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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 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!

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>

You Searched For "cyrus poonawalla" and got 7 results

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

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

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

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