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Forbes’ list of richest Indians includes LuLu Group chairman
September 22, 2016, 12:36 pm

Reliance Industries Ltd (RIL) chairman Mukesh Ambani has topped Forbes’s annual list of India’s 100 richest tycoons with a net worth of $22.7 billion. The list for 2016 also showed that the combined net worth of India’s 100 wealthiest is $381 billion, a rise of 10 percent from $345 billion in 2015.

The latest edition of Forbes Rich list also saw Yusuff Ali MA, Chairman of Abu Dhabi based Middle East retail chain Lulu Group who is placed 25th in the list with a net worth of $4 billion. Last year his net worth was US$ 3.7 billion. Yusuff Ali presides over $6.3 billion (revenue) LuLu Group, with 129 stores in the Gulf region, India, Egypt, Indonesia and Malaysia, Turkey and Brazil.

New projects include a $300 million investment in Trivandrum in South India that will include a mall, hotel and convention center. The group's hospitality arm owns Dubai's first Steinberger hotel, a German luxury hotel brand and a 50 percent stake in the Sheraton hotel in Muscat, which will reopen October this year after renovations and the legendary Old Scotland Yard building in London, slated to be open as a luxury hotel by early next year.

India’s richest pharmaceutical magnate, Dilip Shanghvi, remains at No 2 with a net worth of $16.9 billion. His wealth fell by $1.1 billion along with a drop in the shares of his Sun Pharmaceutical Industries, the world’s fifth-largest generics maker. Earlier this year, Sun Pharma acquired 14 drugs from Novartis in Japan for $293 million, which will be distributed by Mitsubishi Tanabe Pharma.  Taking the third spot are the Hinduja brothers with a net worth of $15.2 billion, up from $14.8 billion last year. The four siblings – Srichand, Gopichand, Prakash, and Ashok – control multinational empire Hinduja Group, 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.

Tech magnate Azim Premji, who has led Wipro for five decades, slips one spot to No 4 on the list with a net worth of $15 billion. Wipro, India’s third largest outsourcer, reported a 6 percent fall in net earnings to $304 million in a recent quarter amid sluggish sales. To boost growth, the company has been on a buying spree and its most recent acquisition was Health Plan Services, an insurance-technology firm based in Florida.

Reclusive tycoon Pallonji Mistry comes in No 5 with a net worth of $13.9 billion. His engineering and construction giant, the 151-year-old Shapoorji Pallonji Group, is reportedly negotiating to acquire a 51 percent stake in Karaikal Port in South India. He was the recipient of this year’s Padma Bhushan, one of India’s highest civilian awards.

Other UAE-based NRIs to feature on the list include at Micky Jagtiani of Landmark Group at No 24 with $4.4 billion, Ravi Pillai of RP Group at No 38 with $3.1 billion; B.R. Shetty of NMC Healthcare at No 47 with $2.5 billion; Sunny Varkey of GEMS Education in 60th place; Sobha Group’s P.N.C. Menon in 78th; Azad Moopen of Aster DM Healthcare at 97th and Shamseer Vayalil of VPS Healthcare at 98th place.


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