Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

New Delhi, India's top billionaires, including Gautam Adani and Sunil Bharti Mittal, mega stars from film industry such as Amitabh Bachchan and Shahrukh Khan and cricketing icons from Sachin Tendulkar to M S Dhoni are among those invited for pre-wedding celebrations of Mukesh Ambani's youngest son, Anant early next month. Ahead of the wedding ceremony in July, guests from around the world have been invited to three-day pre-wedding festivities beginning March 1, at Gujarat's Jamnagar, which houses Ambani's mega oil refineries. Anant Ambani, the youngest of the three children Mukesh Ambani and Nita Ambani have, is set to marry Radhika Merchant - the younger daughter of <keyword id="20720133" type="General" weightage="20" keywordseo="viren-merchant" source="keywords">Viren Merchant</keyword>, CEO of Encore Healthcare, and entrepreneur Shaila Merchant. With Jamnagar not having five-star hotels, ultra-luxury tents housing best of facilities, including tiled bathrooms are being erected for the guests. The guest list includes international business leaders like Meta CEO Mark Zuckerberg, Microsoft founder Bill Gates, Alphabet CEO Sundar Pichai, Adobe CEO Shantanu Narayen, Walt Disney CEO Bob Iger, BlackRock CEO Larry Fink, Adnoc CEO Sultan Ahmed Al Jaber, and EL Rothschild chair Lynn Forester de Rothschild, sources said. Indian business magnates invited include Gautam Adani and family, Tata Sons chairman Natarajan Chandrasekaran , Aditya Birla Group Chairperson Kumar Mangalam Birla, and his family, Godrej family, Infosys chairman Nandan Nilekani, RPSG Group head Sanjiv Goenka, Wipro's Rishad Premji, banker <keyword id="19998917" type="General" weightage="20" keywordseo="uday-kotak" source="keywords">Uday Kotak</keyword>, vaccine maker Serum Institute of India CEO Adar Poonawalla, Airtel chairman Sunil Mittal, Hero's Pawan Munjal, Roshni Nadar of HCL, Zerodha co-founder Nikhil Kamath, entrepreneur Ronnie Screwvala and Sun Pharma's Dilip Sanghi. Top cricketers, including Sachin Tendulkar and family, MS Dhoni and family, Rohit Sharma, K L Rahul, Hardik and Krunal Pandya and Ishan Kishan too are on the invitee list. <keyword id="19897820" type="General" weightage="20" keywordseo="bollywood" source="keywords">Bollywood</keyword> will be represented by mega stars Amitabh Bachchan and family, Abhishek and Aishwarya Rai Bachchan, Shahrukh Khan and family, Amir Khan, Salman Khan, Akshay Kumar and Twinkle Khanna, Ajay Devgn and Kajol, Saif Ali Khan and family, Chunky Pandey, Ranveer Singh and Deepika Padukone, Ranbir Kapoor and Alia Bhatt and <keyword id="19895145" type="General" weightage="20" keywordseo="vicky-kaushal" source="keywords">Vicky Kaushal</keyword> and Katrina Kaif. Madhuri Dikshit and Sriram Nene, Aditya and Rani Chopra, Karan Johar, Boney Kapoor and family, Anil Kapoor and family, <keyword id="19946417" type="General" weightage="20" keywordseo="varun-dhawan" source="keywords">Varun Dhawan</keyword>, Sidharth Malhotra, Shraddha Kapoor and Karisma Kapoor, Rajnikanth and family are are on the invitee list. The three-day-long event will be themed, according to 'Event Guide' sent to the invitees. Chartered flights have been arranged to ferry guests from Delhi and Mumbai to Jamnagar and back. Guests are expected to arrive by mid-day on March 1. Hollywood pop-icon Rihanna, along with Diljit Dosanjh and others, will enthrall the guests with their performances. Day 1 celebrations are called 'An Evening in Everland' where guests are expected to wear elegant cocktail attire. Day 2 will host 'A Walk on the Wildside' with 'jungle fever' being the suggested dress code. It is set to be held outdoors in the Ambanis' animal rescue centre in Jamnagar. The guests will then proceed to 'Mela Rouge' which will be a potpourri of desi activities and the guests will wear their favourite south Asian attires. For Day 3, two events - 'Tusker Trails' and 'Hashtakshar' are planned. The first event will be an outdoor affair where the guests will enjoy the natural beauty of Jamnagar and for the last and final event, they'll be dressed in 'heritage Indian Wear'. All the guests will be provided with personal laundry services, saree drapers and other custom assistance, the nine-page event guide said.

Billionaires to Bollywood: All invited to Anant Ambani's pre-wedding festivities

After a round of musical chairs, Musk, Gates and Adani are among 2022’s top 5 billionaires

Top 100 richest people in the world

<ul class="summary-list"><li>Indian industrial magnate <keyword id="12173789" type="UNKNOWN" weightage="60" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword> has pledged to donate $7.7 billion to mark his 60th birthday.</li><li>The donation will fund social causes to help build "an equitable future-ready <keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword>," he tweeted.</li></ul>Indian industrial magnate Gautam Adani and his family have pledged to donate 600 billion rupees ($7.7 billion) as the businessman turns 60 on Friday.Adani is Asia's richest person with a net worth of $92.7 billion according to the <a href="https://www.bloomberg.com/billionaires/profiles/gautam-s-adani/">Bloomberg Billionaires Index.</a> This translates the donation to about 8% of his net worth.The billionaire is the founder of the Adani Group conglomerate. He said in a tweet on Thursday the donation will go toward healthcare, education, and skills development to help build "an equitable, future-ready India." The funds will go to Adani Foundation, of which he is president. Set up in 1996, the Adani Foundation focuses on social programs in India. It has helped more than 3.7 million people in 2,410 villages in the country, according to the foundation's <a href="https://www.adanifoundation.org/About-Us">website.</a>Adani has risen more than anyone else in Bloomberg's billionaire rankings this year, as his net worth has climbed $16.2 billion on the back of a rally in the shares of his companies such as Adani Green Energy, which has soared about 38% in value this year.He joins the likes of Warren Buffett and Bill Gates in pledging a chunk of his <keyword id="11921347" type="UNKNOWN" weightage="60" keywordseo="wealth" source="Orion">wealth</keyword> to philanthropical causes.Adani is a self-made billionaire. He <a href="https://www.adani.com/-/media/Project/Adani/Media-Coverage/TheNewBusinessFamilies.pdf?la=en">dropped out of college</a> to work as a diamond sorter in the 1980s and began importing and exporting other commodities in 1988. He then gradually expanded into other industries using loans, <a href="https://www.ft.com/content/ffce04fe-d295-11e2-aac2-00144feab7de">the Financial Times reported.</a> Adani also survived two life-endangering events. In 1998, Adani accused a group of men of kidnapping him and his companion, Shantilal Patel, <a href="https://indianexpress.com/article/cities/ahmedabad/two-accused-of-abducting-gautam-adani-20-years-ago-acquitted-5473592/">per The Indian Express.</a> He and Patel were released only after their captors received $2 million in ransom.In 2005, six men were cleared of the charges due to a lack of evidence, <a href="https://www.ndtv.com/india-news/gujarat-court-acquits-two-in-1998-kidnapping-of-industrialist-gautam-adani-1956529">NDTV</a> reported. In 2018, two additional men brought to trial were acquitted after prosecutors failed to establish their connections to the alleged kidnapping, <a href="https://www.timesnownews.com/business-economy/companies/article/throwback-when-indias-fifth-richest-man-survived-a-kidnapping-and-terrorist-attack/606122">Times Now India</a> reported. Adani also escaped death during the <a href="https://www.bbc.com/news/world-asia-india-46314555" target="_blank" rel="noopener noreferrer">2008 Mumbai terrorist attacks.</a> He was at the Taj Mahal Hotel in the city center when militants sieged the building, and he hid in the basement until help arrived the following day. Attacks across the city left 166 dead.

Asia's richest person pledges to donate 8% of his net worth as he celebrates his 60th birthday

<ul><li>Pharmacy retail chain <keyword id="11881163" type="UNKNOWN" weightage="20" keywordseo="medplus-healthcare-services">Medplus Healthcare Services</keyword> filed a draft red herring prospectus (DRHP) with SEBI to raise ₹1,639 crore through IPO.</li><li>The company offers both offline and online sales of pharmaceutical products through website and mobile application.</li><li>The company offers a wide range of products, including pharmaceutical and wellness products and fast-moving consumer goods.</li><li>Azim Premji’s PI Opportunities Fund is among promoters in the company selling its shares through the IPO.</li></ul>Hyderabad-based pharmacy retail chain Medplus Healthcare Services has filed the draft red herring prospectus (DRHP) with India’s market regulator to raise ₹1,639 crore through an initial public offering (IPO). The offer comprises ₹600 crore of fresh issue and an offer for sale (OFS) of ₹1,039 crore by existing promoters. Promoter Lone Furrow Investments will sell equity shares worth ₹450 crore through the IPO issue followed by ₹500 crore by PI Opportunities fund, which is an affiliate of PremjiInvest. PremjiInvest is the family office of billionaire Azim Premji, chairman of Wipro. The company sells a wide range of products, including pharmaceutical and wellness products -- medicines, vitamins, medical devices and test kits, and fast-moving consumer goods -- home and personal care products, toiletries, baby care products, soaps and detergents, and sanitisers. The 15-year-old company was founded by Gangadi Madhukar Reddy, managing director and chief executive officer, with the vision “to set up a trusted pharmacy retail brand that offers genuine medicines and delivers better value to the customer by reducing inefficiencies in the supply chain using technology,” the company said in its DRHP filing. It has grown from operating 48 stores in Hyderabad to now operating a retail network of over 2,000 stores across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal and Maharashtra, as of March, 2021. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Profit </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2284 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹63 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2887 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1.79 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹3090 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹11.92 crore </td></tr></tbody></table> The company offers both offline and online sales of pharmaceutical products through website and mobile application. Medplus Healthcare Services intends to use ₹467 crore from the IPO proceeds for working capital requirements of its subsidiary Optival Health Solutions and the rest for general corporate purposes. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/e-commerce/news/walmart-to-prioritise-flipkarts-diwali-sale-big-billion-days/articleshow/85418923.cms">Walmart to prioritise Flipkart’s Diwali sale ‘Big Billion Days’</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/shares-of-apollo-hospitals-have-surged-178-in-the-last-one-year-and-103-so-far-in-2021/articleshow/85398007.cms">Apollo Hospitals gives multibagger returns in last one year on growth in pharmacy business, vaccination revenue</a>

Medplus Healthcare Services looks to raise ₹1,639 crore via IPO

The <keyword id="20161017" type="General" weightage="20" keywordseo="Vedanta-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Vedanta Group" meta.hostid="153" meta.entityid="Vedanta Group">Vedanta Group</keyword> is aiming to invest USD 20 billion across all its businesses in India over the next four years, its Chairman <keyword id="19919725" type="General" weightage="20" keywordseo="Anil-Agarwal" source="keywords">Anil Agarwal</keyword> said on Wednesday. The group will sell the steel business only at the right price, and is committed to continue running it if it does not get the right price, Agarwal told PTI on the sidelines of a company event. "At the moment, we have a plan to invest USD 20 billion across sectors in four years time," Agarwal said. The investments will be focused on technology, electronics, and glass businesses apart from the other activities that the group is engaged in, he said. Semi-conductors and glass -- used in making smartphones and laptops screens -- are very essential from a future perspective, he said, adding that the group is present in both the businesses already. It has land in Gujarat for a <keyword id="19920003" type="General" weightage="20" keywordseo="semiconductor" source="keywords">semiconductor</keyword> plant and is scouting for a credible and strong partner, he said. On the glass front, it is already into manufacturing in other countries but not in India, Agarwal said, hinting that the plan would involve undertaking some capacity building locally. Meanwhile, when asked about the steel business sale, which was supposed to be sold by March, Agarwal said a transaction depends on getting the right price. "We are committed... if we get the right price to divest it," he said, adding that if the group doesn't get the right price, it will choose to continue running the business by itself. He said the steel business is profitable and has really committed people who can ensure that it continues going ahead. Amid concerns around the debt position of the company, Agarwal said the overall debt of the company stands at only USD 12 billion at present and seemed to suggest that the same is manageable. He said the group has never defaulted on any of its debt repayment commitments, and that each of the businesses will require heavy investments if it were to be started from scratch. The London-based billionaire said he "is in very critical areas" and added that every developed economy has made it big by focusing on minerals under the ground. He rued that there are concerns on the environmental impact of mining in India. Foreign investors are very keen to take bets on India, he said, hoping for "simplification and encouragement for entrepreneurs after the elections". The billionaire from Bihar said he wants to play the role of a catalyst in helping his home state grow, but "there is a need for strong support from the policy front for it". <keyword id="19919721" type="General" weightage="20" keywordseo="Vedanta" source="keywords">Vedanta</keyword> wants to take the total number of Nand Ghars -- under which it takes care of children's nutritional requirements in villages -- to 25,000 over the next two years from the present 6,000, Agarwal, who was speaking on the sidelines of an event to announce scaling up of the group's philanthropic activities, said. The ultimate plan is to increase the number of beneficiaries to over 7 crore children and 2 crore women, he said. Agarwal said the group may also look at investing in the entertainment business going forward but did not offer any timeline or investment details. All successful corporates in the world have interests in education, healthcare, sports and entertainment, he said, conceding that he "does not understand entertainment a lot". More than profits, entertainment has to be looked at a means to instil the right cultural values, he added. SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/india-t20-world-cup-squad-kulcha-back-on-menu-kl-rahul-dropped/slidelist/109730805.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/india-t20-world-cup-squad-kulcha-back-on-menu-kl-rahul-dropped/slidelist/109730805.cms" target="_blank">India T20 World Cup squad: KulCha back on menu, KL Rahul dropped</a><a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a>

Vedanta plans to invest $20 bn in India in 4 years; will sell steel biz only at right price: Agarwal

The <keyword id="6354977" type="General" weightage="50" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> on Thursday sentenced former Ranbaxy promoters Malvinder Singh and Shivinder Singh to 6 months imprisonment in a case connected with the sale of shares of <keyword id="89365" type="General" weightage="100" keywordseo="fortis" source="Orion">Fortis</keyword> to Malaysia-based IHH Healthcare. A bench, headed by Chief Justice U.U. Lalit, declined to lift its stay on the open offer by IHH Healthcare Berhad for a 26 percent stake in <keyword id="46994" type="General" weightage="80" keywordseo="fortis-healthcare" source="Orion">Fortis Healthcare</keyword>. It asked the Delhi High Court to issue remand in the case and also ordered a forensic audit of the Fortis-IIH deal. "Everything goes back to the executing court," it said. The former promoters of Fortis Healthcare Ltd were embroiled in a court battle after <keyword id="85190" type="General" weightage="80" keywordseo="daiichi-sankyo" source="Orion">Daiichi Sankyo</keyword>, a Japanese firm, had challenged the Fortis-IHH share deal to recover the Rs 3,600 crore arbitration award that it had won before a Singapore tribunal against the Singh brothers. Due to a legal fight between Daiichi Sankyo and the former promoters of Fortis Healthcare, the IHH-Fortis deal is stuck. The top court also slapped the Singh brothers with a fine in the contempt case filed against them by the Japanese firm. Daiichi Sankyo moved the court to enforce the arbitral award passed by a Singapore tribunal in 2016. The Delhi High Court, in January 2018, ruled that the arbitration award won by Daiichi Sankyo against the Singh brothers for concealing information about the erstwhile Ranbaxy Laboratories, was enforceable in India. In 2018, IHH Healthcare had acquired a 31 percent controlling stake in Fortis, which triggered a mandatory open offer to acquire another 26 percent of Fortis shares from the market. However, the open offer could not move forward due to ongoing legal proceedings with respect to the transaction based on a plea filed by Daiichi Sankyo. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rbi-cancels-licence-of-laxmi-co-operative-bank-solapur/articleshow/94387667.cms">RBI cancels licence of Laxmi Co-operative Bank, Solapur</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/four-billionaires-debut-on-rich-list-after-ipos/articleshow/94384190.cms">Four billionaires debut on rich list after IPOs</a>

SC sends former promoters of Fortis Healthcare to six months jail

<ul><li>Pharmacy retail chain Medplus Health Services is looking to raise ₹1,639 crore through IPO.</li><li>The company offers both offline and online sales of pharmaceutical products through website and mobile application.</li><li>Azim Premji’s PI Opportunities Fund is among the promoters of the company selling its shares through the IPO.</li></ul>Hyderabad-based pharmacy retail chain Medplus Health Services’ ₹1,398 crore initial public offering (IPO) is all set to open today, December 13, and close on December 15. The IPO consists of a fresh issue of ₹600 crore worth of shares and an offer for sale of shares worth ₹798.29 crore by selling shareholders. 18 shareholders will be selling shares in the IPO including PI Opportunities fund, which is an affiliate of PremjiInvest. PremjiInvest is the family office of billionaire Azim Premji, founder chairman of Wipro. The company is India's second-largest pharmacy retailer in terms of the number of stores and revenue. It sells a wide range of products, including pharmaceutical and wellness products -- medicines, vitamins, medical devices and test kits, and fast-moving consumer goods -- home and personal care products, toiletries, baby care products, soaps and detergents, and sanitisers. The company has over 2,000 stores distributed across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal and Maharashtra. Here are some of the important details related to the IPO: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹780 to ₹796 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO open date </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 13 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO close date </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 15 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Allotment date </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 20 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Initiation of refunds </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 21 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit of shares to demat account </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 22 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO listing date </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 23 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minimum lot </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">18 </td></tr></tbody></table> The proceeds from the fresh issue will be utilised for working capital requirements of material subsidiary Optival. It has grown from operating 48 stores in Hyderabad to now operating a retail network of over 2,000 stores across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal and Maharashtra, as of March, 2021. Medplus’s profit went up sharply in FY21 to ₹63 crore from just ₹1.79 crore last year. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Total income </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Profit </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2,284 crore </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹11.92 crore </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2,887 crore </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1.79 crore </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹3,090 crore </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹63.11 crore </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/environment/news/from-mukesh-ambani-to-gautam-adani-indias-billionaires-and-big-corporations-made-huge-promises-this-year-to-fight-climate-change/slidelist/88208860.cms">From Mukesh Ambani to Gautam Adani, India's billionaires and big corporations made huge promises this year to fight climate change</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tech-enabled-broking-firms-like-zerodha-raise-concerns-over-sebis-views-on-algo-trading/articleshow/88208031.cms">Tech-enabled broking firms like Zerodha raise concerns over SEBI’s views on algo trading</a>

Medplus Healthcare’s IPO opens today — checkout all the dates you need to know

New Delhi, As the pandemic severely hit the economy leaving millions out of job, the wealth of Indian <keyword id="6393637" type="UNKNOWN" weightage="20" keywordseo="Billionaires">billionaires</keyword> increased by 35% during the lockdown and by 90% since 2009 to $422.9 billion, ranking India sixth after the US, China, Germany, Russia and France, a <keyword id="3747284" type="PERSON" weightage="20" keywordseo="new-report">new report</keyword> by <keyword id="6412407" type="COMPANY" weightage="20" keywordseo="Oxfam">Oxfam</keyword> said on Monday. The 1,000 <keyword id="1870197" type="PERSON" weightage="20" keywordseo="richest-people">richest people</keyword> on the planet recouped their Covid-19 losses within just nine months, but it could take more than a decade for the world's poorest to recover from the economic impacts of the pandemic, reveals the report titled 'The Inequality Virus,' published on the opening day of the <keyword id="69007" type="COMPANY" weightage="20" keywordseo="World-Economic-Forum">World Economic Forum</keyword>'s 'Davos Agenda'. "In fact, the <keyword id="6374534" type="UNKNOWN" weightage="20" keywordseo="increase">increase</keyword> in wealth of the top 11 billionaires of India during the pandemic could sustain the NREGS scheme for 10 years or the health ministry for 10 years," according to the Oxfam report. Since March as the government announced lockdown, India's top 100 billionaires saw their fortunes increase by Rs 12.97 trillion. The money was enough to :give every one of the 138 million poorest Indians a cheque for ₹94,045 each". "We stand to witness the greatest rise in inequality since records began. The deep divide between the rich and poor is proving as deadly as the virus," said Gabriela Bucher, Executive Director of Oxfam International. "Rigged economies are funnelling wealth to a rich elite who are riding out the pandemic in luxury, while those on the frontline of the pandemic -- shop assistants, healthcare workers, and market vendors -- are struggling to pay the bills and put food on the table". Worldwide, billionaires saw their wealth increase by a staggering $3.9 trillion between March 18 and December 31, 2020. Their total wealth now stands at $11.95 trillion, which is equivalent to what G20 governments have spent in response to the pandemic. Only three of the 50 richest billionaires in the world saw their fortunes diminish over that period, losing $3 billion between them. "Elon Musk increased his net wealth by $128.9bn, Jeff Bezos by $78.2 billion. The world's 10 richest billionaires have collectively seen their wealth increase by $540bn over this period," the report mentioned. The report showed that COVID-19 has the potential to increase economic inequality in almost every country at once, the first time this has happened since records began over a century ago. "Rising inequality means it could take at least 14 times longer for the number of people living in poverty to return to pre-pandemic levels than it took for the fortunes of the top 1,000, mostly White male, billionaires to bounce back," the findings showed. Oxfam's report showed how the rigged economic system is enabling a super-rich elite to amass wealth in the middle of the worst recession since the Great Depression while billions of people are struggling to make ends meet. It revealed how the pandemic is deepening long-standing economic, racial and gender divides. "Women and marginalized racial and ethnic groups are bearing the brunt of this crisis. They are more likely to be pushed into poverty, more likely to go hungry, and more likely to be excluded from healthcare," said Bucher. Women are hardest hit, yet again. "Globally, women are overrepresented in the low-paid precarious professions that have been hardest hit by the pandemic. If women were represented at the same rate as men in these sectors, 112 million women would no longer be at high risk of losing their incomes or jobs," the report noted. Infection and mortality rates are higher in poorer areas of countries such as France, India, and Spain while England's poorest regions experience mortality rates double that of the richest areas. "Extreme inequality is not inevitable, but a policy choice. Governments around the world must seize this opportunity to build more equal, more inclusive economies that end poverty and protect the planet," added Bucher. "Governments must ensure everyone has access to a COVID-19 vaccine and financial support if they lose their job." SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/an-american-electric-car-maker-explains-why-it-took-a-different-route-than-elon-musks-tesla-tata-motors-or-mahindra/articleshow/80442243.cms?upcache=2">An American electric car maker explains why it took a different route than Elon Musk’s Tesla, Tata Motors or Mahindra</a> <a href="https://www.businessinsider.in/tech/mobile/news/new-realme-stores-in-india-and-ceo-says-there-is-plan-for-new-devices/articleshow/80443801.cms">EXCLUSIVE: Realme plans to open 500 new stores in 2021⁠— the CEO reveals the company will go beyond smartphones in the 5G era</a> <a href="https://www.businessinsider.in/business/startups/news/amplify-ai-the-conversational-ai-startup-founded-by-two-south-asians-has-scored-big-with-brands-and-governments/articleshow/80443958.cms">From Joe Biden and Kamala Harris' win to the Modi government's COVID-19 reach out⁠— a startup founded by two South Asians has scored big with brands and governments</a>

From Mukesh Ambani to Gautam Adani — India's top billionaires increased their wealth by 35% during COVID-19 pandemic

New Delhi, With the Drug Controller General of India (DCGI) approving <keyword id="95879" type="COMPANY" weightage="20" keywordseo="Serum-Institute-of-India">Serum Institute of India</keyword>'s 'Covishield' vaccine and <keyword id="149108" type="PERSON" weightage="20" keywordseo="Bharat-Biotech">Bharat Biotech</keyword>'s 'Covaxin' for emergency use, paving way for their roll-out and administration to millions, Russian <keyword id="9739267" type="PERSON" weightage="20" keywordseo="Sputnik-V">Sputnik V</keyword> vaccine makers have said that they are working with <keyword id="6409874" type="DOMAIN" weightage="20" keywordseo="astrazeneca">AstraZeneca</keyword> (AZ) to take the efficacy of AZ vaccine to over 90%. In a tweet, Sputnik V said: "As Indian regulator recommends for approval full-dose regimen of AstraZeneca's vaccine with efficacy of 62.1% based on phase 3 clinical data. Sputnik V is working on clinical trials with AZ to increase the efficacy of AZ vaccine to over 90%". AstraZeneca is currently working with the Russians on the combination of their vaccine's vector with that from Sputnik V (showing 91.4% efficacy as per Phase 3 final control point recorded last month), precisely to see if that could help boost its vaccine's efficacy to over 90% as well. While both vaccines use adenoviral vector technology, the AstraZeneca vaccine is based on a chimpanzee adenovirus (which is not the most popular technology among the vaccinated as recently conducted polls indicated that, given a choice, consumers prefer other technologies), the Sputnik V vaccine is based on a human adenovirus. Unlike AstraZeneca, which uses one and the same component for both inoculations, the Russian vaccine uses two different ones in two separate inoculations. Using the latter approach could prove more efficient in achieving a longer-lasting immune response. Covishield and Covaxin have to be administered in two doses and can be stored at 2-8 degrees Celsius. The Drugs Controller General of India has also granted permission to <keyword id="63358" type="DOMAIN" weightage="20" keywordseo="Cadila-Healthcare">Cadila healthcare</keyword> for phase 3 clinical trial in India. The vaccine will be first offered to one crore healthcare workers, along with two crore frontline and essential workers and 27 crore elderly, mostly above the age of 50 years with co-morbidities. India will produce about 300 million doses of the Russian Sputnik V coronavirus vaccine in 2021, Head of the <keyword id="1397612" type="COMPANY" weightage="20" keywordseo="Russian-Direct-Investment-Fund">Russian Direct Investment Fund</keyword> (RDIF), Kirill Dmitriev, said in an interview with Rossiya 24 TV channel last month. "In India, we have agreements with four large manufacturers. India will produce about 300 million doses or more of the vaccine for us next year," Russian news agency Tass quoted him as saying. In September 2020, Dr. Reddy's Laboratories and RDIF entered into a partnership to conduct clinical trials of the Sputnik V vaccine and the rights for distribution of the first 100 million doses in India. Dr. Reddys and RDIF announced in December that they have commenced adaptive Phase 2 and 3 clinical trials for Sputnik V vaccine in India for Covid-19 after receiving the necessary clearance from the <keyword id="241784" type="COMPANY" weightage="20" keywordseo="Central-Drugs-Laboratory">Central Drugs Laboratory</keyword>, Kasauli. On August 11, 2020, the Sputnik V vaccine developed by the Gamaleya National Research Institute of Epidemiology and Microbiology was registered by the Ministry of Health of Russia and became the world's first registered vaccine against Covid-19 based on the human adenoviral vector platform. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-beml-hcl-tech-infosys-tech-mahindra-tcs-ril-tata-motors-hero-moto-tvs-and-others/articleshow/80089765.cms">Top stocks to watch — BEML, HCL Tech, Infosys, Tech Mahindra, TCS, RIL, Tata Motors Hero Moto, TVS, and others</a> <a href="https://www.businessinsider.in/business/auto/news/checkout-upcoming-new-cars-in-year-2021/slidelist/80025993.cms">Upcoming new cars in India in 2021 of Maruti, Tata, MG, Audi</a> <a href="https://www.businessinsider.in/international/news/questions-arise-about-jack-ma-whereabouts-as-alibaba-faces-scrutiny-from-the-chinese-government/articleshow/80090457.cms">Where is Jack Ma? Questions arise about the billionaire’s whereabouts as Alibaba faces scrutiny from the Chinese government</a>

Russian vaccine makers are trying to push AstraZeneca COVID-19 vaccine's efficacy to beyond 90%

<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

<ul><li>Last year, the richest 1% collectively increased their wealth by around 39%, according to a report by <keyword id="6412407" type="COMPANY" weightage="20" keywordseo="Oxfam">Oxfam</keyword>. </li><li>As a result, the richest now account for 51.5% of India’s total wealth while the bottom 60% own less than 5%. </li><li>While the financial divide in India is attributed to a number of reasons, the Oxfam report singled out one important factor: tax breaks for the rich. </li></ul>India’s widening <keyword id="580435" type="PERSON" weightage="20" keywordseo="wealth-gap">wealth gap</keyword> is showing no signs of slowing down. Last year, the richest 1% collectively increased their wealth by around 39%, according to <a href="https://oxfamilibrary.openrepository.com/bitstream/handle/10546/620599/bp-public-good-or-private-wealth-210119-en.pdf">a report by Oxfam</a>, a poverty alleviation organisation. As a result, the richest now account for 51.5% of India’s total wealth while the bottom 60% own less than 5%. In fact, India’s billionaires - the number of which grew from 101 to 119 - saw their wealth grow by ₹22 billion every day last year, as per data sourced from Credit Suisse and the Forbes’ Rich List. For the sake of comparison, this daily addition of wealth to the bank accounts of the country’s richest was equivalent to the amount of funds that cash-strapped national airline Air India required in June 2018 <a href="https://timesofindia.indiatimes.com/business/india-business/air-india-seeks-rs-2200-crore-equity-infusion/articleshow/64656355.cms">to meet its working capital obligations</a>. In its annual report, entitled “Public Good or Private Wealth,” Oxfam found that the bottom 50% of Indians, in terms of income, only saw a 3% rise in their wealth. To make matters worse, the poorest 10% of India still remained in debt, a state they’ve been in for the past 15 years. As a result, the nine wealthiest Indians, led by Mukesh <keyword id="10924" type="PERSON" weightage="20" keywordseo="Ambani">Ambani</keyword>, the owner of <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>, collectively own as much wealth as the bottom half of India’s population, something that Winnie Byanyima, the international executive director, termed as “morally outrageous.” While the financial divide in India is attributed to a number of reasons, the Oxfam report singled out one important factor: tax breaks for the rich. The report found that wealthy Indians were paying close to one-eighth of what they should have been surrendering in taxes, thanks to a litany of exemptions and evasion measures. In addition, rising healthcare costs and inadequate funding for public services like education also impacted India’s poor. A <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5988077/">report</a> by the Public Health Foundation of India in June 2018 found that the rising cost of medicines had pushed nearly 38 million Indian families below the poverty line between 1994 and 2014. <div type="image" title="india_s_widening_wealth_gap__2_" tempid="407193" msid="67653310" hostid="261"></div>

 And the situation will only get worse from here on in, according to Oxfam. Around 70 new millionaires are expected to be created every day between 2018 and 2022. On paper, the solution proffered by Oxfam seemed easy. A mere 0.5% increase in taxes on India’s richest would be enough to cover a 50% increase in the government’s healthcare expenditure. Additional recommendations included the improved implementation of Right to Education norms and budgeting with an emphasis on females. On a global level, the picture is even more dire. The world’s billionaires, the number of which has doubled since the financial crisis of 2008-09, pocketed $2.5 billion a day in 2018, capping a 12% rise in their wealth over the course of the year. Meanwhile, the bottom 50% of the global population - around 3.8 billion people- actually experienced a 11% decline in their wealth. Hence, as compared to 43 people in 2017, by the end of 2018, just 26 people, led by Amazon CEO Jeff Bezos, owned as much wealth as 3.8 billion other people. SEE ALSO: <a href="https://www.businessinsider.in/these-are-the-10-richest-people-in-india/articleshow/65957318.cms">These are the 10 richest people in India</a> <a href="https://www.businessinsider.in/healthcare-costs-drove-55-million-indians-below-poverty-line-in-the-last-two-decades/articleshow/64573439.cms">Healthcare costs drove 55 million Indians below poverty line in the last two decades</a>

You Searched For "india s healthcare billionaires" and got 12 results

Billionaires to Bollywood: All invited to Anant Ambani's pre-wedding festivities

PTI

After a round of musical chairs, Musk, Gates and Adani are among 2022’s top 5 billionaires

Rounak Jain

Top 100 richest people in the world

Shagun Chaudhary

Asia's richest person pledges to donate 8% of his net worth as he celebrates his 60th birthday

Huileng Tan

Medplus Healthcare Services looks to raise ₹1,639 crore via IPO

Bhakti Makwana

Vedanta plans to invest $20 bn in India in 4 years; will sell steel biz only at right price: Agarwal

PTI

SC sends former promoters of Fortis Healthcare to six months jail

IANS

Medplus Healthcare’s IPO opens today — checkout all the dates you need to know

Bhakti Makwana

From Mukesh Ambani to Gautam Adani — India's top billionaires increased their wealth by 35% during COVID-19 pandemic

IANS

Russian vaccine makers are trying to push AstraZeneca COVID-19 vaccine's efficacy to beyond 90%

IANS

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

Dilsher Dhillon

India’s billionaires saw their wealth grow by ₹22 billion every day last year while the poorest 50% only saw a 3% rise in income: Oxfam

Dilsher Dhillon

Popular Keywords

Buying Guides