, ETMarkets.com|
Updated: Aug 04, 2017, 12.05 PM IST
NEW DELHI: India’s top 20 industrialists added a whopping $50 billion to their combined wealth in the first seven month of 2017, and they are now valued at just over $200 billion, roughly 10 per cent of India’s $2 trillion economy.
Data compiled from Bloomberg Billionaire index suggests each of 18 top Indian billionaires have seen their wealth rise by $1 billion and above, roughly Rs 6,400 crore at the prevailing exchange rate, in the seven months into the calendar. Except for Sun Pharma’s Dilip Shanghvi, all the billionaires have minted money.
Mukesh Ambani, who owns to oil-to-telecom conglomerate Reliance IndustriesBSE -1.96 %, has seen addition of a staggering $13 billion to his wealth, while Adani group’s Gautam Adani, Wipro’s Azim Premji and RK Damani – owner of recently listed Avenue Supermarts – have seen their wealth swell by anywhere between $3-4 billion this calendar, Bloomberg data showed.
Shares of Reliance Industries have been ruling at a nine-year high. At last count, the company commanded a market capitalisation of Rs 4,50,000 crore.
“Following many years of investment lull in the core business, a grandiose $20 billion push in highly competitive projects has begun to yield results; notably, US ethane with an estimated RoCE of 18 per cent; mega PX project (2.2MMT) and the forthcoming integrated petcoke gasification plant with combined RoCE of 17 per cent. Commissioning of these projects will turn around FCF and double profits in 5 years,” brokerage Edelweiss Securities said in a note.
“Successful launch of Reliance Jio enhances our confidence on the group. Moreover, RIL’s organised retail business has pleasantly surprised us with robust profit growth,” the brokerage said.
Azim Premji, who promotes Wipro and has stake in ICICI Prudential Life Insurance (4 per cent) and whose trust Azim Premji Trust has small stakes in NCC (2.47 per cent), Jubilant FoodWorks(2.32 per cent, Schneider Electric (2.01 per cent) Crompton Greaves Consumer Electricals (1.53 per cent) and JM Financia (2.40 per cent) has seen his wealth rise by $3.8 billion to $16 billion this year.
In June this year, Gautam Adani said his company would start work on the $16.5 billion Carmichael coal project in Australia after its board approved the investment. The project was stalled due to local protest on its likely environment impact, especially on the Great Barrier Reef. Adani’s Australian unit in May reached an agreement on royalty payments to the Queensland government.
Radhakishan Damani, whose company Avenue Supermarts have soared 205 per cent on the bourses since its listing in March this year, has seen his fortunes rise by $3.46 billion this year to $5.36 billion.
Uday Kotak, who promotes the Kotak Mahindra Bank, has seen his wealth swell by $3.22 billion to $10.3 billion. Earlier this year, there were rumours that the lender would merge with Axis Bank, India’s fourth largest lender, but the both parties denied the reports.
Kotak bank last month received shareholder nod to raise up to Rs 65,000 crore to fund “business expansion”. This included issue of unsecured, redeemable non-convertible debentures or bonds for an amount up to Rs 5,000 crore.
Aditya Birla group’s Kumar Mangalam Birla saw his wealth rise by $3.13 billion to $9.16 billion. Idea Cellular a group company, this year announced merger with Vodafone, which is expected by the end of 2018.
Zydus Cadila’s Pankaj Patel,Eicher Motors’ Vikram Lal, ArcelorMittal’s Lakshmi Mittal, DLF’s KP Singh, Piramal Group’s Ajay Piramal and Shapoorji Pallonji Group’s Pallonji Mistry are the other billionaires who have added at least $2 billion each to their wealth this year.
At the onset of 2017, India’s richest one per cent held 58 per cent of the country’s total wealth – higher than the global average of about 50 per cent, showed a study.
No comments:
Post a Comment