Hurun Report released the Hurun India Rich list 2016 on Wednesday as per which Mukesh Ambani (59) continues to be number one for the fifth year in a row with Rs 1, 63,400 cr followed by Dilip Shanghvi (60) of Sun Pharma with Rs 1, 21,500 cr and Pallonji Mistry (87) with Rs 1, 10,100 cr respectively for second and third position.
“Despite an above average monsoon and a steep 24 percent wage hike, India Inc fails to cheer the market, resulting in a muted growth in average wealth for 2016. Subdued investors interest in e-commerce and online businesses declined valuations of ecommerce unicorns in 2016 as compared to 2015”, says Anas Rahman Junaid, Hurun Report India, Managing Director and Chief Researcher.
Mukesh Ambani, running the oil to yarn conglomerate, recently launched Jio and has “declared war” with rest of the telecom operators through aggressive market entry strategy. “His strategy of reaching 90 per cent of India’s population has the potential of placing him at the top 3 in Hurun Global Rich list,” says the report
Coming on the second position Dilip Shanghvi on May 2016 withdrew plans to form a payments bank jointly with the Indian financial firm IDFC Bank and an arm of Norway’s Telenor.
The man who constructed iconic RBI HQ and Bombay Stock Exchange in Mumbai, Pallonji Mistry (87) nicknamed ‘Phantom of Bombay House’ is on the third position with a net worth of Rs 1, 10,100 cr. Mistry’s primary source of wealth remains his 18.4 per cent stake in Tata Sons, the holding company for the US$130 billon Tata Group. Backed by the stellar performance of the group, he rose to top 3 for the first time, from 5th last year.
SP Hinduja & family aggregated their wealth at Rs 1, 00,700 cr. The Hindujas lost their “bronze medal” to Pallonji Mistry.
Pune-based Cyrus Poonawalla (75) of Serum Institute rose to 5th position, from 11th last year, after seeing his wealth grow by 97 per cent to Rs 83,000 Ccr
Azim Premji (71) of Wipro with Rs 74,700 crore is in 6th position. He wrote a single cheque of $150Mn for investment into Ranjan Pai’s MEMG, the highest individual investment amount.
Shiv Nadar (71) of HCl lost Rs 21,000 cr in 2016 and slipped to 7th rank with a net worth of Rs 73,000 cr from 4th rank in 2015.
Steel baron lakshmi Niwas Mittal (66) is at 8th position. ArcelorMittal reported a net loss of $7.9 billion in 2015 mostly because of a $4.8 billion write-down on iron ore mining business and a $1.3 billion charge on inventory due to the global steel price plunge.
Uday Kotak (57) climbed to 9th rank 2016 backed by the 9 per cent increase in the share price Kotak Mahindra Bank in which he holds 33.7 per cent stake.
Sunil Mittal & Family - Sunil Mittal (58), the founder of Bharti Enterprises, which has interests ranging from telecommunications and retail to financial services and solar power step down to 10th rank owing to 13 per cent decline in the flagship company .