Mukesh Ambani tops Forbes list, Sunil Mittal not in top 10

MUMBAI Thu Oct 25, 2012 5:00pm IST

1 of 2. Reliance Industries Ltd. Chairman Mukesh Ambani addresses shareholders during an annual general meeting in Bombay August 3, 2005.

Credit: Reuters/Punit Paranjpe/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - The corruption scandals and red tape that have hampered India's recent growth took their toll on some of the country's richest in 2012, Forbes magazine's latest rankings showed, though the total worth of the wealthiest 100 inched up in a turbulent year.

Sunil Bharti Mittal, chairman of telecoms giant Bharti Airtel Ltd (BRTI.NS) and Gautam Adani, chairman of the power-focused Adani Group, dropped out of Forbes' annual list of the 10 richest Indians, as uncertainty and controversy gripped their industries.

The fallout from a telecoms scandal that saw 2G licences sold illegally in 2008 has rumbled on through this year as the government has grappled with how to re-auction the airwaves.

India's power and coal industries have been plagued by shortages and delays in mining approvals, due in part to greater scrutiny in the aftermath of accusations the government allocated coal blocks to private companies at below-market prices.

Savitri Jindal, chairwoman of power and steel conglomerate Jindal Group, saw her wealth fall $1.3 billion in the year as Jindal Steel and Power (JNSP.NS) subsidiary is alleged to have benefited from those allocations.

The company has denied allegations that it was unduly favoured in the allocation process.

In the 12 months since Forbes released its 2011 list, India's GDP growth rate has slumped to 5.5 percent from 8 percent.

Mukesh Ambani was India's richest man for the fifth straight year, with wealth of $21 billion, Forbes said, even as his Reliance Industries Ltd(RELI.NS) lost about 7 percent of its market value. ArcelorMittal chairman Lakshmi Mittal was ranked second despite losing $3 billion in net worth since last October.

The biggest climber in the Forbes list was Dilip Shanghvi, chairman of Sun Pharmaceutical Industries Ltd (SUN.NS), India's biggest drugmaker by market capitalisation, who entered the top five for the first time as his company's share price soared.

The collective wealth of India's 100 richest rose 3.7 percent to $250 billion, Forbes said, with seven people losing more than $1 billion each over the past 12 months but six gaining at least that.

The list includes 61 billionaires, four more than in 2011, Forbes said, as the minimum wealth necessary to enter the list rose 25 percent to $460 million, still below the threshold of $500 million in 2010.

(Reporting by Henry Foy; Editing by Daniel Magnowski)

FILED UNDER:

Religion and Politics

REUTERS SHOWCASE

Fund Raising

Fund Raising

Flipkart raises $700 million in fresh funding.   Full Article 

Reforms Push

Reforms Push

Modi may order insurance, coal reforms if vote delayed - officials.  Full Article 

Reuters Exclusive

Reuters Exclusive

India looks to sway Americans with nuclear power insurance plan  Full Article 

To Boost Growth

To Boost Growth

Crank up public spending to revive growth - chief economic adviser.   Full Article 

Bold Steps

Bold Steps

SpiceJet rescue plan marks bold bet on Indian aviation recovery.   Full Article 

New Airline

New Airline

Tata, Singapore Air venture Vistara to take off on Jan 9.  Full Article 

Online Sales

Online Sales

Knock knock. Who's there? Amazon's best-selling holiday author.  Full Article 

Hacking Attack

Hacking Attack

N.Korea says did not hack Sony, wants joint probe with U.S.  Full Article 

Reuters Poll

Reuters Poll

BSE Sensex to hit 32,980 by December 2015  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage