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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

The competition between <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> and <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword> for the title of <keyword id="1919738" type="General" weightage="20" keywordseo="Indias-richest-person" source="Orion">India's richest person</keyword> has navigated a rollercoaster of fortunes. Their rivalry isn't merely a headline-grabbing feud, but a significant force shaping the Indian economic landscape. As of mid-August, Ambani remains the <keyword id="7413735" type="General" weightage="20" keywordseo="richest-person-in-India" source="Orion">richest person in India</keyword>. He is ranked 11th among the world's wealthiest individuals by Forbes, with a net worth of around $113 billion. On the other hand, Adani's net worth has fallen to approximately $84 billion, placing him 20th on Forbes’ real-time global list. Gautam Adani, chairman of the $32 billion (revenue) Adani Group, has witnessed a journey marked by dramatic ups and downs. In 2022, he soared to the rank of the world's second-richest individual before encountering a severe downturn. Allegations of corporate fraud by Hindenburg Research triggered a substantial sell-off in his company's stocks in 2023. Yet, Adani's determined recovery—focused on debt management and core business strengths—has paved the way for a remarkable rebound. By 2024, Adani group's shares also recovered substantially after India's Supreme Court ruled in the group's favour. Meanwhile, Mukesh Ambani—chairman and managing director at the $110 billion (revenue) Reliance Industries—has also experienced some fluctuations in his wealth and business activities this year. However, 2024 has been marked mainly by his personal milestones. The high-profile wedding of his younger son Anant Ambani with Radhika Merchant was attended by some of the most well-known celebrities and figures in the world, highlighting Ambani family's prominence in both business and social spheres. <cmsannotation type="cmsannotation" annotationid="Implications of Adani vs Ambani for the Indian economy" comment="subhead" text="Implications of Adani vs Ambani for the Indian economy">Implications of <keyword id="13480269" type="General" weightage="100" keywordseo="Adani-vs-Ambani" source="Orion">Adani vs Ambani</keyword> for the <keyword id="6356076" type="General" weightage="20" keywordseo="Indian-economy" source="Orion">Indian economy</keyword></cmsannotation> The ongoing competition between Ambani and Adani is not just a personal battle; it has broader implications for the Indian economy. Firstly, heightened competition between these business giants is likely to benefit consumers by driving improvements in pricing and services within sectors they both dominate, including telecommunications, retail and renewable energy. Additionally, as their enterprises grow, they are expected to generate a significant number of job opportunities across diverse fields. This competitive dynamic also fosters a climate of innovation, as both conglomerates invest heavily in emerging technologies and sustainable practices, thereby bolstering India's position as a leader in these areas. Both billionaires represent different paths to success, with Ambani's legacy-driven approach contrasting with Adani's entrepreneurial journey, underscoring the diverse opportunities within the Indian economy. The ongoing race between Mukesh Ambani and Gautam Adani epitomises the dynamic nature of wealth creation in India. With Adani currently in the lead, the competition promises to continue shaping economic trends and consumer experiences in the country.

Adani vs Ambani: Mukesh Ambani has overtaken Gautam Adani in race to become richest person in India

<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

The Ambani-Merchant nuptials, culminated in a lavish ceremony in Mumbai after a series of celebrations spanning multiple countries over the past four months. Notably absent from the Mumbai reception, however, was Congress leader and Leader of Opposition in the Lok Sabha, <keyword id="19895780" type="General" weightage="20" keywordseo="Rahul-Gandhi" source="keywords">Rahul Gandhi</keyword>. Reports suggest that billionaire <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword> had personally invited Rahul Gandi and Sonia Gandhi for his son Anant Ambani’s wedding. These speculations arose after the businessman was seen arriving at 10, Janpath. Sources close to Gandhi, however, had firmly denied his attendance, underlining a strategic move to reassert his image as a leader connected to the common citizen. Amid the celebrations, Rahul Gandhi was seen adressing a crowd of people. Talking about the grandeur of the event being held at the Jio World Convention Centre, he sardonically remarked how all of this was happening while the public was suffering. <div type="twitter" handle="pbhushan1" handlename="pbhushan1" favoritecount="0" retweetcount="0" id="1812340770860413030"></div>Further, a video of the 54-year-old Congress leader waiting for his order at a Delhi pizzeria has gone viral. And many speculate that the timing of this co-incided with some of his allies attending the Ambani event. <div type="twitter" handle="mr_mayank" handlename="mr_mayank" favoritecount="0" retweetcount="0" id="1812210852042572052"></div>While Gandhi's decision to abstain is seen as a deliberate stance against what he critiques as “crony capitalism”, particularly under the current <keyword id="20360422" type="General" weightage="20" keywordseo="NDA-government" source="keywords">NDA government</keyword>, some of his allies and colleagues from his party such as Abhishek Manu Singhvi and Mamata Banerjee graced the occasion. Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> also attended the Ambani-Merchant reception to give his blessings to the happy couple. Andra Pradesh CM Chandrababu Naidu was also in attendance. Read: <a href="https://www.businessinsider.in/india/news/pm-narendra-modi-attends-anant-ambani-and-radhika-merchants-star-studded-wedding-event/articleshow/111719695.cms" data-type="tilCustomLink">PM Narendra Modi attends Anant Ambani and Radhika Merchant's star-studded wedding event</a> Amit Malviya, the national head of the Bharatiya Janata Party's IT cell, took a swipe at Gandhi's absence, insinuating that the Congress leader might be abroad, a notion that has stirred controversy in political circles. Malviya's comments also alluded to the participation of opposition leaders in the wedding festivities, contrasting sharply with their criticisms of prominent industrialists like Ambani and Adani. The <keyword id="20727512" type="General" weightage="20" keywordseo="Ambani-wedding" source="keywords">Ambani wedding</keyword> saga, from its extravagant pre-wedding celebrations in Gujarat and Italy to the final celebrations in Mumbai, has been a magnet for media attention, showcasing the elite social circle of the Ambani family. While a majority of the festivities have come to an end, the event continues to attract equal parts admiration and scrutiny, particularly around the intricate web of political dynamics that surround them. Related: <a href="https://www.businessinsider.in/entertainment/news/meet-the-rich-and-famous-people-in-mumbai-for-the-ambani-wedding/slidelist/111694174.cms" data-type="tilCustomLink">Meet the rich and famous people in Mumbai for the Ambani wedding</a>

Rahul Gandhi takes dig at politicians attending Ambani wedding bash while commoners are “dying of hunger”

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

<ul><li>The <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="261" meta.entityid="Adani Group">Adani Group</keyword> is looking to foray into the <keyword id="19990771" type="General" weightage="20" keywordseo="e-commerce" source="keywords">e-commerce</keyword> and payments segments in India.</li><li><keyword id="19929098" type="General" weightage="100" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> is India’s second richest man, with just <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword> ahead of him.</li><li><keyword id="19898586" type="General" weightage="20" keywordseo="adani" source="keywords">Adani</keyword> Group is reportedly planning on offering <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword> and e-commerce services through the Adani One app.</li></ul> Gautam Adani-led Adani Group has a diverse portfolio, from ports to energy and more. The conglomerate is now reportedly looking to enter the e-commerce and payments segments as the group diversifies. According to a report by Financial Times, the Adani Group is in talks to enter the e-commerce and payments segments as it wants to expand its digital business to take on Mukesh Ambani’s <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword> and Google in India. While the Adani Group has a stake in several businesses, it has yet to make its presence felt in consumer-facing segments. <cmsannotation type="cmsannotation" annotationid="Talks on for payments license, credit card" comment="subhead" text="Talks on for payments license, credit card">Talks on for payments license, credit card</cmsannotation> The Adani Group is reportedly considering applying for a license to operate on the country’s public digital payments network, the Unified Payments Interface (UPI). The group is also in talks with banks to offer a co-branded Adani credit card to its customers. <cmsannotation type="cmsannotation" annotationid="Push for ONDC" comment="subhead" text="Push for ONDC">Push for <keyword id="19987599" type="General" weightage="20" keywordseo="ONDC" source="keywords">ONDC</keyword></cmsannotation> The Adani Group is also reported to be in negotiations to enter the e-commerce segment through the government-backed Open Network for Digital Commerce (ONDC). With ONDC’s interoperable networks, companies do not have to invest in developing their own e-commerce platforms or payment systems. The ONDC services will reportedly be available on the company’s Adani One app, which was launched in 2022. The Adani One app currently offers travel services such as flight and hotel bookings. The services will initially be aimed at the company’s gas and electricity customers, offering them incentives to use their app in the form of cashback and discounts. <cmsannotation type="cmsannotation" annotationid="To take on Mukesh Ambani" comment="subhead" text="To take on Mukesh Ambani">To take on Mukesh Ambani</cmsannotation> Mukesh Ambani and Gautam Adani, who are the top two<a href="https://www.businessinsider.in/india/news/top-25-richest-people-in-india-in-2024/articleshow/110149894.cms"> richest people in India</a> have been competing for the top spot, with Adani occupying the top spot for a while. Gautam Adani’s net worth took a hit after a sharp decline in Adani Group shares during the Hindenburg saga. US-based research firm Hindenburg had released a report on the Gautam Adani-owned companies in late January in 2023, alleging stock manipulation among others. Adani Group’s<a href="https://www.businessinsider.in/business/corporates/news/gautam-adani-beats-mukesh-ambani-to-become-indias-richest-man/articleshow/106564235.cms"> shares rallied</a> after the country’s Apex Court passed a<a href="https://www.businessinsider.in/stock-market/news/adani-hindenburg-sc-verdict-sees-pack-rally-with-adani-energy-solutions-in-the-lead/articleshow/106505824.cms"> verdict</a> in favour of the group. Adani even went on to emerge as India’s richest man by adding $7.67 billion to his net worth in a short span. While Mukesh Ambani reclaimed the top spot, the gap is once again narrowing. According to the Bloomberg Billionaire’s Index, Gautam Adani’s net worth has now surged to $109 billion, just behind Mukesh Ambani who is valued at $114 billion, bringing down the gap to $5 billion. In the last year, Adani’s wealth has surged by $25 billion, while Ambani’s wealth has surged by $17.3 billion. Despite this surge, Adani’s wealth is yet to reach its peak of $119 billion. Adani’s new ventures will take on Mukesh Ambani’s JioMart and JioFinance, which is expected to soon begin offering payment services. Additionally, it will also take on Google Pay, one of India’s most popular UPI platforms. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/jiocinema-launches-new-annual-ad-free-subscription-plan-at-a-discount/articleshow/110486706.cms">JioCinema launches new annual ad-free subscription plan at a discount</a> <a href="https://www.businessinsider.in/sports/webstories/ipl-2024-award-winners-orange-cap-to-emerging-player-of-the-season-here-are-the-winners/slidelist/110454525.cms">IPL 2024 award winners – Orange cap to emerging player of the season, here are the winners</a> <a href="https://www.businessinsider.in/stock-market/news/awfis-space-solutions-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110467409.cms">Awfis Space Solutions IPO allotment – How to check allotment, GMP, listing date and more</a>

Adani Group could soon enter e-commerce and UPI segments, to rival Mukesh Ambani and Google

<ul><li>Mukesh Ambani regained his No. 1 position even as his wealth grew only 2% in the year.</li><li>Nearly 65% of people in the list amassed a combined wealth of close to $1 trillion.</li><li>As many as 55 people dropped out of the rich list, the most notable being Byju Raveendran.</li><li>Startup founders’ wealth saw a collective dip of ₹85,000 crore. </li></ul>A lot has changed in the last one year, but there are few surprises in the 360 ONE Wealth Hurun India Rich List 2023 released on Tuesday. The chairman of Reliance Industries Mukesh Ambani surged to the top spot as India’s richest man. India has added 38 <keyword id="6393637" type="General" weightage="20" keywordseo="billionaires" source="Orion">billionaires</keyword> to its rich list, taking the total tally to 259. Even as the developed world is staring at a recession, India is cementing its position as an economic powerhouse. Nearly 65% of people in the rich list amassed a combined wealth of close to $1 trillion. This is akin to the combined GDP of Singapore and the UAE, Hurun said. Mukesh Ambani surpassed Gautam Adani, who dropped to the second spot, in spite of only a 2% growth in his wealth in the last one year. After Adani’s wealth more than halved in the last year, the gap between Ambani and Adani wealth widened by ₹3,30,000 crore. The top 10 has seen a lot of upheaval in the last one year – as only Shiv Nadar and Cyrus Poonawala were able to hold on to the positions they held last year. Gautam Adani’s brother Vinod Shantilal Adani who was the sixth richest Indian last year, exited the top 10 list this year. He is now the twelfth richest Indian after his wealth dropped by 37%. The other notable exit is Uday Kotak, the chairman of Kotak Mahindra Bank who is now the 11th richest man in the county after his wealth dropped 6% last year. Kumar Mangalam Birla &amp; family and Niraj Bajaj &amp; family made a remarkable return to the top 10 this year as wealth went up by 5% and 7% respectively. India <keyword id="8030144" type="General" weightage="20" keywordseo="top-10-richest" source="Orion">Top 10 richest</keyword> Indians <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Name </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wealth </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mukesh Ambani &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹808,700 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gautam Adani &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹474,800 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-57% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cyrus S Poonawalla &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹278,500 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">36% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shiv Nadar &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹228,900 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gopichand Hinduja &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,76,500 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dilip Shanghvi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,64,300 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LN Mittal &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,62,300 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Radhakishan Damani &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,43,900 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-18% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kumar Mangalam Birla &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,25,600 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Niraj Bajaj &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,20,700 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr></tbody></table>Source: 360 ONE Wealth Hurun India Rich List 2023 ‘India a shining moon as world stares at recession’ The cumulative wealth of 1,319 individuals who possess more than ₹1,000 crore in the rich list went up by 8.5% in the last year. However, their average wealth has decreased by 9.3%. The India Rich List added 273 new entrants and 38 new billionaires over the last year. The number of dollar billionaires also went up to 259, up 38 as compared to last year. “The trends prove that India is a shining moon in a world that is staring at recession. While the China Rich List has dropped 10% for each of this year and last year, both in terms of average wealth and in terms of the number of people that make the list. India is closing the gap,” said Anas Rahman Junaid, MD and Chief Researcher, Hurun India. India has 259 billionaires, up 38 compared to last year. While industrial products, metals &amp; mining added the greatest number of new entrants to the list. Pharma still holds the numero uno position and contributed 133 entrants to the list. “Over the past five years, many entrepreneurs have witnessed extraordinary wealth growth, some experiencing an astonishing 1,000% surge. Construction and engineering emerge as the top gainers in the top 100 list, followed closely by pharmaceuticals which has a cut-off of ₹20,000 crore,” said Anirudha Taparia, co-founder and joint CEO, 360 ONE Wealth. Funding winter &amp; founders’ wealth While 264 in the Indian rich list saw their wealth drop in the last one year, there were as many as 55 dropouts. The most notable of the dropouts is Byju Raveendran. The founder of edtech Byju’s exited the list on the back of investor markdowns. The funding winter and its ripple effects led to startup founders on the list experiencing a collective wealth dip of ₹85,000 crore. Recent policies, like the retrospective GST imposition on gaming companies and the angel tax and so on, could potentially hinder long-term wealth generation by startups, Hurun said. However, a few IPOs that stumbled last year did make a comeback. As new-age internet companies gain in value, entrepreneurs like Deepinder Goyal of Zomato and Yashish Dahiya of PB Fintech have seen their wealth increase by over 70%. Startup wealth creation will persist, albeit within a changing landscape, Junaid said. The IPO stars: Public issues and rich list debuts The stock markets also rewarded many public debuts and made their founders into billionaires. Ramesh Kunhikannan’s Kaynes Technology made a strong stock market debut. And he entered the list with a wealth of ₹8,200 crore. The spectacular listing gains provided by stock market debuts of many companies have pulled their owners into the rich list. Some of them include Jagdish Prasad Chowdhary of Titagarh Wagons, Ranjit Pendurthi of Archean Chemical Industries and Ajay P Thakker &amp; family of Jupiter Life Line Hospitals. Pavan Kumar Bajaj and Karan Bajaj of Electronics Mart India and Harsha Engineers’ Harish Rangwala and Rajendra Shantilal Shah too entered the coveted list of richest Indians after their stocks skyrocketed on debut. But there is money to be made in private markets too. Manish Kejriwal of Kedaara Capital became the first Indian Private Equity fund manager to enter the list.

Hurun India Rich List: Birla and Bajaj back in the top ten with Ambani on top in 2023

<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> on Monday reported an almost flat March quarter net profit, while its annual earnings hit a record high on the back of a recovery in its core oil and petrochemicals business and sustained momentum across the consumer-facing telecom and retail businesses. The oil-to-telecom-and-retail conglomerate's consolidated net profit stood at Rs 18,951 crore, or Rs 28.01 per share, in January-March quarter of the 2023-24 fiscal compared to Rs 19,299 crore, or Rs 28.52 a share, a year ago, according to a company's stock exchange filing. The profit was, however, higher quarter-on-quarter when compared to Rs 17,265 crore in October-December period. For the full fiscal FY24 (April 2023 to March 2024), Reliance posted a record net profit of Rs 69,621 crore as compared to Rs 66,702 crore earnings in the preceding financial year. Reliance also became the first Indian company to hit Rs 10 lakh crore turnover in FY24 when revenue from operations rose 2.6 per cent from Rs 9.74 lakh crore in 2022-23. The oil-to-chemicals (O2C) business, the main milch cow, posted a rise in profitability annually as well as sequentially, while retail business' earnings rose on new store openings despite lower footfalls. The firm helmed by billionaire <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword> saw telecom revenues soar as it outpaced competition in subscriber addition and data traffic. While quarterly EBITDA (earnings before interest, taxes, depreciation, and amortization) was up 14.3 per cent year-on-year to Rs 47,150 crore, registering growth across all businesses, the revenue from operations rose almost 11 per cent to Rs 2.64 lakh crore. The mainstay oil refining and petrochemicals business, called O2C, posted a 11 per cent rise in revenue and a 3 per cent higher EBITDA at Rs 16,777 crore in Q4. This was primarily because of "advantageous" sourcing of feedstock (crude oil) for refining business and use of ethane for making chemicals as well as higher domestic product placement, a company statement said, adding exports were down 8.5 per cent. With the consumer base swelling to 481.8 million from 470.9 million at the end of December on a flat per-user revenues of Rs 181.7, Reliance <keyword id="21397660" type="General" weightage="20" keywordseo="Jio-Infocomm-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Jio Infocomm Ltd" meta.hostid="261" meta.entityid="Jio Infocomm Ltd">Jio Infocomm Ltd</keyword> - the digital services business - posted a 12 per cent rise in net profit at Rs 5,583 crore in the fourth quarter of FY24. Also, aiding the business was rise in data traffic to 40.9 billion GB in January-March from 38.1 billion GB in the preceding quarter. For the full year, Jio posted a profit of Rs 21,424 crore as compared to Rs 19,124 crore in FY23. Profits from the retail business climbed 11.7 per cent to Rs 2,698 crore as store count rose to 18,836 from 18,774. Store footfalls dropped to 272 million from 282 million in October-December 2023 but were higher than 219 million recorded in January-March 2023. Oil and gas EBITDA soared 47.5 per cent to Rs 5,606 crore as higher gas volumes partly offset lower price realisation. The firm's flagship KG-D6 block in Krishna Godavari basin in the Bay of Bengal is now producing about 30 million standard cubic metres per day of gas and 23,000 barrels a day of oil/condensate. The company said its outstanding debt rose to Rs 3.24 lakh crore from Rs 3.11 lakh crore in December-end. After accounting for cash in hand, net debt at Rs 1.16 lakh crore as on March 31 was lower than Rs 1.25 lakh crore a year back. Mukesh Ambani, Chairman and Managing Director of <keyword id="20076630" type="General" weightage="20" keywordseo="reliance-industries-limited" source="keywords">Reliance Industries Limited</keyword>, said all segments of business have posted a robust financial and operating performance. "This has helped the Company achieve multiple milestones. I am happy to share that this year, Reliance became the first Indian company to cross the Rs 1 lakh-crore threshold in pre-tax profits," he said. Performance of the digital services segment has been boosted by accelerated expansion of subscriber base, supported by both mobility and fixed wireless services, he said. "With over 108 million True 5G customers, Jio truly leads the 5G transformation in India." <keyword id="19901342" type="General" weightage="20" keywordseo="reliance-retail" source="keywords">Reliance Retail</keyword>, he said, continued to provide customers endless choices through its robust omni-channel presence. "We continue to offer product differentiation and superior offline experience through stores re-modelling and revamping of layouts. Our digital commerce platforms also provide newer solutions to users with a broad brand catalogue," Ambani said. Strong demand for fuels globally, and limited flexibility in refining system worldwide supported margins and profitability of the O2C segment. "Downstream chemical industry experienced increasingly challenging market conditions through the year. Despite headwinds, maintaining leading product positions and feedstock flexibility through our operating model that prioritises cost management, we delivered a resilient performance," he said. "We remain committed to our projects and initiatives, including those in the new energy segment, which will bolster the company, and help it deliver sustainable growth for the future," he added. 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Reliance Industries quarterly profit stays flat; annual earnings hit record at ₹69,621 crore

<ul><li>India has 119 people who donated more than ₹5 crore in FY23, and they gave away ₹8,445 crore.</li><li><keyword id="3820" type="General" weightage="20" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> is the third most generous man in India but his outgo fell by 8% as compared to last year.</li><li>Gautam Adani gave 50% more than what he did last year to become India’s fifth most generous man.</li><li>The top 10 list of most generous billionaires has two Nilekanis – Nandan and his wife Rohini. </li></ul>Tech billionaires like <keyword id="44903" type="General" weightage="20" keywordseo="shiv-nadar" source="Orion">Shiv Nadar</keyword> of HCL Technologies and Wipro’s <keyword id="6419840" type="General" weightage="20" keywordseo="azim-premji" source="Orion">Azim Premji</keyword> are a cut above the rest with their philanthropy – with size and scale. But young guns like Kamath brothers of Zerodha too are charting their own path by bringing in personal wealth and new causes like climate and sustainability, as per EdelGive Hurun India Philanthropy List 2023. Nadar retained his title as the most generous billionaire in India. He and Premji are only two billionaires who donated over ₹1,000 crore in FY23. Most of Nadar’s philanthropic endeavours, who gave away ₹5.6 crore per day, are centred around arts and culture. In fact, Nadar’s generosity is more than that of eight of his counterparts put together in the top 10 list, that includes India’s richest man, Mukesh Ambani. Premji is India’s second most generous man and his contributions went by 267% as compared to last year. “This is attributed to a significant 400% rise in dividend payouts by Wipro in FY23. An innovative strategy employed by Premji enables the trusts to benefit monetarily from the shares, while Premji retains the voting rights,” says Hurun. India’s richest man’s philanthropic outgo falls Mukesh Ambani is the third more generous man in India as he donated ₹376 crore in 2023, but his outgo fell by 8% as compared to last year. Meanwhile, Gautam Adani has seen huge wealth destruction in 2023 and conceded the richest man in India tag to Ambani. Yet, his generosity expanded. He is India’s fifth most generous man, donating ₹285 crore – and his philanthropic outgo went up by 50% since last year. He also moved up two places in the top ten list. Bajaj family also expanded its hearts and wallets — by 234%, to debut on the list this year. Cumulatively the top 10 philanthropists in India, donated ₹5,806 crore in FY23, as against a combined donation of ₹3,034 crore the year before. Apart from <keyword id="310580" type="General" weightage="50" keywordseo="nandan-nilekeni" source="Orion">Nandan Nilekeni</keyword>, his wife <keyword id="5830274" type="General" weightage="50" keywordseo="rohini-nilekeni" source="Orion">Rohini Nilekeni</keyword> also made it to the top 10 and their cause is also unique — ecosystem building. The list compiled 119 who donated over ₹5 crore in FY23, with 25 new entrants. They cumulatively donated ₹8,445 crore – up 59% compared to last year, and 200% compared to three years back. “Wealth creation is important for economic development, while philanthropy is equally important for economic prosperity. This year is a record year for big philanthropy. Given India's potential for wealth creation and assuming a continued commitment to philanthropy by billionaires, I anticipate these figures to potentially double over the next five years,” said Anas Rahman Junaid, MD and chief researcher, Hurun India. In the past five years, the number of donors contributing over ₹100 crore has surged from two to 14, and those donating over ₹50 crore has risen from five to 24. Top 10 EdelGive Hurun India Philanthropy List 2023 <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Name </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount donated </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YoY change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shiv Nadar &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,042 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">76% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Azim Premji &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,774 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">267% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mukesh Ambani &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹376 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-8% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kumar Mangalam Birla &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹287 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gautam Adani &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹285 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">50% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹264 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">234% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Anil Agarwal &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹241 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">46% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nandan Nilekani </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹189 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">19% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cyrus S Poonawalla &amp; Adar Poonawalla </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹179 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">60% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rohini Nilekani </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹170 cr </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">41% </td></tr></tbody><tbody></tbody></table>Source: Hurun Young &amp; ‘personally generous’ The list has 24 people who donated in their personal capacity – and it has the usual suspects like Nadar, Premji and Nilekenis. But it has surprises too. Zerodha’s Nithin Kamath and Nikhil Kamath donated over ₹110 crore in their personal capacity with most of these funds going towards climate and sustainability. At 44 and 37 respectively, they’re also one of the youngest in the list. Manipal’s Ranjan Pai who is 50 years old donated 92 crore, towards education. The average age of India’s most generous philanthropists remains 60. Pai’s allocation went up 512% in the last one year. The other notable names amongst who donated their personal wealth are — A M Naik of L&amp;T who donated ₹150 crore; Sushmita and <keyword id="56651" type="General" weightage="50" keywordseo="subroto-bagchi" source="Orion">Subroto Bagchi</keyword> of Mindtree and Infosys’ Kris Gopalakrishnan and family. M A Yusuf Ali of Lulu Group also donated more in their personal capacity, and his allocation went up by 350% in FY23. “Cumulative personal donations have increased by 60% to reach ₹4,958 crore, constituting 70% of the total donations in the list. I am incredibly enthusiastic about the surge in personal philanthropy in India,” Junaid. In general, companies are also spending more as a part of corporate social responsibility (CSR). CSR spending of BSE 200 companies has been growing at a compounded annual growth rate (CAGR) of 15% in the last nine years. Their cumulative CSR spend grew from ₹5,561 crore FY15 to ₹12,271 crore in FY23. “Government, civil society, and the corporate are the three distinct pillars sustaining the nation-building process. CSR is moving away from cheque book charity donations to a more long-term strategic engagement,” Hurun says.

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