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<ul><li><keyword id="29334" type="General" weightage="20" keywordseo="cyrus-poonawalla" source="Orion">Cyrus Poonawalla</keyword>, who was recently awarded the Dean’s Medal by Johns Hopkins Bloomberg School of Public Health, has led a fascinating life.</li><li>He started with building sports cars and later went on to build a vaccine empire, which has made immunization accessible for all, against various diseases, including the coronavirus.</li></ul>The chairman of India’s top biotech company and the world’s largest vaccine manufacturer, Dr. Cyrus Poonawalla of Serum Institute of India (SII), is among the top 70 richest billionaires in the world today. At the age of 81, Poonawalla’s net worth is <a href="https://www.forbes.com/profile/cyrus-poonawalla/?list=rtb/&amp;sh=488fcc447d01">$21.5 billion</a>, as per Forbes, and has been recently awarded the Dean’s award by John Hopkins for his work in providing affordable vaccines. He is called the ‘vaccine king’ as his company SII produces over 1.5 billion vaccines annually for coronavirus, polio, diphtheria, tetanus, pertussis, Hib, BCG, r-hepatitis B, measles, mumps, rubella, among others. From horse breeding to building a vaccine empire Poonawala was born into a family of horse breeders, as his father Soli Poonawalla owned ‘Poonawalla Stud Farms.’ However, he was 20 when he decided to explore more options because he realized that horse racing had ‘<a href="https://www.forbesindia.com/article/leadership-awards-202021/fila-2021-lifestime-achievement-cyrus-poonawalla-the-vaccine-king/66877/1">no future</a> in a socialist country like India’. <div type="image" title="Horse racing" msid="91764331" hostid="261" caption="&amp;lt;p&amp;gt;Representative image of a horse race, which was attended by Poonawalla in 2013&amp;lt;/p&amp;gt;"></div> Vaccines from serum When he was 20, Poonawalla decided to leverage his passion for cars and turn it into a viable business. So, he built a $120 replica of the Jaguar D-type with his school friend. However, he abandoned the idea of commercial production due to a shortage of funds. After dropping his first business plan, he wanted to make a ‘product for the masses’. He discovered that horse serum can be used to make vaccines. He decided to use his stud farm for a better cause and make vaccines affordable. There was no going back since then. Back in the 1960s, when Poonawalla was just in the research phase of launching his serum business, which is now worth <a href="https://www.businesstoday.in/latest/corporate/story/serum-institute-founder-cyrus-poonawalla-adar-wealth-85pc-to-138-bn-271174-2020-08-26">$13.8 billion</a>, the vaccine market was still in its nascent stages. With only a few players in the game, there was a huge demand and very low supply. It was a safe option for Poonwalla to enter a less competitive market and India with an acute shortage, which were imported at high prices. He decided to look no further and launched his vaccine business under the name SII in 1966, with a capital of <a href="https://www.forbesindia.com/article/leadership-awards-202021/fila-2021-lifestime-achievement-cyrus-poonawalla-the-vaccine-king/66877/1">Rs 9 lakh</a>, which would later go on to help millions of people during a global pandemic, thanks to its domestically manufactured Covishield. Since he had no medical background, he employed doctors and scientists from the government-owned Haffkine Institute at SII. Within two years, the company produced its first therapeutic anti-tetanus serum. By 1989, his company had a diverse portfolio of DTP vaccine, which protects children from diphtheria, tetanus and pertussis, anti-snake-venom serum for snakebites and measles vaccine. A year later, SII became the country’s largest vaccine manufacturer. Supplying to every second vaccinated child in the world It was time to expand their business offshores. In 1994, Serum Institute got accredited by the World Health Organization (WHO) for supplying vaccines to U.N. Agencies such as UNICEF (United Nations Children’s Fund) and PAHO (Pan American Health Organization). By 1998, Serum Institute was exporting vaccines to over 100 countries and by the year 2000, one out of every two children in the world was vaccinated with an SII dose. The vaccine king’s wealth grew the <a href="https://economictimes.indiatimes.com/magazines/panache/cyrus-poonawalla-enters-top-100-rich-list-his-wealth-grows-fifth-fastest-in-the-world-during-coronavirus-pandemic/articleshow/76543094.cms?from=mdr">fastest </a>among India’s billionaires during the COVID-19 pandemic and SII became a household name. His home-grown business gained international recognition after they struck a deal with Oxford University’s Jenner Institute. SII then went on to strike at least four more global partnerships with biotech companies. <div type="image" title="serumII" msid="91766062" hostid="261" caption="&amp;lt;p&amp;gt;Serum Institute of India&amp;#39;s financials &amp;lt;/p&amp;gt;"></div> His son, Adar Poonawalla is at the helm of the company now. Junior Poonawalla joined his family business in 2001 and today, he runs the day-to-day operations as company ceo and is the <a href="https://www.forbesindia.com/article/take-one-big-story-of-the-day/his-father-built-a-vaccine-empire-adar-poonawalla-is-now-busy-diversifying-it/73375/1">fifth </a>richest person in India. <div type="image" title="Vaccine giant Serum Institute of India plans African plant in global expansion" msid="91764213" hostid="261" caption="&amp;lt;p&amp;gt; Junior Poonawalla joined his family business in 2001&amp;lt;br /&amp;gt;&amp;lt;/p&amp;gt;"></div> Expansion to renewable energy, real estate and more Along the way, Senior Poonwalla also expanded his business portfolio into newer areas such as real estate, finance, renewable energy solutions, hospitality, and aviation. But, Serum Institute continues to bring in the lion’s share of his income. While he built his business empire, his passion for sports and luxurious cars has not waned. <div type="image" title="Cryus and his car" msid="91764182" hostid="261" caption="&amp;lt;p&amp;gt;Padmashree Cyrus Poonawalla with his new Ferreri car outside his palace in Pune in 2013&amp;lt;/p&amp;gt;"></div> Today, his collection includes Rolls-Royce cars, Bentleys and Ferrari F430. It is his love for affordable vaccines, sports cars and horse racing - that make Poonawalla a man of diverse interests.

The success story of Cyrus Poonawalla: The vaccine king who is one of the world’s richest billionaires

In 2020, there were only four Indians in the global top 100 rich list, now there are seven

Interesting facts about top Indian billionaires in Hurun Global Rich List

<ul><li>The <keyword id="13401361" type="General" weightage="100" keywordseo="hurun-global-rich-list-2022" source="Orion">Hurun Global Rich List 2022</keyword> shows there are four new Indians in the Top 100, with a cumulative wealth of $97 billion.</li><li>This includes Serum Institute’s <keyword id="29334" type="General" weightage="20" keywordseo="cyrus-poonawalla" source="Orion">Cyrus Poonawalla</keyword>, and <keyword id="6505089" type="General" weightage="20" keywordseo="radhakishan-damani" source="Orion">Radhakishan Damani</keyword>.</li><li>Overall, there are 119 Indian billionaires in the <keyword id="2721202" type="General" weightage="20" keywordseo="hurun-global-rich-list" source="Orion">Hurun Global Rich List</keyword> 2022, with a total wealth of $474 billion.</li></ul>The <keyword id="1846161" type="General" weightage="20" keywordseo="hurun" source="Orion">Hurun</keyword> Global Rich List 2022 is out now and there are several new entrants from India in the top 100, including Serum Institute’s Cyrus Poonawalla to Radhakishan Damani whose company owns the DMart chain of supermarkets. Together, there are four new entrants in the Top 100 in the Hurun Global Rich List 2022. Serum Institute’s Cyrus Poonawalla tops the list of Indians with a net worth of $26 billion, followed closely by ArcelorMittal’s <keyword id="150483" type="General" weightage="20" keywordseo="lakshmi-nivas-mittal" source="Orion">Lakshmi Nivas Mittal</keyword> at $25 billion. <cmsannotation type="cmsannotation" annotationid="Hurun Global Rich List 2022 – New entrants in Top 100 from India" comment="subhead" text="Hurun Global Rich List 2022 – New entrants in Top 100 from India">Hurun Global Rich List 2022 – New entrants in Top 100 from India</cmsannotation> <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Rank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Name </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Net worth </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Age (years) </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">55 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Cyrus Poonawalla </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">$26 billion </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Serum Institute of India </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">80 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">60 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Lakshmi Nivas Mittal </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">$25 billion </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">ArcelorMittal </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">71 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">67 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Radhakishan Damani &amp; family </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">$23 billion </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Avenue Supermarts </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">66 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">67 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">SP Hinduja &amp; family </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">$23 billion </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Hinduja </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">86 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: Hurun Global Rich List 2022 Together, these four new entrants have a cumulative net worth of $97 billion, which is a fifth of the cumulative wealth of the 119 Indian billionaires in the Hurun list. Overall, there are 24 new entrants in the Top 100 in the Hurun Global Rich List 2022. India ranked third in the list of total self-made billionaires in the world, with 119 billionaires accounting owning a cumulative wealth of $474 billion. China is still the first with 1,050 billionaires owning $3,756 billion in wealth, with the US at the second position with 523 billionaires owning $3,554 billion in wealth. The Hurun Global Rich List 2022 report ranked a total of 3,381 billionaires from 2,557 companies and 69 countries. The Gautam Adani family, Larry Page and Sergey Brin were the biggest gainers this year. More specifically, Gautam Adani topped the charts, adding ₹6,000 crore (approx. $800 million) to his wealth every week. In total, he added $49 billion to his wealth. Mukesh Ambani made a relatively modest gain of $20 billion, but he remains the richest Indian in the list with a total wealth of $103 billion. Gautam Adani comes in second with a wealth of $81 billion. SEE ALSO: <a href="https://www.businessinsider.in/business/news/hurun-rich-list-gautam-adani-larry-page-mukesh-ambani-and-others-who-made-the-most-money-in-2022/slidelist/90272552.cms">Hurun Rich List — Gautam Adani, Larry Page, Mukesh Ambani and others who made the most money in 2022</a> <a href="https://www.businessinsider.in/tech/news/facebook-removes-zelenskyy-deepfake-video-that-called-on-ukrainian-soldiers-to-surrender/articleshow/90280786.cms">Facebook removes Zelenskyy 'deepfake' video that called on Ukrainian soldiers to surrender</a> <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambanis-reliance-announced-a-partnership-with-sanmina-a-us-based-electronics-manufacturer/articleshow/89960792.cms">Reliance teams up with US-based Sanmina to create a high-tech electronics manufacturing hub in India</a>

Hurun Global Rich List 2022 – From Cyrus Poonawalla to Radhakishan Damani, here are the new entrants in Top 100 from India

<ul><li>The 74-year old is the 12th richest person in India with a networth of $9.5 billion. </li><li>According to Forbes, he multiplied his net worth nearly five times in a decade. But his company Serum Institute of India (SII) is known for its affordable vaccines. </li><li>The affordable vaccine strategy has struck the right cord of the company as its annual revenues are at ₹59 billion ($840 million).</li></ul>The story of <keyword id="29334" type="PERSON" weightage="20" keywordseo="Cyrus-Poonawalla">Cyrus Poonawalla</keyword> and how he became a billionaire cuts through luxury cars, horses and vaccines. The 74-year old <a href="https://www.forbes.com/profile/cyrus-poonawalla/">is the 12th richest person in India</a> with a networth of $9.5 billion. According to Forbes, he multiplied his net worth nearly five times in a decade. But his company Serum Institute of India (SII) is known for its affordable vaccines. He founded the Serum Institute of India in 1966, with a capital of $12,000. His idea was to develop vaccines by extracting serum from horses. SII became the world’s largest vaccine maker by of doses produced and sells 1.5 billion doses globally. <div type="Slideshow" msid="72139267" hostid="261" title="Cyrus Poonawalla, India’s vaccine king, multiplied his wealth nearly 5 times in a decade" firstImageMsid="72139269" slideCount="4"></div>

Cyrus Poonawalla, India’s vaccine king, multiplied his wealth nearly 5 times in a decade

Week after <a href="http://www.businessinsider.in/Kumar-Mangalam-Birla-now-owns-the-costliest-bungalow-in-Mumbai-buys-sea-facing-Jatia-House-for-Rs-425-crore/articleshow/48866856.cms" target="_BLANK￿￿￿￿">Kumar Mangalam Birla bought Jatia House in Mumbai for Rs 425 crore</a>, it seems Pune-based industrialist <keyword id="29334" type="PERSON" weightage="20" keywordseo="Cyrus-Poonawalla">Cyrus Poonawalla</keyword> felt a little competition there and went on to buy iconic <keyword id="770802" type="ORGANIZATION" weightage="20" keywordseo="Lincoln-House">Lincoln House</keyword> for Rs 750 crore at the weekend sale. 
 
Lincoln House in Breach Candy area of <a href="http://www.businessinsider.in/Indias-tallest-building-will-come-up-in-one-of-its-longest-cities/articleshow/48681774.cms" target="_BLANK￿￿￿￿">south Mumbai</a> , which used to house the US Consulate, to the billionaire chairman of the Pune-based Serum Institute, makes it the largest ever <a href="http://www.businessinsider.in/Delayed-by-30-months-and-not-ready-yet-This-is-the-status-quo-of-ready-to-move-residential-units-in-Mumbai-/articleshow/48002756.cms" target="_BLANK￿￿￿￿">real estate</a> deal in the country's financial capital. 
 
The 2-acre Grade-III <a href="http://www.businessinsider.in/searchresult.cms?query=bungalow" target="_BLANK￿￿￿￿">bungalow</a> at Breach Candy has a built-up area of around 50,000 sq ft. 
 
However, the <a href="http://www.businessinsider.in/searchresult.cms?query=residential+locations" target="_BLANK￿￿￿￿">property</a>, which has been on the block since 2011, was sold at a lower price than what the Americans were demanding -- a whopping Rs 850 crore. 
 
Last year, the iconic Mehrangir, the house of the father of the nation's atomic programme, Homi Bhabha, in the Malabar Hill area, was sold to the Godrej family for Rs 372 crore. 
 
The Lincoln House, which was formerly known as the Wankaner House, a palace belonging to the Wankaner Maharaja, Pratapsinhji Jhala Wankaner, was leased to the US in 1957 and was renamed as the Lincoln House and the US made its their Consulate in the city. 
 
The Maharaja sold the palace to the US Consulate to pay off his taxes after the independence. 
 
"All these properties have been bought for personal use. Therefore, their valuation can't be ascertained on market rates. There are many such properties which are likely to be put on the block in future,” said PwC India director Shashank Jain said. 
 
(Image: Indiatimes)

Cyrus Poonawalla pips Birlas, buys Lincoln House in Mumbai for a whopping Rs 750 crore!

<ul><li>As much as 12.5% of healthcare wealth globally comes from India. </li><li>India has the second-largest concentration of automobile billionaires after China. </li><li>The wealth of Indian real estate billionaires increased by 150%. </li><li>The report also said that 63% of the world’s billionaires make physical products, while 37% sell software and services. </li></ul> The healthcare sector minted the most number of Indian dollar billionaires in the last one year, according to 2023 M3M <keyword id="2721202" type="General" weightage="20" keywordseo="hurun-global-rich-list" source="Orion">Hurun Global Rich List</keyword>. As much as 12.5% of healthcare wealth globally comes from India, and vaccine king Cyrus Poonawalla of Serum Institute is the richest healthcare billionaire in the world. With Poonawalla and Dilip Shanghvi of Sun Pharmaceutical, the top 10 richest Indians list has two entrants from the healthcare sector. Ranking at 46 globally, Poonawalla of the unlisted empire, is the only billionaire in the top 10 richest Indians whose wealth went up by 4% to $27 billion. Shanghvi, on the other hand, lost 6% wealth in the last one year to end at $17 billion, and is ranked 98 globally. After healthcare, the sectors that created the most Indian dollar billionaires are consumer goods and chemicals, said the Hurun report, adding that financial services, healthcare and retail sectors minted the most global billionaires. “With 13 billionaires from the automobile and auto components sector, India has the second-largest concentration of automobile billionaires after China, which has 39 billionaires. India needs to catch up on sectors such as investments and media and entertainment,” the report said. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Industry </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% of Indian Wealth in the industry </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Richest in the world and in India </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Main Company </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Consumer Goods </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.40% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Global: Bernard Arnault India: Harsh Mariwala </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LVMH Marico </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Financial Services </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.70% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Global: Michael Bloomberg India: Uday Kotak </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bloomberg Kotak </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Healthcare </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12.50% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Global and India: Cyrus Poonawalla </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Serum Institute of India </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Food &amp; Beverages </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.30% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Global: Zhong Shanshan India: Nusli Wadia </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YST Britannia </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Real Estate </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.00% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Global: Lee Shau Kee India: Rajiv Singh &amp; family </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Henderson Land DLF </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.50% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Global: Jeff Bezos India: Radhakishan Damani </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amazon Avenue SuperMarts </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Media &amp; Entertainment </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.30% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Global: Steve Ballmer India: Shiv Nadar </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Microsoft HCL </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Software &amp; Services </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.80% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Global: Steve Ballmer India: Shiv Nadar </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Microsoft HCL </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Industrial Products </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.40% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Global: Chen Jianhua &amp; Fan Hongwei India: Anu Aga </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hengli Thermax </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investments </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.70% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Global: Bill Gates India: Rekha Rakesh Jhunjhunwala </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Microsoft Rare Enterprises </td></tr></tbody><tbody></tbody></table> Source: 2023 M3M Hurun Global Rich List IT, aviation and real estate sectors shine As much as 7.8% of IT sector wealth globally is from India, with Shiv Nadar of HCL as the richest software and services billionaire. His global counterpart is Steve Ballmer, the former CEO of Microsoft. Real estate sector is the third most important sector with 5% of the sector’s global wealth coming from India. “We at M3M are even further excited about the value creation potential of the real estate sector. As Andrew Carnegie also said – Ninety percent of all millionaires become so through owning real-estate. For instance, when cumulative wealth of Indian billionaires increased by 80%, the wealth of Indian real estate billionaires increased by 150%,” said Pankaj Bansal, Director, M3M India. India is also home to the richest aviation billionaires in the world and surprisingly both of them are the founders of the same airline, IndiGo which is the largest airline in India. Rakesh Gangwal and Rahul Bhatia possess wealth of $3.6 billion and $3.3 billion respectively. Energy vs new-age and tech biz Globally, billionaires who belonged to sectors like fertilizers and commodity trading, iron and steel, oil and gas, soft drinks and confectionery, casinos and hotels, sports clubs and luxury goods had a good year. Tech based and new-age businesses, however, had a bad year. “It’s a bad year for semiconductors, cloud solutions, cyber security, payment systems, e-commerce, batteries and new energy,” the report said. The report also said that two thirds of the world’s billionaires – 63% of them make physical products, while 37% sell software and services. In the last one year, the world has lost five billionaires every week. This is only the second time in the last ten years that the number of global billionaires has reduced. The world which has lost 269 billionaires, now has 3,112 billionaires. SEE ALSO <a href="https://www.businessinsider.in/business/news/mukesh-ambani-races-past-gautam-adani-as-richest-indian/articleshow/98910286.cms">Mukesh Ambani races past Gautam Adani as richest Indian: Only Indian in the top 10 in 2023 M3M Hurun Global Rich List</a> <a href="https://www.businessinsider.in/personal-finance/indian-super-rich-bracing-for-a-better-year-ahead-knight-frank/articleshow/98338254.cms">India's super-rich gear up for a better year ahead: Knight Frank</a>

Healthcare, consumer goods minted the most Indian dollar billionaires

<ul><li>RIL CMD <keyword id="3820" type="General" weightage="20" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> has not only regained the top spot on the list of richest Indians, he has lost much less wealth compared to <keyword id="111343" type="General" weightage="20" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>.</li><li><keyword id="10924" type="General" weightage="80" keywordseo="ambani" source="Orion">Ambani</keyword> is now the only Indian in the top ten in the 2023 M3M Hurun Global Rich List.</li><li>Overall, 41 Indian billionaires saw their wealth decline by at least $1 billion when compared to last year, losing a cumulative wealth of $122.7 billion.</li><li>Globally, five billionaires dropped out of the list every week.</li><li>Mumbai, the financial capital of India, also accounted for a third of the total billionaires in India, followed by Delhi.</li></ul>Reliance Industries’ CMD Mukesh Ambani has raced past Gautam <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> to emerge as the richest Indian in 2023 M3M Hurun Global Rich List. While both Ambani and Adani saw their wealth erode on a year-on-year basis, Adani ended up losing 35% of his wealth due to the <a href="https://www.businessinsider.in/stock-market/news/hindenburg-effect-last-9-days-wipe-out-gains-clocked-by-adani-group-in-2022/articleshow/97572328.cms">Hindenburg</a> saga, while Ambani lost less at 20% between 2022 and 2023’s Hurun Rich List. Adani, who was briefly the second <keyword id="1615233" type="General" weightage="20" keywordseo="richest-person" source="Orion">richest person</keyword> in the world on the Bloomberg Billionaires Index, saw his wealth plummet from $119 billion on January 24, to $57.2 billion now. On the other hand, Mukesh Ambani, who also witnessed a decline of $21 billion in his wealth, stood out as the richest Indian and Asian. He is also the only Indian in the top ten richest people in the world on the 2023 M3M Hurun Global Rich List. Adani also lost the most wealth out of the top ten billionaires in India. Even when Adani was the richest Indian, Ambani’s<a href="https://www.businessinsider.in/business/corporates/news/reliance-industries-emerges-as-top-company-in-terms-of-value-revenue-and-profits-in-hurun-2022-list/articleshow/95910143.cms"> Reliance Industries topped the list</a> of Hurun’s most valuable companies. <cmsannotation type="cmsannotation" annotationid="Biggest wealth losers" comment="subhead" text="Biggest wealth losers">Biggest wealth losers</cmsannotation> Underlining just how bad the last one year was for billionaires, the top nine billionaires in terms of wealth erosion lost a cumulative $339 billion, which is only slightly lower than Hong Kong’s GDP of $361 billion. <div type="image" title="chart-1" msid="98930751" hostid="261" sizebytes="47050" caption="&amp;lt;p&amp;gt;Biggest wealth losers&amp;lt;/p&amp;gt;"></div> Overall, 41 Indian billionaires saw their wealth decline by at least $1 billion compared to last year. These billionaires lost a cumulative $122.7 billion during this period, placing India on the third position, only behind China and the US. <div type="image" title="chart-2" msid="98930767" hostid="261" sizebytes="44964" caption="&amp;lt;p&amp;gt;Billionaires who lost at least $1 billion&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Not just India, billionaires are down globally" comment="subhead" text="Not just India, billionaires are down globally">Not just India, billionaires are down globally</cmsannotation> However, it’s not just Adani and Ambani who have lost wealth this year – according to the list, the world lost 5 billionaires every week over the last one year. The number of billionaires is down by 269, from 3,381 last year to 3,112 now. Not just the number of billionaires, even the cumulative wealth of these billionaires has declined by 10% to $13.7 trillion. Overall, nine out of the top ten Indian billionaires lost their wealth, according to the Hurun rich list. Only Cyrus Poonawalla, the chairman and managing director of biotechnology company Serum Institute of India, managed to grow his wealth. Poonawalla has also emerged as the richest healthcare billionaire in the world. <div type="image" title="chart-3" msid="98930807" hostid="261" sizebytes="49000" caption="&amp;lt;p&amp;gt;India&amp;#39;s top 10 billionaires&amp;lt;/p&amp;gt;"></div> Interestingly, it’s not all gloomy for billionaires – India added 15 new billionaires to its list, with the richest of them all being Rekha Rakesh Jhunjhunwala, the wife of the<a href="https://www.businessinsider.in/india/news/akasa-air-founder-top-broker-rakesh-jhunjhunwala-passes-at-62/articleshow/93551704.cms"> late Rakesh Jhunjhunwala</a>, who was also known as the ‘Big bull’. <cmsannotation type="cmsannotation" annotationid="A third of India’s billionaires are based in Mumbai, Delhi a distant second" comment="subhead" text="A third of India’s billionaires are based in Mumbai, Delhi a distant second">A third of India’s billionaires are based in Mumbai, Delhi a distant second</cmsannotation> Mumbai, India’s financial capital, also emerged as the top source of billionaires, accounting for a third of the total billionaires in India. According to the Hurun rich list, 66 out of 187 Indian billionaires are based in Mumbai. <div type="image" title="chart-4" msid="98930818" hostid="261" sizebytes="35878"></div> Mumbai also dominates when it comes to the top ten billionaires in India, accounting for five out of the ten. Interestingly, two of these ten billionaires reside in London. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/back-to-square-one-nifty-circles-back-to-levels-last-seen-in-september-2021-markets-likely-to-end-2023-in-the-red/articleshow/98898424.cms">Back to Square One: Nifty circles back to levels last seen in September 2021, markets likely to end 2023 in the red</a> <a href="https://www.businessinsider.in/finance/banks/news/indian-banks-better-placed-than-their-us-peers-due-to-attractive-valuations-and-stickier-deposits/articleshow/98859627.cms">Indian banks better placed than their US peers due to attractive valuations and stickier deposits</a> <a href="https://www.businessinsider.in/investment/news/time-to-accumulate-bonds-and-lock-in-attractive-yields-with-peak-rates-around-the-horizon/articleshow/98815117.cms">Time to accumulate bonds and lock-in attractive yields with peak rates around the horizon</a>

Mukesh Ambani races past Gautam Adani as richest Indian: Only Indian in the top 10 in 2023 M3M Hurun Global Rich List

The Defence Research &amp; Development Organisation (<keyword id="6355142" type="General" weightage="100" keywordseo="drdo" source="Orion">DRDO</keyword>) that was tasked with investigating into EV fire incidents by the <keyword id="2518729" type="General" weightage="50" keywordseo="union-road-transport" source="Orion">Union Road Transport</keyword> and Highways <keyword id="48413" type="General" weightage="80" keywordseo="ministry" source="Orion">Ministry</keyword>, has found serious defects in the batteries, including designs of the battery packs and modules. According to sources in the know of the matter, these defects occur because the electric two-wheeler manufacturers like <keyword id="6077703" type="General" weightage="80" keywordseo="okinawa-autotech" source="Orion">Okinawa Autotech</keyword>, Pure EV, Jitendra Electric Vehicles, <keyword id="4393078" type="General" weightage="80" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> and <keyword id="12512499" type="General" weightage="80" keywordseo="boom-motors" source="Orion">Boom Motors</keyword> may have used "lower-grade materials to cut costs". The Centre for Fire, Explosive and Environment Safety (CFEES) at the DRDO has submitted its fact-finding report to the Ministry, as first reported by Business Standard. According to the sources, the ministry has now summoned representatives of these EV manufacturers, asking them to submit an explanation on the DRDO report findings. Earlier this month, the Central Consumer Protection Authority (CCPA), which comes under the <keyword id="2876140" type="General" weightage="50" keywordseo="union-consumer-affairs-ministry" source="Orion">Union Consumer Affairs Ministry</keyword>, sent notices to Pure EV and Boom Motors after their e-scooters exploded in April. The consumer watchdog is also examining more cases of e-scooter fires and will serve similar notices to other EV makers too. Pure EV and Boom Motors along with Ola Electric, Jitendra EV, and Okinawa Autotech, recalled faulty batches after the EV fire incidents were reported. The preliminary findings from the government-constituted probe committee on EV fires have already identified issues with battery cells or design in nearly all of the electric two-wheeler fire incidents in the country. The committee was constituted in the wake of EV fires and battery blasts in e-scooters. The experts found defects in battery cells as well as battery design in nearly all EV fires. The government is now working on new quality-centric guidelines for EVs that will be unveiled soon. At least 12 electric two-wheelers have exploded till now and several EV makers have recalled the faulty batches amid the growing pressure from the government. Update: Ola Electric has issued a statement saying it has not received any communication from the government in this matter. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/how-cyrus-poonawalla-became-one-of-the-worlds-richest-billionaires/articleshow/91763784.cms">The success story of Cyrus Poonawalla: The vaccine king who is one of the world’s richest billionaires</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/instagram-rolls-out-a-new-logo-typography-and-more-in-visual-refresh/articleshow/91761902.cms">Instagram rolls out a new logo, typography and more in visual refresh</a>

DRDO examines EV fire incidents, finds serious battery defects

<ul><li><keyword id="111343" type="General" weightage="20" keywordseo="Gautam-Adani" source="Orion">Gautam Adani</keyword> is ranked 4th in the world with a total net worth of $125 billion.</li><li>Adani is followed by Mukesh Ambani at number 10 with a net worth of $83.6 billion.</li><li>The next rank from India is number 45 for <keyword id="6419840" type="General" weightage="20" keywordseo="Azim-Premji" source="Orion">Azim Premji</keyword> of Wipro with a net worth of $ 24.6 billion.</li></ul> The double As - Gautam Adani and Mukesh Ambani - dominate the India rich list with the gap between them the rest of India Inc being a very large one. There was a time when <keyword id="232460" type="General" weightage="20" keywordseo="Tata-and-Birla" source="Orion">Tata and Birla</keyword> were synonyms for India's rich. Every region had its own wealthy like the Shrirams, Thapars, Nandas, and Modis in the north or the Bangurs in the east or the Mafatlals, Walchands, Kirloskars, Khataus, Sarabhais and Lalbhais in the west and the M.A. Chidambaram group in the south. Over time, many groups have floundered and fallen on bad times. There are many defining moments in this journey which saw a debilitating impact on family industrial groups. The year 1964 was a turning point because this was when the Monopolies and Restrictive Trade Practices Commission was established. By that year, the MRTP Commission had finished collecting and sifting information on Indian big business and hence reliable data was available. The next interesting inflection point came in 1991, when the P.V. Narasimha Rao administration introduced the New Economic Policy. This is where it all changed - India's most radical policy document in the form of the New Industrial Policy - the Licence Permit Raj was scrapped on 24 July 1991. Democratic socialism had been consigned to the rubbish heap of history - Licence Raj, which was in place for four decades, came to an end with the new industrial policy announced by Finance Minister Manmohan Singh and Prime Minister P.V. Narsimha Rao, who also held the portfolio of Industries Minister. The New Industrial Policy proposed getting rid of Monopolies and Restrictive Trade Practices and abolishing industrial licensing for all but 18 industries. Foreign equity holdings were proposed to be raised by 51 per cent in a project. Indian industry was free of controls and bureaucracy like never before. Over the last 30 years, India Inc had been turned on its head. As per the Bloomberg Billionaires Index now, Gautam Adani is ranked 4th in the world with a total net worth of $125 billion. Adani is followed by Mukesh Ambani at number 10 with a net worth of $83.6 billion. However, after Adani and Ambani the gap widens by a large extent and is then taken up by the software czars. The next rank from India is number 45 for Azim Premji of Wipro with a net worth of $ 24.6 billion. Shiv Nadar of HCL Technologies is at number 51 on the index with a net worth of $22.8 billion. The representation from India is then only at number 101 with Dilip Shanghvi with a net worth of $14.9 billion followed by Cyrus Poonawalla at 102 with $14.8 billion. Lakhsmi Mittal is at 103 with a net worth of $14.7 billion. Uday Kotak is ranked 106 with a net worth of $13.7 billion. Savitri Jindal is ranked at 119 on the Bloomberg Billionaires Index with a net worth of $12.9 billion. Sunil Mittal is ranked at 134 with a net worth of $12.2 billion. Kumar Birla is at 159 with a net worth of $10.8 billion. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/over-2-49-crore-unaccounted-cash-seized-in-hyderabad/articleshow/94750636.cms">Over ₹2.49 crore unaccounted cash seized in Hyderabad</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/telecom-sector-to-ring-in-stability-in-q2-jio-and-airtel-expected-to-grow-stronger-vi-weaker/articleshow/94709309.cms">Telecom sector to ring in stability in Q2 – Jio and Airtel expected to grow stronger, Vi weaker</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/this-giant-swing-in-manali-runs-on-ai/articleshow/94741834.cms">This giant swing in Manali runs on AI</a>

Gautam Adani and Mukesh Ambani - dominate the India rich list with the gap between them the rest of India Inc being a very large one

<ul><li>SII chairperson Cyrus Poonawalla emphasised that a third booster shot of <keyword id="8904563" type="UNKNOWN" weightage="20" keywordseo="covid-19-vaccine">COVID-19 vaccine</keyword> is a “must” for people with weak immune systems.</li><li>The US government last week approved the third dose of Pfizer-BioNTech and Moderna COVID-19 vaccines for people with weakened immune systems.</li><li>Meanwhile, <keyword id="6366244" type="UNKNOWN" weightage="20" keywordseo="who">WHO</keyword> and SII have confirmed the existence of fake Covishield vials in India and Africa.</li></ul><keyword id="242973" type="ORGANIZATION" weightage="20" keywordseo="Serum-Institute">Serum Institute</keyword> of Indi's (SII) chairperson Cyrus Poonawalla has said that a third shot or a ‘booster dose’ of COVID-19 vaccine is desirable six months after taking the second dose of the vaccine. This is especially a “must” for those with weak immune systems, news agency PTI reported. SII makes India's primary COVID-19 vaccine, locally known as Covishield. Poonawalla also revealed that he, along with 7,000 employees of SII, have already taken the third dose of the COVID-19 vaccine as a precautionary measure. “After six months, the antibodies go down and that is why I have taken the third dose. We have given the third dose to our seven to eight thousand SII employees. For those who have completed the second dose, it is my request to take a booster dose (third dose) after six months,” Poonawalla said. This development comes a week after the government of the United States (US) <a href="https://www.reuters.com/business/healthcare-pharmaceuticals/who-is-eligible-third-covid-19-vaccine-dose-us-2021-08-15/">approved</a> the third/booster shot of Pfizer-BioNTech and Moderna vaccines for people with weakened immune systems. Now, Pfizer and BioNTech have also <a href="https://www.cnbc.com/2021/08/16/covid-vaccine-booster-shot-pfizer-submits-data-to-fda-for-approval.html">submitted</a> preliminary clinical data — evaluating the safety and efficacy of a third shot — to US health authorities to seek authorisation for a third dose of COVID-19 vaccine for all Americans and not just the ones with weakened immune systems. "The data we've seen to date suggest a third dose of our vaccine elicits antibody levels that significantly exceed those seen after the two-dose primary schedule,'' Albert Bourla, Pfizer’s chairperson and chief executive officer, said in a statement. The menace of fake vaccine vials continues Another major issue that has been surrounding the Indian vaccination drive has been the administration or availability of fake COVID-19 vaccines in India. The <keyword id="6356311" type="UNKNOWN" weightage="20" keywordseo="World-Health-Organisation">World Health Organisation</keyword> (WHO) has <a href="https://www.bbc.com/news/world-asia-india-58253488">identified</a> counterfeit versions of Covishield in India and Africa. As per the BBC report, the doses were seized by authorities in India and Africa between July and August. Even vaccine maker <keyword id="95879" type="ORGANIZATION" weightage="20" keywordseo="Serum-Institute-of-India">Serum Institute of India</keyword> has confirmed, to WHO, that the vaccine was fake. Multiple media reports, published in the past months, have also highlighted the existence of a vaccine scam in India under which victims were given saline water in lieu of the COVID-19 vaccine. Health minister of Maharashtra Rajesh Tope also <a href="https://www.indiatoday.in/cities/mumbai/story/mumbai-covid-vaccination-scam-victims-given-saline-water-antibody-test-first-week-july-1820847-2021-06-29">confirmed</a> the scam, and ensured that the victims would undergo antibody tests and will be administered with two doses of Covishield vaccine. Covishield is the local name of Oxford-AstraZeneca's COVID-19 vaccine and has been administered to more than 48.6 crore Indians, as per government data, as of August 17, 2021. SEE ALSO <a href="https://www.businessinsider.in/retail/news/a-third-of-internet-users-would-be-actively-shopping-online-by-the-end-of-this-decade-offline-retail-to-take-a-back-seat/articleshow/85390712.cms">A third of internet users would be actively shopping online by the end of this decade, offline retail to take a back seat</a> <a href="https://www.businessinsider.in/business/startups/news/with-pharmeasy-mobikwik-and-ixigo-all-set-to-hit-the-public-market-orios-plans-to-go-deeper-into-pre-ipo-bets/articleshow/85359703.cms">With PharmEasy, MobiKwik and ixigo all set to hit the public market, Orios plans to go deeper into pre-IPO bets</a> <a href="https://www.businessinsider.in/business/auto/news/tamil-nadu-government-is-upset-about-losing-money-on-luxury-cars/articleshow/85322536.cms">Tamil Nadu government is upset about losing money on luxury cars</a>

WHO confirms existence of fake Covishield vaccines in India; Serum Institute pushes for a booster shot

<ul><li>Amid the ongoing Russian invasion, <keyword id="6355101" type="General" weightage="100" keywordseo="ukraine" source="Orion">Ukraine</keyword> has legalised cryptocurrency.</li><li>Ukraine has received millions in cryptocurrency donations since the invasion.</li><li>This will also allow cryptocurrency exchanges to let users, including the government, convert their crypto holdings to fiat.</li></ul> War-torn Ukraine has legalised cryptocurrencies after receiving millions in crypto donations since the Russian invasion began in late February. Ukraine president <keyword id="9393544" type="General" weightage="20" keywordseo="volodymyr-zelenskyy" source="Orion">Volodymyr Zelenskyy</keyword> signed a virtual assets bill on March 15, allowing the country to establish and regulate a crypto market. “From now on foreign and Ukrainian cryptocurrencies exchanges will operate legally and banks will open accounts for crypto companies,” tweeted Ukraine’s Ministry of Digital Transformation. <div type="twitter" handle="mintsyfra" handlename="Міністерство цифрової трансформації України" image="http://pbs.twimg.com/profile_images/1188708966181810176/gA06HmKd_normal.jpg" favoritecount="2324" retweetcount="850" status="Ukraine has legalized the crypto sector — @ZelenskyyUa signed a law. From now on foreign and Ukrainian cryptocurren… https://t.co/SGnztfExLf" createdat="1647443203000" id="1504111930251882500"></div> According to the ministry’s statement, Ukraine’s stock market regulator will be tasked with keeping an eye on cryptocurrency exchanges. Ukraine’s National Securities and Stock Market Commission will also be tasked with outlining a policy for virtual assets, according to an announcement the Ukrainian government made in February. Tax and civil codes will subsequently be modified, with the <keyword id="13404233" type="General" weightage="20" keywordseo="ukrainian-ministry-of-finance" source="Orion">Ukrainian Ministry of Finance</keyword> working on amendments already. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> It is worth pointing out that cryptocurrencies were not illegal in Ukraine – just like in India – but giving them the legal status opens up new avenues for the government to generate revenues via taxes, and regulate trading to ensure safety for users. <cmsannotation type="cmsannotation" annotationid="Why did Ukraine legalise cryptocurrency?" comment="subhead" text="Why did Ukraine legalise cryptocurrency?">Why did Ukraine legalise cryptocurrency?</cmsannotation> Post the Russian invasion of Ukraine, the country received over $100 million in cryptocurrency donations. Post the legalization, Ukraine’s first crypto exchange, <keyword id="218858" type="General" weightage="20" keywordseo="kuna" source="Orion">Kuna</keyword>, will now be able to convert the cryptocurrency to fiat – Ukraine’s legal tender, hryvnia. This would also help bolster the Ukrainian government’s cash reserves, apart from helping Ukrainians who trade in crypto. The other major example of the legal adoption of cryptocurrency is El Salvador, which made Bitcoin legal tender back in 2021. While cryptocurrency is not legal in India yet, the government proposed a tax of 30% on virtual assets. Although cryptocurrency is not technically legal in India yet, this will allow the government to mop up revenue from crypto trading. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/paytm-may-face-tough-times-ahead-stock-brokers-recommend-to-stay-away-from-the-stock/articleshow/90283463.cms">Paytm may face ‘tough times ahead’, stock brokers recommend to stay away from the stock</a> <a href="https://www.businessinsider.in/business/news/cyrus-poonawalla-radhakishan-damani-and-other-two-billionaire-entrants-in-top-100-from-india-in-2022/articleshow/90282154.cms">Hurun Global Rich List 2022 – From Cyrus Poonawalla to Radhakishan Damani, here are the new entrants in Top 100 from India</a> <a href="https://www.businessinsider.in/cryptocurrency/news/binances-bitcoin-button-game-offers-one-bitcoin-to-a-lucky-winner-guaranteed-nfts-and-other-prizes/articleshow/90254055.cms">Binance’s Bitcoin Button game has one Bitcoin up for grabs, apart from NFTs and $10,000 prize money pool</a>

You Searched For "cyrus poonawalla" and got 13 results

The success story of Cyrus Poonawalla: The vaccine king who is one of the world’s richest billionaires

Karuna Sharma

In 2020, there were only four Indians in the global top 100 rich list, now there are seven

Kritti Bhalla

Interesting facts about top Indian billionaires in Hurun Global Rich List

Business Insider India

Hurun Global Rich List 2022 – From Cyrus Poonawalla to Radhakishan Damani, here are the new entrants in Top 100 from India

Rounak Jain

Cyrus Poonawalla, India’s vaccine king, multiplied his wealth nearly 5 times in a decade

Preeti Soni

Cyrus Poonawalla, India’s vaccine king, multiplied his wealth nearly 5 times in a decade

Cyrus Poonawalla pips Birlas, buys Lincoln House in Mumbai for a whopping Rs 750 crore!

BI India Bureau

Healthcare, consumer goods minted the most Indian dollar billionaires

Katya Naidu

Mukesh Ambani races past Gautam Adani as richest Indian: Only Indian in the top 10 in 2023 M3M Hurun Global Rich List

Rounak Jain

DRDO examines EV fire incidents, finds serious battery defects

IANS

Gautam Adani and Mukesh Ambani - dominate the India rich list with the gap between them the rest of India Inc being a very large one

IANS

WHO confirms existence of fake Covishield vaccines in India; Serum Institute pushes for a booster shot

Kritti Bhalla

Russian invasion and millions of crypto donations force Ukraine to legalise cryptocurrency

Rounak Jain

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