,
invariably chooses the
path less travelled
on the
by staying alert to investment opportunities and
betting on long-term potential, ajay piramal has
built a diversified empire of successful businesses

By SAlil PAnchAl

JoShuA nAvAlkAr

december 21, 2016 forbes india | 55

The 100 richesT indians

jay Piramal, chairman financial services conglomerate was precision cutting tools. By
of the well-diversified, Shriram Group; he also became 1984, Ajay Piramal, then only 29,
$3.2 billion Piramal chairman of the group in 2015. along with his eldest brother, the
Group, has been “We always go on the path less late Ashok Piramal, found himself
navigating the world travelled,” Ajay Piramal, 61, tells at the helm of the family business
of big business for over Forbes India in an interview at after their father Gopikrishna passed
three decades now and, despite the the Piramal Group’s corporate away suddenly in New York.
length of his journey, he has managed headquarters at Peninsula Corporate By 1988, Ajay Piramal had decided
to avoid any serious misstep. Reason: Park in Mumbai’s Lower Parel. to focus less on the textile business,
Even while taking decisions relating And traversing that path has paid which was a failing sector plagued
to investments, he has kept the values off. His flagship company by labour strikes. It
and the approach of trusteeship at PEL’s revenues have at a glance continued to be a
the core—be it in financial services risen at 29 percent CAGR AjAy PirAmAl
part of the broader
and health care under the holding over the past four years chairman, Piramal Piramal Group, which
Group & Shriram Group
and flagship company Piramal to Rs 6,610 crore for the was then managed
Enterprises Ltd (PEL), real estate year ended March 31, Age: 61 by Ajay Piramal and
development through Piramal 2016; net profit went up rank in the
his sister-in-law Urvi
Realty or philanthropic activity at 71 percent CAGR in rich list:
35 (Ashok Piramal’s wife).
through the Piramal Foundation. the same period to touch The group
Net worth: $3.25 billion
Of course, his biggest windfalls Rs 951 crore in FY2016. underwent a
are the result of contrarian For the quarter ended The Big Challenge management split
Faced: Betting big on
calls: For instance, entering the June 30, 2016, PEL financial services and
in 2005-06 during
pharmaceuticals space in 1988 by reported a 36 percent making investments which the traditional
acquiring Australian multinational year-on-year rise in net in real estate and textiles business went
construction in a
Nicholas Laboratories when others profit to Rs 231 crore and tough macro-eco- to Urvi Piramal and
stayed clear of the field. Then, selling a 27 percent increase in nomic environment her sons, under the
Piramal Healthcare’s branded generic revenues, which stood The Way Forward: Ashok Piramal Group.
drugs business for $3.72 billion at Rs 1,776 crore. The Piramal Group In 1988, Ajay
may demerge its
to Abbott Laboratories in 2010, Investors have taken financial services and Piramal, despite
when multinationals like Pfizer and note and the Piramal health care business- being a novice to
es; aims to list its uS
GlaxoSmithKline Plc were eyeing a Enterprises stock has subsidiary in 2018 the pharmaceuticals
bigger share of the Indian market. jumped over four- business, decided to
Piramal, thereafter, struck it big by fold from Rs 463.5 on bid for Nicholas Labs,
investing in Vodafone, at a time when September 30, 2012 to Rs 1,836.15 which manufactured formulations,
the telecom sector was plagued by on the same day in 2016, taking its from its parent Aspro Nicholas.
intense competition and low tariffs. market cap on BSE to Rs 31,685 crore. He met Mike Barker, the man in
Flush with funds from the Abbott Not surprisingly, Piramal is charge of selling the company, and
deal, PEL picked up a near 11 percent the second highest gainer by both convinced him of “his dream” to
stake in Vodafone’s Indian arm for wealth and rank in the 2016 Forbes make Nicholas Labs one of the top
over Rs 5,800 crore and exited in India Rich List. His wealth has five companies of its kind in India.
2014 with a roughly 52 percent gain. risen over 82 percent to $3.25 Barker was amused but decided
He continues to eye growth billion from $1.78 billion in 2015, in Piramal’s favour, impressed
opportunities in other sectors. PEL, while his rank has jumped 27 by his honesty and ambition.
which operates three main lines of places to 35, from 62 earlier. When Piramal acquired
businesses (financial services, health This success is proof, if any was Nicholas Labs, it stood 48th in
care and information management), needed, of Piramal’s strong business the Indian domestic formulations
is involved in wholesale lending to acumen, one that has spurred a business. A decade later, it was in
real estate projects across major regular reinvention at Piramal Group. the top five and by 2010, Nicholas
cities, at a time when others have Labs was the third largest.
shied away due to a sluggish growth Constant reinvention “He [Piramal] has always been
trajectory. Between May 2013 and The reinvention started as early a clear thinker and never really
June 2014, Piramal’s PEL picked as in the 1980s when 90 percent gets distracted once he decides
up stakes in three companies of the business was still textiles on something. He has also been
of the Chennai-headquartered (Morarjee Mills) and the balance good at tapping opportunities,

56 | forbes india december 21, 2016

“our approaCh with larger, investors need to understand
the break-up between financial
shriram is different. we services and non-financial services.
Over time, we will move towards
are there for keeps... like greater transparency. We may create

a traditional marriage.” a separate subsidiary for financial

services or decide to demerge
the business,” Piramal says.
whether it is the Abbott or Vodafone management through the US He maintains that strong value
deal,” says elder brother Dilip subsidiary DRG (Decision Resources systems are core to the growth
Piramal, 67, who split from the Group)—are steady at 18 percent. of partnerships and goals for the
family business in 1980 to set up a The financial services business group. This is evident even in the
successful luggage business through portfolio under PEL has jumped by commercial decision he took in
his flagship VIP Industries. 41 percent to Rs 29,410 crore for the 2013-14 to buy into three Shriram
Ajay Piramal’s reinvention quarter ended June 30, 2016, from Group companies. In May 2013,
strategy continued through the Rs 20,870 crore in the corresponding Piramal picked up a 9.9 percent stake
years. “By 2005, none of those old period a year earlier. This includes in commercial vehicle financing
businesses (textiles or machine a wholesale lending loan book of giant Shriram Transport Finance;
tools) were there and we were big in Rs 16,112 crore, alternative assets in May 2014, 20 percent in the
pharmaceuticals and glass. We are under management of Rs 8,715 crore financial services and insurance firm
reinventing again, but not through —third party funds managed by the Shriram Capital; and in June 2014,
exits; this time we are bringing in Piramal group for which they earn 9.9 percent in Shriram City Union
new businesses,” Piramal says, “and a fee—and Rs 4,583 crore which are Finance, the retail finance firm.
this time led by financial services.” investments in the Shriram Group. “Their [Shriram’s] retail franchise
His timing could not have been These form part of the financial is very strong, which cannot be
better. By 2011, macro-economic services division, loosely called replicated. The relationship with
conditions had started to change Piramal Fund Management. their customers is unique. Their value
dramatically in India. In the Piramal has also found the sweet systems are very similar to ours,”
financial services industry, lending spot in areas like financing of land says Piramal. “[I am sure] that many
is still dominated by state-owned purchases, which banks are not private equity players were interested
banks, but they have been crippled allowed to do. Through alternative in them… and probably would have
by a combination of factors like assets under management, the given a higher valuation, but our
rising non-performing assets group has invested in 62 real approach with Shriram is different.
(NPAs) and the dipping quality estate projects across seven cities We are there for keeps. It is like a
of management. “Their ability to with 25 leading developers. traditional marriage of old, and there
take risks and give credit is not Real estate, after all, is familiar are no exits. You are stuck for good,
what it used to be,” says Piramal. territory for Piramal, who bad or ugly, therefore one must make
Also, unlike the 1990s, foreign has been involved in building the most and best of the situation.”
banks—particularly since the 2008 some of Mumbai’s landmark Investors believe that it is only
global slowdown—are no longer properties, such as the Peninsula a matter of time before Piramal
aggressively pursuing their ambition Corporate Park and the erstwhile decides to merge his group’s financial
to grow globally. In this scenario, shopping mall Crossroads. services with that of Shriram’s.
India has seen the rise of private The PEL stock has been rising “It should be value accretive to
banks, non-banking financial on growing conjecture that Piramal both groups of shareholders; they
companies (NBFCs), microfinance will demerge the financial services have to be stronger as one than as
companies and small finance banks division from the group and individual businesses. We should
as viable options for credit. possibly list it to unlock shareholder add to the franchise and not dilute
Financial services constituted 28 value. [Another industrialist it,” Piramal says. Also, going
percent of PEL’s FY2016 revenues, up Kumar Mangalam Birla, chairman forward, Piramal plans to add a
from 11 percent in FY2013. The share of the diversified Aditya Birla retail component to the PEL book,
of health care in the same period Group, plans to demerge and list but will not disclose more details.
has come down to 54 percent from his financial services business Another key piece of the PEL
71 percent, while revenues from the in the first quarter of FY18.] puzzle is the US-based DRG; its
third line of business—information “As the [lending] book becomes presence in the Piramal portfolio

december 21, 2016 forbes india | 57

The 100 richesT indians

is the result of a decision taken just partner for stressed debt investing. In best; the family brings the long-
after the Abbott deal, to not have all 2015, private equity major Warburg term vision (provided they look at
their money in businesses that are Pincus invested Rs 1,800 crore for a it as trustees) and professionals, the
based in India. Piramal identified the minority stake in Piramal Realty. execution skills,” he points out.
acquisition of DRG in 2012, which Global investment bank He is also happy with the
provides research, data analytics Goldman Sachs followed, with combination of businesses in the
and consultancy in the high growth an announcement to invest group’s portfolio. “These are all
life sciences space. “We wanted to Rs 900 crore for a small stake growth industries even for the
invest in a ‘future’ business and to in Piramal Realty as well. future. Geographically we are
diversify risk,” explains Piramal. Grand plans require the right well diversified too,” he says.
At the time of the acquisition, people. Consequently, while It is difficult to grudge Piramal’s
DRG provided data to just pharma building up the empire, Ajay satisfaction at having built an empire
companies, but has now expanded to Piramal has managed to build a from a largely family-owned business.
insurance companies and hospitals. robust management team to head In fact, this is what impressed
DRG, serving 1,400 clients different verticals, which includes former Tata Consultancy Services
worldwide with 1,057 employees, Khushru Jijina who heads the (TCS) CEO, S Ramadorai most.
reported a 13.4 percent jump financial services business and “His [Piramal’s] strength has been
in revenues to Rs 1,156 crore in Jonathan Sandler who heads DRG. the ability to shift the focus from
FY2016. This subsidiary is set Piramal’s two children, Nandini being a family-owned business to
to be listed separately in the (36) and Anand (32), are also playing an institution,” says Ramadorai,
US in 2018, Piramal says. critical leadership roles: Nandini now a PEL board director.

strong gloBal
The Piramal Group has been shy of
“if you had put rs 1 lakh
raising capital, with the chairman’s in 1988 [in pel] and stayed
philosophy being that one should
not dilute the value of capital if invested, its value would
the company is faring well.
“From 1988 till today, we would
now Be rs 14 Crore.”
have raised only about Rs 500
crore, but it has created more than oversees HR for Piramal Group and Ramamurthy Thyagarajan, founder
Rs 40,000 crore in value. If you the consumer products division, or of the Shriram Group, concurs:
invested Rs 1,00,000 in 1988 and the over-the-counter (OTC) business, “Businessmen go on instinct. Ajay
remained with the company, the of the health care segment. This Piramal is one who is clear who he
value of that investment would be business, which includes brands such wanted to work with. He is familiar
Rs 14 crore, which works out to as Lacto Calamine, Saridon, i-pill, with the changing financial services
a 28.5 percent CAGR over a 28- Caladryl and Ferradol, is ranked sixth world and will lead Shriram’s
year period, one of the highest on in its type in 2016 from 40th in 2008. second generation forward.”
a consistent basis,” Piramal says. Prior to joining the PEL board, It helps, adds brother Dilip, that
Strong global partnerships have Nandini was general manager “he is grounded, despite the successes.
played a part in this growth story. (strategic marketing) at the There is no opulence, no fancy private
These could also be seen as additional group’s health care division. jets or a yacht to show. He prefers to
sources for capital, if and when the “The family business, I realise, spend time with family and a strong
Piramal Group feels the need to raise gave me the opportunity to do close circle of school friends.”
funds. Dutch asset manager APG—a more at a young age,” she says. Staying real is a learning Ajay
partner with PEL—has committed Nandini’s brother Anand heads Piramal has drawn from the
to deploy up to $1 billion in the group’s real estate development Bhagavad Gita: “In the concept
infrastructure mezzanine investments business, Piramal Realty. of trusteeship, you don’t look at
in India. (APG had disbursed Rs 525 Their presence underscores Ajay your own benefit,” he says. “You
crore by June 30, 2016, on which Piramal’s belief that legacy has a role have to look at the benefit of all
PEL will earn management fees and to play even in a professionally-run shareholders. We are known as a
carry interest on the investments group. “I believe that the combination value-based company. This will last…
made by APG.) Bain Capital is a of family and professionals is the reputation is bigger than size.”

58 | forbes india december 21, 2016

The 100 richesT indians

( p r o f i l e s)

vik as oberoi

by delivering as per promised quality and
timelines, vikas oberoi has transformed his
father’s small firm into india’s second-most
valued real estate developer
By Aveek DAttA
vikas Oberoi, chairman
and MD of Oberoi
Realty, believes that
honesty is not just a
virtue but also a good
business strategy


december 21, 2016 forbes india | 61

The 100 richesT indians

n a hot October day projects, despite a general slowdown 21.42 percent to close at Rs 321.55
in 2015, around 400 in Mumbai’s residential real estate per share on the BSE on October
people queued up in market, is noteworthy. Is there a 10. In comparison, the benchmark
Borivali, in Mumbai’s secret sauce, Forbes India asks Vikas S&P BSE Sensex gained a modest
western suburbs. No, Oberoi, the company’s 46-year-old 4.37 percent over the same period.
they weren’t tech chairman and managing director. With a current market capitalisation
enthusiasts lined up in front of an “Karma,” he says, referring to the of Rs 10,913 crore, Oberoi Realty is
Apple store to lay their hands on the spiritual principle that means that India’s second most valued real estate
latest iPhone. They were prospective the intent and action of an individual company behind DLF—a noteworthy
home buyers, waiting outside a influence his future. “One can use the achievement considering the
real estate developer’s sales office. principles of karma to build a better developer only operates in Mumbai.
Mumbai-based Oberoi Realty had just brand and that is what we have tried The company reported its
launched the sale of its new residential to do,” says Oberoi, who, in 2007, highest-ever turnover in FY16
project, Oberoi Sky City, in the area, took over the reins of the company at Rs 1,444.30 crore, up by 53.6
and they had turned up in droves. started by his father Ranvir Oberoi. percent over the previous year. Its
No mean feat for a project that His philosophy is simple—when you net profit in the same period rose
carries a minimum price tag of have good intentions, and deliver on by 34.3 percent to Rs 425.91 crore.
Rs 2.5 crore for an apartment. promises, results follow. “We have Its operating profit margin stood
Not to mention the fact that been in the business for close to three at a robust 48.72 percent in the last
four of the 10 residential towers decades and have been very consistent fiscal, though it was down from the
planned were launched for sale, in delivering our projects according 56.51 percent it reported in FY15.

and in less than a year, 80 percent to the timelines and quality promised.
of the inventory of these four We put our customers at the heart hough a second-generation
towers has already been sold. of our business and listen to them, business leader, Oberoi
“This is commendable in a scenario study them, and predict their needs has run his company
where the overall Mumbai property before they can articulate them.” with the mindset of a
market remains sluggish, with most An alumnus of the Owner/ first-generation entrepreneur; and
developers struggling to generate a President Management programme that probably has a lot to do with
good response to new launches,” says at Harvard Business School, Oberoi his keen interest in real estate.
Adhidev Chattopadhyay, an analyst has used the karma principle as In the ’70s and ’80s, Oberoi’s
with Elara Capital, in the bedrock of his father was an investor in Mumbai’s
a research note dated at a glance approach. It seems to real estate market, buying and selling
March 3, 2016. At that Vikas OberOi have worked. Oberoi apartments for a profit. In the process,
time, the inventory Chairman and MD, has seen his personal he struck up friendships with several
of unsold residential Oberoi Realty fortune soar enough real estate developers and honed
property in Mumbai had age: 46 for him to make a his understanding of the sector.
built up to 55 months comeback to the 2016 Ranvir Oberoi then decided to turn
of supply, according rank in the Forbes India Rich developer himself. He liquidated
rich List: 89
to the Elara report. List. Oberoi is ranked all his investments in realty and
The response to Net worth: $1.45 billion 89th, with a personal started purchasing land instead.
the Borivali project The big Challenge
net worth of $1.45 “It wasn’t easy for him and it
wasn’t a one-off. A few Faced: to help Oberoi billion. He ranked 84th took around eight to ten years for
months before Sky City, Realty maintain in the 2014 edition him to build just two buildings
sales momentum in
in January 2015, the Mumbai’s subdued of the list, but didn’t (both in Andheri West),” says
developer had launched residential real estate make the cut in 2015. Oberoi. “But he set the platform.”
market. Oberoi has
a residential project of been able to achieve By virtue of his 72.54 And Oberoi took to it all early.
twin towers in Mumbai’s that by delivering on percent holding in the At 17, after attending classes at
time and meeting
eastern suburb of quality commitments company, Oberoi’s Mumbai’s Jai Hind College—where
Mulund. Oberoi Realty made to customers personal wealth has he was studying commerce—Oberoi
has sold 80 percent of The Way Forward: risen in tandem with would join his father by afternoon
the inventory it launched Will look to improve an increase in the share at his Nariman Point office. He
sales and exhaust all
for sale there as well. inventory at projects prices of Oberoi Realty observed, learnt and assisted his
This sustained ability being marketed over the last one year— father for two decades, before taking
to generate sales at new its stock price rose by over the reins of the company.

62 | forbes india december 21, 2016

One of the earliest projects Oberoi
worked closely on was in 2002,
when the company successfully bid
to acquire a 60-acre land parcel in
Goregaon from pharmaceuticals
company Novartis for Rs 107 crore.
That plot has now been converted into
Oberoi Realty’s signature development
in Mumbai—Oberoi Garden City, a
swanky residential-cum-commercial
township which houses residential
towers, a mall, two office buildings,
a five-star hotel and a school.
It proved to be a business
decision that the company is
still reaping dividends from, as
it continues to construct and sell
new residential towers at this
township. A new office space called
Commerz II is also ready, with global
MNCs like Teva Pharmaceutical
Industries set to move in.
The next big achievement for
Oberoi and his company came when,
in 2007, it managed to secure an
investment of Rs 675 crore—for a
10.75 percent stake in Oberoi Realty
—from Morgan Stanley’s real estate
investment arm. This was one of the
earliest and largest foreign direct
investments in the country’s real
estate sector. The company followed
this up with an IPO in 2010, through
which it raised Rs 1,000 crore.
Cut to the present and Oberoi
Realty has developed 39 projects
across the city and delivered 9.18
million sq ft of real estate. It has
another 20.61 million sq ft under
development. This, when fully
developed, has the potential to
deliver a topline of Rs 25,000
crore and a net profit of Rs 12,000
crore for the company over the
next five years, says Oberoi.
Oberoi attributes the present
success of Oberoi Realty to the
basics of business that he learnt
from his father. “Whatever we do
Getty IMAGes

are derivatives of the fundamentals

that he taught,” says Oberoi.
“He was a big believer in not
compromising on quality, being
vikas Oberoi with wife Gayatri fair to customers and listening to

december 21, 2016 forbes india | 63

The 100 richesT indians

them and improving operations.” “We got the debt real cheap. The Not far from Three Sixty West is
By believing that honesty is not interest rate at which we raised another plot of land in Worli, which
only a virtue but “good business this money is similar to the cost at Oberoi Realty had acquired from
strategy as well”, he says, Oberoi which many non-banking financial pharmaceutical company Glaxo in
Realty has been able to build institutions raise money, just to lend 2003. After several alterations in the
credibility with stakeholders. it onwards,” Oberoi points out. planned end-use of that land parcel,
For instance, he adds, Oberoi This is good news for the company Oberoi Realty has decided to put up
Realty brings a real estate project since it is firming up its expansion a mall there, says Oberoi. This may
into the market only when all the strategy and may need to raise funds prove to be an alternative to the
necessary approvals are in place; again. “With a healthy balance only other shopping mall between
and the cash flow that it generates sheet, Oberoi Realty is well-poised Nariman Point and Andheri in the
from a project are first utilised to capitalise on opportunistic land western suburbs: The very successful
towards the completion of that deals,” the Axis Capital report says. High Street Phoenix in Lower Parel.
particular development. Which is On the cards is a project being Oberoi Realty’s experience of
why Oberoi Realty isn’t affected by developed in Mumbai’s upscale developing and operating shopping
the new Real Estate (Regulation and Worli area called Three Sixty West; malls has been promising as malls
Development) Act that was passed this is intended to be a confluence are a high margin business, and
by Parliament in May this year. The of super-premium residences and a its mall in Goregaon clocked a
landmark piece of legislation, enacted five-star hotel, both to be managed turnover of Rs 94 crore in FY16, 95
by lawmakers to bring transparency by Ritz-Carlton. Oberoi, who has percent of which went straight to
the company’s operating profits.
“We will seriously explore new
oberoi realty reported lines of business at Oberoi Realty
such as development of more
its highest-ever turnover shopping malls, schools and

in Fy16 at rs 1,444.30 crore, health care facilities and some

of these may become big chains
up by 53.6% over a year ago in the future,” says Oberoi.
Even in its existing residential
real estate business, the scope for
to the real estate sector and protect involved himself personally to ensure upside is significant. This is because
the interests of investors, is likely to the success of this marquee project the company is yet to recognise a
choke supply in the market as projects that can potentially generate $2 billion major portion of the revenues that
that don’t have all approvals in place in sales, delayed bringing it into the it has already earned on account of
cannot be marketed any longer. market, despite having invested apartments sold, in its profit and loss
“Uncertainty over regulations close to Rs 1,450 crore towards its statement. Every residential project
and several stuck projects have development thus far. He wanted needs to meet a certain threshold
polarised demand towards reputed the apartments there to speak for linked to proportion of sales and
developers such as Oberoi Realty themselves and therefore waited for construction costs, before revenues
with a good execution track the sample flat to be ready so that generated from it can be recognised
record,” says Kunal Lakhan, vice buyers would not need to rely on in a developer’s income statement.
president, realty, at Axis Capital, in an artist’s impression. Since hitting As on June 30, the booking value
a research report dated August 22. the market in May 2016, sales from of houses sold by Oberoi Realty
Not just customers, the efficient this project have taken off with totals Rs 9,280 crore, of which it has
execution of a simple business model meaningful velocity—apartments recognised sales of only Rs 4,859
ensures that Oberoi Realty wins worth Rs 237 crore have been sold crore on its books. The remaining
over lenders as well. As recently in the April-June quarter alone. portion will reflect in the company’s
as in the first quarter of fiscal The successes of Three Sixty topline over the ensuing quarters.
2017, Incline Realty Private Ltd (a West and the Borivali and Mulund Plus there are other developments
wholly owned subsidiary of Oberoi projects “speak volumes about the that aren’t in the public domain.
Realty) placed a new series of non- company’s brand equity, product “There are a lot of agreements
convertible debentures to raise Rs attractiveness and cash flow that we have signed that we don’t
750 crore at an impressive interest strength,” a Motilal Oswal research speak of till plans crystallise
rate of 9.25 percent per annum. report dated August 22 says. further,” Oberoi says.

64 | forbes india december 21, 2016

The 100 richesT indians

( p r o f i l e s)

azim premji

A Custodian of Wealth
wipro’s azim premji has never been swayed by money—
what energises him is the good he can do with it
By HaricHandan arakali

sk Abidali as the chief strategy officer and a abilities. He took the hard decision
Neemuchwala, who member of the board at Wipro. “He to end the dual-CEO model in
took charge as CEO of is the most organised, structured 2011 and brought in TK Kurien to
Wipro Ltd in February, and detail-oriented person I have head the firm after the company
what he likes most known, and is willing to learn from began to lose ground to rivals like
about the company people across all levels, both within Cognizant Technology Solutions.
and quick comes the reply: “It is and outside the organisation.” Kurien is currently executive
built on a strong set of values.” The These traits have helped Premji vice chairman of Wipro.
response reveals much about Wipro, grow Wipro from his family’s Neemuchwala is the latest chief
the man who built it, the people he vegetable oil-making business—the executive tasked with getting Wipro’s
picks to run the company and those company started off as Western growth rate to match peers after
who choose to work with him. India Vegetable Products Ltd in some large bets, prominently in the
Azim Premji, who completed 50 1945, in Amalner, Maharashtra—to energy and utilities vertical, failed to
years at the helm of the software India’s third largest software services deliver mainly due to macroeconomic
services firm this year, has been a company. Over the last 15 years, the conditions (low oil prices and
constant presence in Forbes India’s Bengaluru-based company’s business cooling demand in China). As of
annual ranking of India’s has grown 25 times, September 30, Wipro’s stock had
richest billionaires: In the touching revenues of fallen by 14.89 percent in 2016, which
at a glance
2016 Forbes India Rich $7.7 billion for the year explains Premji’s wealth erosion.
Azim Premji

List, he’s at number 4, one ended March 31, 2016.
Wipro chairman
rank and $900 million The company’s 170,000 remji also captains the
down from last year, with Age: 71 employees serve clients privately-held Wipro
a net worth of $15 billion. in six continents. Enterprises, which comprises
rank in the
Neemuchwala’s idea rich List: 4 Along the way, a consumer care and lighting
of Wipro finds resonance Premji—who serves business, a hydraulics equipments
Net worth: $15 billion
with those who have as Wipro’s chairman business and two joint ventures—
known Premji more The Big Challenge and owns close to with General Electric Corp for
intimately and for longer. Faced: Pushing Wipro three-quarters of the medical equipment and Japan’s
to raise its game to
His immediate family return to industry- firm—has demonstrated Kawasaki for precision machinery.
members and employees leading growth even that he is willing Wipro Enterprises reported
as rivals compete
who’ve worked with aggressively and to experiment and revenues of Rs 6,868 crore for the
him for decades say customers shift to is unafraid to take fiscal year ended March 2015.
cloud computing
wealth sits lightly on tough decisions “I think what drives him, at a
his shoulders. Premji, The Way Forward: when necessary. A stage when most others would have
Wipro is overhauling
71, who has committed itself to become a case in point is his started slowing down, is that he still
to giving away much of leader in the digital appointment of Girish wakes up each day thinking, ‘Wipro
era, harnessing
his fortune, still retains artificial intelligence Paranjpe and Suresh can be a better company than it was
the humility to learn. and automation to Vaswani as co-CEOs yesterday’,” says Pratik Kumar, chief
raise its strategic
“He has no ego,” relevance to its in 2008 to tap what executive of Wipro Infrastructure
says Premji’s eldest biggest customers was widely seen as the Engineering, part of Wipro
son Rishad, who serves duo’s complementary Enterprises. Kumar has been working

66 | forbes india december 21, 2016

continues to be engaged. With his
Wipro chairman azim personal money, he established the
Premji has not shied
away from taking Azim Premji University in Bengaluru
tough decisions in 2010. The university focuses on
when necessary
churning out high-calibre academics
and teachers. He also owns Premji
Invest, a private- and venture capital
firm that is backing promising startups
in multiple verticals. Premji Invest
holds shares in both public and private
companies, including ABG Shipyard
and Healthcare Global. He has also
set up the Azim Premji Philanthropic
Initiatives to support social causes.
Of his earliest memories of his
father at work, Rishad says: “I
distinctly remember my father
spending a lot of time at his desk at
home and working through tonnes of
files filled with notes and documents.
I also recall how he would regularly
ask my brother [Tariq] and me to
file away all the documents.”
Tariq now works at Azim Premji
Foundation, the philanthropic
organisation that Premji established
with wife Yasmeen in 2010,
pledging $2 billion for improving
school education in India.
Half a century after he cut short
his Stanford education, upon his
father’s demise, to take on the family
business, Premji continues to be a
workaholic. (He returned to Stanford
to complete his degree in 2001).
“That he still ‘comes to office’ is a
with Premji for about 15 years and chief financial officer a year ago after very mild way of putting it,” says
was the global head of HR at Wipro 35 years at the company, but remains Rishad. “He may still be among the
Ltd before his current assignment. an advisor to Premji. “I first met Mr hardest working people at Wipro. I PHotograPHs: namas BHojani for forBes india

“When I was a youngster in the Premji when I was interviewed for have not seen anyone sustain the kind
company, what struck me was that he a job at Wipro. The then 35-year- of work ethic and drive that he has,
[Premji] was passionate about Wipro… old managing director spent half a over such a long time. Perhaps my
that might be true for other leaders day with me,” recalls Senapaty. “I grandmother has been an influence;
too, but he stood out due to the sheer was amazed by his curiosity, the she ran her charitable hospital
intensity [of his passion],” says Kumar. attention he paid to details and the with the same energy, way past the
“For us, it was our first exposure to sheer patience and energy he had.” age when most people retire.”

someone like Premji and it had an There are two important facets
impact on our own formative years.” fter gradually stepping to Premji senior’s personality,
It could be Premji’s influence on down from the day-to-day says Rishad. The first is that he
the young minds he mentors that make operations of Wipro by has built a large, well-respected
them stick with him. Suresh Senapaty, 2011, Premji has avoided business organisation on a bedrock
for instance, stepped down as Wipro’s interactions with the media, but of integrity. “The commitment to

december 21, 2016 forbes india | 67

The 100 richesT indians

Another incident points to

how deeply Premji values ethical
behaviour. He is said to have told
reporters in 2005 that he refused to
allow Rishad the use of a company
guest house in London, when his
son was working for the consultancy
Bain & Company in Britain. Premji
pointed out that Rishad was not an
employee at the time and hence not
entitled to use the company property.
“As a promoter, he has been
uncompromising on integrity and
has maintained the highest degree of
corporate governance,” says Senapaty.
“He feels personally responsible
for the fiduciary custodianship of
wealth, a substantial portion of which
is set aside for social purposes.”
That is the second facet of Premji’s
personality that Rishad points to.
Premji’s approach to seeing a better
India and acting on it involves
“creating and building institutions
that will hopefully continue to
contribute for generations to come”.
The secret to what pushes Premji
to work incredibly hard is the
implication of Wipro’s success: “I
think Wipro is his life. He loves it
rishad Premji says and cares for it as if it were his child,”
his father is among
the hardest working Rishad points out. “I think, as he has
people at Wipro with an gotten older, he is very energised by
inspirational work ethic
the fact that the success of Wipro
could have a great impact on his
the ‘Spirit of Wipro’ [the values of not illegal under US laws, nor was it philanthropic work. He feels deeply
the firm] is the soul of the company. unethical, and had been done above about how privileged and lucky he has
I think he would be proud that he board with inputs received from its been and is very focussed on doing
has been able to play by the rules financial and legal advisors when the all he can to give back [to society].”
and still succeed,” says Rishad. company listed American Depository Senapaty points to the everyday
This is not to say that there have Receipts in 2000, according to a manifestation of that: The frugality
been no blots in Wipro’s history. media report. That didn’t stop the that Premji is known for—climbing
Premji has faced adversities while company’s shares in Mumbai tanking stairs and flying economy whenever he
ensuring Wipro’s values were by nearly 10 percent on the day these can. “From early on, he has believed
unsullied. In January 2009, it matters came to light. Some analysts that he is a mere trustee of his wealth
emerged that the company had been and investors questioned why Wipro rather than the owner,” says Senapaty.
barred from doing any work with the hadn’t disclosed them earlier. “It is unique that he does not hesitate
World Bank for four years starting That the bank chose to disclose to make a $100 million investment;
June 2007, for allotting shares to the information shortly after the but at the same time, he wouldn’t like
some of the bank’s employees. accounting fraud at Satyam Computer it if an employee forgets to switch
Premji sent an email to all came to light added to the panic. off the lights when leaving a room.”
employees, reiterating that the The World Bank said the Satyam After all, for Premji, a
company had done nothing wrong. fiasco triggered the disclosure penny saved is a penny earned
Wipro argued that the allotment was of all vendors facing a bar. (for philanthropy).

68 | forbes india december 21, 2016

The 100 richesT indians

( p r o f i l e s)

r a j e s h m e h ta

Rajesh mehta, founder

and executive chairman
of Rajesh exports Ltd,
wanted to become a

doctor till he realised

that the jewellery
business was his calling

70 | forbes india december 21, 2016

The Gold Rush
it would be hard to identify rajesh exports as a business
that started with a mere r s 1,200. but rajesh mehta,
founder and executive chairman of his eponymous
gold export company, was never short of ideas
By anshuL Dhamija

hat was to be phones. His conversation is in Mehta, 54, who is managing director
a 30-minute Gujarati. Minutes later, he answers of the company. What started off as a
meeting with another call, on another phone, gold export business—in the years that
Rajesh Mehta, where he breaks into fluent Kannada. India was under The Gold (Control)
founder and Mehta claims to be conversant in Act of 1968—has grown manifold to
executive four other Indian languages as well. include mining, refining and retailing
chairman of Rajesh Exports Ltd, went Mehta has amassed a personal of the precious metal. In July 2015,
on for 180 minutes. While the 52-year- fortune of $1.88 billion after starting Mehta bought the Valcambi gold
old had much to talk about where his his company Rajesh Exports in 1989, refinery in Switzerland, one of the
India-listed company is concerned—it along with his elder brother Prashant largest gold refineries in the world,
exported almost 130 tonnes of gold in an-all cash deal for $400 million.
last fiscal and refines nearly 35 percent Even after the big-ticket acquisition,
of the total gold mined in the world—
he was equally inundated with phone
Balance sheet Rajesh Exports has cash reserves
and surplus of $405 million.
calls and impromptu meetings with The Valcambi acquisition,
Consolidated revenue
company executives and clients. while bolstering Rajesh Exports’
Mehta’s small corner office, on the consolidated turnover by Rs 1 lakh
first floor of Batavia Chambers on crore, has also added to Mehta’s
Kumara Krupa Road in Bengaluru, Rs 1.65 lakh crore ballooning personal wealth. In the
(india business accounted for
near the official residence of Rs 40,000 crore) 2015 Forbes India Rich List, he
Karnataka’s chief minister, is dimly ranked 65th, with a personal wealth
lit. His large and heavy worktable growth in revenue of $1.7 billion, rising 23 places since
occupies most of the space. On one over previous fiscal the previous year. Over the last 12
side of the table top are numerous months, despite a fall in share price
statues of Lord Ganesha, worshipped 227.39% (see box), his wealth has increased
as the remover of obstacles and also by 11 percent (which amounts to
considered the god of intellect and net profit $180 million), pushing up his rank
wisdom. There are more than 300 a further four notches to No 61 on
Ganesha idols, clarifies Mehta; some Rs 1,066.7 crore the 2016 Forbes India Rich List.
are made from silver, gold and ivory, But Mehta is shy of flaunting his
while others are studded with rubies growth in profit wealth. He prefers to travel in the
and opals. “We [my family] are Jains, over previous fiscal ubiquitous multi-purpose vehicle
and we believe in Ganesha. He is Toyota Innova—a popular car in the
an auspicious god,” says Mehta. 62.88% taxi industry—rather than a bullet-
Six minutes into our meeting, proof Mercedes-Benz or Rolls-Royce.
Mehta excuses himself and picks share price He also prefers regular commercial
up one of his four mobile phones. (as on september 22) flights to a private jet. “I don’t want
Only one of these is a smartphone to buy something just for the purpose
(an iPhone 4 series from 2010-11), Rs 472.55 of showing off. The day a private jet
while the rest are mid-priced feature (down 15% from last september) becomes an absolutely necessity,

december 21, 2016 forbes india | 71

The 100 richesT indians

without which I cannot survive, 64, Prashant, Rajesh and Mahesh, 44— In effect, the brothers were trading
only then will I look at it,” he says. he chose to name his business after in jewellery designs of different
The only time when Mehta his third-born. “An astrologer from ethnic Indian cultures. “We used
splurged on a trophy asset, and Bengaluru told my father that this boy to take the southern designs and
grabbed headlines, was in late 2011, [Rajesh] will give you the maximum popularise them in Gujarat, and
when he bought the iconic Brindavan benefit,” recalls Mehta. Since then, vice versa,” says Mehta. “It was
Hotel property in Bengaluru’s all business ventures by the family like idlis being sold in Gujarat; they
central business district of MG have been named after Rajesh Mehta. may not become a staple diet, but
Road. Mehta forked out close to However, Mehta was never groomed they will become a fancy food item,
Rs 100 crore for the property that to take over the family business. which will be had once in a while.”
stands on less than an acre, with “Rajesh was brilliant in studies Soon, the brothers were trading
plans to build a family home. and his goal was to become a doctor, in jewellery worth Rs 1 lakh and the
“He [Rajesh] has been a raging as our family wanted him to become business was formalised under an
bull in the gems and jewellery export one,” says Prashant, who has been entity called Rajesh Art Jewellers.
sector,” says C Vinod Hayagriv, working alongside Mehta since The business was further bolstered by
managing director of C Krishniah 1982. “He is a thinker and plans for their decision to barter their goods.
Chetty & Sons Pvt Ltd, a leading the future. I’m into execution.” “We used to barter the Bengaluru
heritage jewellery But instead of goods for the Rajkot goods and
retailer in Bengaluru. at a glance pursuing medical vice-versa,” recalls Prashant. The
But despite Mehta’s education, Mehta, who barter network was then extended,
Rajesh Mehta
success in the gold trade, Founder and
didn’t even join college whereby jewellery from Rajkot was
he has faced his share executive chairman of after completing his exchanged for that made in Mumbai,
Rajesh exports Ltd
of adversity. There are schooling, believed which in turn was bartered for
multiple reports that age: 52 that the jewellery jewellery from Hyderabad. “With
detail how various state business would be his every barter cycle, we would increase
Rank in the
authorities have raided Rich List: 61 calling. “Most people our capital base by 50 percent,” says
the company premises in my community are Prashant, adding that Mehta and he
with regard to cases of Net worth: $1.88 billion in some business or would take turns to sleep while on
tax evasion, and have the Big Challenge the other. Somewhere long bus journeys between cities.
questioned its trade- Faced: acquiring the this fact did play on “All our capital was in our bag.”
Valcambi gold refin-
related activities. Mehta, ery and integrating it my mind,” he admits.
however, maintains that with the company The two brothers, GoinG for Gold
the company is above however, did not see But silver jewellery was not as
the Way Forward:
board and transparent in To become a gold a future in scaling attractive as gold and the Mehta
all its business activities. retail behemoth up their father’s brothers were hungry for more.
“Their [Rajesh Exports’] business. Instead, By the end of 1984, they got a
chequered history has they approached licence under The Gold (Control)
been intriguing,” adds Hayagriv, their eldest brother Bipin, who Act of 1968 to trade in gold
who is also the chairman of the legal was working in a bank, for a loan jewellery. However, Mehta had
committee of the All India Gems of Rs 1,200 to start trading in silver bigger dreams: He wanted to set
& Jewellery Trade Federation. jewellery. With this money, they up a manufacturing facility of his
went to Chennai and bought the own, rather than just trade in gold
layinG the foundation jewellery. “We took this to Rajkot jewellery. There was, however,
Mehta’s parents had relocated from and sold it to our relatives,” says a roadblock to his aspirations.
their hometown Rajkot in Gujarat Mehta, recounting how they made a Under The Gold (Control) Act,
to Bengaluru in 1946-47. His father neat profit by selling their stock for no company could buy, store, and
Jaswantrai Mehta traded in semi- Rs 3,500. Slowly, their focus shifted manufacture gold for domestic
precious stones, and was working from selling jewellery to relatives to consumption. [The manufacturing of
for his cousin in Gujarat. About 25 selling it to retailers and wholesalers gold in the country at that time was
years later, he branched out on his in Gujarat. But that wasn’t enough. largely in the unorganised sector,
own and set up Rajesh Diamond With the money they earned, they where the metal was either recycled
Company, which continued to bought silver jewellery from Gujarat or smuggled. The Act was repealed
trade in semi-precious stones. to sell to retailers and wholesalers in in 1990.] But Mehta found a way
Despite having four sons—Bipin, Bengaluru, Chennai, and Hyderabad. out: “If you wanted to export, you

72 | forbes india december 21, 2016

could manufacture in India. The machine manufacturing unit has are expected to increase, give them
Reserve Bank of India would give you also been set up on the campus. access to raw material at cost price;
gold, which could be manufactured Looking back, Prashant says, their refining capabilities ensure
for exports only.” He grabbed the “This facility has been our trump negligible premium on refined gold;
opportunity, and in 1989, set up a card and has changed our fortune.” and their manufacturing capabilities
small manufacturing facility with Because of its size, he adds, “we are ensure zero wastage costs. So, if
around 10 workers in the garage of able to deliver orders very fast and rivals are selling jewellery at a 25
his home in RT Nagar, Bengaluru. build large wholesaling capacities percent premium, Rajesh Exports is
This was the birth of Rajesh across the world.” After a year of in a position to disrupt the market.
Exports. By 1992, the firm’s export the facility becoming operational, According to Hayagriv, one
business was Rs 2 crore, with markets revenue catapulted to Rs 1,000 weakness of the company has been that
in the United Kingdom, Dubai, Oman, crore from Rs 200 crore. In 2007- it, “has excelled and has grown on the
Kuwait, the US, and Europe. In 1990, 08, the company set up another borderline of regulation exceptions.”
the company also set up a standalone manufacturing unit, with an installed Hence, he says, “A transformation to
retail store branded as Rajesh Jewels, capacity of 100 tonnes per annum mainline will help the company.”
in Batavia Chambers, which now in a special economic zone in But brand expert Raghu B
houses Rajesh Exports’ head office. Kochi. And in 2013, it set up a gold Viswanath believes Shubh has not
In the last three years, the store has refining facility in Uttarakhand. made much headway in jewellery
changed to a new brand identity of Put together, the Uttarakhand and retail in the last four years. “I would
Shubh Jewellers. Currently, there Valcambi facilities can refine over still say that it is a larger mom-and-
are 80 Shubh stores in Karnataka. 2,400 tonnes of gold a year. “I used pop store rather than saying that he
“Expansion is in our blood. We to question his decisions earlier, [Rajesh Mehta] owns a retail brand of
can’t sit quiet, we are always doing but now I have stopped. His vision reckoning,” says Viswanath, chairman
something,” says Mehta, who took the is five-fold, and he has never gone of Vertebrand, a brand value advisory
company public in 1995 and raised Rs back on his words,” says Prashant. and marketing consultancy firm.

“he [rajesh mehta] always thinks out

of the box... his vision is five-fold.”
10 crore. By this time, the company’s future perfect? There are many commodity players
export business had grown to Rs 35 “Over the next 10 to 12 years, we are in India who have entered the retail
crore. By 1998, exports had reached confident that our retail business, arena of late. Although retail has given
Rs 120 crore. Once again Mehta had which is 1 percent [of consolidated them visibility, their personal wealth
a bigger vision for the company: To revenue] now, will constitute around continues to be generated mainly from
build a 250-tonne manufacturing 90 percent of our total turnover,” their core trading activities. “For me,
unit in Bengaluru. “He always thinks says Mehta, who is aiming to open a successful entrepreneur is not one
out of the box,” says Prashant, who 2,500 stores across India within that who has been very smart in business
was not convinced about setting up time. He is also looking to roll out an deals and therefore has created a lot
such a large unit. But the company ecommerce retail venture for gold of personal wealth,” says Viswanath.
operationalised the facility in 2001- jewellery in a year from now. Besides, “A successful entrepreneur is one who
02, on a 10-acre plot in Whitefield, plans are afoot to enter the airport has built an institution and a legacy.”
now a major IT suburb of Bengaluru. duty-free retailing sector. “Our net Does that not make Rajesh Mehta
As of today, only half of the profit margins are about 0.70 percent a great entrepreneur? “Time will
facility’s installed capacity is being and we are working towards a 15-fold tell,” adds Viswanath. “He’s young,
utilised. Mehta says he built it jump, which we are going to achieve his retail venture is just four years
with a 20-year vision in mind. through retail,” is all that he says about old, so one has to wait and watch.”
Over the years, the facility has his plans. The company’s end-to-end This, of course, is in today’s
seen the addition of a research and capabilities—from mining operations context. One year from now,
development unit that focuses on in Africa to retailing—are definitely an the narrative could completely
jewellery designs, new manufacturing advantage in offering better prices. change, given Mehta’s penchant
methods, and saving waste. A Their mining capabilities, which for thinking out of the box.

december 21, 2016 forbes india | 73

The 100 richesT indians

( i n t e r v i e w)

n r n a r aya n a m u r t h y

‘Nothing Lacking
in Indian Startup
high valuations of new businesses are a
byproduct of the free market mechansism,
says infosys co-founder nr narayana murthy

By DeBojyoti Ghosh

ne of India’s the boards of the Ford Foundation,

most celebrated the United Nations Foundation, the
entrepreneurial minds, Rhodes Trust (University of Oxford)
NR Narayana Murthy and chairing the Public Health
co-founded the $9.5 Foundation of India. He is also a
billion information trustee of the board of the Infosys
technology (IT) giant Infosys in 1981. Science Foundation, a not-for-profit
Since then, the self-made billionaire trust that aims to encourage the culture
(his estimated net worth is $1.87 of science and research in the country.
billion, putting him at No 62 on the Apart from being actively involved
2016 Forbes India Rich List) has had in these initiatives, the avid reader
an accomplished journey as a business and lover of Western and Indian
leader. He led Infosys as its chief classical music is looking forward “to
executive for over two decades, until a peaceful, healthy and happy life”.
2002. Then, after relinquishing his In an interview to Forbes India, the
executive role for almost a decade, recipient of the Padma Vibhushan
Murthy returned as executive spoke on a range of subjects: India’s
chairman of the Bengaluru-based IT burgeoning startup culture, the
major in 2013, only to step down a year changing dynamics of the workforce in
later when he exited the board as well. the IT industry and how the education
The company he co-founded has system needs to be more receptive
not only created lakhs of jobs, but also to newer ideas. Edited excerpts:
made several of its staffers millionaires
through its employee stock option Q How do you perceive the current
plan. As he once said in an address, entrepreneurship scene in India? Is
“Wealth—financial, intellectual, or it in good hands and going beyond
emotional—must be shared.” Apart the traditional business groups?
from being chairman of Catamaran The Indian entrepreneurship scene
Management Services Pvt Ltd, the today is a lot better than what it was in
venture capital fund he founded in 2000, which was better than what it
September 2009, the 70-year-old was in the ’80s and ’90s. Today, there
now divides his time between his is considerable confidence among
engagements, including being on youngsters. They are coming up with

74 | forbes india december 21, 2016

infosys co-founder
nr narayana murthy
says the new breed
of entrepreneurs is
smart and energetic

selvaprakash lakshmanan for forBes inDia

december 21, 2016 forbes india | 75

The 100 richesT indians

new ideas. Of course, most of the system, so that together we can create and markets to absorb new ideas and
ideas come from the West but, by and a large number of jobs that leads to technologies to derive competitive
large, there is high enthusiasm and higher disposable income among the advantage for growing faster and
energy among young entrepreneurs. lower middle-class and the poor. This, profitably. On the one hand, we have
Also, the fact that venture capital in turn, creates a large market for to improve the education system
(VC) funding is available in plenty has entrepreneurs to address the needs of in the country to provide a strong
added to this enthusiasm. Certainly, I the masses. Till such change happens, foundation to youngsters, while on
think the financial and retail sectors it will be a theoretical exercise. the other, we have to become like the
have attracted the largest chunk of US, where ideas are lapped up by large
VC money. There is also considerable Q You co-founded Infosys in the enterprises for gaining competitive
investment in new models of health early ’80s and helped build it advantage. That’s why Silicon Valley
care and education. Overall, I see from scratch. Today, Infosys is succeeds better than any other
the entrepreneurship scene as India’s second-largest software place in Europe, Japan and China.
healthy and promising in India. services company. How do you see
the change in the way business is Q In the last few years, the Indian
Q Today, most of the successful done today, when companies claim IT industry has been vocal about
startup ideas are inspired from valuations of multibillion dollars the adoption of newer technologies
the West. Why are we in less than a decade? (Artificial Intelligence, machine
not seeing more of at a glance Who am I to comment learning, automation) and how
innovative startups NR NaRayaNa pejoratively on those they are changing the way
looking to solve India’s MuRthy issues? The beauty of a software-services companies
infosys co-founder
mass problems? free-market mechanism work. Though large players such
I can understand that age: 70 is that there is a seller as TCS, Infosys and Wipro are
because there is not much and a buyer. As long training their employees to adapt
Rank in the
of a market in areas where Rich List:
62 as those transactions to the change, do you feel the
someone is addressing are done in a fair and companies are doing enough?
Net worth: $1.87 billion
concerns of the poor transparent manner, I think being open to the outside
people [a large chunk of the Big Challenge both the parties are world, which has made better
India’s population]. They Faced: “there isn’t happy. One of the laws progress than us, and learning from
any. i don’t run any
don’t have that much business. i don’t do of economics is that it is always a good idea. Therefore,
of disposable income anything worthwhile in any exchange, both I’m quite happy about the various
in that sense.”
to access the market, the parties should be training initiatives that companies
which restricts the the Way Forward: happy, otherwise there like Infosys are taking to make their
to lead a peaceful
scalability of business. and healthy life will be no exchange. employees learn from industry experts
That’s why not too many Therefore, I’m not and professors from top universities
startup entrepreneurs anybody to judge if the globally. This will help Infosys and
want to go into areas where there is valuation by some venture capital firm the overall IT industry in general.
less market opportunity. They want of some startup company is high or But, the impact will be specific to a
to explore markets like electronic low. If I don’t like it, I will not invest company and an industry. In order
commerce, urban transportation in it. The new breed of entrepreneurs to do it on a large scale, we need to
services such as Uber, online is smart and has convinced evolve our own education system and
health care and education services. investors, who have consequently prepare youngsters for the job market.
There’s nothing wrong in that. invested in those companies. The education system has to be
revamped, starting from primary
Q Do you feel the lack of Q Often, the Indian startup school up to the graduate level.
investor backing for such ecosystem is compared to Silicon Unfortunately, our education
ventures restricts startups? Valley. Has India managed to system, due to various reasons, is
Which investor would try to put his or build a startup culture like in still far behind compared to the
her money into ventures where there the West or do we need to bridge West. Therefore, you don’t see too
is a very low probability of return? The the gap in certain areas? many examples of India-originated
reality of India is that there is a lot of I wouldn’t think there is anything ideas succeeding on a global scale.
work that we all have to do together. lacking among Indian startup The global delivery (IT-service
This involves the government, private entrepreneurs. What is missing is outsourcing) model that Infosys
sector and the higher education the readiness of Indian corporations conceptualised and popularised in

76 | forbes india december 21, 2016

the West, in my opinion, is the first
worthwhile idea from India. After “being open to the outside
that, maybe there have been more
such ideas, but I’m not aware of it. world and learning from
There is also a second model,
which was what we started talking
it is always a good idea.”
about in 2004 when Mr Manmohan
Singh became prime minister. It was incentivise our researchers to work in 2006, we, the founders, started
about opening our door to well- on the problems that confront us and discussing how do we show our
known foreign universities to start arrive at workable solutions. Our gratitude to our country because our
campuses here so that we benefit vision is that the various programmes talent primarily comes from India.
from their expertise and experience. the foundation has taken up will We wanted to support researchers
These are the two ways in which create a set of youngsters who can to become world class. We created
we can scale up the absorption of compete with the best in the world in a prize money of $100,000 (about
leading-edge ideas by Indian youth. the field of science, technology and Rs 65 lakh) to support young and
mathematics. We have the best set of talented researchers. We created
Q We don’t see many examples jury chairs for the Infosys Prize [It is a six prizes—in physical science,
of Indian corporates backing Rs 65 lakh prize across six categories mathematical science, engineering,
science and research. What for contemporary scientists and biology and medicine, agriculture,
initiatives should companies researchers, whose work is connected humanities and social sciences. We
take to encourage this? with or impacts India in some way]. carefully choose the jury members,
Every corporation must ask how they The foundation also runs who are the best in their fields from
can use new ideas to make themselves programmes to train teachers of top global universities. We also
the leaders in their marketplace and public schools from Karnataka and insisted that the awardee should
provide better products and services other states in India. [In the pilot year have ideally done his or her work in
to their customers while making better (2014), the foundation trained 640 India. However, he or she need not
margins. The moment we accept this, teachers from government schools be an Indian citizen. We are very
every employee will start asking how across all 34 districts in Karnataka. In keen on protecting the qualities of
to reduce the cost of operation and the current academic year, 2016-17, the awardees. We strive hard to
provide better value to customers it plans to train about 2,400 teachers ensure that the award maintains its
with a higher level of quality. Once in science and mathematics.] prestige, quality and reputation.
each one of us starts asking these We are also starting a programme
questions in everything we do, where we would be selecting about Q You had an extremely
doesn’t matter whether the person 50 most promising students in the enriching career as a business
is a janitor or a CEO, our mindset field of physics from high schools leader and built one of India’s
changes automatically and we become and colleges in December this year. most valued companies.
much more receptive to new ideas. I The selected students will go through What are your plans now?
think that’s the way we need to work. an intensive two-week programme I turned 70 this August. So, at this
Every organisation will have to think that explores fundamental concepts point of time, I do not have any
about how to improve productivity, in physics at the undergraduate plans or projects to accomplish/
get better value for time and better level at the Infosys Mysore campus. complete. I keep reading books on
value to customers using science, We are planning to start a similar mathematics, physics and computer
mathematics and technology. This will programme in mathematics. There science. Due to my age, I’m a little
automatically create that mindset. are a lot of initiatives that the slow in understanding [things], but
foundation has taken up. But, in a I still retain my interests in these
Q Infosys Science Foundation, the large country like India, this is a drop subjects. I listen to music. I just
not-for-profit trust, was set up in the ocean. It is important that come to office [Catamaran, Murthy’s
to promote the culture of science many more corporations start such family office] and sit there from
and research in the country. Could initiatives so that India doesn’t get left morning till afternoon. If anybody
you give us an idea about the kind behind in science and technology. wants to consult me, they are most
of work the foundation does? welcome. That’s how I spend most
Our long-term vision is that the Q What led to the creation of the of my time. I just look forward to a
Infosys Prize will become like Infosys Science Foundation? peaceful, healthy and happy life. I
the Nobel Prize. This prize will When Infosys completed its 25th year don’t have any grandiose plans.

december 21, 2016 forbes india | 77

The 100 richesT indians

( p r o f i l e s)

a b h ay f i r o d i a

The Force is
with Firodia
the pune-based auto tycoon is
carrying forward his father’s legacy
of transformative mass travel
By Samar SrivaStava

sk for a meeting with says. “Bans won’t necessarily solve
Abhaykumar Firodia things.” He was also concerned that
and you hear back the industry would have trouble
within hours. Exact in meeting the new Bharat Stage
timings are given. IV emission norms that are due to
The directions to be implemented by April 2017.
his office in Pimpri-Chinchwad, an The Firodia family has a
industrial cluster on the outskirts distinguished place in the country’s
of Pune, are short and crisp. Once auto history. They have pioneered
there, the meetings proceed several innovations which became
with clockwork precision. a staple for travel. For instance,
This discipline is hardly surprising father Navalmal
given that Firodia has had a long Kundanmal Firodia set at a glance
history of collaborating with the up the first autorickshaw AbhAy FirodiA
Germans. “Over the years, dealing manufacturing facility Chairman, Force motors
with the Germans, their purity of in India in 1947. The
Age: 72
technical thought, their dedication family also introduced
to quality—they’ve became part of the Tempo, the three- rank in the
wheeled goods carrier;
the operating DNA of our company,” rich List:

says Abhay Firodia, 72, chairman of the Matador; the Net worth: $1.76 billion
Force Motors. Spend time with him Luna; and scooters
and it becomes clear that the ethos that were made by The big Challenge
Faced: Force motors’
has seeped into the organisation. Kinetic Engineering entry into the tractor
It is also evident that he’s not in collaboration with segment
afraid to speak his mind. Just a Honda Motor Company. The Way Forward:
day before Forbes India met him in (In the 1990s, before Company is a leader
in the mass trans-
September, he’d spoken out on the the Tata Nano came portation market. it
ad-hoc nature of the Supreme Court- along, Abhay’s cousin plans to extend its
dominance here
imposed ban (which was lifted in Arun, who runs Kinetic
August after the imposition of a new Engineering as a separate
tax) on diesel cars (above 2000 cc) at entity now, also wanted
the annual meeting of the Society of to launch a Rs 1 lakh-car but the
Indian Automobile Manufacturers. existing duty structure made it
“The courts and the green brigade unviable.) Both the Luna and Kinetic
have to engage the country in a scooters are no longer in production.
manner that is constructive,” he Today, Force Motors is run by

78 | forbes india december 21, 2016

abhay Firodia, chairman
of Force motors, has
inculcated the German
style of working at
his organisation

december 21, 2016 forbes india | 79

The 100 richesT indians

son Prasan, 37, who is the managing and Jamnalal Sons (the Bajaj family) companies (but more on that later).
director. It is the only listed entity in through Bachraj Trading Corporation Abhay Firodia started coming
the Firodia empire and has seen its in 1947 was formed to build the now- into his own by 2000. By then,
market cap triple over the last two ubiquitous autorickshaw. “There the family had entered the auto
years to Rs 5,110 crore. Privately- seemed to be no conflict in terms of components space through the
held Jaya Hind Industries has a large the business model from the point of unlisted Jaya Hind Industries, which
flourishing auto components business. view of the operator, the government has since built relationships with
Add to that, the Firodias have stakes or the passenger,” says Firodia. all the car manufacturers in the
in various companies run by the Bajaj This JV eventually morphed country. They would make engines
family (rank 17)—for instance, Bajaj into Bajaj Auto and is now run by for, say, Ford Motor Company and
Auto and Bajaj Finserv, which have the Bajaj family. And although his brakes for Mahindra & Mahindra.
also seen their valuations rise rapidly own family no longer manufactures Over the years, as Vidal & Son’s
in the last year. As a result, with a net autorickshaws, Firodia takes Tempo Werkes changed hands,
wealth of $1.85 billion, Abhay Firodia immense pride in the fact that the the Firodias found themselves in
has moved up 18 spots to number 70 vehicle was his father’s “invention”. an association with German auto
on the 2016 Forbes India Rich List. For good reason: Nearly 60 years major Daimler. They eventually
The Firodias trace their roots to a on, with millions of autorickshaws bought Daimler out in 2001, but not
village named Firod near Nagaur in plying across India, it is this before reaping the benefits of this
Rajasthan. It was in the early 1800s contribution of the Firodia family relationship. Because, in addition to
that the family migrated southwards that has stood the test of time. making the Firodias acquainted with
to Maharashtra. Navalmal Firodia At that time, though, even as he German systems and processes, it
also gave them significant credibility.
Soon, they were presented with the
in the last two years, opportunity to assemble Mercedes
cars when the German auto company
force motors’ profit has set up shop in Pune in 1997 through

compounded at 52% to a tie-up with Tata Motors. Today,

the engines and axels of all Mercedes
reach rs 179.4 crore cars sold in India are assembled by
Jaya Hind Industries. Son Prasan
explains: “They come in completely
graduated in law and set up a practice was entrenched in setting up the knocked down versions and then
in Ahmednagar and even went to autorickshaw business, it wasn’t we put everything in place. We are
Yerawada jail during the freedom enough for NK Firodia. He went on even responsible for the warranty.”
struggle. A year before Independence, to set up Firodia Tempo in 1957; this Recently, they have entered into
he decided to give up his legal practice was a joint venture in collaboration a similar tie-up with BMW in
and started out as an entrepreneur with Germany’s Vidal & Son’s Chennai to assemble their engines.
setting up Jaya Hind Industries, which Tempo Werkes, to manufacture a But it is the turnaround at Force
began as an agency in the mid-’40s for three-wheeled goods carrier called Motors that has propelled the
Woodstock typewriters in Mumbai. Tempo Hanseat. “He wanted to Firodias’ net worth: The family has
The first telegraphic address of the replace the bail-gaadi (bullock a 60 percent stake in the company.
company was ‘nek bepar’, which stood cart),” recalls Firodia. Then, in 1958, “It has crystallised into a focussed
for nek vyapaar or ethical business. there was a three-way arrangement business on the mass transportation
Not to be satisfied with just with Vidal & Son’s Tempo Werkes, of people,” says Firodia of Force
importing and selling typewriters, the the Firodias and the Bajaj family. Motors. The company finds itself as
restless Firodia senior came up with This JV was named Bajaj Tempo a leader in the mass transportation
the concept of a three-wheeled people Company, and manufactured Tempos space, explains Prasan. And as Indians
carrier. He was inspired by the three- out of Goregaon in Mumbai. (The travel more, the need for reliable,
wheeled goods carriers in Europe, two JVs eventually combined, and efficient transportation has increased
which were used to deliver to bakeries became Force Motors in 2005). manifold both for within and between
or florists, and thought (rightly) that There was a messy separation cities. While Volvo has emerged as
he could convert the idea to a people with the Bajaj family in 1970, a front-runner for inter-city travel,
carrier. A joint venture (JV) between which resulted in the two parties there is also a requirement for smaller
the Firodias’ Jaya Hind Industries having holdings in each others’ vehicles that are just as dependable. It

80 | forbes india december 21, 2016

under-estimated the styling and
design requirements. They’ve sold
only about 1,000 units to date (it was
launched in 2011) and the car is not a
focus area for the foreseeable future.
With utilisation levels increasing
(in the last two years, the company
has moved from selling 1,100 to
2,000 Travellers a day) and fixed
costs taken care of, Force Motors has
seen a disproportionate increase in
its profitability. During that period,
its profit has compounded at 52
percent to reach Rs 179.4 crore. The
Bajaj family, which held 21 percent
in Force Motors, exited in 2014 and
this improved liquidity in the stock.
In addition, the Firodias have a 20
percent stake in Israel’s Rivulis, the
world’s third largest drip irrigation
company. There are also the holdings
in Bajaj Auto and Bajaj Finserv which
Firodia sees as a purely financial
investment. “They are well-run
companies; I don’t want to sell those
stakes and then worry about where
to invest that money,” he says.
For now, Firodia has handed over
most of the reigns to his son. He still
comes to office every day and is active
building a museum in Pune on the
culture, history and philosophy of the
Jain community in India. He plans
Force motors mD to make it a futuristic undertaking
Prasan Firodia feels the it
enablement of transport with less reliance on statues and
will change the way in artefacts and more on digital
which people travel
elements and even virtual reality.
Still, he’s not lost sight of the
is in this market that Force Motors has already supplied 2,000 buses and business he has helped build. He sees
carved an enviable niche for itself. The has orders for several hundred more. his group significantly expanding the
Traveller ‘mini-bus’ and its various “One knows exactly where the bus components arm. He’s also interested
models (that are used as people is at any given point. Through a in seeing how the industry will evolve.
carriers and as ambulances) have camera, one can watch what is going Two predictions from him: First,
become a clear leader in the segment. on inside the bus,” explains Firodia. the IT enablement of transport will
Further, the experience in the Lastly, Firodia was responsible increase manifold, and, second,
components business has meant that for a successful entry into the electricity will become an important
“we make our clutches and brakes tractor market in 2015. Though source of propulsion in the next
in-house. We even have our own cast Prasan admits that the numbers decade for something like 25 percent
iron foundry,” points out Prasan. are small, he says they have made of vehicles. The initial step in this
Within cities, the IT enablement a name for themselves in the 25-50 journey could be the electrification of
of transport has resulted in Force HP market for orchard tractors. buses along a certain route. Having
Motors working with app-based One bet that went wrong was already made inroads in the first
bus aggregators that provide travel the Force One, an SUV for personal opportunity, the next challenge
services to office workers. It has travel. Prasan admits the company seems clear for the Firodias.

december 21, 2016 forbes india | 81

The 100 richesT indians

( p r o f i l e s)

t u r a k h i a b r ot h e r s

sibling pair took their first steps toward tech startups at a tender age
By AnurAdhA rAghunAthAn

nyone can play a experience,” says Divyank. to be made and I’ll do a better job
videogame. But can Now, 21 years later, the brothers than everyone else. We need to know
you create one? That are winning for real. Divyank, that we are doing something that’s
was the challenge referred to as Div, sold his six- fun and exciting and complex.”
that motivated year-old advertising technology The Dubai ad tech company,
brothers Divyank firm to a consortium of which had $232 million in revenues
and Bhavin Turakhia to begin game Chinese investors in August for a in the past year, draws 90 percent of
programming when they were still whopping $900 million. The deal its revenue from the US and about
in primary school. The challenge was negotiated by Bhavin in Beijing. half from mobiles. Div will continue
came from their father, a chartered Combined with other exits and to be chief executive, spearheading
accountant, who also bought them their personal investments, this gives its growth in Europe and China.
books on how to create games. the Turakhia brothers an estimated Bhavin, meanwhile, will manage
At the age of 13, when Divyank net worth of $1.3 billion, making the three startups—two out of India—that
had a computer project tech duo rare new he’s kicked off in the last two years.
at school, he and Bhavin, at a glance entrants on the 2016 So how did the brothers get this
who was 15, spent an Forbes India Rich big? It goes back to an enriched,
Bhavin and
entire year developing divyank Turakhia List. Over the years, albeit unusual, childhood. From the
a business-simulation the brothers have time the lanky boys started learning
age: 36, 34
game. It starts with an created an array of about computers in their fourth and
animation sequence on rank in the businesses, including sixth grades, they were hooked. They
rich List: 95
how a commercial partner web hosting and began reading computer books and
has cheated the player and net worth: $1.3 billion cloud infrastructure, using their computer lab at the select
taken over a company. So, voice and messaging Arya Vidya Mandir school in Bandra,
The Big Challenge
with no money in hand, Faced: Building
services, and digital Mumbai, during lunch breaks and
the player is charged with internet and technol- payments. They have free time after school. Early pocket
building a rival business ogy companies in offices in Dubai, New money for Div came from doing
a nascent Indian
from scratch. The ultimate market and expand- York, Zurich, Los computer projects for rich kids.
aim is to gain 100 percent ing with little outside Angeles and Beijing. The brothers started freelance
market share. The player “We’ve never been consulting when they were just
must handle money The Way Forward: the first at anything, 14 and 16. In 1998, they founded a
Bhavin has floated a
and employees as well number of startups; and it makes no company, Directi, with one computer
as create and manage divyank will difference to us,” says in an office space owned by their dad,
continue to head
budgets. “Playing the following Divyank, 34. “But show who lent them $600. With 40 clients
game was educational. the acquisition me an industry where lined up, the teens paid him back
Creating it was an there’s $1-billion-plus in the first month. Says Div, “When

82 | forbes india december 21, 2016

“We need to know
that we are doing
something that’s fun,”
say divyank (left) and
Bhavin turakhia

ErIc MIllEttE for forBEs

The 100 richesT indians

we were kids, we thought we could each other as business partners.” with premium publisher brands.”
achieve anything. We still do.” But the biggest deal was yet to Conversely, Zhang’s relationships
They bothered with undergrad come. In late 2015, Div got a feeler with the top three Chinese telecom
commerce degrees to satisfy their about from a Nasdaq-listed players is a plus for
mother, they say, but quickly moved firm. So he enlisted Bank of America While Div was busy in ad tech,
on to businesses in web services Merrill Lynch in a global search Bhavin was floating other startups. But
and payments. “I’d have been the that led to China, where there’s a the brothers’ itch is for technology.
AOL of India, but I didn’t have the huge push for investment in online “They come from the hacker mindset.
money,” offers Div half-seriously. advertising technology following 2015 They enjoy it when they break codes
Until 2005, they ran the businesses guidelines from the State Council. and build products,” says Avinash
together but figured out they could The deal was led by Raghava, co-founder of a think tank
double their reach individually. Beijing’s Miteno Communication that’s working to make India a hub
“Working with Div is a lot of fun,” Technology, a tech, media and for software products. “They are
says Bhavin. “We think similarly in so telecom company listed on the focussed on building world-class
many aspects. He’s the most chilled- GEM Board in Shenzhen. Bhavin products. This is very different from
out guy I know. I can count on him came in to negotiate so Div could today’s entrepreneurs who are very
personally and workwise. We have a continue running without distracted by money and investors.”
crazy amount of trust in each other.” distraction. “The talks involved getting In fact the brothers have only once
That helped the pair see past up and walking out multiple times,” sought external investors—and later
a stumble after Div started a the elder brother says. “But with bought back the stake. They have
company, Skenzo, licencing an seven offers on the table, there was a loose sharing arrangement when
online ad technology. After initial no need to make a compromise. We it comes to money and ownership
of businesses. (Directi, the original
incorporation, was kept as a brand
“When you oWn the that links their various companies.)

beach, Why Would you “In my mind and in Bhavin’s mind,

we both own everything and we
be splitting the sand?” both have access to everything,” says
Div. “When you own the beach, why
would you be splitting the sand?”
success, it nosedived amid shifts in weren’t dying to sell the company.” “They’ve also built a really good
the sector. Div was undaunted. Bhavin also brought himself culture within the company,” says
By 2010, he launched Media. up to speed on Chinese laws and Endurance’s Ravichandran. “The
net, which allows publishers to technologies. “At one point, it focus is on problem solving.”
automatically display relevant ads was me against 18 lawyers and The brothers can be workaholics.
based on the content of their web investment bankers on their side,” Ravichandran recalls how Bhavin had
pages. The ads were mostly sourced he says. Still, he extracted a $426 a mini-van in Mumbai fitted with a
from Yahoo. From 2012, ran million upfront payment. workstation and Wi-Fi so he could
the Yahoo Bing Network’s contextual With Miteno there was a good work on the go during his 20-minute
ads and agreed to never sell or licence meeting of minds and cultures. commute. Divyank, however, is into
its tech to Google. Div says Yahoo Chairman Zhiyong Zhang, a veteran aerobatic flying. He says he wants
considered buying several of the Chinese sector, hosted dinners to fly jets next. On land there’s
times, but each time it fell through and took Bhavin on sightseeing a cherry-red Ferrari 458 Spider
because the timing didn’t work out. trips to the Forbidden City and the waiting for him in San Francisco,
(Yahoo refused to comment.) Summer Palace. Zhang, for his part, where the brothers share a house—
Bhavin meanwhile focussed on is thrilled with the partnership. He’d as they do in Vancouver, Mumbai
a web-hosting business that, with researched hundreds of options before and Dubai, which they both now
other services, was sold to a US firm, deciding on “I liked the call home for ease of connectivity.
Endurance International, for $160 tech platform, the innovation and Between work and periodic
million. “The brothers have a very the entire management team,” he play, there’s been no occasion for
good dynamic of divide and conquer says. “They’ve worked on developing starting families. “We are too busy
when it comes to work,” explains Hari the business in a cost-effective and building businesses,” declares Div.
Ravichandran, Endurance’s CEO. profitable way. I like the fact that Serious businesses.
“They have a deep connection with they have very strong relationships No games anymore.

84 | forbes india december 21, 2016

The 100 richesT indians

( p r o f i l e s)

the goenk as

welspun couple is the most prominent
drop from this year’s roster

By AnurAdhA rAghunAthAn

n mid-August, textile will continue its relationship with
tycoon Balkrishan Goenka the Indian company, however.
was riding high. Meanwhile, Bed Bath & Beyond
Home-textile company and JC Penney are in the process
Welspun India—founded by him of investigating, but haven’t
and run by his wife, Dipali—had made any announcements yet.
reported record revenue of $900 Welspun, which is headquartered
million and profits of $106 million in the erstwhile textile hub of Kamala
for the past year. The company, Mills in Mumbai, has appointed the
among the top three home-textile global auditing firm EY to determine
makers in the world, announced an what went wrong. “We are taking the
ambitious target of being a zero-debt, quality issue raised by the customer
$2 billion (revenue) outfit by 2020. very seriously and have initiated
But in late August, the textile immediate actions to investigate
empire ripped a centre seam as our supply chain and processes,” a
the stock fell by 47 percent in four company spokesman told Forbes Asia.
days before recovering somewhat. Welspun is the largest supplier
Goenka’s net worth tanked by $600 of towels and bedsheets to the US—
million, making him ineligible for the supplying an estimated one out of
2016 Forbes India Rich List. (Goenka, every five towels. And it’s a valued
50, who had re-entered the country’s vendor. The American trade magazine
100 roster last year after a four-year Home & Textiles ranked Welspun No
break, also debuted on Forbes’s 1 among the Top 15 Home Supplier
World’s Billionaires List this year.) Giants—for the fourth consecutive
The crisis started when US retailer year. It’s a status achieved after 20
Target—among the company’s top years of building clientele in the US.
five customers—terminated its Analysts, however, are sceptical
decade-long relationship, saying that about future prospects. “We don’t
Welspun had used non-Egyptian know how deep the problem is,” says
cotton in making Egyptian cotton Sumant Kumar of Mumbai’s Elara
BAlkrIshAn gOEnkA: MExy xAvIEr

bedsheets sold under the Fieldcrest Securities, who downgraded the

label. Target has offered refunds stock to “sell” after the Target issue
to all customers who bought these erupted. “There’s a risk of lower order
sheets over a two-year span. Walmart, inflows because of loss of reputation.”
too, said in early September that Target’s annual engagement with
it will pull Egyptian cotton sheets Welspun is $90 million, and Egyptian
Welspun group founder Balkrishan goenka
supplied by Welspun and offer and wife dipali, CEO of Welspun India, will
cotton products overall contributed
refunds to its customers. Walmart have to make another comeback to 6 percent of company revenue. The

86 | forbes india december 21, 2016

Welspun says it is installing technology to ensure complete traceability of cotton fibres

Walmart contribution with reference is credited with driving Welspun’s It’s one of the few Indian textile
to Egyptian cotton products added growth in revenue, profits and companies to have established a
up to $13.5 million. “We are already innovation, wasn’t available for strong manufacturing presence
installing technology to monitor comment. She was in the US during at a time when others have either
our supply chain and vertically the crisis meeting with customers. moved out of manufacturing or
integrating to ensure complete Welspun has seen many ups outsourced it. After its own failed
traceability of cotton fibres,” the and downs in its 31-year history effort a decade ago to try production
company said in a September 10 as it evolved from a commodity abroad, Welspun spent nearly $380
filing to the stock exchange. manufacturer to a branded supplier million over the past three years
Dipali, 46, who started running with manufacturing plants in beefing up domestic output so
textile operations five years ago and the western state of Gujarat. that more things can be done in-
house. An additional $120 million
has been earmarked for such
in August, welspun indiA’s expansions this year. The company

stock fell by 47% in four says all plans are still on track.
The Goenkas, who engineered
dAys. goenkA’s net worth a textile comeback in the last few
years after a retail push at home also
tAnked by $600 million soured, will have to do a repeat act.

december 21, 2016 forbes india | 87

The 100 richesT indians

(b i g e x i t)

the bansals

Add to Cart, Checkout

a year after their debut, flipkart’s bansals are out of the rich list


n September last year, Flipkart founders Sachin Bansal to the rich list. It has been a rocky twelve months since,
and Binny Bansal (they are not related) made their for both Flipkart and its founders: Five of its investors
debut on Forbes India’s annual rich list. With the have marked down the value of their investments in the
ecommerce giant being valued at $15.2 billion, the company, competition from deep-pocketed rival Amazon
Bansals’ net worth was estimated to be $1.5 billion has intensified, and there’s also been a leadership change.
each, making them the first ever ecommerce entrants This year, the Bansals do not feature on our list.

valuation blues
Investors have slashed Flipkart’s valuation a number of times in the past year. Here are some of the major ones

Feb ’16 Apr ’16 May ’16 May ’16 May ’16 Jun ’16 Jul ’16 Aug ’16

mARKDow N f Rom $ 15.2 B L N ( %)



11 10.7 11.4

-40 10.3
9.2 9.4 9
INveSToRS MorgaN t rowe Square *Valic MorgaN VaNguard t rowe MorgaN
StaNley price truSt ii co 1 StaNley group price StaNley

* Fidelity and Valic have since marked up the firm by 3% and 10% respectively Revised valuation ($ BLN) Source: Media reports

payment gateways Biggest fund raisings by Indian ecommerce firms in the past year
0 100 200 300 400 500 600 700 800

Sep ’15 680 paytM

Feb ’16 200 SNapdeal

Mar ’16 150 bigbaSket

Nov ’16 120 groFerS

Source: Tracxn

88 | forbes india december 21, 2016

flipkart co-founders
Sachin (right) and
Binny Bansal were
ranked 86 on the 2015
forbes India Rich list

stampede of big shopping days

investments In July this year, Flipkart-owned online fashion retailer Myntra
acquired its closest rival Jabong in a $70 million deal
Flipkart has raised over $3 billion


f U NDS R A I Se D ( $ m L N)

phonepe Fx-Mart appiterate adiquity MYnTRA letsbuy Mime360 weread

600 (Mobile (payments (Mobile (Mobile (Ecommerce) (electronics (digital (Social book
payments) services) engagement; network) may 2014 retail) distribution) discovery)
april 2016 september marketing march 2015 February october 2011 december
2015 automation) 2012 2010
april 2015


cubeit Native5 Fitiquette

Jabong Sher Singh HrX
(content (app (Virtual
0 (ecommerce) (apparel) (apparel)
Jun aug Jul oct May Jul dec Jun Jul aggregation) development) reality)
July 2016 november august 2016
’11 ’12 ’13 ’13 ’14 ’14 ’14 ’15 ’15 July 2016 may 2016 april 2013 2012
* the firm also raised an undisclosed amount
in from accel partners and tiger global
Management in 2009 and 2010 respectively

Source: Tracxn Source: Tracxn —with additional inputs from debojyoti ghosh

december 21, 2016 forbes india | 89

The 100 richesT indians

( o b i t u a r y)

b r i j m o h a n l a l l m u n ja l

Brijmohan Lall munjal

was chairman emeritus
of Hero motoCorp
when he passed away
on November 1, 2015, at
the age of 92. He was
ranked 27 in the 2015
Forbes india rich List
Amit VermA

90 | forbes india december 21, 2016

Value Creator
a self-educated entrepreneur, brijmohan lall munjal
repeatedly built businesses that went on to become
world leaders in their respective segments

onsidering that he a brief illness, at the age of 92. world by volumes. He repeated the
believed in building “It was Munjal’s knowledge and feat again with Hero Honda and then
close, long-term wisdom that gave investors like me Hero MotoCorp. He believed that
relationships— confidence that Hero MotoCorp will if one works hard and is good to the
Brijmohan Lall Munjal survive the break-up,” says Raamdeo people around, success in business
knew every dealer and Agrawal, co-founder and joint MD, will inevitably follow. It consistently
vendor by name—the break-up in 2011 Motilal Oswal Financial Services. Five did. In the 2015 Forbes India Rich
of the joint venture between the Hero years after the split with Honda, Hero List he was ranked 27 with a net
Group and Honda Motor Company MotoCorp has retained its dominance worth of $3 billion (his son Pawan
was particularly emotional for him. in the motorcycle segment and has Munjal has taken his place in the
The partnership—Hero Honda—that since developed its technological and 2016 Forbes India Rich List and is
he had created and nurtured had product development capabilities. ranked 29). He was also awarded
lasted 26 long years and Hero Honda “My team and I are taking his the Forbes India Leadership Award
had become the largest two-wheeler legacy forward with a commitment for Lifetime Achievement in 2014.
manufacturer, not just in India, but to sustained leadership…,” Pawan Munjal swore by honesty and
globally (taken as a single entity). Munjal, who is now the chairman, integrity. He never went to college
When friction arose between the
partners, for a multitude of reasons
including transfer of technology and Munjal believed in close
product development capabilities,
Munjal, then 87, attended every relationships and tried
meeting of the top management. He
tried hard to find solutions that would
to preserve the honda jv
allow the joint venture to continue.
But “when he realised that things had managing director and CEO of Hero but his adopted management
come to such a pass that a separation MotoCorp, had told Forbes India practices endeared him to the entire
was inevitable, he stopped being during an earlier interaction. ecosystem, be it employees, dealers
emotional and gave his nod,” recalls Born in 1923 in undivided Punjab, or vendors, and remain legendary.
Ravi Sud, senior vice president & CFO, Brijmohan Lall Munjal and his “I was clearly instructed that at no
Hero MotoCorp. “He then told us to family moved to India during the cost should I hold back payment to
get the best people, go after the best Partition. It was in Ludhiana that vendors, whatever the company’s
technology and always look ahead.” he, along with his four brothers, financial position,” says Sud. “There
Munjal remained the guiding started a bicycle parts business, later are times when we borrowed from the
force for the top management for foraying into bicycle manufacturing. market just to pay vendors on time.”
a few more years before handing Hero Cycles soon became a name to His competitors, too, adored him.
over the chairmanship of the reckon with and Munjal, along with Bajaj Group Chairman Rahul Bajaj,
company to his son Pawan Munjal, his brothers, helped create an entire for instance, called him his ‘guru’,
62, and stepping back to become cycle manufacturing ecosystem in and looked up to him for his wisdom
chairman emeritus in mid-2015. Ludhiana. Today, Hero Cycles is the and common sense. He was, indeed,
He died on November 1, 2015, after largest bicycle manufacturer in the a hero in every sense of the word.

december 21, 2016 forbes india | 91

The 100 richesT indians

(next g e n)

prashant bangur

Prashant Bangur, joint mD of

Shree Cement, says he does
not like to over-promise

A Strong Foundation
prashant bangur has been an ideal complement in his father’s
quest to build shree cement into a successful company

By Samar SrivaStava
arinDam mukherjee for forBeS inDia

n 2003, when Prashant Bangur, or make any improvements.” Bangur more years as well.” Bangur was to
then 22, entered Shree Cement’s had just completed his MBA from the take notes and keep them to himself,
only plant in Beawar, Rajasthan, Indian School of Business, Hyderabad, his father had added. And over time,
he recalled the single instruction and says his role was loosely that he realised why. As the years went
from his father Hari Mohan of an apprentice or trainee. His by, the doubts that were raised in his
(HM) Bangur: “You are going father’s reasoning was simple: “If we mind got resolved on their own.
there to observe and learn. You are not had lived without him joining the Looking back, it was the best
going there to give any suggestions business, we could have lived a few initiation Bangur, now 36, who

92 | forbes india december 21, 2016

at a glance
was recently promoted to joint run the company, are not plant from scratch
Prashant Bangur
managing director, could have done yet—they plan to joint managing director,
at Ras in Rajasthan.
gotten into the business. He would take production to up to Shree Cement While company
travel to Beawar, staying there for 40 million tonnes by 2019. age: 36
executives have a lot of
three or four weeks at a stretch, and It’s a story of smart operational freedom,
immerse himself in all the technical entrepreneurship, of Education: indian the setting up of plants
School of Business,
aspects of the plant and observe capitalising on India’s hyderabad is something Bangur
the innards of its functioning. It rapidly growing economy. handles personally
On Company Culture:
was to prepare him for the many It is a story of focusing “employees must even today. “The plant
challenges and opportunities that on the right niche—as have the freedom will be with us for a
to suggest new
would come in the next decade. Bangur himself says, ideas. We must try long time and so the
And it has been quite a decade. “Somewhere it is also out all good ideas, layout, the equipment
irrespective of where
From a mere Rs 75 crore in market a case of being in the they come from.” ordered, are crucial
capitalisation and a one-plant right business at the decisions,” he says.
operation (1.8 million tonnes of right time.” And it is The company typically
cement), Shree Cement, a virtual also a story of approaching work in a locks in capital goods prices for
unknown ten years ago, has grown disciplined manner... in Bangur’s case, future plants as well, ensuring it
to a Rs 61,215 crore company with starting at the bottom and learning keeps its capacity expansion costs
10 plants producing 26 million the ropes as he made his way up. in check. It also helps Shree Cement
tonnes. It has also taken Bangur’s Bangur spent three years as a secure its market position in case
grandfather Benu Gopal Bangur, the ‘trainee’ before getting to work in of a sudden upswing in demand.
85-year-old patriarch who chairs Kolkata (while Shree Cement has Having settled in, among Bangur’s
Shree Cement, to No 14 on the 2016 plants across India, the father and son top aims now is to foster a culture of
Forbes India Rich List, from No 22 duo and a handful of key personnel innovation in the company, where
in 2015—his net worth has gone up sit at their office at Strand Road people are not afraid to suggest and
to $5.9 billion from $3.9 billion. on the banks of the Hooghly). His try new ideas. This environment
And the son and grandson, who next big test was commissioning a was perhaps why Shree Cement was

Abhinandan Lodha
Deputy Managing Director,
Lodha Group

Abhinandan Lodha, 34, is the younger son of Mangal

Prabhat Lodha, chairman and founder of the Lodha
Group, ranked 56th on the 2016 Forbes India Rich List.
He joined the group along with elder brother Abhishek
in 2006. Abhishek handles the real estate business
while Abhinandan has taken an interest in finance and
taxation. He was in charge of raising $410 million from
Deutsche Bank in 2006 and since then, has looked at
raising capital for the group. He is currently in charge of
starting a finance company that will concentrate on low-
cost housing, which will be operational from January
2017. “We have a domain expertise in real estate and
we have built social economic housing in the past. We
believe we have a good understanding of the low-cost
housing market and its customer, so our first priority is
to get this business right. I’m right now in the startup
phase,” he says. The company will disburse loans in the
range of Rs 10 lakh to Rs 30 lakh. Abhinandan also plans
to set up a private equity fund in the future, which will
focus on long-term financing of real estate projects.
—pravin palande

december 21, 2016 forbes india | 93

The 100 richesT indians
able to innovate with pet coke (or growth. But the recent more-than-
Roshni Nadar petroleum coke). In 2005, it was the expected growth in cement demand
Malhotra first company to use pet coke as fuel. in the east means the company’s
Executive Director & CEO, The cost was substantially lower overall growth is much better than
HCL Corporation than that of coal and this gave the that of its rivals. The company
Director, HCL Technologies company a competitive advantage, follows an accelerated depreciation
Trustee, Shiv Nadar Foundation though it has since been nullified policy and so its profits are higher
Roshni Nadar Malhotra, 34, as its rivals have also started using than stated. The father and son
is the daughter of Shiv Nadar, pet coke and its price is now much duo has also built the company
founder and chairman of HCL higher. That was also the reason without taking excessive debt,
Corporation, ranked at No 8 on the they tried (though they failed) and more importantly, without
2016 Forbes India Rich List. She using biomass as a heating source. diluting equity capital. “Existing
joined the company board in 2008 A human resources measure they cash flows are enough to finance
and took over as CEO in 2009. employ is a tad unconventional. While future expansion,” says Bangur.
Besides her primary role, she companies across industries are The company has, over the last
has also diversified the $7 billion known to reward top performers with couple of years, decided to move
technology group into health care variable pay, Shree Cement offers only from a three-brand to a two-brand
with HCL Healthcare, an affiliation a fixed salary. “If I reward success, strategy. The industry has segmented
with Johns Hopkins Medicine then the unsaid rule is that failure cement into A, B and C classes. While
International, which aims to build would have to be punished,” says they are all the same strength, they
a network of health clinics focussed managing director HM Bangur, 64. are marketed separately, similar to
on providing outpatient care. She Seeing them together, it is obvious how, say, soap brands are marketed.
that the arrangement between Shree Cement’s Bangur Cement,
them is a unique one where there is Shree Cement and Rockstrong are
no division of responsibility. Both sold separately, the godowns are
focus on big picture ideas, leaving separate and the marketing teams sit
the company’s day-to-day running in different offices even within the
to their team. “The moment an same city. They even have different
idea is given, it is forgotten who suffixes to their email IDs. Now,
gave the idea, and it is evaluated Rockstrong is being discontinued
on its merit,” says HM Bangur. as the company believes it has
A hallmark of Shree Cement’s effectively segmented the market
success has been its ability to deliver with Bangur and Shree Cement.
on its promises on time. When Forbes A strategy they intend continuing
India had met the Bangurs in 2013, with is to not buy existing cement
the company had said it would be a plants but build them from scratch.
also started HCL TalentCare, 25-million tonne company by March The logic is simple: It costs $60 a
which provides skill training in 2016. It achieved that goal and is now tonne to construct a new plant versus
banking, technology, insurance on track for its next one. In addition $110-$120 a tonne to buy an existing
and health care to graduates. to expanding its existing plants, it plant. And their focus remains India.
Nadar, who pursued her MBA from recently also won a bid for a limestone In business, as in war, planning
the Kellogg School of Management, mine in Karnataka and plans to start is key, and Prashant Bangur, whose
is also passionate about education operations there. This will be its first favourite book is Sun Tzu’s ancient
for the underprivileged, something entry into South India (at present Chinese military treatise called The
she drives through the Shiv it is only in the north and east). Art of War, is clear about his tactics.
Nadar Foundation. It has set up a In keeping with its consistent For one, the company will never over-
university and runs engineering performance, the market has promise. Ask the squash aficionado
colleges, schools, VidyaGyan—a periodically re-rated the stock. The to project the next two decades and
residential academy for rural share price has grown at a CAGR all one gets is a modest, “We take
children with two campuses in of 58 percent since 2003, taking the a step-by-step approach. There is
Uttar Pradesh—and the Kiran market cap to Rs 61,000 crore. (The no point projecting so far into the
joShua navalkar

Nadar Museum of Art. She is share price was up by 45 percent in future.” He probably knows best. No
the chairman of VidyaGyan, the year since September 2015.) one could have foreseen their success
which has over 1,800 students. Bangur admits the market is ten years ago. Probably not even the
—shruti venkatesh probably pricing in a lot of future third-generation Bangur himself.

94 | forbes india december 21, 2016

The 100 richesT indians
( photo f e at u r e )

Seasons in the

Net worth: $1.67 bln 2016 Forbes INdIa rIch LIst raNk #75

Harsh at the annual two-day conference

of the then-undivided RPG Group
and their wives Sushila, Mala and
Preeti. “There was one rule: Everyone

Goenka in Goa in 1998, the mornings and

afternoons were reserved for business
had to wear shorts,” says Harsh, who
was 40 then. He likens this to the
Rio carnival. The area around Fort
Chairman, talks. In the evenings, group seniors
RPG Enterprises gathered at Aguada beach where Aguada was decorated with fishermen’s
group patriarch Rama Prasad Goenka boats and their nets. The annual
(extreme left) was joined by sons meetings are now held in Mumbai.
Harsh (centre) and Sanjiv (rank 91), —samar srivastava

96 | forbes india december 21, 2016

Sun we delve inside the albums of some
of india’s billionaires for a whiff
of nostalgia and a sense of history

Net worth: $1.56 bln 2016 Forbes INdIa rIch LIst raNk #84
it was a mix of work and pleasure
that took the co-founders of Indian FMCG
They even bought food-processing and
packaging machines from Tokyo, and Radhe Shyam
major Emami to Tokyo in 1978. While Agarwal
(right) and Goenka are seen holidaying with
set up a factory in Rajasthan in 1980. However,
they decided to shut down the business in the Agarwal
their wives (Usha Agarwal and Saroj Goenka) early ’80s. “We did a lot of innovation in terms Co-founder & Executive
in the Japanese capital, the billionaire of the product and packaging at that time, Chairman, Emami
entrepreneurs were also attending a trade but I think the market was not ready for such
show on food machinery and technology a product, which was priced a little higher
to gain an in-depth understanding of the
latest technologies in the food space, a
than the usual potato chips. Unlike today,
consumer awareness was also low. Though Radhe Shyam
business they later ventured into.
Back from Tokyo, Agarwal and Goenka forayed
our initial launch was good, we couldn’t keep
up the momentum and the manufacturing Goenka
into the packaged food segment with the brand cost was too high,” says Agarwal. Co-founder & Wholetime
Wah, which mostly sold rice-based products. —debojyoti ghosh Director, Emami

december 21, 2016 forbes india | 97

The 100 richesT indians
( photo f e at u r e )

Net worth: $12.4 bln 2016 Forbes INdIa rIch LIst raNk #7

this photograph of adi godrej was taken was launched in 1952, is still available in the
Adi sometime during the late 1970s, and is
symbolic of what the 119-year-old group
red packaging in which it was first sold.
A few other things have, however, changed for
Godrej and its chairman stand for—endurance and
sustainability. In the photograph, Godrej,
the group: The factory in which the photo was
taken, located in Mumbai’s eastern suburb of
Chairman, now 74 years old, is standing next to a Vikhroli, does not exist any longer. It has been
Godrej Group manufacturing line of Cinthol soaps, one of the replaced by a swanky glass-and-steel building
iconic products made by the consumer goods- that serves as the group’s headquarters.
to-real estate conglomerate. Cinthol, which —aveek datta

98 | forbes india december 21, 2016

Net worth: $3.64 bln 2016 Forbes INdIa rIch LIst raNk #30

this photograph shows harsh mariwala at packaged. Apart from being an important day for
Harsh Marico’s factory in Sewri, Mumbai, in the early
’80s, distributing home utility products like water
the staff, these events have always been close to
Mariwala. “Besides the auspicious occasion, such
Mariwala containers, utensils and plates, among his 100-
odd workers during a Satyanarayan Puja. This
interactions have always been special, for both
the company and the workforce,” he says. Marico
Chairman, was the factory where Parachute, one of Marico’s continues to celebrate its annual day every year.
Marico Ltd flagship brands, was being manufactured and —salil panchal

december 21, 2016 forbes india | 99

The 100 richesT indians
( photo f e at u r e )

Net worth: $3.7 bln 2016 Forbes INdIa rIch LIst raNk #28

Kuldip Singh
and Gurbachan
Singh Dhingra
Chairman and Vice Chairman,
Berger Paints

in the summer of 1990, the year before

he bought Berger Paints from Vijay Mallya,
Kuldip Singh Dhingra meticulously planned
his daughters’ first US visit. Youngest
daughter Dipti (left) had just turned 10
and this meant she’d at last be able to get
past the height restrictions at Walt Disney
World in Orlando, Florida. Eldest Rishma,
standing next to her father, remembers an
action packed and fun-filled week. (Mother
Meeta Dhingra and sister Jessima are also
seen in this picture.) The family stayed at
the Hyatt Regency Grand Cypress, Orlando,
and visited a park a day—Walt Disney World
and its parks Magic Kingdom, Hollywood
Studios, Epcot and Animal Kingdom, apart
from SeaWorld and Wet ’n Wild. “It was
such a treat. Sitting in India we could
never have imagined this,” says Rishma.
Also on the agenda was a quick trip to
New York. A visit to Walt Disney World is
on its way to becoming a family tradition.
Rishma has taken her daughters there and
Jessima has already planned her family
visit. Both were unanimous on their choice
of hotel—Hyatt Regency Grand Cypress.

Younger brother Gurbachan
Singh Dhingra with wife Vinu at
Chagrin Falls in Ohio in 1987.
—samar srivastava

100 | forbes india december 21, 2016

The 100 richesT indians

(twitter ta l k )

A Little Bird Told us

the 10 most influential indian business leaders on twitter
By AngAd Singh ThAkur & ShruTi VenkATeSh

Anand Mahindra Kiran Mazumdar-Shaw

@anandmahindra @kiranshaw
2016 Forbes IndIa rIch LIst rank: 65
2016 Forbes IndIa rIch LIst rank: 90
date oF joInIng: May 2010
April 2009
date oF joInIng:
no oF FoLLowers: 834,627
no oF FoLLowers: 3,647,319
growth: 44%

Pity #raghuramrajan is stepping

I keep this nearby—to remind down at a time when country needs
me what it means to have a him to deal with global economic
uncertainty linked to brexit, Us etc
passport saying ‘Republic of
India, not ‘Empire of India’
Uday Kotak
2016 Forbes IndIa rIch LIst rank: 11
date oF joInIng: June 2014
no oF FoLLowers: 369,082
growth : 269%

as oil touches 50$ India’s honeymoon

on inflation, current account may be
over. Micro needs to improve faster
as macro tail winds slow down.
mAhindrA, koTAk, chAndrA: VikAS khoT; nilekAni: AmiT VermA

Subhash Chandra
2016 Forbes IndIa rIch LIst rank: 18
Nandan Nilekani
date oF joInIng: October 2013
no oF FoLLowers: 315,316
2016 Forbes IndIa rIch LIst rank: 80
growth: 43%
September 2013
date oF joInIng:
no oF FoLLowers: 1,016,884
growth: 119%
I urge each one of you to utilize
Mission accomplished! delivered 60cr
your Freedom of Speech,
#aadhaar numbers on time. grateful and speak up! We all must
to the PM for giving me an opportunity seek, nothing but the truth.
to serve the people of #India #JaiHind #WakeUpIndia
l Follower count as of october 6, 2016 l growth in the number of followers in the past 12 months
102 | forbes india december 21, 2016
digital influence plays an important role NR Narayana Murthy
in today’s business world. From government @Infosys_nmurthy
leaders such as PM Modi to business leaders 2016 Forbes IndIa rIch LIst rank: 62
such as anand Mahindra, twitter has been date oF joInIng: October 2009
the platform of choice for influential leaders no oF FoLLowers: 42,438
as it lends them a voice that is authentic and growth: 24%
personal, leading to better communication happy to welcome Vishal @vsikka to Infosys.
and impact. twitter is the only platform
where business leaders can develop live, I am confident that Infosys is in capable hands.
public, and in-the-moment connections with
their target audiences, and move to change
opinions, sentiment and behaviours. we Acharya Balkrishna
are keen to see more businesses lead the @Ach_Balkrishna
change with digital, starting with the top. 2016 Forbes IndIa rIch LIst rank: 48
date oF joInIng: August2011
TARANjeeT SINGH, business head, Twitter India
no oF FoLLowers: 32,657
growth: 88%

Harsh Goenka
2016 Forbes IndIa rIch LIst rank: 75
date oF joInIng: May 2009
no oF FoLLowers: 262,176
growth: 237%

Patels Asked for Reservation

and got the *Reserve
Bank* . #UrjitPatel

goenkA: mexy xAVier; mAriwAlA: prASAd gori; murThy: SelVAprAkASh lAkShmAnAn for forBeS indiA;
Harsh Mariwala
2016 Forbes IndIa rIch LIst rank: 30
date oF joInIng: June 2014

BAlkriShnA: rAjeeV TyAgi / foTocorp; kriS gopAlAkriShnAn: fAheem huSSAin

no oF FoLLowers: 171,790
growth: 655%

Tools in an entrepreneur’s
box! #SkillSet Senapathy ‘Kris’
2016 Forbes IndIa rIch LIst rank: 81
date oF joInIng: June 2009
no oF FoLLowers: 11,311
growth: 36%

Govt is establishing a
mechanism ‘self employment’
to support all aspects of start
up business: Appreciate!
Powered by Twitter

l Follower count as of october 6, 2016 l growth in the number of followers in the past 12 months
(st y le)
The 100 richesT indians

Colour: From the morning

meeting to the cocktail hour,
blue is the new grey.
In foCus: Socks are the attention-
seeking accessory of the year.
Choose contrasting colours or
prints, from classic geometrics
to modern day animation.

(From left to right)

Checks: Double-breasted suit by
Sunil Mehra. Shirt with band collar by
Wills Lifestyle. Check socks by Mustang.
High-gloss shoes by Christian Louboutin.
Watch by Seiko. Bag by Eske.
Stripes: Horizontal stripe suit by Canali.
Spread-collar shirt by Andamen.
Animated socks by The Moja Club.
Dual-coloured shoes by Modello
Domani. Watch by Michael Kors.
Solids: Block suit by PN Rao. Button-
down shirt by Camessi. Matching tie &
pocket square set by Stefano Ricci. Classic
socks by Mustang. Closed-laced shoes
by Roush. Shoulder bag by Longchamp.
Watch by Frederique Constant.
Drinks: Skyy Vodka, Amarula
Cream liqueur, Patron Silver
tequila and Jagermeister liqueur
to get the evening started.

Fashion Direction and Text: YATAN AHLUWALIA


Photographs: VIKAS KHOT

Art Direction: ANJAN DAS

how to master the
billion-dollar look
The 100 richesT indians

(st y le)

style: Unconventional suits: Old

school with a modern twist.
In foCus: High-gloss footwear
for the urban man.

(From left to right)

Textured three-piece suit with red
buttons on the jacket and red buttonholes
on the waistcoat by Sunil Mehra.
Shirt with coloured piping by Wills
Lifestyle. Red glossy shoes by Christian
Louboutin. Watch by Swiss Military.
Graphic-printed jacket by Ashish Soni. Plain
black shirt by Surbhi Pansari. Glossy laced
shoes by Azzurro. Watch by Maserati.
Playing card-printed jacket by
SavilRoez Bespoke. Grey shirt by West
Street. Laceless shoes by Tresmode.
Watch by Jacques Lemans.
Floral suit by Varun Bahl. Dual-panel shirt
by Camessi. Shoes by Alberto Torresi.
Watch by Vacheron Constantin.

Hair & Grooming:

Styling Assistant: UDIT RANA
Production coordinator:
Location & Hospitality:

106 | forbes india december 21, 2016

december 21, 2016 forbes india | 107
The 100 richesT indians

Cut: An assortment
(st y le) of jacket lapels for
the after hours. Pick a
style that matches your
build and body type.
In foCus: Neck accessories:
Ties, bows or nothing at all.

(From left to right)

Embellished standard notch lapel
jacket by Varun Bahl. Two-tone
shirt by Camessi. Striped tie by
Ashish Soni. Shoes by Azzurro.
Watch by Vacheron Constantin.
Cut shawl lapel tuxedo and
straight cut tie by Ashish
Soni. Pleated shirt with polka
dot collar by Sunil Mehra.
Shoes by Modello Domani.
Watch by Michael Kors.
Narrow notch jacket by
Stefano Ricci. Dual coloured
shirt without a neckpiece
by Wills Lifestyle. Belt by
Savile Row. Shoes by Alberto
Torresi. Watch by Longines.
Peak lapel suit by Surbhi
Pansari. Printed shirt by
Camessi. Houndstooth bow
by Ashish Soni. Shoes by
Tresmode. Watch by Armani.

IndIan adventure: The

new look for power dressing.
In foCus: Outdoor
meets indoor.

Sleeveless self-print jacket and one

peak fold pocket square by Tarun
Tahiliani. Panel shirt by Bhane.
Straight-fit trousers by Nautica.
Striped socks by Mustang. Suede
laceless shoes by Tresmode. Multi-
pocket shoulder bag by Eske. Check
bowler hat by SavilRoez Bespoke.
Watch by Baume & Mercier.

108 | forbes india december 21, 2016

The 100 richesT indians

(st y le)

Lighter jackets with
darker trousers.
In foCus: A sharp
and snug fit.

Multi-tone short slim fit

jacket with coloured bands
by Divya Rajvir. Shirt by
Surbhi Pansari. Tapered
black trousers by West
Street. Light grey socks
by The Moja Club. Laced
shoes by Alberto Torresi.
Watch by Emporio Armani.

110 | forbes india december 21, 2016

shape & form:
A comfortable and
unstructured fit
for leisurewear.
In foCus: Digital
printed fabrics.

Digital printed two-button

suit by Hugo Boss. Custom-
made shirt by Camessi.
Printed silk scarf by Shingora
tucked into the jacket. Belt
by Lacoste. Laced round-tip
shoes by Alberto Torresi.
Watch by Carl F Bucherer.

december 21, 2016 forbes india | 111

The 100 richesT indians

(st y le)
mIx and matCh: Collars with the right shirts and accessories.
In foCus: Beards & hairstyles for business leaders.

(From left to right) gentle raise in front. Ideal

for men with wide foreheads
Navnit: Self-design wide- and thin hair texture.
peak jacket by Ermenegildo
Aditya: Wide-peak lapel check
Zegna. Paisley printed shirt
jacket by Canali. Club-collar
by Splash. Large embroidered
shirt by Bhane. Multi-tone
the Jet setter: For bow by Stefano Ricci.
tie by Alvaro Castagnino.
the man on the move. Face: Medium stubble.
Face: Short boxed beard.
In foCus: Sheen Hair: Medium-length with the
Hair: Coloured and highlighted
and high gloss. centre pushed up and sides
then pulled back. Short on
pressed down for a more
the sides to bring out the
active and trendier look.
Royal blue jacket by PN face and cheekbones.
Rao. Textured shirt by West Jaggy: Narrow-notch lapel
Ojas: Nehru-collar closed-neck
Street. Bow by SavilRoez two-tone tux and straight-
formal jacket and two-peak puff
Bespoke. Grey & black fold pocket square by Surbhi
pocket square by Tarun Tahiliani.
socks by The Moja Club. Pansari. Printed short-collared
Watch by Frederique Constant.
Glossy shoes by Modello shirt by Sunil Mehra.
Face: Short stubble.
Domani. Bag by Singleton. Face: Extended goatee
Hair: The business undercut:
on a long stubble.
Short sides and raised centre
Hair: Combed back with a and top to make you look taller.

112 | forbes india december 21, 2016

Recommendations for getting
groomed to perfection:
Boy by Chanel has a perfect balance
between masculine and feminine notes
and makes you smell good for longer.
Advanced Hair Magic fibres that make
your hair appear thicker and heavier.
Beard Comb by Beardo to comb
and style the man hair.
Quintessentially membership card
for the global traveller that gives
access to the best spas, customised
lifestyle and bespoke services.
La Solution 10 De Chanel to
keep your skin hydrated as well as
looking fresher and younger.
Shaving brush by The Body
Shop to work up a rich lather.
Oil control cleanser by Kaya
Men to prevent build of oil.
Fabindia day lotion doubles as
a moisturiser and sunscreen.
Luxurious sandalwood and orange peel
shaving cream by Forest Essentials
that smells just as good as it feels.
Wella hair gel to give you a sculpted,
dry and long lasting style.
Fragrance kit by The Body
Shop, a perfect gift for the man
who likes to smell good.
Apricot scrub by Junaili, a natural
Himalayan solution for blackheads.
Himalayan Deodar soap by Kama
Ayurveda for a moisturising
chemical free bath.
Scrub by Kiehl’s, which removes
dead skin and impurities.
Beardo styling wax formulated
especially for facial hair.
Body cleanser by Kama Ayurveda,
a mild and effective shower gel that
substitutes the need for using soap.

december 21, 2016 forbes india | 113

The 100 richesT indians
( t h o u g h t s)

On Being Rich
If this man had not
twelve thousand a
year, he would be a
very stupid fellow.
—Jane austen

If wealth was the

inevitable result
of hard work
People who advocate and enterprise,
simplicity have money every woman in
in the bank; the money
came first, not the Africa would be
simplicity. a millionaire.
—douGlas Coupland —GeorGe Monbiot

Wealth is not In my opinion, Everyone wants to ride with

about having a all boyfriends
should turn out
you in the limo, but what you
lot of money; to be secretly want is someone who will
it’s about having wealthy. take the bus with you when
a lot of options. —Claudia the limo breaks down.
—Chris roCk Gray —opraH WinFrey

A man is rich in Wealth, in even the That’s why

proportion to the most improbable they call it
number of things
Rock, opRah, WateRs:; Douglas:J. Vespa / WIReImage;

cases, manages to the American

which he can convey the aspect
of intelligence.
Dream, because
afford to let alone. you have to
geoRge: stephen cheRnIn / getty Images; henRy: getty Images

—Henry daVid —JoHn kennetH be asleep to

tHoreau GalbraitH believe it.
—GeorGe Carlin
Being rich is not about how much
money you have or how many The biggest challenge after success
homes you own; it’s the freedom is shutting up about it.
to buy any book you want —Criss JaMi
without looking at the price and
wondering if you can afford it. Wealth is like sea water; the Fortune
—JoHn Waters more we drink, the thirstier sides
we become; and the same is with him
This wise man observed that wealth is a tool of freedom. true of fame. who
But the pursuit of wealth is the way to slavery. —artHur dares.
—Frank Herbert sCHopenHauer —VirGil

114 | forbEs india December 21, 2016

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