Mukesh Ambani, running the oil to yarn conglomerate, ranked first in the Hurun India Rich List 2016 for the fifth consecutive year. He recently launched Jio and has "declared war" with rest of the telecom operators through aggressive market entry strategy.
With a net worth of Rs 1,21,500 crore, Dilip Shanghvi of Sun Pharma retains his second position in the list. In May 2016, Dilip Shanghvi withdrew plans to form a payments bank jointly with the Indian financial firm IDFC Bank and an arm of Norway's Telenor. The Government of India awarded him the Padma Shri, fourth largest civilian honor in 2016.
The man who constructed iconic RBI HQ and Bombay Stock Exchange in Mumbai, Pallonji Mistry nicknamed 'Phantom of Bombay House' is on the third position with a net worth of Rs 1, 10,100 crore. Mistry's primary source of wealth remains his 18.4% stake in Tata Sons, the holding company of the Tata Group. Backed by the stellar performance of the group, he rose to top 3 for the first time, from 5th last year.
SP Hinduja & family aggregated their wealth at Rs 1, 00,700 crore. The Hindujas lost their "bronze medal" to Pallonji Mistry. The automobile-to-financial services conglomerate plans to expand business in automotive, oil, chemicals, trading and infrastructure sectors across Africa by investing $i billion in next five years.
Cyrus S Poonawalla, world's largest manufacturer of vaccines deriving 82 per cent revenue from overseas market witnessed a 97% jump in wealth backed by industry leading net profit margin of 55 per cent, compared to the industry average margin.
Azim Premji, also known as the Czar of the Indian IT Industry, completed 50 years of leading Wipro. Premji joined Wipro in 1966 as chairman after returning from Stanford University and transformed an enterprise focused on vegetable oil business to an IT company in 1981.
Shiv Nadar lost Rs 21,000 crore in 2016 and slipped to 7th rank with a net worth of Rs 73,000 crore from 4th rank in 2015.
Steel baron Lakshmi Mittal faced a meltdown of Rs 16,300 crore of his wealth due to the steel crisis, but it is still every fifth car uses the steel manufactured by Mittal's company. Arcelor Mittal reported a net loss of $7.9 billion in 2015 mostly because of a $4.8 billion write-down on iron ore mining business and a $1.3 billion charge on inventory due to the global steel price plunge.
Uday Kotak climbed to 9th rank in 2016 backed by the 9 per cent increase in the share price of Kotak Mahindra Bank in which he holds 33.7 per cent stake. Kotak Mahindra Bank acquired a 20 per cent stake in Airtel M-Commerce Services, a subsidiary of Bharti Airtel holding a payments bank license.
Sunil Mittal is the founder of Bharti Enterprises, which has interests ranging from telecommunications and retail to financial services and solar power. Mittal stepped down to 10th rank owing to 13 per cent decline in the flagship company Bharti Airtel's share price.