Tag Archive for 'Forbes'

Mukesh Ambani tops Forbes India Richest List

India has 69 Billionaires. More in Forbes:

Mukesh Ambani, chairman of Reliance Industries, has topped the latest Forbes’ India Rich List with a net worth of US$27 billion, for the third consecutive time. Steel magnate Lakshmi Mittal, remains at No. 2 with a net worth of US$26.1 billion. However both are less well off than they were a year ago, with 15% of Mukesh’s wealth and 15% Lakshmi’s being lopped off over the year.

The top 10 richest in India are:

1 ) Mukesh Ambani; US$27 billion

2 ) Lakshmi Mittal; $26.1 billion

3 ) Azim Premji; $17.6 billion

4 ) Shashi & Ravi Ruia; $15 billion

5 ) Savitri Jindal; $14.4 billion

6 ) Anil Ambani; $13.3 billion

7 ) Gautam Adani; $10.7 billion

8 ) Kushal Pal Singh; $9.2 billion

9 ) Sunil Mittal; $8.6 billion

1 0 ) Kumar Birla; $8.5 billion

And here

The reactionary

Isaac Chotiner in The New Republic on Arundhati Roy“s Field Notes on Democracy: Listening to Grasshoppers:

If Roy’s disgust with America helps to explain her opinion of India, then her opinion of democracy helps to explain her disgust with America. From the very start of her book she shows nothing but condescension and contempt for democracy. “While we’re still arguing about whether there’s life after death,” she begins, “can we add another question to the cart? Is there life after democracy? What sort of life will it be? By democracy I don’t mean democracy as an ideal or aspiration. I mean the working model–Western liberal democracy and its variants, such as they are.” According to Roy, “the West” is no longer democratic. “The question here, really, is what have we done to democracy,” she writes. “What have we turned it into? What happens once democracy has been used up? When it has been hollowed out and emptied of meaning? What happens when each of its institutions has metastasized into something malign and dangerous?” The strangeness of this passage–its false idea that Europe and India and the United States are less democratic than they used to be–is never really explained or expanded upon. It is quite remarkable to see the arch-progressive Roy so unexcited by great strides toward minority rights, gender equality, the acceptance of homosexuality, and a whole range of other breakthroughs in social fairness. One begins to get the suspicion that Roy simply dislikes democracy.

She certainly has no use for democratic institutions. “The politics of mass markets and vote banks is leading to majoritarianism and eventually fascism,” she ominously observes. “These essays show how the institutions of democracy–the courts, the police, the ‘free’ press, and, of course, elections–far from working as a system of checks and balances, often do the opposite.” After commenting on an unsavory Indian politician and his style of campaigning, she adds scornfully: “One person’s monster is the other one’s messiah. That’s democracy.” Well, no, that isn’t democracy. Democracy is much more, and much harder, and much more precious, than that.

Most appalling, and most revealing, is her attack on the Indian judiciary. The Indian Supreme Court has long been one of the country’s most resilient and democratic institutions. But sometimes it interprets the law on issues of land management in a manner that allows for large-scale development projects, and so Roy has only contempt for it. “The higher judiciary, the Supreme Court in particular, doesn’t just uphold the law, it micro-manages our lives,” she warns. “Its judgments range through matters great and small. It decides what’s good for the environment and what isn’t, whether dams should be built, rivers linked, mountains moved, forests felled. It decides what our cities should look like and who has the right to live in them. It decides whether slums should be cleared, streets widened, shops sealed, whether strikes should be allowed, industries should be shut down, relocated, or privatized…. It has become the premier arbiter of public policy in this country that markets itself as the World’s Largest Democracy.” A judiciary that settles disputes, that concerns itself with environmental questions, that reviews the laws of the elected branch: imagine! More:

Arundhati Roy and Indra Nooyi among Forbes’ 30 most inspiring women

Social activist and writer Arundhati Roy and Chairman and CEO of PepsiCo, Indra Nooyi, feature in the Forbes list of 30 most inspiring women. Roy ranks third on the list while Indra Nooyi is the tenth most inspirational woman figure. Read more here

Mian Muhammad Mansha: First Pakistani on the Forbes billionaires list

Mian Mohammad Mansha is the first Pakistani on the Forbes list of billionaires. He is at #937 (out of a total of 1,011 billionaires listed), the same rank as India’s Vijay Mallya.

Ten of the 25 richest Asians are from India. Mukesh Ambani of India’s Reliance Group, with an estimate net worth of US$29 billion, is the richest, followed closely by steel giant Lakshmi Mittal (at USD28.7 billion).

Globally, Ambani and Mittal are the fourth and fifth richest – right behind Carlos Slim (USD 53.5 billion), Bill Gates ($53 billion) and Warren Buffet ($47 billion).

About Pakistan’s Mian Mohammad Mansha, Forbes says:

Born during the tumultuous Partition winter of 1947, when his parents were among those Muslim families making the trek from India to Pakistan. His father and uncles jumped into textiles with Nishat Mills in 1951. Mian went to college in the U.K.; joined family business after graduation…His Nishat Group is now Pakistan’s largest exporter of cotton clothes (for brands like Gap) and nation’s largest private employer. More:

Click here for the full Forbes list

India’s 100 richest

Reliance Industries’ Mukesh Ambani has emerged the wealthiest person in India — a net worth of $32 billion — on Forbes’ list of 100 Richest Indians.

Says Forbes: “The combined fortune of India’s 100 richest is $276 billion, almost one-fourth the country’s GDP. That is well below the total worth of $775 billion for the 100 richest Americans, but well ahead of the equivalent sum for China’s top 100. Although China has more billionaires–79 vs. India’s 52–India’s wealthiest are worth over $100 billion more than the $170 billion total net worth of their Chinese counterparts.”

London-based steel baron Lakshmi N Mittal with $30 billion, Anil Ambani with $17.5 billion, Azim Premji with $14.9 billion, Shashi and Ravi Ruia with $13.6 billion and KP Singh with $13.5 billion make up the top five billionaires on this year’s list.

1. Mukesh Ambani

2. Lakshmi Mittal

3. Anil Ambani

4. Azim Premji

5. Shashi & Ravi Ruia

6. Kushal Pal Singh

7. Savitri Jindal

8. Sunil Mittal

9. Kumar Birla

10.Gautam Adani

[Full list here]

Full story in Forbes

Ratan Tata’s Obama moment

Is Ratan Tata the strong, credible leader India needs right now? He certainly has Robyn Meredith’s vote in Forbes. Who has your vote? Who do you think is most appropriate to lead the country? Send in your votes via comments.

ratan_d_tataThe Mumbai massacre was unlike previous global terror attacks because of the choice of targets. When terrorists hit Islamabad in September, they bombed the Marriott hotel, a clear attack on Western interests.

The Mumbai attackers, when they weren’t firing indiscriminately at crowds, reportedly favored killing Americans, Brits and Jews. But their choices of buildings to shoot up is notable. They didn’t target American hotels. They aimed at the very symbols of proud Indian success: the Indian-owned Taj Mahal and Oberoi hotels. Those are the homes away from home for India’s elite, along with visiting foreigners. Mumbai’s social and business elite and Bollywood stars alike regularly dined in the bullet-pocked restaurants of the Taj and the Oberoi.

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The 40 richest Indians

Lakshmi Mittal is no longer the richest Indian in the world. According to the latest list out by Forbes, that position now goes to Mukesh Ambani (photo). But the global financial crisis has hit the subcontinent hard — with the wealthiest Indians being 60 per cent less wealthy than they were a year ago. Naazneen Karmali has the story in Forbes.

mukesh1

These are painful times for India’s richest as the ongoing global turmoil drastically reshapes their fortunes. The country’s once soaring stock market fell 48% in the 12 months, the rupee depreciated 24% against the dollar and gross domestic product growth is expected to slow down to 7.5%, partly owing to double-digit inflation.

All of this conspired to knock 60% off the combined fortunes of the nation’s 40 wealthiest. Their total net worth fell $212 billion, to $139 billion, down from $351 billion a year ago.

Last year’s No. 1, U.K. resident Lakshmi Mittal, dropped $30.5 billion amid plunging steel prices, but he slips only a bit, to No. 2. Mukesh Ambani, who oversees petrochemicals giant Reliance Industries, grabs the top spot for the first time, despite losing $28.2 billion in the past year. His estranged brother, Anil, ranked third, is the biggest dollar loser, down $32.5 billion.

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India’s billionaire heiresses

Daughters of three Indian tycoons the Forbes list of The World’s Billionaire Heiresses (To Be): Vanisha Mittal, Isha Ambani and Pia Singh, daughters of Lakshmi Mittal, Mukesh Ambani and K P Singh respectively.

No. 1: Vanisha Mittal Bhatia, daughter of Lakshmi Mittal, $45 billion

The second child and only daughter of the world’s fourth-richest man, Vanisha serves on the board of directors of her father’s $103 billion (market cap) company, ArcelorMittal.

No. 2: Isha Ambani, Daughter of Mukesh Ambani, $43 billion

The only daughter of the world’s fifth-richest man, Isha, 16, already holds a stake worth about $80 million in Reliance Industries, the petrochemicals giant her father runs.

No. 3: Pia Singh, Daughter of K.P. Singh, $30 billion

A graduate of Wharton School, Singh pursued a six-week filmmaking course at NYU and later worked in the risk-underwriting department at GE Capital. She now works for her father’s DLF group.

Click here for the full list:

The world’s 100 most powerful women

Forbes’ list has five names from this part of the world:

#3 Indra K. Nooyi, Chairman, chief executive, PepsiCo, U.S.: Nooyi continues to grow PepsiCo, the $39 billion food and beverage giant, through new product offerings and acquisitions

#21 Sonia Gandhi, President, Indian National Congress Party, India:Gandhi, the Italian-born leader of India’s most powerful political party, the Indian National Congress Party, has by now assumed the role of elder stateswoman.

#38 Aung San Suu Kyi, Deposed prime minister; Nobel peace laureate, Myanmar: Since the democratic elections in 1990, when she was elected prime minister, Suu Kyi, 63, has been kept from power and is now in the sixth consecutive year of house arrest.

#59 Mayawati Kumari, Chief minister, Uttar Pradesh, India: In the running to be prime minister, from her perch as chief minister of Uttar Pradesh, India’s most populous state.

#99 Kiran Mazumdar-Shaw, Chairman and managing director, Biocon, India: Trained in Australia as a brewer, she founded Biocon in 1978 to make industrial enzymes with a small Irish company, Biocon Biochemicals.

Click here for the complete Forbes list and the profiles:

Bollywood stars on Forbes list: stars and cellphones

Three Bollywood actors make it to one of Forbes’s lists, a place where you’d usually find the likes of Lakshmi Mittal or the Ambani brothers. The list — powerful celebrities who endorse cellphones — features Shah Rukh Khan (Nokia), Abhishek Bachchan (Motorola) and Aamir Khan (Samsung). India, says the article by Elizabeth Woyke, is the global capital of celebrity cellphone promotions, thanks to the fact that it is the world’s fastest growing cellphone market and that it is rich with a plethora of homegrown superstars. Read the full story here.

For the story in pictures:

SHAH RUKH KHAN

Occupation: Actor

Region/territory: India

Brand ambassador for: Nokia phones

The world’s largest phone manufacturer doesn’t work with many celebrities but makes an exception for Bollywood star Shah Rukh Khan, who says he has used Nokia phones for more than a decade. After pairing on a popular commercial last December, the company began sponsoring Khan’s cricket team this spring.

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Indian telecom giant returns to his roots

Journalist and old India hand John Elliott on Sunil Bharti Mittal’s new personal challenge in his blog Riding The Elephant hosted by Forbes

Sunil Bharti Mittal, founding chairman of Bharti Airtel, India’s largest mobile phone operator, needs a new personal challenge. And he has found it with the $19 billion informal bid that he is reported to have made, or at least is considering, for MTN, the South African-based telecoms group.

Last week Mittal finished a year as president of the Confederation of Indian Industry (CII), a leading business federation. That was a time-consuming post that tied him up in tedious committee work, which he disliked. His group is also partnering with Wal-Mart (WMT) in a slow-developing retail and cash-and-carry business, but that is primarily being looked after by one of his brothers.

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The world’s costliest home? Mukesh Ambani’s Mumbai skyscraper

Mukesh Ambani’s 27-storey, $2 billion, vaastu-compliant skyscraper, Antilla in downtown Mumbai, when completed, will be the world’s costliest residence. Matt Woolsey has the story in Forbes.

While visiting New York in 2005, Nita Ambani was in the spa at the Mandarin Oriental New York, overlooking Central Park. The contemporary Asian interiors struck her just so, and prompted her to inquire about the designer.

Nita Ambani was no ordinary tourist. She is married to Mukesh Ambani, head of Mumbai-based petrochemical giant Reliance Industries, and the fifth richest man in the world. ( Lakshmi Mittal, ranked fourth, is an Indian citizen, but a resident of the U.K.)

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Take a tour of the world’s costliest home in pictures here.

Indians continue to rock the Forbes billionaire list

The Forbes list of billionaires is just out and the Indian billionaire club is thriving. Although China has the most number of new billionaires on The List (28), the wealth amassed by Indian billionaires is more than 3.5 times that of those in China.

India, incidentally, has 19 newbies on The List — with at least one (Sameer Gehlaut of India Bulls) below the age of 40.

And, finally, India has retained its position as Asia’s biggest source of billionaires — 53 of them with a combined wealth of $340.9 billion. India’s Fab Four — Lakshmi Mittal, Mukesh Ambani, Anil Ambani and K.P. Singh — retain their place in The List’s T20 (top 20).

Check out the complete list, edited by Luisa Kroll at Forbes:

After 13 years on top, Bill Gates is no longer the richest man in the world. That honor now belongs to his friend and sometimes bridge partner Warren Buffett.
Riding the surging price of Berkshire Hathaway stock, Buffett has seen his fortune swell to an estimated $62 billion, up $10 billion from a year ago.

Gates is now worth $58 billion and is ranked third richest in the world. He is up $2 billion from a year ago, but would have been as rich–or richer–than Buffett, had Microsoft not made an unsolicited bid for Yahoo! at the beginning of February. Mexican telecom mogul Carlos Slim Helú now ranks as the world’s second richest person with a net worth of $60 billion.

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Fab four CEOs score at Forbes wealth chart

Economic Times has the PTI agency story on its front page

STEEL tycoon Lakshmi Niwas Mittal and the Ambani brothers are among the 10 wealthiest CEOs in the world, according to Forbes. Mr Mittal is ranked the second-wealthiest CEO, followed by Mukesh Ambani (6th), Anil Ambani (7th) and Wipro chief Azim Premji (9th). Berkshire Hathaway CEO Warren Buffett tops the list with a fortune of $52 billion. Arcelor Mittal chief LN Mittal has a net worth of $32 billion, while Mukesh Ambani and Anil Ambani have fortunes of $20.1 billion and $18.2 billion, respectively. Chief of IT bellwether Wipro Azim Premji has a net worth of $17.1 billion.

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