2. Mukesh Ambani
At a Glance
Net Worth $21,000 Million
Age: 56
Source of earnings: Oil & Gas
Marital Status: Married
Children: 3
Residence: Mumbai
Worth $49 billion in 2007, Mukesh Ambani's fortune has pretty much flat-lined since
2008. Despite lackluster performance, he's held onto top spot for 6 years straight.
Regardless Ambani remains bullish; says he plans to invest $25 billion in his businesses
over the next 3 years. Amid falling output from his Reliance Industries' KG-D6 offshore
oilfield, the government is planning to raise the nation's gas prices, effective April 2014.
This upcoming decision, which his oil giant and its partner BP had lobbie.
3. Lakshmi Mittal
Net Worth $16,000 Million
At a Glance
Age: 63
Source of earnings: Steel
Marital Status: Married
Children: 2
Residence: London
No turnaround yet for troubled steel baron Lakshmi Mittal whose ArcelorMittal is facing
weak demand amid supply glut. After reporting a $3.7 billion net loss in 2012, the world's
largest steelmaker raised $4 billion in January share sale in bid to reduce debt, which now
stands at $16.2 billion. But it has racked up $1.1 billion in net losses over the last 2 quarters
as sales continued to be SLUGGISH. Frustrated by delays in acquiring land and iron ore
supplies, he finally scrapped a steel project in eastern India. Mittal put one of 3 houses he
owns on London's billionaires' row up for sale. Meanwhile, his son-in-law Amit Bhatia's
family has partnered Air Asia's Tony Fernandes and the Tata group, for a new budget airline
4. Dilip Shanghvi
Net Worth $13,900 Million
At a Glance
Age: 58
Source of earnings: Pharmaceuticals
Marital Status: Married
Children: 2
Residence: Mumbai
Dilip Shanghvi, who runs India's most valuable drug company, Sun
Pharmaceuticals, maker of generic versions of such drugs as Johnson & Johnson's
cancer drug Doxil and Novo Nordisk's anti diabetic drug Prandin, is India's biggest dollar
gainer this year, up $4.7 billion. Shanghvi, who moved into the top five last year, is the
third richest for the first time. Despite the rise, Sun reported a $210 million loss in the
last quarter, after making a provision for settling a patent dispute over Pfizer's acidreflux drug Protonix. In July, he took over as chairman of Israeli generics firm Taro
Pharmaceuticals, a Sun subsidiary, after withdrawing a plan to take it private. Shanghvi
started Sun as a maker of psychiatric drugs 30 years ago and grew it in part through
acquisitions. His son Aalok who heads international marketing at Sun, cofounded PV
Powertech, a maker of solar pane.
5. Azim Premji
Net Worth $13,800 Million
At a Glance
Age: 68
Source of earnings: Information Technology
Marital Status: Married
Children: 2
Residence: Bangalore
Wipro chairman Azim Premji, whose fortune is up $1.6 billion in past year, got boost
after spinning off its consumer products business in March. India's richest tech
tycoon, he foresees double-digit growth for the outsourcer as the U.S. economy
recovers. He blames the government for India's economic slide but supported a proposal
to increase taxes on the rich. Asia's most generous person, who's given away shares
worth $4.4 billion, Premji recently said the new rule that companies should donate 2% of
profits to charity wasn't a good idea: "philanthropy should be spontaneous not forced."
6. Pallonji Mistry
Net Worth $12,500 Million
At a Glance
Age: 84
Source of earnings: Diversified
Marital Status: Married
Children: 4
Residence: Mumbai
Pallonji Mistry, patriarch of construction giant Shapoorji Pallonji, which his older son
Shapoor runs, benefited from the rising value of his 18.4% stake in Tata Sons, the
holding outfit of $100 billion Tata conglomerate. Younger son Cyrus replaced business
legend Ratan Tata as chairman in December 2012 and has since installed a team of
younger executives in top management. Benefiting from the weaker rupee and new
contracts, its Tata Consultancy Services is now the world's second most valuable IT
services firm after IBM, with a market cap of $68 billion. Mistry is an Irish citizen but
lives in Mumbai.
7. Hinduja Brothers
Net Worth $9,000 Million
At a Glance
Age: NA
Source of earnings: Diversified
Marital Status: NA
Children: NA
Residence: London/Geneva/Mumbai
Four brothers, Srichand, Gopichand, Prakash and Ashok, together control the Hinduja
Group, a multinational conglomerate with a presence in 37 countries and businesses as
diverse as trucks and lubricants to banking and healthcare. In India, they are best known
for IndusInd Bank and truckmaker Ashok Leyland. Lubricants arm Gulf Oil, which bought
U.S.-based Houghton International for just over $1 billion last year, is preparing to list the
combined unit. They recently sold a 49% stake in Saudi-based lubricants maker Petromin
for over $300 million. Brothers bought and restored the 67,000 sq. foot Carlton House
Terrace, a heritage mansion in London, which sits on the site of a former palace near
Buckingham Palace; now valued at an estimated $500 million.
8. Shiv Nadar
Net Worth $8,600 Million
At a Glance
Age: 68
Source of earnings: Information Technology
Marital Status: Married
Children: 1
Residence: Delhi
Fortune up $3 billion for Shiv Nadar, cofounder of $6.3 billion (revenues) HCL
Group, as shares of his software flagship HCL Technologies rose 80% from a year
ago, helped in part by weak rupee, higher earnings and new clients. Among its
notable customers are Boeing, Microsoft, Cisco and UBS. Nadar, who has not been
involved in running the operations of the company for several years preferring
instead to focus on strategy for the group and philanthropy, moves into top 10 for
first time since 2004. Daughter Roshni,who is CEO of holding outfit HCL
Corporation, was appointed to HCL Tech's board in July as a nonexecutive director.
9. Adi Godrej
Net Worth $8,300 Million
At a Glance
Age: 71
Source of earnings: Consumer Goods, Real
Estate
Marital Status: Married
Children: 3
Residence: Mumbai
Adi Godrej is head of family that controls 116-year-old Godrej Group, a $3.8 billion
(revenues) consumer goods conglomerate. Its portfolio covers everything from mosquito
repellants and hair dyes to refrigerators. Godrej often says listed real estate arm Godrej
Properties, run by son Pirojsha, could be group's biggest business in a decade.
Meantime, its Godrej Consumer is eyeing acquisitions in Africa, where it employs 10,000
people. In December Singapore's Temasek invested $100 million for a 20% stake in its
agribusiness arm. Four relatives share fortune.
10. Kumar Birla
Net Worth $7,600 Million
At a Glance
Age: 46
Source of earnings: Commodities
Marital Status: Married
Children: 3
Residence: Mumbai
Undeterred by India's slowing economy, Kumar Birla's $40 billion (sales) commodities
conglomerate Aditya Birla Group is continuing to expand at home. In September, its
cement arm UltraTech inked a $600 million deal to buy a rival unit; the combined group
is now country's largest cement producer. In October he was named by the Central
Bureau of Investigation in a CASE linked to the IMPROPER allocation of coal mines to his
aluminum maker Hindalco in 2005. He denied the allegation, calling the charge
"preposterous." Prime Minister Manmohan Singh backed Birla, saying he had approved
the allocation.
11. Sunil Mittal
Net Worth $6,600 Million
At a Glance
Age: 56
Source of earnings: Telecom
Marital Status: Married
Children: 3
Residence: Delhi
After a long downward spell, shares of Sunil Mittal's Bharti Airtel, which has 280 million
customers worldwide, perked up when it reported higher revenues per user and doubling
of mobile internet revenues in last quarter. In June it sold a 5% stake for $1.2 billion to the
investment arm of the state-owned Qatar Foundation. Company faced hitch when federal
auditor recommended that Bharti along with other firms be fined for allegedly using 3G
spectrum that they didn't own. In April, Mittal appeared in court in another case involving
granting of additional telecom spectrum. Both cases are ongoing. Mittal was also was in
the news for breaking off with Wal-Mart, his partner in a six-year old joint venture that
was troubled by allegations of wrongdoing.