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<ul class="summary-list"><li>Hundreds of private jets are said to be taking VIPs and their staffs to the <keyword id="12037021" type="UNKNOWN" weightage="60" keywordseo="cop26" source="Orion">COP26</keyword> climate summit.</li><li>Amazon's <keyword id="11908741" type="UNKNOWN" weightage="60" keywordseo="jeff-bezos" source="Orion">Jeff Bezos</keyword>, President Joe Biden, and other world leaders took private jets to the summit.</li></ul>As hundreds of private jets ferry world leaders and top business executives to the UN's COP26 climate summit in Glasgow, Scotland, environmentalists are up in arms over the environmental damage caused by the travel.Scotland's <a href="https://www.dailyrecord.co.uk/news/scottish-news/private-jets-flying-cop26-blast-25338840">Sunday Mail</a>, citing <keyword id="12018329" type="UNKNOWN" weightage="60" keywordseo="aviation" source="Orion">aviation</keyword> sources, reported that more than 400 private jets were expected. They are said to be shuttling more than 1,000 VIPs and their staff to the talks - which, according to the <a href="https://together-for-our-planet.ukcop26.org/">conference website,</a> seek to "bring together world leaders to commit to urgent global climate action."US President Joe Biden traveled to the climate-crisis symposium on Air Force One, and the Sunday Mail said the leaders of Canada, France, Germany, India, Israel, and Japan all used their own aircraft as well. Amazon's Jeff Bezos also flew in on his $65 million <a href="https://www.businessinsider.com/flying-on-65-million-gulfstream-g650er-private-jet-qatar-executive-2021-9#elon-musk-and-jeff-bezos-might-be-rival-space-cowboys-but-besides-being-billionaire-entrepreneurs-they-also-have-a-shared-love-for-an-american-made-private-jet-known-as-the-gulfstream-g650er-1">Gulfstream</a> jet, British media reported.UK Prime Minister Boris Johnson is planning on returning to London from Scotland on a <keyword id="12324783" type="UNKNOWN" weightage="60" keywordseo="private-jet" source="Orion">private jet</keyword> - running on sustainable fuel, <a href="https://www.theguardian.com/politics/2021/nov/01/boris-johnson-will-travel-home-from-cop26-by-private-plane?CMP=Share_iOSApp_Other">The Guardian</a> reported. His official spokesperson told the British <keyword id="11893589" type="UNKNOWN" weightage="100" keywordseo="news" source="Orion">news</keyword> outlet, "It is important that the prime minister is able to move round the country, and obviously we face significant time constraints."The <a href="https://theicct.org/aviation">International Council on Clean Transportation</a> says commercial aviation accounts for about 2% of global carbon emissions, a number expected to triple by 2050.The European advocacy group <a href="https://www.transportenvironment.org/discover/private-jets-can-the-super-rich-supercharge-zero-emission-aviation/">Transport and Environment</a> said in a May report that private planes were five to 14 times as polluting as commercial planes on a per passenger basis and 50 times as polluting as trains."It can't be stressed enough how bad private jets are for the <keyword id="11901561" type="UNKNOWN" weightage="60" keywordseo="environment" source="Orion">environment</keyword> - it is the worst way to travel by miles," the group's UK policy manager told the <a href="https://www.dailyrecord.co.uk/news/scottish-news/private-jets-flying-cop26-blast-25338840">Sunday Mail</a>. "Private jets are very prestigious, but it is difficult to avoid the hypocrisy of using one while claiming to be fighting climate change."

VIPs including Jeff Bezos flew to a climate conference on 400 private jets, sparking fury over the carbon emissions caused

<ul class="summary-list"><li>Akasa Air, an ultra-low-cost Indian carrier, <a href="https://www.reuters.com/world/india/indias-akasa-air-orders-72-boeing-737-max-jets-2021-11-16/">placed</a> a $9 billion order for 72 Boeing 737 MAX Jets last week.</li><li>The airline could potentially lift up the entire Indian aviation segment, industry analysts say.</li></ul>Judith Philip is stressed. The 32-year-old auditor's work schedule is packed and her only retreat is travel, but the pandemic hit her sole recreation badly. To make up for lost time, Philip is pinning her hopes on an upcoming solo trip to Sri Lanka."I think I might do a lot of revenge travel once these restrictions are lifted and things get a bit better," Philip told Insider from the southern Indian city of Bangalore.She is among millions of travelers waiting in the wings to cruise Indian skies as the country's aviation sector braces for a shake-up. At the heart of this shake-up stands to be a freshly minted airline, Akasa Air. Ever since its public debut in July, Akasa has become the most talked-about airline in the country. And on November 16, it <a href="https://www.reuters.com/world/india/indias-akasa-air-orders-72-boeing-737-max-jets-2021-11-16/">placed</a> a $9 billion order for 72 Boeing 737 MAX jets. The airline could potentially lift up the entire Indian aviation segment, which has been grappling for several years, industry analysts say.Unlike <keyword id="11898285" type="UNKNOWN" weightage="60" keywordseo="airlines" source="Orion">airlines</keyword> that ground their fleets in capital Delhi or financial hub Mumbai, Akasa's fleet stands to be mostly based in the Indian tech capital of Bangalore. While Akasa's exact routes have not yet been announced, they are expected to reach less-travelled destinations at less expensive fares.Backed by billionaire investor Rakesh Jhunjhunwala – nicknamed <a href="https://www.forbes.com/profile/rakesh-jhunjhunwala/">India's Warren Buffett</a> and Big Bull for his smart investments — the carrier aims to be the resurrector of a turbulent domestic market in Asia's third-largest economy.But Jhunjhunwala and Akasa are entering the aviation industry at a historically difficult time: The pandemic is far from over, and the market is crowded, plagued by collapsing carriers, and difficult to turn a profit in.Jhunjhunwala did not respond to multiple requests from Insider for comment for this story.<h2>Room for growth</h2>Until the turn of the decade ending 2010, air travel was luxury only affordable for the affluent in <keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword>.A country of about 1.4 billion people, India has about<a href="http://www.knowindia.net/aviation7.html"> 650 passenger jets</a>. Domestic airlines carried 144 million flyers in 2019, according to the regulatory body <a href="https://www.dgca.gov.in/digigov-portal/?page=jsp/dgca/InventoryList/dataReports/aviationDataStatistics/handbookCivilAviation/HANDBOOK2018-19.pdf&amp;main4252/4205/sericename">Directorate General of Civil Aviation.</a> By comparison, the US (population 333 million) has over <a href="https://www.faa.gov/air_traffic/by_the_numbers/">5,000 civilian aircraft</a>, while China (population 1.44 billion) operates <a href="http://www.xinhuanet.com/english/2019-07/18/c_138237617.htm">close to 3,700</a> passenger jets.Today, trains remain the preferred mode for the long-distance journeys of the masses in India. In the 12 months <a href="http://indianrailways.gov.in/railwayboard/uploads/directorate/stat_econ/Annual-Reports-2019-2020/Year-Book-2019-20-English_Final_Web.pdf">ending March 2020,</a> Indian trains ferried over eight billion travelers.But as India's middle class grows and competing airlines keep the price of domestic airfare low, air travel is slowly becoming a viable mode of transport for more people. Delhi aims to unveil <a href="https://twitter.com/MoCA_GoI/status/1357015867448455169">over 200 new airports</a> across the vast country in the next four years and is rapidly expanding the existing airports. Prime Minister Narendra Modi's administration expects civil aviation to play a crucial role in its ambitious goal of making <a href="https://www.narendramodi.in/pm-modi-s-aspirational-call-for-5-trillion-dollar-economy-in-5-years-547486">India a $5 trillion economy </a>by 2024."We can expect huge growth in the next five to 10 years," Sanjay Kumar, chief strategy and revenue officer of IndiGo, told Insider of the Indian aviation market. IndiGo is India's market leader in domestic traffic <a href="https://www.ibef.org/industry/indian-aviation/showcase/indigo">with 55% share.</a>"The growing middle-class population will start traveling as the Americans or Chinese do. We've so far not seen this [in India] at all," Kumar added.<h2>A volatile market</h2>Until the second half of 2018, India was home to the fastest-growing aviation market in the world, with passenger numbers ballooning.Growth nosedived in 2019 due to factors including crew shortage, taxes on jet fuel, and unsustainable business models.At the heart of India's spiraling airline crisis was <a href="https://www.businessinsider.com/jet-airways-shuts-down-after-running-out-of-money-2019-4">the collapse of Jet Airways</a>, the country's oldest and first successful private airline. Mounting debts, poor acquisitions, and cheaper prices offered by rivals killed the 26-year-old Jet Airways.The Indian aviation market is so volatile that about <a href="https://en.wikipedia.org/wiki/List_of_defunct_airlines_of_India">50 players have shut shop</a> in the past three decades and changed billionaires into millionaires.And this was all before the pandemic decimated the industry.But a troubled industry also means abundant talent in the market for hire, low asset costs, and weakened competitors, factors that could play a role in Jhunjhunwala's favor.<h2>A market dominated by low-cost carriers</h2>Unlike the aviation markets of the western world, where the segment is multi-layered and caters to a wide range of travelers, carriers in India need to keep a close watch on ticket costs. About 80% of <a href="https://www.dgca.gov.in/digigov-portal/?page=jsp/dgca/InventoryList/dataReports/aviationDataStatistics/handbookCivilAviation/HANDBOOK2018-19.pdf&amp;main4252/4205/sericename">the market share</a> in India is cornered by low-cost carrier models (LCC), which make a profit through volume by selling seats at cheap rates.Six large airlines dominate the domestic skies in India: IndiGo, SpiceJet, GoAir (which rebranded as GoFirst), AirAsia India, Vistara, and Air India. While Vistara and Air India are classified as no-frills carriers, the rest operate as LCC.Unlike all other existing market players, Akasa is an ultra low-cost carrier (ULCC), which means every little space inside the plane – from paper cups or luggage bins — is for sale for advertising. Further, Akasa can cut back on all expendable costs and fly more hours a day while keeping the seat fares separate from all other related services like food. It's basically like the Spirit Airlines of India.Akasa is expected to launch operations by early or mid 2022, if the speculation in the industry is proved right. Akasa has been busy hiring industry veterans including Vinay Dube, the former CEO of Jet Airways, and Aditya Ghosh, the former CEO of Indigo. <a href="https://centreforaviation.com/data/profiles/airlines/akasa">Regulatory approvals </a>are on track.Yet, the fate of Akasa depends on more than a billionaire backer and experienced leadership. Other variables at play in the airline's success include how it manages its fleet composition, distribution models, and the choice of flying destinations.<a href="http://www.knowindia.net/aviation7.html">Airbus dominates</a> the Indian skies: The A320 family makes up 70% of all passenger aircraft in the country.The advent of Akasa means an opportunity for American planemaker Boeing to make a breakthrough in a crucial market.Akasa hopes to operate a fleet of 70 aircraft in four years, ​​Jhunjhunwala told <a href="https://www.bloomberg.com/news/articles/2021-07-28/indian-billionaire-investor-plans-70-planes-for-new-airline">Bloomberg</a> in a television interview in July. Boeing's market outlook, meanwhile, predicts there will be demand for 2,200 commercial jets in the next two decades."In India, domestic traffic is leading the recovery. We're seeing double-digit monthly improvements in operations as vaccine rates improve and travel restrictions begin to loosen," Salil Gupte, president of Boeing India, told Insider.Gupte estimates passenger traffic numbers in India will reach pre-pandemic levels by 2023 or 2024."We are honored that Akasa Air, an innovative airline focused on customer experience and environmental sustainability, has placed its trust in the 737 family to drive affordable passenger service in one of the world's fastest-growing aviation regions," said Stan Deal, Boeing commercial airplanes president and CEO, following the deal.<h2>Challenges Ahead</h2>Industry experts say Jhunjhunwala's Akasa appears set to take Indian civil aviation to new heights, but they add caveats.For instance, fixed costs like lease, parking, maintenance, and staff salaries make up 40% of an airline's cost structure, according to IndiGo's Kumar. To be successful, Akasa must get the combination of these correct, industry experts said."Akasa's bet is on the fragility of one or more carriers and as a well-capitalized new entrant, it may very well be able to gain a strong foothold," said Satyendra Pandey, managing partner at India-based aviation services firm AT-TV.Rival carriers are bound to match Akasa's fares from day one of its operations, Pandey said – which means it'll be entering a profitless growth environment. A careful assessment of the market should incorporate both business and behavioral trends, Pandey said."Force-fitting western frameworks just does not work. Getting this wrong has meant that even extremely well-funded airlines have consistently failed to turn a profit and witnessed continuous margin deterioration. Levers that worked pre-pandemic may not quite work the same," Pandey added."If the ULCC model is implemented, Akasa Air may expand the overall market by stimulation due to low airfares," said Manvi Hooda, chief of consulting and research at the aviation consulting firm, CAPA India."India remains an under-penetrated air travel market. Given India is a value-sensitive market, low airfares can significantly stimulate the market," said Hooda.

A new, ultra-low-cost Indian airline just placed a $9 billion order with Boeing, and analysts say it could lift up the country's entire aviation segment

New Delhi, Jul 5 () Billionaire Mukesh Ambani's Reliance Industries Ltd (RIL) plans to increase its network of aviation fuel stations by 50 per cent as it looks to capture greater market share in the business currently controlled by public sector oil retailing firms. In its latest annual report, RIL said the double-digit growth observed over 52 consecutive months might have been stalled due to the COVID-19 pandemic, but India continues to be one of the fastest growing aviation markets in the world for the fifth consecutive year. RIL, which operates the world's largest single location oil refining complex, plans to capture this opportunity through increased presence at airports to refuel airplanes. Air-passenger traffic in India rose 9 per cent even in February after the Indian carriers recouped to full capacity that was lowered following the closure of a major domestic carrier in the first few months of financial year 2019-20 (April 2019 to March 2020) as well as disruptions at Mumbai airport owing to construction and maintenance, it said. Following the COVID-19 pandemic, while travel restrictions were being imposed elsewhere, India was largely unaffected till the end of March 2020, before the sharp escalation in travel bans globally and lockdowns impacted India's aviation sector too. "On account of its network strength, cost competitiveness, industry leading technology and best-in-class service standards, RIL improved its volume share in the domestic market," according to the annual report. Reliance Aviation has the highest market share in 20 per cent of the operating airports. "RIL is looking to increase its network to 45 locations as against 30 at the end of FY 2019-20 and is well geared to benefit with the growth in the Indian aviation market," it said. India currently has 256 aviation fuel stations, with state-owned Indian Oil Corp (IOC) owning 119 of them. Bharat Petroleum Corp Ltd (BPCL) has 61 and Hindustan Petroleum Corp Ltd (HPCL) the remaining 44. RIL is the largest private aviation fuel retailer with 31 stations, according to the latest data from the oil ministry. In comparison, RIL's auto fuel retailing network is very small. Out of 69,392 petrol pumps in the country, RIL operates 1,398. IOC has the highest number of outlets at 29,208, followed by HPCL with 16,557 and BPCL with 16,309 petrol pumps. Russia's Rosneft-backed Nayara Energy is the biggest private auto fuel retailer with 5,720 petrol pumps. RIL said it registered 9.8 per cent growth in retail diesel sales and 14.7 per cent in retail petrol volume as compared with 1.5 per cent and 6.3 per cent for industry, respectively. During financial year 2019-20, RIL registered over 10 per cent growth in average outlet sales volume. On bulk diesel, RIL said it registered a volume growth of 10.8 per cent, increasing market share to 8.8 per cent, despite expected demand contraction and margin pressure. Direct sales volume would be driven by continued volume growth from railways and sourcing higher volume shares in State Transport Units (STUs), it said. ANZ RVK

Reliance plans to up aviation fuel stations by 50 pc

<ul><li><keyword id="44903" type="General" weightage="20" keywordseo="shiv-nadar" source="Orion">Shiv Nadar</keyword> made donations worth ₹1,161 crore during FY22, which comes up to ₹3 crore per day.</li><li>Wipro’s <keyword id="6419840" type="General" weightage="20" keywordseo="azim-premji" source="Orion">Azim Premji</keyword> slips to the second spot with an annual donation of ₹484 crore as his contribution towards philanthropy has fallen by 95% year-on-year.</li><li>Overall, contributions towards philanthropy have fallen in FY22 because of the pandemic impact.</li><li>The top 10 list cumulatively donated ₹3,378 crore in FY22, as against a combined donation of ₹12,785 crore last year.</li></ul>Shiv Nadar, the founder and chairman of HCL Technologies, is India’s most generous, with donations of ₹3 crore per day, even as contributions towards philanthropy continue to moderate after the pandemic. With an annual contribution of ₹1,161 crore in fiscal 2022, Shiv Nadar has displaced Wipro’s Azim Premji as the most generous Indian, according to the EdelGive <keyword id="3606268" type="General" weightage="20" keywordseo="hurun-india-philanthropy-list" source="Orion">Hurun India Philanthropy List</keyword> 2022. The top 10 list cumulatively donated ₹3,378 crore in FY22, as against a combined donation of ₹12,785 crore last year. The good news is that the list has seen 19 new additions, with total donations by these new entrants adding up to ₹832 crore. Also, six women have featured on the list this year. The youngest philanthropist on the list is 36-year-old Nikhil Kamath of Zerodha. Clearly, the young entrepreneurs are beginning their philanthropic journey early on unlike many others from corporate India. Nadar’s philanthropic efforts have mainly focussed on education. Overall, contributions towards philanthropy have fallen in FY22 because of the pandemic impact. Nadar’s donation too is down 8% in the fiscal year 2021-22, as per the list. Wipro’s Azim Premji slipped to the second spot with an annual donation of ₹484 crore as his contribution towards philanthropy has fallen by 95% year-on-year due to the exceptional share buy-back in 2021, says the report. Billionaire <keyword id="3820" type="General" weightage="20" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword>, the chairman of Reliance Industries, is third on the list with contributions totalling ₹411 crore. Ambani’s contribution fell 29% compared to last year. Kumar Mangalam Birla was fourth on the list with a contribution of ₹242 crore. Couples Susmita &amp; Subroto Bagchi and Radha &amp; NS Parthasarathy from Mindtree’s management debuted on the list with a combined donation of ₹426 crore to the Indian Institute of Science (IISc) and also entered the top 10 and were ranked fifth. Both Subroto and Parthasarathy are co-founders of Mindtree. With a donation of ₹190 crore, <keyword id="111343" type="General" weightage="20" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword> &amp; family ranks seventh on the EdelGive Hurun India Philanthropy List 2022. Next in line is Anil Agarwal &amp; family of Vedanta whose contribution increased by 27% from last year to ₹165 crore. Nandan Nilekani and his wife Rohini Nilekani are ranked ninth and eleventh, respectively, in the list and are active philanthropists. Larsen &amp; Toubro’s group executive chairman AM Naik is ranked tenth with a donation of ₹142 crore in FY22. While many billionaires of the past have turned generous later in life, some new-age tech entrepreneurs are giving away much earlier. <keyword id="1430802" type="General" weightage="20" keywordseo="nithin-kamath" source="Orion">Nithin Kamath</keyword> and Nikhil Kamath of Zerodha increased their donation by a whopping 300% to ₹100 crore during the year. At 36 years, Nikhil Kamath is the youngest philanthropist on the Hurun list. Another surprise entrant this year has been Rakesh Gangwal, the co-promoter of InterGlobe Aviation (company that owns Indigo Airlines). Gangwal debuted this year with a personal contribution of ₹100 crore to the School of Medical Sciences and Technology at IIT, Kanpur. “EdelGive Hurun India Philanthropy List aims at chronicling the Indian philanthropy landscape and so far the transformation is encouraging. For instance, over the last 5 years, (the) number of donors who have given more than ₹100 crore have grown from 2 to 15, and over ₹50 crore have grown from 5 to 20. Considering the wealth creation potential of India and assuming that the billionaires keep up with philanthropy, I expect these numbers to at least double over the next 5 years,” said Anas Rahman Junaid, MD and chief researcher at Hurun India. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Top 10 philanthropists </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Donation (in ₹ crore) </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Primary Cause </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Company </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Shiv Nadar &amp; family </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1,161 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Education </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HCL Technologies </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Azim Premji &amp; family </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">484 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Education </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mukesh Ambani &amp; family </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">411 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Education </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Reliance Industries </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kumar Mangalam Birla &amp; family </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">242 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Healthcare </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Aditya Birla </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Susmita and Subroto Bagchi </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">213 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Healthcare </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mindtree </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Radha and NS Parthasarathy </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">213 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Healthcare </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mindtree </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Gautam Adani &amp; family </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">190 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Disaster Relief </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Adani </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Anil Agarwal &amp; family </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">165 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Disaster Relief </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Vedanta </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Nandan Nilekani </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">159 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Societal Thinking </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">AM Naik </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">142 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Healthcare </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Larsen &amp; Toubro </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-transmission-bags-project-from-best-to-install-over-1-million-smart-meters-in-mumbai/articleshow/94982223.cms">Adani Transmission bags project from BEST to install over 1 million smart meters in Mumbai</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tracxn-technologies-lists-at-3-7-premium/articleshow/94978323.cms">Tracxn Technologies lists at 3.7% premium</a>

Shiv Nadar tops philanthropy list, even as India’s most generous cut back after the pandemic

<ul class="summary-list"><li><keyword id="1362260" type="PERSON" weightage="60" keywordseo="Palm-Beach-County">Palm Beach County</keyword>'s grew twice as fast as the US average over the past decade.</li><li>This has accelerated during the pandemic as remote workers sought a sunnier climate during lockdown.</li><li>Three locals explained why both people and businesses are flocking to the county.</li></ul><keyword id="6357385" type="LOCATION" weightage="60" keywordseo="florida">Florida</keyword> has been one of the few states to see real economic progress during the pandemic.<a href="https://www.businessinsider.com/florida-growth-jobs-economy-population-new-york-pandemic-employment-miami-2021-4">Both businesses and companies have flocked to the US' third-largest state</a> over the past year because of its pro-business environment, including a lack of personal-income tax, alongside its sunny climate that made it an alluring place to spend lockdown.And <a href="https://www.businessinsider.com/wealthy-move-to-vacation-towns-long-term-during-pandemic-2021-2">Palm Beach County</a>, located just north of Miami, has stood out. Elliott Management is planning on moving its headquarters there, Citadel Securities based its trading-floor's COVID-19 bubble at a hotel there, and hundreds of families have relocated to the county.Read more: <a href="https://www.businessinsider.com/ibm-new-york-city-agile-office-remote-work-hybrid-2021-4">IBM is hunting for a smaller NYC office now that 80% of its employees won't come in every day. It's a sign of the times.</a>Insider spoke to parties involved in the local <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>, including the mayors of <keyword id="398561" type="CITY" weightage="60" keywordseo="Boca-Raton">Boca Raton</keyword>, <keyword id="332058" type="CITY" weightage="60" keywordseo="West-Palm-Beach">West Palm Beach</keyword>, and <keyword id="89445" type="COMPANY" weightage="60" keywordseo="Palm-Beach">Palm Beach</keyword> town, to understand what's driving people to move to the area.<h2>'We punch above our weight in terms of business strength'</h2>Palm Beach County has been working to drive a <keyword id="56025" type="ORGANIZATION" weightage="60" keywordseo="Migration">migration</keyword> of businesses for around 10 years, Kelly Smallridge, CEO of the county's Business Development Board (BDB), told Insider.<div type="image" title="West Palm Beach" height="1060" width="2121" msid="82655712" hostid="261"></div>The county realized that executives were buying second houses or coming for vacations in Florida, but owned a large business in another state. So the BDB approached them about bringing their business to Florida, Smallridge said."That initiative has turned out to be the most lucrative economic development initiative in the last 40 years," Smallridge said.The BDB isn't the only group actively recruiting businesses to move to the county. West Palm Beach mayor Keith James told Insider that the city had been reaching out to financial-services companies for years - not just in <keyword id="6355838" type="LOCATION" weightage="60" keywordseo="new-york">New York</keyword> but in other Northeast states including Vermont and Connecticut, alongside some companies as far afield as California."We've seen tremendous interest in companies relocating to Boca Raton," Scott Singer, the mayor of Boca Raton, told Insider.He said the city had been fielding "plenty" of inbound calls, but that it had also launched targeted advertising in the New York, Chicago, and San Francisco markets, including promoting its technology business hub.The three mayors told Insider they had especially noticed increasing levels of interest from venture capital, private equity, hedge fund, and financial-services companies, feeding into a state-wide trend.<div type="image" title="360 rosemary related companies office building west palm beach" height="1999" width="2666" msid="82655714" hostid="261"></div>Hedge fund <a href="https://www.businessinsider.com/miami-florida-office-space-demand-leasing-microsoft-citadel-elliott-management-2021-1">Elliott Management</a> is in final-stage talks to move its headquarters from Manhattan to West Palm Beach, while Maryland-based mortgage company <a href="https://www.bdb.org/index.php?src=pages&amp;ref=financialservicesices">New Day USA</a> is leasing 50,000 square feet of office space as a second headquarters in the city.And <a href="https://www.businessinsider.com/citadel-remote-summer-internship-wisconsin-resort-palm-beach-2020-8">Ken Griffin's Citadel Securities</a> chose Palm Beach's Four Seasons as the location for its trading floor's COVID-19 bubble in April 2020.Almost 2,500 financial-service firms have offices in the county, employing 37,000 people in total, according to the <a href="https://www.bdb.org/index.php?src=pages&amp;ref=financialservicesices">BDB</a>.But other industries are growing, too. <a href="https://www.wpb.org/home/showpublisheddocument/569/637194293849430000">West Palm Beach</a> is targeting the marine and medical industries for future growth, while Singer said that Bacon Raton has been a tech hub for decades, noting that <a href="https://www.bocahistory.org/our-history-ibm/">IBM</a> developed the first personal computer there in 1981.<div type="image" title="Palm Beach's marina" height="1060" width="2121" msid="82655715" hostid="261"></div>Singer said Boca Raton had the number of corporate headquarters you'd expect from a city of four or five times its size. These include the headquarters of The Office Depot, ADT, and Bluegreen Vacations."We punch above our weight in terms of business strength," Singer said.<div type="image" title="ADT's HQ" height="863" width="1727" msid="82655716" hostid="261"></div>The county also has a <a href="https://www.pbconventioncenter.com/">350,000 square foot convention center</a> with 19 meeting rooms for businesses to hold events, conferences, and trade shows.<div type="image" title="Palm Beach County Convention Center" height="400" width="800" msid="82655718" hostid="261"></div><a href="https://www.businessinsider.com/florida-growth-jobs-economy-population-new-york-pandemic-employment-miami-2021-4">Florida doesn't have a personal-income tax</a> but it has a variety of other business benefits, too, Troy McLellan, CEO of Boca Raton's Chamber of Commerce, said.He said Boca Raton has a "rich entrepreneurial environment" and "an ecosystem that supports business and entrepreneurs," in part thanks to actions of Florida Gov. Ron DeSantis. He also points to the collaboration between groups such as the Palm Beach's BDB, the regional Chamber, and Enterprise Florida.Boca Raton alone has three college campus that create a pipeline of intellectual capital for businesses relocating to the area, McLellan said.<div type="image" title="Florida Atlantic University campus" height="1065" width="1420" msid="82655723" hostid="261"></div>There are a lot of transport developments either in place or in the pipeline for Palm Beach County, too.The county has an international airport, which more than six million passengers pass through each year. Even the most northern part of the county, Jupiter, is located just 90 minutes' drive from Miami and Fort Lauderdale airports for a wider range of long-haul flights.Boca Raton also has its own general aviation airport, while West Palm Beach is planning to launch a study into the feasibility of direct flights from the city to the Caribbean to benefit its marine sector.And traveling from West Palm Beach to the rest of Florida is getting easier after it was connected to Miami through <a href="https://www.businessinsider.com/virgin-trains-investor-wes-edens-interview-brightline-florida-passenger-rail-2019-4">Brightline</a>, a rail system with investments from Richard Branson's Virgin, John Boyd of the Boyd Company said. The route will be expanded to include Orlando and its airport as well as Tampa, too.<div type="image" title="Brightline train" height="1900" width="3800" msid="82655724" hostid="261"></div>This transport network is luring both businesses and people to the county.Singer said there had been "tremendous interest" from executives with businesses overseas, who wanted to open offices or even locate to Boca Raton because of its transport links. Meanwhile, West Palm Beach <a href="https://www.wpb.org/government/development-services/economic-development/why-west-palm-beach">says</a> it has "one of Florida's most walkable central business districts," reducing the need to commute.<h2>People were already migrating - but the pandemic sped this up</h2>Not only have businesses been moving to the county but people have flocked there, too.Palm Beach County's population grew by around 14.2% over the past decade, according to estimates from the <a href="https://www.census.gov/programs-surveys/popest/technical-documentation/research/evaluation-estimates/2020-evaluation-estimates/2010s-counties-total.html">US Census Bureau. </a>This is almost double the rate of overall US population growth. Its population sits at around 1.5 million, making it Florida's third-largest county by population and second-largest by size.This growth isn't just because of the natural population increases that you would expect over time. There has also been soaring rates of both domestic and international migration. The county's net migration was around 11,500 in 2020, according to US Census Bureau estimates - compared to a net migration loss of 23,625 for New York County, which has a similar population.<div type="image" title="West Palm Beach" height="1833" width="2444" msid="82655725" hostid="261"></div>Florida is traditionally <a href="https://www.businessinsider.com/personal-finance/best-cities-achieve-early-retirement-2020-11">associated with retirees</a> but McLellan said this trend <a href="https://www.businessinsider.com/wealthy-move-to-vacation-towns-long-term-during-pandemic-2021-2">seems to be fading as more</a> and more families and young high-flyers move to the area.Many of these migrants are coming from the Northeast. Around two in five people moving to Palm Beach County come from the New York City area, per a <a href="https://f.hubspotusercontent20.net/hubfs/2931123/Emerging%20Areas%20in%20SE%20Florida%20(2).pdf">report by Unacast</a>. But some also come from cities like Boston, Chicago, and San Francisco, or even from countries like India and Brazil, Boyd said.<a href="https://www.forbes.com/assets/billionaires/billionaires-2020-map/?v=5">Forbes</a> identifies Palm Beach County as Florida's billionaire hub. The 2,600-square-mile county has around 44 billionaires, Smallridge said. This is roughly as many as there are in the entirety of Los Angeles, <a href="https://www.businessinsider.com/where-do-billionaires-live-top-cities-worldwide-ranked-2019-5">according to Wealth-X's 2020 Billionaire Census</a>, and includes Interactive Brokers founder Thomas Peterffy, hedge-fund manager David Tepper, and food-and-drink entrepreneur Jude Reyes, per <a href="https://www.forbes.com/assets/billionaires/billionaires-2020-map/?v=5">Forbes</a>.It's also the home of <a href="https://www.businessinsider.com/inside-trump-mar-a-lago-club-photos-2018-1">Mar-a-Lago</a>, the US's second-largest mansion, owned by former President Donald Trump.<div type="image" title="Mar a Lago better" height="2000" width="2666" msid="82655727" hostid="261"></div>The county also has around 71,000 millionaire households, Smallridge said. <a href="https://www.businessinsider.com/larry-ellison-tearing-down-palm-beach-mansion-staying-in-hawaii-2021-4">Oracle Founder Larry Ellison</a> recently bought an $80 million house in the county, though he plans to stay living in Hawaii full-time, and fashion designer <a href="https://www.businessinsider.com/a-list-of-all-the-powerful-people-moving-to-florida-right-now-2021-1#tommy-hilfiger-9">Tommy Hilfiger</a> sold his house in Greenwich, Connecticut to move to Palm Beach.Danielle Moore, the mayor of the town of Palm Beach, said it had a reputation as "the hometown of 'captains of industry,'" which she said motivated even more people to move there.People had already been migrating to the county before the pandemic but COVID-19 forced people to address their work-life balance, alongside the deterioration of office culture, the mayors said.Alongside companies opening up offices in the city, the rise in remote working during the pandemic has led to digital nomads flocking to the county.Moore said the town of Palm Beach was experiencing the lowest inventory of available homes "in decades," and house prices across the county have gone up <a href="https://www.zillow.com/palm-beach-county-fl/home-values/">around 10%</a> over the past year as more and more people relocate.<div type="image" title="West Palm Beach housing" height="2016" width="3024" msid="82655730" hostid="261"></div>Some of these people are incredibly wealthy. Sales of million-dollar single-family homes in Palm Beach County increased by more than 140% year over year, according to the <a href="https://www.businessinsider.com/wealthy-move-to-vacation-towns-long-term-during-pandemic-2021-2">2021 Luxury Outlook report by Sotheby's International Realty</a>.Florida has remained largely open during the pandemic compared to other states. This led to people choosing to make Florida their primary residence for the pandemic."People can work from anywhere, so why not work from paradise?" Singer said."That trend is likely to continue because <a href="https://www.businessinsider.com/ibm-ceo-on-return-to-work-and-hybrid-remote-plans-think-2021-5">the office environment of New York City</a> is not what it was," he said. He added that <a href="https://www.businessinsider.com/new-york-income-tax-wealthy-florida-cuomo-miami-budget-2021-4">New York State was also hiking its taxes</a>."When they were closed down, we had plenty of recreation space and great weather year-round, and people are understanding more and more that this is where they want to be," he added.<div type="image" title="West Palm Beach marina" height="1060" width="2121" msid="82655733" hostid="261"></div>Alongside retirees, Florida is also associated with seasonal residents who move to the state for the colder winter months, and Moore said that the town of Palm Beach's population more than doubles during the peak season.But when people relocated to Florida, many started enrolling their children at nearby schools, and soon found themselves settled down in the state, Smallridge said.Palm Beach County's median age is 43.6, "and that number is probably going to stay steady even as we all age because younger people are being born and coming here every day," Singer said.The climate has attracted people, too. The county has an average temperature of 75 degrees Fahrenheit, compared to 53 degrees Fahrenheit for <a href="https://en.climate-data.org/north-america/united-states-of-america/new-york/new-york-1091/">New York State</a>, <a href="https://discover.pbcgov.org/pages/pbc_facts.aspx">hasn't had snow since 1978</a>, and has <a href="https://discover.pbcgov.org/pages/pbc_facts.aspx">around 47 miles of coastline</a>.<div type="image" title="Palm Beach" height="1155" width="2310" msid="82655734" hostid="261"></div>"Most executives will go take a swim in the beach before they even go to work," Smallridge said. "They never have to shovel snow and they don't have to ride with the subway."But even as more people migrate to the county, some to work remotely while others to work for the companies opening new offices in the area, this trend is ultimately creating more employment opportunities for local residents, James said. He added that West Palm Beach has offered financial incentives to companies moving to the city based on the number of jobs they create, including <a href="https://www.wpb.org/home/showpublisheddocument/569/637194293849430000">expedited permit reviews and tax exemptions</a>.McLellan, meanwhile, said Boca Raton was trying to create a pipeline of future talent for businesses in the area, and that the Chamber was working to discourage residents from migrating away from the city.Ultimately Palm Beach County is positioning itself as not just a major financial-services hub, but also a destination for families, young graduates, and high-flying execs to move to.This is perhaps best summed up by West Palm Beach's tagline: "business, life, balanced."

Palm Beach County has around 44 billionaires. The super-rich are flocking there for business opportunities, convenient transport links, and a chance to live in 'paradise.'

<ul><li>Shivinder and Malvinder, who are the founders of <keyword id="46994" type="DOMAIN" weightage="20" keywordseo="Fortis-Healthcare">Fortis Healthcare</keyword>, are being investigated for the siphoning of ₹23 billion worth of funds from their listed companies. </li><li>On September 4th, <keyword id="136456" type="PERSON" weightage="20" keywordseo="Shivinder-Singh">Shivinder Singh</keyword> announced that he had filed a case against Malvinder and Sunil Godhwani, the former chairman of Religare, for their role in the “oppression and mismanagement” of their businesses. </li><li>A number of Indian regulators, including the SEBI and SFIO, are looking into the financial irregularities and diversion of funds at the brothers’ companies. </li></ul>Update: On September 13th, following intervention from their mother, Shivinder Singh withdrew the case he had filed against his brother Malvinder and Sunil Gondhwani in the NCLT. The brothers will now settle the case themselves out of court as their family members mediate. However, if the mediation fails, Shivinder retains the option of seeking a redressal through the courts. The decline of the healthcare czars, Shivinder Singh and brother <keyword id="6359351" type="PERSON" weightage="20" keywordseo="malvinder-singh">Malvinder Singh</keyword>, has been well-documented in recent months. The pair, who are the founders of Fortis Healthcare, have seen the empire they inherited from their father Parvinder Singh unravel spectacularly over the past few years and a fortune worth billions of dollars squandered. The brothers are being investigated for the loss of ₹23 billion from their listed companies, which has resulted in their public shareholdings being frozen. Fortis, which has been posting losses since 2015, has been at the centre of a money-laundering scandal related to the approval of unsecured loans to the brothers. Another financial services subsidiary, Religare Enterprises, which owned by them and was run by a close confidante, Sunil Godhwani, has also been hauled up by authorities for the siphoning of funds to firms that were privately held by the brothers. It has been speculated that the funds have gone towards the real estate investments of a spiritual sect, the Radha Soami Satsang Beas- the leader of which is the brothers’ uncle. The brothers also owe $500 million to Daiichi-Sankyo, which bought <keyword id="82365" type="COMPANY" weightage="20" keywordseo="Ranbaxy-Laboratories">Ranbaxy Laboratories</keyword> in 2008. The Delhi High Court found that they misrepresented the seriousness of regulatory investigations in the US against the Indian pharma major over the alleged violation of manufacturing standards and falsification of data. To add to their woes, they are also reeling from the losses of Ligare Aviation, a private charter airline business, and Religare Capital Markets, a failed investment banking venture. And now, a lawsuit On September 4th, Shivinder Singh announced that he had filed a case against his older brother Malvinder and Godhwani in the <keyword id="6354457" type="ORGANIZATION" weightage="20" keywordseo="National-Company-Law-Tribunal">National Company Law Tribunal</keyword>, a bankruptcy court, for their role in the “oppression and mismanagement” of Fortis Healthcare, Religare and related firms. Shivinder claims he has no part to play in the downfall of the companies as he left the business in December 2015 to join his uncle’s spiritual sect. He also allocates most of the blame to his brother Malvinder, who was chairman of the Fortis Healthcare over the period when the financial irregularities took place. The statement is in stark contrast to one issued last month by both the brothers that placed <a href="https://www.businesstoday.in/current/corporate/singh-brothers-say-sunil-godhwani-orchestrated-transactions-left-them-with-debt-load/story/281563.html">the blame squarely on Godhwani’s shoulders</a>. As things stand, a number of Indian regulators, including the Securities and Exchange Board of India (SEBI) and <keyword id="107956" type="ORGANIZATION" weightage="20" keywordseo="Serious-Fraud-Investigation-Office">Serious Fraud Investigation Office</keyword> (SFIO), are looking into the financial irregularities and diversion of funds at the brothers’ companies. Heads are expected to roll once their findings are revealed. Meanwhile, Fortis Healthcare will get a short-term lifeline from IHH Bhd, a Malaysian healthcare group. IHH is set to invest around ₹40 billion in India’s second-largest hospital chain for a 57% stake. The investment will ensure that the cash-strapped Fortis continues its operations for the foreseeable future.

The feuding ex-billionaire brothers: Shivinder Singh sues Malvinder over alleged mismanagement of Fortis empire

The Centre's top group of ministers looking into <keyword id="4708573" type="PERSON" weightage="20" keywordseo="Air-India-divestment">Air India divestment</keyword> is slated to meet on Saturday with the agenda ranging from extending the process to allowing greater debt re-structuring. These key decisions might come at a time when the divestment deadline of October 31 is fast approaching. The meeting of the AISAM (Air India Specific Alternative Mechanism), headed by Home Minister <keyword id="6355521" type="PERSON" weightage="20" keywordseo="amit-shah">Amit Shah</keyword>, will be conducted via video conferencing. Finance Minister Nirmala Sitharaman, Civil Aviation Minister Hardeep Singh Puri, Commerce Minister <keyword id="6355222" type="PERSON" weightage="20" keywordseo="piyush-goyal">Piyush Goyal</keyword> amongst others, will be participating. As per sources, extending the deadline for submission of initial bid or expression of interest (EoI) till December is on the cards. Another <keyword id="9602655" type="UNKNOWN" weightage="20" keywordseo="significant-change">significant change</keyword> that might be put forth for AISAM's approval will be a change in the deal's financial structure, especially concerning the airline's debt. Under this change, sources said that the bidders would be given the option to decide on the quantum of debt on the Air India books that they will like to absorb rather than freezing the debt amount and seeking investors' bids. As per the Air India EoI, floated by DIPAM in January, of the airline's total debt of Rs 60,074 crore as of March 31, 2019, the buyer would be required to absorb Rs 23,286.5 crore, while the rest would be transferred to Air India Assets Holding Ltd (AIAHL), a special purpose vehicle. With the proposed changes, buyers will decide on the level of debt that they will take and the one taking the largest debt may be considered favourable to be declared winner. The Centre is, however, said to be finding it tough to get investors on board. A Tata Group-led consortium was considered the favourite to take over the airline earlier but its interest lately has been subdued. With foreign airlines bleeding over fall in air travel during the pandemic, getting investors would be difficult. But Air India, with vast pool of international flying slots and running overseas operations under the Vande Bharat scheme, is expected to get some investor interest. Air India has been been unprofitable since its 2007 merger with state-owned domestic operator Indian Airlines Ltd, and since then is flying on government budgetary support, adding pressure to central resources. Air India disinvestment will be a key component of this years sell target of Rs 2.1 lakh crore. The government has so far mobilised a mere Rs 5,500 crore as disinvestment receipts. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/list-of-indian-billionaires-who-dropped-out-of-school-or-did-not-go-to-school-at-all/slidelist/78829239.cms">From Mukesh Ambani to Azim Premji — Indian billionaires who dropped out of college or did not go to school at all</a>

AISAM likely to take key decisions on Air India divestment on Saturday

<keyword id="6398943" type="PERSON" weightage="20" keywordseo="Rakesh-Jhunjhunwala">Rakesh Jhunjhunwala</keyword>, who is also known as Warren Buffet of India, has supposedly made a huge bid in the newly launched <a href="http://www.businessinsider.in/searchresult.cms?query=indigo">IndiGo IPO</a> in the HNI category. 
 Reportedly, billionaire investor Jhunjhunwala, who had also invested in SpiceJet IPO, has put the bid in upper end of the price band of the <keyword id="2399048" type="UNKNOWN" weightage="20" keywordseo="IndiGo-IPO">IndiGo IPO</keyword>. 
 
READ ALSO: <a href="http://www.businessinsider.in/IndiGos-IPO-is-a-hit-even-as-it-gets-first-time-investors-in-to-the-Indian-IPO-market/articleshow/49563342.cms">IndiGo’s IPO is a hit even as it gets first time investors in to the Indian IPO market!</a> 
 
The initial public offering of InterGlobe Aviation, parent of budget carrier IndiGo, was fully subscribed on the second day of the issue. The IndiGo IPO also saw huge bids on the third day. 
 
Reportedly, the QIB portion was subscribed 6.54 times with foreign investors bidding for 6.39 times the shares reserved for this category. 
 
READ ALSO: <a href="http://www.businessinsider.in/IndiGo-Indias-biggest-IPO-in-3yrs-is-already-a-blockbuster-Subscribed-33-on-Day-1/articleshow/49552073.cms">IndiGo, India’s biggest IPO in 3yrs is already a blockbuster! Subscribed 33% on Day 1</a> 
 
The IndiGo IPO allocated 10.87 million equity shares at Rs 765 apiece. 
 
(Image: Indiatimes)

This billionaire investor just made a huge bid in the IndiGo IPO

<ul><li>Indian Oil threatened to stop supply of aviation turbine fuel to the airline, over unpaid dues.</li><li>Air India’s pilots also threatened the government with mass resignations if they go on with the divestment plan.</li><li>The debt of Air India has ballooned to a massive ₹60,000 crore and is struggling to carry on operations.</li></ul> The troubles of debt-laden Air India do not seem to come to an end. Even as the government is planning to go ahead with its divestment, today yet another state-owned company Indian Oil threatened to stop supply of aviation turbine fuel to the airline, over unpaid dues. BPCL and HPCL too said that they will cut off<a href="https://trak.in/tags/business/2019/10/14/air-india-flights-can-be-cancelled-after-october-18th-these-6-airports-will-be-affected-due-to-payment-crisis/"> fuel supplies unless</a> their bills, running into few thousands of crores, is cleared. This comes two days after the pilots union was enraged with the government’s plan to sell 100% of the national carrier. The pilots threatened a mass resignation if they plan to go ahead with it. Already as many as 120 pilots resigned in protest. In the Budget 2019, the finance minister Nirmala Sitaraman said that they plan to speed up the process of divestment, and is ready to make structural reforms. She also said that they plan to expedite it by October this year, but there has been no major movement. In the meanwhile, the debt of Air India has ballooned to a massive ₹60,000 crore, joining the ranks of state-owned telecom operators BSNL and MTNL who are struggling to carry on operations. This divestment could have brought in a new investor who could have help cut its debt, while providing the government with much-needed revenue as well. As government moves slowly in its planned sell-off, there is little interest from investors as well. In spite of rumours that Tata Group might bid for the airline, the group spokesperson insists that it <a href="https://www.thehindubusinessline.com/economy/logistics/air-india-buy-tata-sons-back-at-the-drawing-board-may-place-bid-soon/article29653782.ece">is speculation</a>. Yet another airline Jet Airways which was grounded in April this year, failed to find a bidder and its case is now with the bankruptcy court. This was in spite of billionaire Hinduja brothers showing interest in it.

Weeks ahead of divestment, Air India faces multiple threats of being grounded

<ul><li>The <keyword id="6377129" type="UNKNOWN" weightage="20" keywordseo="government-of-india">Government of India</keyword> issued a new expression of interest for 100% sale of <keyword id="2573" type="CITY" weightage="20" keywordseo="Air-India">Air India</keyword>. </li><li>The bidding party will have to bear ₹23,286 crore of the total ₹60,000 crore debt of Air India. </li><li>Recently, the Hinduja Group had expressed interest in bidding for Air India. </li></ul>Air India is straddling a debt of ₹60,000 crore, and that has put a dampener on the government’s plan to disinvest its stake in it. Today, the Government of India issued a new expression of interest for 100% sale of the troubled state-owned airline. As per the revised EoI, the bidding party will have to bear ₹23,286 crore of the total ₹60,000 crore debt of Air India. And the deadline for bidders is set on March 17. According to IANS, the net worth for eligible bidders too has been relaxed to ₹3,500 crore from ₹5,000 crore. The new EOI comes in after multiple attempts at the sale of Air India seem to have failed as few wanted to take on the massive debt. One of the few interested parties include the Hinduja Group. Interestingly, the Hinduja Group was earlier keen on bidding for the now defunct Jet Airways, but now seems to have pivoted to a “better asset”, <a href="https://www.business-standard.com/article/companies/hinduja-and-us-based-interups-join-race-to-acquire-cash-strapped-air-india-120012500027_1.html">as per Business Standard</a>. Earlier, in an <a href="https://timesofindia.indiatimes.com/business/india-business/will-ask-my-team-to-look-at-bidding-for-ai-tata-group-chief/articleshow/71883484.cms">interview with TOI</a>, Tata Group Chairman N Chandrasekaran had said that the Tata Group might consider bidding for Air India and will get his team to look into the matter. In a recent interview with <a href="https://www.ndtv.com/video/shows/executive-decision/have-no-choice-but-disinvestment-air-india-chief-to-ndtv-538592">NDTV,</a> Ashwani Lohani, the Chairman &amp; Managing Director of Air India had said that there was no choice but to go ahead with the <keyword id="44532" type="PERSON" weightage="20" keywordseo="Disinvestment">disinvestment</keyword> of airline. He had expressed optimism that the airline will perform much better once disinvested. Meanwhile, for FY19, Air India had posted a massive <a href="https://m.economictimes.com/industry/transportation/airlines-/-aviation/air-india-posts-rs-4600-cr-operating-loss-in-2018-19-aims-operating-profit-this-fiscal/articleshow/71136113.cms">operating loss</a> of ₹4,600 crore, while its net loss stood at ₹8,400 crore. It has a massive debt of ₹58,351 crore and debtors are knocking down their doors. State-owned oil companies recently <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/pay-monthly-or-will-cut-fuel-supply-at-6-airports-from-oct-18-oil-companies-to-air-india/articleshow/71525811.cms?from=mdr">sent a letter</a> asking them to pay up dues and threaten to stop supply of aviation turbine fuel (ATF). See Also: <a href="https://www.businessinsider.in/thelife/personalities/news/jet-airways-had-caught-the-attention-of-srichand-and-gopichand-hinduja-who-are-worth-16-billion/articleshow/73068506.cms">The billionaires who want to fly Jet Airways are also the world's largest bus manufacturers</a> <a href="https://www.businessinsider.in/air-india-flights-sale-may-not-include-its-debt/articleshow/71177898.cms">Indian government is looking to sell Air India but may keep its debt</a>

Indian government sweetens Air India sale by slicing its debt burden by more than half

<ul class="summary-list"><li>Kent Davis, a retired pilot, shared his 40-year aviation career journey.</li><li>Davis started flying at 12, inspired by his pilot father and uncle.</li></ul>This as-told-to essay is based on a conversation with Kent Davis, a retired Air Canada pilot with more than 40 years of experience. It has been edited for length and clarity.I started flying when I was 12.My parents had a little cabin northwest of Montreal that we'd go to in the summer. A nearby air service company had four or five airplanes. I talked my dad into going and seeing if I could get a job.They said: "Yeah, sure. We can't pay you though, because you're underage."My job was fueling the airplanes, loading baggage, and whatever else. In return, the pilots taught me <a target="_blank" class="" href="https://www.businessinsider.com/i-just-became-commercial-pilot-training-regional-airline-2021-10">how to fly</a>. I spent three summers working there and accumulated about 30 hours of flying time.My father was my idol. He and my uncle were both pilots during World War II. My brother and sister were also pilots. Aviation is in the family.When I finished school, I went into the Royal Canadian Navy and did a tour there. Not as a pilot, though — I was in naval intelligence.When I got out of the Navy, I finished my pilot's license, and I flew for various companies. Most of them were small and underfunded, so they came and went.<h2 id="ca341142-37cd-4ecd-b0d4-141220b5f67e">A prime minister, movie stars, and royalty</h2>In 1972, I joined <a target="_blank" class="" href="https://www.businessinsider.com/air-canada-worker-quit-summer-flight-chaos-after-7-years-2022-9">Air Canada</a> and spent 33 years flying for them. During that time, I flew anybody and everybody. We had movie stars and royalty. I flew the Prime Minister of Canada a number of times during election campaigns.In 2005, I retired from Air Canada and was hired by <a target="_blank" class="" href="https://www.businessinsider.com/life-of-prince-alwaleed-of-saudi-arabia-2015-6">Prince Alwaleed Bin Talal</a>, a Saudi prince based in Riyadh.He was a self-made billionaire. When I was there, he was the fourth-richest man in the world.<div type="image" title="Prince Al Waleed bin Talal is surrounded by men in suits." height="689" width="1024" msid="113495841" hostid="261" sizebytes="52466"></div>If you have never lived and worked with somebody who is that wealthy, you have no idea about how they spend their money. It was unbelievable.He owned a bunch of his own airplanes, including an Airbus A340 and a <a target="_blank" class="" href="https://www.businessinsider.com/flying-on-deltas-boeing-767-economy-it-was-great-review-2022-9">Boeing 767</a>.When I got to <a target="_blank" class="" href="https://www.businessinsider.com/saudia-arabia-establishing-new-airline-to-attract-tourists-riyadh-air-2023-3">Riyadh</a> and took my first flight on the A340, the prince insisted that the other airplane fly empty in case we had a mechanical problem. This would happen regularly.It was mind-boggling to see how much money could buy.When the prince's daughter got married, he said to her, "Okay, I'm going to give you one of my airplanes and the crew, and I want you to take it for as long as you want and have a honeymoon."They took the Boeing 767, an airplane that carried more than 200 passengers. With a crew of 12, his daughter and her husband spent more than a month flying all over the world.The crew very seldom dealt with the prince directly; there would usually be an intermediary. This changed during a flight to New York for a meeting he had with George W. Bush.The prince walked into the cockpit and gave everybody $5,000. He said: "Have a nice time while you're in New York."It was peanuts to him, but for us, it was a lot of money.After leaving Riyadh in 2006, I worked for a few different companies, including a two-year stint with Air India.In 2013, I was offered a job in the Republic of Georgia, flying a Twin Otter aircraft. It was a very versatile and excellent airplane for what we used it for.We flew the country's president, his family, and other government personnel into and out of the Greater Caucasus Mountains. There were very few strips, so we used fields and roads to land and take off.I'm mostly retired now, except for some consulting work with my company, Trans Global Aviation Solutions.The best thing about the career is the career itself. It was very rewarding — and there was never a dull moment.

I'm a retired pilot who worked for royalty. I had no idea how the rich spent their money.

The <keyword id="19956320" type="General" weightage="20" keywordseo="United-Kingdom" source="keywords">United Kingdom</keyword> hosts a diverse group of individuals and families who have accumulated substantial wealth through various sectors, including industry, finance, retail, and technology. Below is a look at the 25 <keyword id="23033805" type="General" weightage="20" keywordseo="richest-people-in-Britain" source="keywords">richest people in Britain</keyword>, each with their own unique journey to wealth, according to The Sunday Times Rich List 2024. <h2> </h2><h2>25. Tom Morris and family</h2>Net Worth: £6.673bn Tom Morris, the founder of Home Bargains, has quietly built a discount retail empire in the UK. Home Bargains has grown to over 500 stores, and Morris’s approach to low-cost, high-volume retailing has earned him and his family a spot among Britain’s wealthiest. <h2>24. Anders Holch Povlsen</h2>Net Worth: £6.73bn Anders Holch Povlsen, a Danish fashion retailer, owns Bestseller, a company with brands such as Vero Moda and Jack &amp; Jones. Povlsen has also become Scotland’s largest landowner. <h2>23. <keyword id="6354819" type="General" weightage="20" keywordseo="Anil-Agarwal" source="Orion">Anil Agarwal</keyword></h2><div type="image" title="Anil Agarwal" agency="BCCL" msid="113051472" hostid="261" sizebytes="1024664"></div>Net Worth: £7bn Anil Agarwal is the founder and chairman of Vedanta Resources, a mining and metals company with operations in India, Africa, and Australia. Agarwal’s rise from a scrap metal trader to a mining tycoon is marked by his aggressive business strategies and expansion into global markets. <h2>22. John Reece</h2><div type="image" title="John Reece" msid="113051663" hostid="261" sizebytes="456630"></div>Net Worth: £7.224bn John Reece is a significant figure in Ineos and is the chief financial officer of the company. Reece's expertise is in finance and management, owing to his Chartered Accountancy background. <h2>21. Andy Currie</h2><div type="image" title="Andy Currie" msid="113051609" hostid="261" sizebytes="455580"></div>Net Worth: £7.257bn Andy Currie is a director of Ineos, the chemicals company founded by Sir Jim Ratcliffe. Currie’s wealth is closely tied to the success of Ineos, where he has played a key role in its strategic direction and expansion into new markets. <h2>20. Denise, John, and Peter Coates</h2>Net Worth: £7.467bn The Coates family founded Bet365, one of the largest online gambling companies in the world. Denise Coates, the driving force behind the company, has built Bet365 into a dominant player in the industry, with significant revenues generated from its online platform. <h2>19. Lord Bamford and family</h2><div type="image" title="Lord Bamford" msid="113051678" hostid="261" sizebytes="1568515"></div>Net Worth: £7.65bn The Bamford family owns <keyword id="107342" type="General" weightage="20" keywordseo="JCB" source="Orion">JCB</keyword>, a leading manufacturer of construction equipment known for its distinctive yellow machines. Under Lord Bamford’s leadership, JCB has grown into a global brand, exporting to over 150 countries and maintaining a strong market presence in the UK. <h2>18. <keyword id="469673" type="General" weightage="20" keywordseo="nicky-oppenheimer" source="Orion">Nicky Oppenheimer</keyword> and family</h2>Net Worth: £7.937bn Nicky Oppenheimer, ex-chairman and once the controlling shareholder of De Beers, sold his family’s stake in the diamond company to Anglo American for $5.1 billion. Since then, Oppenheimer has diversified his investments, focusing on conservation, private equity, and venture capital. <h2>17. Carrie and François Perrodo and family</h2>Net Worth: £9.168bn The Perrodo family’s wealth comes from their privately-held energy company, Perenco, which operates oil and gas fields around the world. François Perrodo, who took over the company after his father’s death, has continued to expand its global footprint, solidifying their position among Britain’s richest. <h2>16. Marit, Lisbet, Sigrid, and Hans Rausing</h2>Net Worth: £9.188bn The Rausing siblings, part of the Tetra Pak dynasty, have expanded their wealth through diverse investments and philanthropy. While their fortune originates from the packaging industry, they have also made significant contributions to charitable causes, particularly in the arts and education. <h2>15. Barnaby and Merlin Swire and family</h2>Net Worth: £9.986bn The Swire family has deep roots in shipping and aviation, with their conglomerate, Swire Group, operating in industries ranging from property to beverages. Barnaby and Merlin Swire oversee a global empire that includes Cathay Pacific Airways and significant property holdings in Hong Kong. <h2>14. The Duke of Westminster and the Grosvenor family</h2>Net Worth: £10.127bn The Duke of Westminster, Hugh Grosvenor, inherited a vast real estate empire that includes prime properties in London's Mayfair and Belgravia. The Grosvenor family’s wealth is tied to their vast land holdings and investments, managed through the Grosvenor Group. <h2>13. Charlene de Carvalho-Heineken and Michel de Carvalho</h2>Net Worth: £11.751bn Charlene de Carvalho-Heineken, the controlling shareholder of Heineken, along with her husband Michel de Carvalho, manages one of the world’s largest brewing companies. Their wealth is underpinned by the global reach of Heineken, which operates in over 70 countries. <h2>12. Michael Platt</h2>Net Worth: £12bn Michael Platt is a hedge fund manager and the co-founder of BlueCrest Capital Management. Once one of the world’s largest hedge funds, BlueCrest now operates as a private investment firm, with Platt’s fortune growing from his successful investment strategies and management fees. <h2>11. Alex Gerko</h2>Net Worth: £12.055bn Alex Gerko, a mathematician turned financier, made his fortune through algorithmic trading. He is the founder of XTX Markets, one of the world’s largest electronic trading firms. Gerko's innovative approach to trading has positioned him as a significant figure in the finance industry, with a rapidly growing net worth. <h2>10. Kirsten and Jorn Rausing</h2>Net Worth: £12.634bn The Rausing family, heirs to the Tetra Pak fortune, continue to benefit from the global success of the packaging company. Kirsten and Jorn Rausing have also ventured into philanthropy and have stakes in various other businesses, maintaining their status among the wealthiest in the UK. <h2>9. John Fredriksen and family</h2>Net Worth: £12.867bn Norwegian-born shipping magnate John Fredriksen has a net worth built on his dominance in oil tanker shipping. He owns the world’s largest oil tanker fleet through his company Frontline and has substantial stakes in offshore drilling, fish farming, and other maritime sectors. <h2>8. Guy, George, Alannah, and Galen Weston Jr and family</h2>Net Worth: £14.493bn The Weston family has long been involved in retail, owning well-known brands such as Selfridges, Primark, and Fortnum &amp; Mason. Their wealth is not only tied to these retail ventures but also to their vast land holdings and investments in the food industry. <h2>7. <keyword id="29201" type="General" weightage="20" keywordseo="Lakshmi-Mittal" source="Orion">Lakshmi Mittal</keyword> and family</h2> <div type="image" title="Lakshmi Mittal" agency="BCCL" msid="113051708" hostid="261" sizebytes="1017200"></div>Net Worth: £14.921bn Lakshmi Mittal, a steel tycoon, transformed a small family steel business into ArcelorMittal, the world’s largest steel producer. Despite facing challenges in the steel industry, Mittal remains one of Britain's wealthiest individuals, with his family holding extensive investments in real estate, including properties in London’s prestigious Kensington Palace Gardens. <h2>6. Idan Ofer</h2>Net Worth: £14.96bn Israeli billionaire Idan Ofer made his wealth through holdings in shipping and energy. His company, Quantum Pacific Group, owns significant stakes in the shipping firm ZIM and the energy company Pacific Drilling. Ofer’s influence extends to football, with ownership stakes in the Spanish club Atlético Madrid. <h2>5. Sir James Dyson and family</h2> Net Worth: £20.8bn Sir James Dyson revolutionized the home appliance market with his innovative vacuum cleaners, hand dryers, and bladeless fans. His company, Dyson Ltd, continues to expand into new areas such as electric vehicles and robotics, reflecting Dyson's relentless pursuit of innovation. <h2>4. Sir Jim Ratcliffe</h2><div type="image" title="Sir Jim Ratcliffe" msid="113051750" hostid="261" sizebytes="459440"></div>Net Worth: £23.519bn Sir Jim Ratcliffe, the founder and chairman of the chemical company Ineos, is one of the most prominent industrialists in Britain. Starting as a chemical engineer, Ratcliffe built Ineos into a global giant with operations in chemicals, oil and gas, and automotive, including the recent acquisition of the British brand, Grenadier. <h2>3. David and Simon Reuben and family</h2>Net Worth: £24.977bn The Reuben brothers, David and Simon, have amassed their wealth through real estate, particularly in London's lucrative property market. Originally making their fortunes in metals and commodities, the Reubens have since transitioned into property, owning prime real estate across London, including iconic locations like Millbank Tower and the Burlington Arcade. <h2>2. Sir Leonard Blavatnik</h2>Net Worth: £29.246bn Sir Leonard Blavatnik, a Ukraine-born American-British billionaire, built his fortune through diversified investments in industries such as oil, gas, and media. A major shareholder in Warner Music Group, Blavatnik's wealth also stems from his private equity firm, Access Industries, which has stakes in a wide array of sectors including chemicals, technology, and real estate. <h2>1. <keyword id="675132" type="General" weightage="20" keywordseo="Gopi-Hinduja" source="Orion">Gopi Hinduja</keyword> &amp; family</h2><div type="image" title="PP Hinduja and Ashok P. Hinduja" agency="BCCL" msid="113051799" hostid="261" sizebytes="944901"></div>Net Worth:£37.196bn Leading the wealth rankings, the Hinduja family, under Gopi Hinduja's leadership, has a vast empire spanning banking, energy, automotive, and more. The Hinduja Group’s origins trace back to India, and today, the family's business interests are spread across 38 countries, with significant assets in the UK.

You Searched For "aviation billionaires india" and got 12 results

VIPs including Jeff Bezos flew to a climate conference on 400 private jets, sparking fury over the carbon emissions caused

Huileng Tan

A new, ultra-low-cost Indian airline just placed a $9 billion order with Boeing, and analysts say it could lift up the country's entire aviation segment

Vasudevan Sridharan

Reliance plans to up aviation fuel stations by 50 pc

PTI

Shiv Nadar tops philanthropy list, even as India’s most generous cut back after the pandemic

Bhakti Makwana

Palm Beach County has around 44 billionaires. The super-rich are flocking there for business opportunities, convenient transport links, and a chance to live in 'paradise.'

Grace Dean

The feuding ex-billionaire brothers: Shivinder Singh sues Malvinder over alleged mismanagement of Fortis empire

Dilsher Dhillon

AISAM likely to take key decisions on Air India divestment on Saturday

IANS

This billionaire investor just made a huge bid in the IndiGo IPO

BI India Bureau

Weeks ahead of divestment, Air India faces multiple threats of being grounded

Katya Naidu

Indian government sweetens Air India sale by slicing its debt burden by more than half

Sanchita Dash

I'm a retired pilot who worked for royalty. I had no idea how the rich spent their money.

Mikhaila Friel

These are the top 25 richest people in Britain

BI India Bureau

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