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The <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword> on Thursday latched on to a new rich list to attack the Centre, alleging that Prime Minister Narendra Modi's "<keyword id="21027901" type="General" weightage="100" keywordseo="billionaire-raj" source="keywords">billionaire raj</keyword>" is more unequal than even the <keyword id="20034027" type="General" weightage="20" keywordseo="British-Raj" source="keywords">British Raj</keyword> and it is also the cornerstone of the government's <keyword id="22965777" type="General" weightage="20" keywordseo="economic-policy-making" source="keywords">economic policy-making</keyword>. Congress general secretary in-charge communications <keyword id="20035989" type="General" weightage="20" keywordseo="Jairam-Ramesh" source="keywords">Jairam Ramesh</keyword> shared on X a media report which cited the <keyword id="21075617" type="General" weightage="20" keywordseo="Hurun-India-Rich-List" source="keywords">Hurun India Rich List</keyword> to state that India created a new billionaire every five days throughout 2023. "India has had one billionaire for every five days in 2023, and the non-biological Prime Minister's closest friend is the foremost among them all," Ramesh said on X. "Modi's Billionaire Raj is more unequal than even the British Raj. But it is also the cornerstone of the government's economic policy-making," he alleged. This is why, at a time when countries across the world are coalescing around the idea of a global billionaire tax, the Indian government has been conspicuously silent and continues to remain blind to rapidly increasing economic inequalities, Ramesh said. Recouping the dent caused by the <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="261" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> report, <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword>'s networth shot up 95 per cent to Rs 11.6 lakh crore last year, which helped him replace <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword> to become the richest Indian, according to the 2024 Hurun India Rich List. Reliance Industries Chairman and Managing Director Ambani's overall networth increased by 25 per cent to Rs 10.14 lakh crore, as per the Hurun list. In 2023's report, Adani's wealth declined by 57 per cent to Rs 4.74 lakh crore, and Ambani was way ahead with a fortune of Rs 8.08 lakh crore. It can be noted that Adani's networth declined sharply following various allegations levelled by US-based short seller Hindenburg Research. The conglomerate has denied all the allegations. In the 2014 edition, Hurun had pegged Adani's fortunes at Rs 44,000 crore, which made him the tenth richest Indian then.

PM Modi's 'Billionaire Raj' more unequal than even British Raj: Congress

In a boost to Elon Musk's <keyword id="20034452" type="General" weightage="20" keywordseo="starlink" source="keywords">Starlink</keyword>, Communications Minister Scindia has said the spectrum for satellite broadband will be allocated and not auctioned as sought by Indian billionaires Mukesh Ambani and Sunil Mittal. The satellite broadband spectrum will however be not given free and sector regulator Trai will fix a price for the resource, he told PTI in a text and video interview. "Every country has to follow the <keyword id="20848482" type="General" weightage="20" keywordseo="international-telecommunications-union" source="keywords">International Telecommunications Union</keyword> (ITU), which is the organisation that lays out the policy for spectrum in space or satellites, and the ITU has been very clear in terms of the spectrum being given out on an assignment basis. In addition, if you look across the world today, I cannot think of a single country that auctions spectrum for satellite," Scindia said. India is a member of the International Telecommunication Union (ITU), a UN agency for digital technology. Musk's Starlink and global peers like Amazon's Project Kuiper back an administrative allocation. While Ambani's Reliance Jio has been vocal about the need to allocate such spectrum through an auction to provide a level playing field to legacy operators who buy airwaves and set up infrastructure like telecom towers, Mittal last month at an industry event where Prime Minister Narendra Modi was also present articulated the need to use bidding for such allocation. Jio and Mittal's Bharti Airtel - India's largest and second-largest operators, respectively - feel that giving away the satellite broadband airwaves at a pre-decided price by the government will create an uneven playing field since they had to compete in an auction to get spectrum for their terrestrial wireless phone networks. The two are vying for a piece of the satellite broadband segment as well. Musk-led Starlink is demanding administrative allotment of licences in line with the global trend as it looks to tap into the world's fastest-growing mobile telephony and internet market. Scindia said the Telecom Act of 2023 passed in December has put the matter in 'Schedule 1', which means that the Satcom spectrum will be allocated administratively. Such an allocation will be at a government-decided price, and allow foreign firms like Starlink to offer voice and data services. If the spectrum were to be auctioned, it would have made it costlier for Starlink to roll out services. Starlink has applied for a licence to start operations in the country. Scindia, however, offered no clues on the fate of his application. The minister said that the regulatory process is very clear and transparent. The new Telecom Act has been passed, and the Satellite spectrum is very clearly a part of that in schedule one, he pointed out. "...and therefore, we are open to looking at the application of any entity that wants to invest in India at this point in time. I think only one or two licenses have been given out. And whoever else wants to participate, India is surely going to welcome that," the minister said. Last month, Musk, in a post on X, termed the demand made by Jio for shunning sector regulator Trai's consultation paper on satellite broadband being allocated and not auctioned as "unprecedented", and when Mittal made the pitch in the presence of the Prime Minister, he asked if it was "too much trouble" to allow Starlink to provide internet services in India. This was perhaps the first time that Musk, whose networth of USD 241 billion is more than the combined wealth of Ambani, Mittal and Gautam Adani, had spoken directly against demands for a level playing field made by the Indian firms. Musk, the mind behind PayPal, founder of Tesla and SpaceX and owner of X (formerly Twitter), uses his social media platform on a daily basis to make his views known on a vast array of topics.

In a win for Elon Musk, Scindia says no to spectrum auction pitch from Ambani, Mittal

New Delhi: The merger of media assets of Reliance Industries and the India business of global media house the Walt Disney is expected to be complete by the end of the third quarter of this fiscal, according to a regulatory filing by billionaire Mukesh Ambani-led group. The fair trade regulator CCI has already approved the merger of Viacom 18 and <keyword id="19976122" type="General" weightage="20" keywordseo="Star-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Star India" meta.hostid="261" meta.entityid="Star India">Star India</keyword> and NCLT (National Company Law Tribunal) has sanctioned the scheme regarding it. "The companies are in the process of obtaining other requisite approvals for the completion of the transaction and transaction closer is expected in 3Q FY 25," informed Reliance Industries on Monday in its quarter earning statement. The merger of Reliance group-controlled media assets - TV18 Broadcast and E18 - with Network18 Media &amp; Investments has already been sanctioned by the NCLT and was made effective on October 3, it said. Earlier on September 27, the government approved the transfer of licenses relating to Non News &amp; Current Affairs TV channels held by media entities of Reliance Industries to Star India. "The Ministry of Information and Broadcasting, Government of India, vide its order dated September 27, has granted its approval for transfer of Licenses relating to Non News &amp; Current Affairs TV channels held by <keyword id="19976121" type="General" weightage="20" keywordseo="Viacom18" source="keywords" meta.keywordsubtype="org" meta.entityname="Viacom18" meta.hostid="261" meta.entityid="Viacom18">Viacom18</keyword> Media Private Limited in favour of Star India," it had said. Viacom18 is the holding company that owns the media and entertainment business of billionaire Mukesh Ambani-led Reliance Industries and Bodhi Tree Systems. Both sides are in the final stages of the merger, making some adjustments in the business as per the Competition Commission of India (CCI) directions. On August 30, the NCLT had approved the scheme of merger of Viacom18 Media and Digital 18 Media, holding media and entertainment assets of Reliance Industries with Star India. The scheme had proposed the transfer and vesting of Media Operations Undertaking from Viacom 18 and Jio Cinema into Digital18, which is a subsidiary of Viacom 18. This would be followed by "demerger, transfer and vesting of V18 Undertaking from Digital 18 into Star India". The merger of the media assets of Reliance Industries and The Walt Disney Co.'s India business will create the country's largest media empire worth over Rs 70,000 crore. Earlier, the CCI had said it has cleared the "proposed combination involving Reliance Industries Ltd, Viacom18 Media Pvt Ltd, Digital18 Media Ltd, Star India Pvt Ltd and Star Television Productions Ltd, subject to the compliance of voluntary modifications". Viacom18 is part of the RIL group, and Star India is wholly owned by The <keyword id="19986269" type="General" weightage="20" keywordseo="Walt-Disney-Company" source="keywords">Walt Disney Company</keyword>. Star Television Productions, a company incorporated in the British Virgin Islands, is owned indirectly by Walt Disney. The CCI, however, did not disclose voluntary modifications in the original deal made by the two parties. As per the deal, Mukesh Ambani-led RIL and its affiliates will hold 63.16 per cent of the combined entity that will house two streaming services and 120 television channels. Walt Disney will hold the remaining 36.84 per cent stake in the combined entity, which will also be India's largest media house. Reliance Industries has also agreed to invest close to Rs 11,500 crore into the joint venture to give it the muscle to fight rivals like Japan's Sony and Netflix. Nita Ambani, wife of billionaire and RIL Chairman <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>, will head the joint venture, while Uday Shankar will be the vice-chairperson.

Reliance expects to complete merger with Disney's India business in Q3

<keyword id="19903807" type="General" weightage="100" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword>, the CEO of electric car maker Tesla and rocket manufacturer <keyword id="19905255" type="General" weightage="20" keywordseo="SpaceX" source="keywords" meta.keywordsubtype="org" meta.entityname="SpaceX" meta.hostid="261" meta.entityid="SpaceX">SpaceX</keyword>, may become the world's first <keyword id="20204152" type="General" weightage="20" keywordseo="trillionaire" source="keywords">trillionaire</keyword> by 2027, while Indian tycoon <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> may attain that status in the following year, and Asia's richest man <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword> may do so in 2033, according to an Informa Connect Academy report. For Musk, the richest in the world with $237 billion net worth, to become the world's first trillionaire, his wealth needs to grow at an average annual growth rate of 110%, the report said. <keyword id="19898586" type="General" weightage="20" keywordseo="Adani" source="keywords">Adani</keyword>, who is ranked 13th on the world billionaire index with a wealth of just under $100 billion, maybe the second trillionaire (net worth equal to at least one trillion US dollars) if his ports-to-power conglomerate was to continue growing at the current 123% average annual rate, it added. Rival <keyword id="19898589" type="General" weightage="20" keywordseo="Ambani" source="keywords">Ambani</keyword>, now ranked Asia's richest with a net worth of $111 billion, may achieve the same status in 2033, according to the report. His oil-to-telecom-and-retail conglomerate is slated to hit trillion-dollar market cap status in 2035. Ambani's <keyword id="19938772" type="General" weightage="20" keywordseo="Reliance-Industries-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries Ltd" meta.hostid="261" meta.entityid="Reliance Industries Ltd">Reliance Industries Ltd</keyword> is the only Indian company projected to hit that mark. The companies that will hit the trillion-dollar market cap mark include Taiwan's semiconductor maker TSMC, which has a market cap of $893.7 billion now and is expected to achieve that status in 2025. It will be closely followed by Berkshire Hathaway, pharma giant Eli Lilly, technology company Broadcom and electric automobile firm Tesla. The report said, "No one in the world has claimed trillionaire status - at least not yet. However, there are some likely candidates. The following are multi-billionaires who will probably become trillionaires sooner or later". After Elon Musk and Gautam Adani, NVIDIA founder Jensen Huang, Indonesian mogul Prajogo Pangestu, French businessman Bernard Arnault, and Facebook CEO <keyword id="19952202" type="General" weightage="20" keywordseo="mark-zuckerberg" source="keywords">Mark Zuckerberg</keyword> come next as prospective trillionaires. Currently, there are only a handful of companies that have crossed the $1 trillion in valuation. This includes Microsoft, Nvidia, Apple, Alphabet, Amazon, Saudi Aramco, and Meta. The most recent case is that of <keyword id="19921921" type="General" weightage="20" keywordseo="warren-buffett" source="keywords">Warren Buffett</keyword>'s Berkshire Hathaway in late August. Nvidia also joined the $ 1 trillion club in May 2023 and reached $ 3 trillion in June, becoming the second most valuable company in the world, with Microsoft ahead and Apple behind.

Elon Musk may be world's first trillionaire by 2027, Adani to touch the mark by 2028, Ambani in 2033: Report

<keyword id="20509941" type="General" weightage="20" keywordseo="spectrum-auction" source="keywords">Spectrum auction</keyword> for <keyword id="22185968" type="General" weightage="20" keywordseo="mobile-radiowaves-services" source="keywords">mobile radiowaves services</keyword> worth Rs 96,000 crore ended with <keyword id="20055672" type="General" weightage="20" keywordseo="bids" source="keywords">bids</keyword> worth about Rs 11,000 crore, according to sources. The <keyword id="19900449" type="General" weightage="20" keywordseo="government" source="keywords">government</keyword> has put over 10,500 Mhz spectrum in eight <keyword id="21197262" type="General" weightage="20" keywordseo="frequency-bands" source="keywords">frequency bands</keyword> -- 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz, 2,500 MHz, 3,300 MHz and 26 GHz, valued at Rs 96,238 crore at base price, for auction. "There were no fresh bids in the morning session. The auction has ended with bids worth about Rs 11,000 crore," the source said, adding that <keyword id="19951944" type="General" weightage="20" keywordseo="Bharti-Airtel" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharti Airtel" meta.hostid="261" meta.entityid="Bharti Airtel">Bharti Airtel</keyword> has emerged as the biggest bidder in the auction. During the last auction in 2022, which turned out to be a seven-day affair, a record over Rs 1.5 lakh crore worth of 5G telecom spectrum was sold, with billionaire <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>'s <keyword id="19906886" type="General" weightage="20" keywordseo="Jio" source="keywords" meta.keywordsubtype="org" meta.entityname="Jio" meta.hostid="261" meta.entityid="Jio">Jio</keyword> emerging as the top bidder, cornering nearly half of all the airwaves (worth Rs 88,078 crore). At that time, telecom tycoon Sunil Mittal's Bharti Airtel made a successful bid of Rs 43,084 crore, while Vodafone Idea bought Spectrum for Rs 18,799 crore. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/stanley-lifestyles-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111261779.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/stanley-lifestyles-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111261779.cms" target="_blank">Stanley Lifestyles IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-ce-4-lite-vs-poco-x6-which-phone-should-you-buy-under-25000/slidelist/111257892.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-ce-4-lite-vs-poco-x6-which-phone-should-you-buy-under-25000/slidelist/111257892.cms" target="_blank">OnePlus Nord CE 4 Lite vs Poco X6 – which phone should you buy under ₹25,000?</a><a href="https://www.businessinsider.in/stock-market/news/ipos-this-week-allied-blenders-and-vraj-iron-and-steel-look-to-raise-1671-crore/articleshow/111233159.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/ipos-this-week-allied-blenders-and-vraj-iron-and-steel-look-to-raise-1671-crore/articleshow/111233159.cms" target="_blank">IPOs this week – Allied Blenders and Vraj Iron and Steel look to raise ₹1,671 crore</a>

Spectrum auction ends with bids worth ₹11,000 crore, Bharti Airtel emerges as the biggest bidder

Top 10 richest people in Asia in 2024

Billionaire <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>'s Reliance Industries and <keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="153" meta.entityid="Tata Group">Tata Group</keyword> have made it to the prestigious TIME's list of 100 World's Most Influential Companies of 2024. TIME called Reliance 'India's Juggernaut'. This is the second time that Reliance has found its way into the TIME list. Jio Platforms, the firm that holds digital properties of the conglomerate, was included in the inaugural TIME 100 Most Influential Companies List of 2021. Serum Institute is the other Indian company on the list. TIME listed Reliance in the 'Titans' category (one of the five categories under which the companies were divided, other being Leaders, Disrupters, Innovators, and Pioneers). Tata was listed in 'Titan's' category while Serum under 'Pioneers'. "Reliance Industries was founded as a textile and polyester company 58 years ago by Dhirubhai Ambani. Today the sprawling conglomerate -- which has aligned its growth with Indian Prime Minister Narendra Modi's vision for a 'self-reliant' India -- is the country's most valuable company, with a market capitalisation of more than USD 200 billion," TIME said. Now led by Dhirubhai's son Mukesh, the Mumbai-based company has ventures in energy, retail, and telecommunications, among others, and has made its chairman Asia's richest man, it said. The publication went on to stated that in February, Reliance came out on top in a fiercely competitive race to dominate India's burgeoning streaming market by striking a USD 8.5 billion merger deal with Disney's India business. "The deal will bring together more than 100 television channels and give the combined group around a 31 per cent share of India's streaming market compared to rivals Netflix and Amazon Prime with 8 per cent each," according to analytics firm Comscore. Reliance has revolutionised several economic sectors in the world's most populous country by making world-class products and services available at affordable prices with multiple innovations. Under Mukesh Ambani, the firm's telecom arm Jio revolutionised India's digital landscape and drove digital inclusion on an unprecedented scale with the most affordable mobile data tariffs in the world. It set up the world's largest single location refining complex. Reliance Retail is ranked among the top 100 retailers globally and in FY24 it registered 1.06 billion footfalls across its 18,800+ stores (67 per cent of which are in small towns and villages). Reliance is investing USD 10 billion in building the most comprehensive ecosystem for new energy and new materials in India and has set an ambitious goal to reach net-zero carbon by 2035. TIME described Serum as the world's biggest vaccine maker, churning out billions of vaccines. The company makes 3.5 billion doses every year, including for measles, polio, and most recently, HPV. "Serum's CEO Adar Poonawalla says the company's success can largely be chalked up to its private ownership. Not being beholden to shareholders allows it to keep vaccine prices low (the R21 will cost USD 4 a shot)," the publication said. Tata Group, it said, was founded in 1868 and has a vast portfolio extending from steel, software, watches, subsea cables, and chemicals, to salt, grains, air-conditioners, fashion, and hotels. "But as rivals have aggressively courted new businesses, it struggled to keep up with stiff competition. In 2017, after over a century of family management, N Chandrasekaran took over as chairman despite having no personal ties to the family -- highly unusual when India's business landscape is ruled by family succession plans," TIME said. As chair, he has transformed the group by investing in tech manufacturing, AI, and semiconductor chips. In 2023, it became the first Indian company to assemble iPhones, and is building another plant, it said, adding that in September, Tata announced a partnership with Nvidia to develop an AI cloud in India. "And this year, it announced plans for the country's first major semiconductor manufacturing facility. The moves seem to be paying off: in February, Tata's combined market capitalisation reached a whopping USD 365 billion, more than the entire economy of India's neighbour and rival, Pakistan," it added. This is the fourth edition of annual TIME100 Most Influential Companies list, highlighting companies making an extraordinary impact around the world. To assemble the list, TIME solicited nominations across sectors, and polled its global network of contributors and correspondents, as well as outside experts. Then, TIME editors evaluated each on key factors, including impact, innovation, ambition, and success. The result is a diverse group of 100 businesses helping chart an essential path forward. SEE ALSO:<a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank">Lok Sabha Exit Poll 2024 – what are they, when will they be announced and all you need to know</a><a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank">Truecaller can now detect if the caller is using AI – How to use it to prevent AI call scams</a><a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank">India’s T20 World Cup team, matches and everything you need to know</a>

You Searched For "Billionaire Mukesh Ambani" and got 7 results

PM Modi's 'Billionaire Raj' more unequal than even British Raj: Congress

PTI

In a win for Elon Musk, Scindia says no to spectrum auction pitch from Ambani, Mittal

PTI

Reliance expects to complete merger with Disney's India business in Q3

PTI

Elon Musk may be world's first trillionaire by 2027, Adani to touch the mark by 2028, Ambani in 2033: Report

PTI

Spectrum auction ends with bids worth ₹11,000 crore, Bharti Airtel emerges as the biggest bidder

PTI

Top 10 richest people in Asia in 2024

BI India Bureau

Reliance, Tata on TIME's list of world's most influential companies

PTI

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