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<keyword id="20026907" type="General" weightage="20" keywordseo="sun-pharma" source="keywords">Sun Pharma</keyword>ceutical Industries on Thursday said it will acquire the remaining 21.52% stake in Israel-based <keyword id="20238726" type="General" weightage="100" keywordseo="taro" source="keywords">Taro</keyword> Pharmaceutical Industries for Rs 2,891.76 crore, enabling the merger of the two entities. The acquisition of 8,086,818 shares (21.52%) will be at the cost of Rs 2,891.76 crore, Sun Pharma said. The Mumbai-based drug major has agreed to acquire all of the outstanding ordinary shares of Taro for USD 43 per share in cash without interest, as per the definitive merger agreement. Sun Pharma already owns a 78.48% stake in Taro. "Over the years, with Sun Pharma's strategic interventions, Taro has remained a key player in the generic dermatology market in a challenging environment," Sun Pharma Managing Director <keyword id="207035" type="General" weightage="20" keywordseo="Dilip-Shanghvi" source="Orion">Dilip Shanghvi</keyword> said in a statement. After the merger, the combined entity will firmly move forward, leveraging its global strengths and capabilities to better serve the needs of patients and healthcare professionals, he added. Upon completion of the merger, currently expected to close in the first half of 2024, Taro will become a privately held company and its shares will no longer be listed on the NYSE. "Taro is committed to delivering high-quality products to our patients and customers around the world. This merger will further enable us to compete effectively in our products and markets," Taro CEO <keyword id="372826" type="General" weightage="20" keywordseo="Uday-Baldota" source="Orion">Uday Baldota</keyword> said. The merger agreement was unanimously recommended by the Special Committee, which was formed by Taro's Board of Directors to consider Sun Pharma's proposal. Upon receiving the unanimous recommendation of the Special Committee, and following unanimous approval by Taro's Audit Committee, Taro's Board and the Board of Directors of Sun Pharma unanimously approved the definitive merger agreement. Sun Pharma said the USD 43 per share purchase price represents a 48% premium over the closing price of USD 28.97 per share on May 25, 2023, the last trading day before Sun Pharma first submitted its non-binding proposal to Taro. The purchase price also represents a 13% increase over the initial proposed purchase price of USD 38 per share as proposed on May 26, 2023. Sun Pharma shares were trading 1.52% up at Rs 1,319 apiece on BSE.

Sun Pharma to acquire remaining 21.5% shares of Israel-based Taro for Rs 2,892 crore

<ul><li><keyword id="207035" type="PERSON" weightage="20" keywordseo="Dilip-Shanghvi">Dilip Shanghvi</keyword> is the founder of $3.6billion, Sun Pharma, India's most valuable pharma outfit. </li><li>He once dethroned Mukesh Ambani as India's richest man but is now witnessing a massive decline in his wealth. </li><li>Sanghvi, "unschooled in science and management" turned Sun Pharma a $3.6 billion multinational company</li></ul>In 2015, the chairman of Sun Pharma Dilip Shanghvi had briefly dethroned Mukesh Ambani to become the country’s richest man. His response to that was, “I am not comfortable.” Though he doesn’t hold that position anymore, his net worth can buy him 138 million barrels of gold, according to Bloomberg billionaire index. Shanghvi is one of the few billionaires who stay away from limelight and remain undocumented, as he doesn’t “like it”. 
 
	<div type="Slideshow" msid="71076825" hostid="261" title="Dilip Shanghvi, the common man turned Indian billionaire who is taking home a salary of ₹1" firstImageMsid="71077028" slideCount="5"></div>

Dilip Shanghvi, the common man turned Indian billionaire who is taking home a salary of ₹1

<ul><li>Reliance Industries’ chairman Mukesh Ambani has topped the Hurun rich list for the eight time in a row. </li><li>Mukesh Ambani is worth as much as ₹380,700 crore. </li><li>He is also worth more than the country’s second and third richest --SP Hinduja family and <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword>, respectively. </li></ul>Mukesh Ambani, chairman of Reliance Industries, is worth as much as ₹380,700 crore. Not only does that make him the richest man in India, he is also worth more than the country’s second and third richest who are --SP Hinduja family and Azim Premji, respectively. This is according to a new rich list compiled by Hurun Research Institute. Reliance Industries’ chairman Mukesh Ambani has topped the Hurun rich list for the eight time in a row. The owners of oil-to-banking <keyword id="120582" type="COMPANY" weightage="20" keywordseo="Hinduja-Group">Hinduja group</keyword>, SP Hinduja and family control a wealth of ₹186,500 crore. A few months back, Hindujas were in the running to acquire Jet Airways, but the deal fell through. The third richest person is Azim Premji, the former chairman of technology major Wipro, is worth ₹117,100 crore. As many as 953 new names were added to the list, which has increased by 122 people from last year. Here are the top 10 richest people in India, according to the list. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Rank </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Name </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Wealth (₹ crore) </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Company </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">1 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Mukesh Ambani </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">380,700 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Reliance Industries </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">2 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">SP Hinduja &amp; family </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">186,500 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Hinduja </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">3 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Azim Premji </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">117,100 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Wipro </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">4 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">LN Mittal &amp; family </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">107,300 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">ArcelorMittal </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">5 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Gautam Adani &amp; family </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">94,500 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Adani Ports &amp; SEZ </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">6 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Uday Kotak </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">94,100 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Kotak Mahindra Bank </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">7 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Cyrus S Poonawalla </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">88,800 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Serum Institute of India </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">8 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Cyrus Pallonji Mistry </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">76,800 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Shapoorji Pallonji </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">8 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Shapoor Pallonji Mistry </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">76,800 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Shapoorji Pallonji </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">10 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Dilip Shanghvi </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">71,500 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Sun Pharmaceutical Industries </td></tr></tbody></table> See also: 
 <div type="Article" hostid="261" msid="71296007" title="How does Mukesh Ambani – India’s richest man – and his family spend their US$50 billion fortune?" mstype="2" mssubtype="0"></div>

Mukesh Ambani is richer than the Hindujas and Azim Premji put together

​The country's economy faced a 'tough year' due to the government's disruptive policies like the recent demonetisation drive, a global rich list report said on Tuesday. 
 
According to the Hurun Global Rich List India, the demonetisation drive which started on November 8, 2016 eroded the wealth of 11 individuals to below the threshold limit of $1 billion. 
 
The report featured 132 Indian-origin billionnaires with a wealth of $1 bilion or more. 
 
"India had a tough year because of disruptive government policies such as demonetisation drive," said Anas Rahman Junaid, Managing Director and Chief Researcher, Hurun Report India. 
 
"However, on a long term perspective, we do believe that such transparent currency economics will have a positive impact for the entrepreneurs." 
 The list ranked <keyword id="6355199" type="CITY" weightage="20" keywordseo="Reliance-Industries">Reliance Industries</keyword> Chairman <keyword id="3820" type="PERSON" weightage="100" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>, 59 as the richest Indian. Ambani topped the list of 132 individuals with a fortune of Rs 175,400 crore ($26 billion). 
 
"In addition to his aggressive plans for his oil business, Mukesh Ambani is now focusing on his new telecom venture, Jio, which has acquired more than 100 crore customers in less than 6 months," the report said. 
 "This aggressive price war has dragged down other local players such as Idea, Airtel; In fact Idea registered a record loss of Rs 384 crore in Q3 2016 and is planning on a merger with <keyword id="15492" type="CITY" weightage="20" keywordseo="Vodafone">Vodafone</keyword> to survive the competition." 
 
Besides, with a net worth of Rs 101,000 crore ($14 billion), S.P. Hinduja and family, the business tycoon and the primary shareholder and Chairman of Hinduja Group was ranked as the second richest. 
 Hinduja was followed by the Founder of Sun Pharmaceuticals <keyword id="207035" type="PERSON" weightage="20" keywordseo="Dilip-Shanghvi">Dilip Shanghvi</keyword>, 60. 
 "India's richest pharma magnate and the founder of <keyword id="44642" type="CITY" weightage="20" keywordseo="Sun-Pharma">Sun Pharma</keyword>ceuticals, drops to 3rd position because of a 22 per cent decline in his wealth of Rs 99,000 crore ($14bn), fuelled by 18 per cent drop of Sun Pharma shares," the report cited. 
 Indian construction tycoon <keyword id="6689214" type="PERSON" weightage="20" keywordseo="Pallonji-Mistry">Pallonji Mistry</keyword>, 86, came at the fourth position with a fortune of Rs 82,700 crore ($12 billion) equalling the entire market capitalisation of <keyword id="42747" type="CITY" weightage="20" keywordseo="Tata-Motors">Tata Motors</keyword>, one of India's largest automaker. 
 
"Cyrus Mistry's removal as the Chairman of Tata Sons' has cast a shadow on the ties between the two families and hence the dispute has affected value of his 18 per cent stake in Tata Sons," the report observed.

11 Billionaires hit hard by demonetisation, Mukesh Ambani still the richest

EY revealed the names of 16 best Indian <a href="http://www.businessinsider.in/searchresult.cms?query=entrepreneurs+&amp;sortorder=effectivedate">entrepreneurs </a>who will be contending for the EY <keyword id="6359301" type="POSITION" weightage="20" keywordseo="Entrepreneur">Entrepreneur</keyword> of the Year award. The 18th edition of the awards will see exceptional leaders, who have combined revenues of Rs 154, 335 crore and are providing employment to more than 5.2 lakh people in India and abroad. 
 
These finalists have been selected from among 250 outstanding nominations and will be felicitated at a grand celebratory Awards Banquet to be held on February 24 in <a href="http://www.businessinsider.in/searchresult.cms?query=New+Delhi&amp;sortorder=effectivedate">New Delhi</a>. 
 “Like previous years, this year’s finalists too represent extremely successful companies that have not only disrupted the industry with a new business model but have disrupted themselves to chart a new growth path. We need more entrepreneurs to propel our country’s growth and it is important to recognize such innovative entrepreneurs,” said <keyword id="207035" type="PERSON" weightage="20" keywordseo="Dilip-Shanghvi">Dilip Shanghvi</keyword>, Jury Chairman and Managing Director, <a href="http://www.businessinsider.in/searchresult.cms?query=Sun+Pharmaceuticals&amp;sortorder=effectivedate">Sun Pharmaceuticals</a>. 
 
These selected finalists were judged on the nominee’s entrepreneurial spirit, recent financial performance, strategic direction and global impact, product or service innovation, company leadership including personal integrity and risk-taking, values and key employee initiatives, and involvement with the community. 
 The winners will be announced across several categories, while the national winner will represent India at the EY World Entrepreneur of the Year (WEOY) awards in <keyword id="3319" type="CITY" weightage="20" keywordseo="monte-Carlo">Monte Carlo</keyword> from 8-11 June 2017. 
 
Here’s the complete list:

These are 16 finalists who are contending for EY Entrepreneur of the Year award

Paytm, which expects to touch Rs 10,000 crore in deposits in the next three years, wants to launch India’s first payments bank by the end of this financial year. 
 
The company is counting on its mobile wallet experience to give it a clear advantage over established business houses such as <a href="http://www.businessinsider.in/searchresult.cms?query=Reliance+Industries" target="_BLANK￿￿￿￿">Reliance Industries</a>, <keyword id="6354287" type="CITY" weightage="40" keywordseo="Bharti-Airtel">Bharti Airtel</keyword>, <keyword id="15492" type="CITY" weightage="100" keywordseo="Vodafone">Vodafone</keyword>, and <keyword id="6359480" type="PERSON" weightage="40" keywordseo="Aditya-Birla">Aditya Birla</keyword> Nuvo that would be its main rivals. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Paytm" target="_BLANK￿￿￿￿">Paytm</a>, the youngest licensee, <keyword id="44642" type="CITY" weightage="60" keywordseo="Sun-Pharma">Sun Pharma</keyword> founder <keyword id="207035" type="PERSON" weightage="60" keywordseo="Dilip-Shanghvi">Dilip Shanghvi</keyword>, Fino PayTech, <a href="http://www.businessinsider.in/searchresult.cms?query=Tech+Mahindra" target="_BLANK￿￿￿￿">Tech Mahindra</a>, National Securities Depository, Cholamandalam Finance and India Post were among the 42 applicants that got approval for starting payments banks. 
 "We have sorted payment on wallet and we want to leverage that. We will drive and scale up payments business even today, while others have to build payments business," co-founder <keyword id="198636" type="PERSON" weightage="60" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword> told ET. 
 
Paytm has over 104 million mobile wallets and expects that to touch 150 million by March 2016. "We have an edge on timeline. The next year or a year and half, when these companies get started, we will still be playing the business," Sharma added. 
 
The above mentioned entities will take deposits, convey remittances and dispense payments to recipients, making them ideal for migrant workers who need to send money home. They can't lend to their customers, though. The business potential from serving millions of unbanked Indians to further the financial inclusion initiative of the government and the Reserve Bank had attracted most of the top business houses. Sharma said telcos such as <a href="http://www.businessinsider.in/searchresult.cms?query=Vodafone" target="_BLANK￿￿￿￿">Vodafone</a>, Airtel and Idea, which have experience in mobile remittances businesses, will start on a near-equal footing. 
 
"We don't do remittances, but our capability is in merchant transactions and personto- person payments," he said. He was confident that Paytm will be the first off the lock with its payments bank. "We want to be the first payments bank in the country. We have technology on our side, simple organisational structure to create, we have people recruitment on, which is critical, as we speak." Paytm, which officially got the licence last Monday, is scouting for a CEO with financial services and consulting background. Sharma is ooking for someone with a fresh outlook rather than someone with a banking background who is likely to bring in a traditional approach. The company is hiring 100 staff a month to kick-start its new business. <keyword id="3053539" type="UNKNOWN" weightage="40" keywordseo="Paytm-Payment-Bank-Ltd">Paytm Payment Bank Ltd</keyword>, the new company formed to house the payments bank, will also house the mobile wallets business. The wallet license will be surrendered shortly to the RBI and will operate under the payments bank licence. The escrow account, which today is on a third party nationalized bank, will move to the <keyword id="3053537" type="UNKNOWN" weightage="80" keywordseo="Paytm-Payment-Bank">Paytm Payment Bank</keyword>. 
 
By the end of March, <a href="http://www.businessinsider.in/searchresult.cms?query=Alibaba+" target="_BLANK￿￿￿￿">Alibaba</a> Group-backed One97 Communications, he holding company of Paytm's businesses, will have streamlined its operations into payments bank and wallets, commerce and marketing, Sharma said. For its mobile commerce business, which is an online marketplace, Paytm expects to touch a gross merchandising value (GMV) of 1 lakh crore by 2020 from 12,000 crore currently. GMV is a measure of the maximum price of goods and services sold on a company’s platform and are higher than actual revenue. 
 Sharma is now focused on the payments bank. He holds 51% in Paytm Payment Bank, One97 Communications owns 39% and 10% is held by a subsidiary of One97 and Sharma. After another round of expected fund infusion of about $400 million by <keyword id="163405" type="CITY" weightage="80" keywordseo="Alibaba-Group">Alibaba Group</keyword>, which is slated to increase its stake in One97 to 40% from 25% now, the Chinese giant will own roughly 20% indirectly in Paytm Payment Bank. 
 
Sharma said the payments bank doesn't need an equity relationship with a financial services firm. Rather, it needs banks as partners because customers would like to feed into a main bank due to restrictions on what payments banks can offer. 
 
(Image: Indiatimes)

Paytm is soon coming up with India’s first payments bank

Dilip Sanghvi , the founder of <keyword id="44642" type="CITY" weightage="60" keywordseo="Sun-Pharma">Sun Pharma</keyword> who recently hogged limelight for being the richest man in India surpassing the Ambanis and Adanis, may soon be the messiah for the cash strapped shipbuilder <keyword id="44525" type="COMPANY" weightage="80" keywordseo="ABG-Shipyard">ABG Shipyard</keyword>. The private shipbuilder, which operates a ship repairing unit in Goa has been pinning hopes on the Indian multi millionaire. As per a report by The Economic Times, Shanghvi's investment arm <keyword id="2791958" type="UNKNOWN" weightage="80" keywordseo="Dilip-Shanghvi-Family-Associates">Dilip Shanghvi Family &amp; Associates</keyword> (DFA) has been approached to buy 30% stake in ABG Shipyard for around Rs 2000 crore. 
 "<keyword id="207035" type="PERSON" weightage="60" keywordseo="Dilip-Shanghvi">Dilip Shanghvi</keyword>'s arm is said to be evaluating the deal and its still early days" a source with direct knowledge has told the financial daily. L&amp;T is also in the fray to buy a stake in ABG Shipyard, sources confirmed to ET. ABG Shipyard deal has been shown to M&amp;M and Munjal family in the past, but they are out of the deal now. 
 DFA with ace investor <keyword id="1007760" type="UNKNOWN" weightage="80" keywordseo="Sudhir-Valia">Sudhir Valia</keyword> has signed many big deals including investments in debt-laden Suzlon and hopes are high that Dilip Shanghvi, who is said to be interested in the defence sector, may look at the ABG Shipyard deal closely. 
 
Talking to ET Now, ABG Shipyard's Rishi Agarwal said, "We are in discussion with many strategic players for a stake sale." 
 
(Image: Reuters)

​Dilip Shanghvi, India’s richest man, could soon be building ships

After Cholamandalam and <keyword id="3377501" type="UNKNOWN" weightage="100" keywordseo="Dilip-Shanghvi-IDFC-Bank-Telenor">Dilip Shanghvi-IDFC Bank-Telenor</keyword> combine, <keyword id="43217" type="CITY" weightage="100" keywordseo="Tech-Mahindra">Tech Mahindra</keyword> has become the third entity to have dropped out of the payments bank race. 
 
The firm has cited that the business would take a lot of time to turn profitable because of "aggressive posturing" by deep-pocketed global competitors. 
 
Cholamandalam had quit the race in April, while Dilip Shanghvi-IDFC Bank-Telenor combine announced their decision last Friday. 
 "Over a period of time, we have realised that the amount of aggression that has come into the marketplace only erodes the margins," said Tech Mahindra MD and CEO <keyword id="45959" type="ORGANIZATION" weightage="100" keywordseo="CP-Gurnani">CP Gurnani</keyword>. 
 
The Reserve Bank of India had given in-principle approval for payments banks to TechM and 10 others in August 2015. 
 
Gurnani further added that payments bank business always carried the risk of profit margins being "razor thin," but the competition they would face includes the who's who of the telecom world, including the Ambanis, the Birlas, Airtel and Vodafone, among others, thus delaying profitability for a long time. 
 The announcement has come just a day after RBI deputy governor <keyword id="1531843" type="COMPANY" weightage="100" keywordseo="S-S-Mundra">S S Mundra</keyword> had said that it was not fair of licencees to abandon their plans to set up payments banks. "We would certainly feel little aggrieved because lot of efforts from the part of RBI go in processing these applications," Mundra has said. 
 
<a href="https://i.ytimg.com/vi/_7G6qYLELes/maxresdefault.jpg">Image source</a>

Tech Mahindra chickens out of payments bank race, cites delayed profitability and tough competition

Three Indians made it to the world’s top 50 wealthiest people list. <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>, <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> and <keyword id="207035" type="PERSON" weightage="20" keywordseo="Dilip-Shanghvi">Dilip Shanghvi</keyword> made it to the list, which was topped by <keyword id="45830" type="PERSON" weightage="20" keywordseo="Bill-Gates">Bill Gates</keyword>. 
 
The list by Wealth-X in collaboration with Business Insider stated that Mukesh Ambani was at the 27th place with net worth of $24.8 billion. 
 
Azim Premji was at 43rd spot while Dilip Shanghvi at 44th place with assets worth $16.5 billion and $16.4 billion, respectively. 
 
The list of top 50 wealthiest people in the world has a combined fortune of $1.45 trillion, nearly equal to the GDP of Australia, the report noted. 
 The list was topped by Bill Gates who has a staggering wealth of $ 87.4 billion, followed by Spanish businessman Amancio Ortega Gaona and <keyword id="6358963" type="PERSON" weightage="20" keywordseo="Warren-Buffett">Warren Buffett</keyword> in the second and third place with wealth of $66.8 billion and $60.7 billion respectively. 
 Amazon's <keyword id="313579" type="PERSON" weightage="20" keywordseo="Jeffrey-Bezos">Jeffrey Bezos</keyword> with a net worth of $56.6 billion and US business tycoon David Koch with $47.4 billion made the top five richest people in the world. 
 
As per the list, the United States is home to 29 billionaires on the list, more than any other country. While, only four billionaires from China and three from India made the top 50. 
 The youngest billionaire on the list is 31-year-old Facebook co-founder <keyword id="6354630" type="PERSON" weightage="20" keywordseo="Mark-Zuckerberg">Mark Zuckerberg</keyword>, ranked 8th with a net worth of $42.8 billion. 
 
Only four female billionaires are on the list. The oldest billionaire, 93-year-old L'Oreal heiress Liliane Bettencourt, is one of the four. She is ranked 17th, with a net worth of $29 billion. 
 
Sector-wise, the technology space dominated the list with 12 billionaires -- more than any other sector, including finance. 
 
(Image: Thinkstock)

List of world’s top 50 wealthiest people is out! Find out who featured from India

<keyword id="207035" type="PERSON" weightage="20" keywordseo="Dilip-Shanghvi">Dilip Shanghvi</keyword>, founder of <keyword id="144384" type="CITY" weightage="20" keywordseo="Sun-Pharmaceutical-Industries">Sun Pharmaceutical Industries</keyword>, has left behind India’s business magnate <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>, who is the <keyword id="6355199" type="CITY" weightage="20" keywordseo="Reliance-Industries">Reliance Industries</keyword>, in the race to become the richest Indian. 
 This happened soon after the shares of <keyword id="44642" type="CITY" weightage="20" keywordseo="Sun-Pharma">Sun Pharma</keyword> and Sun Pharma’s research and development arm (Sparc) soared to new highs on Wednesday. 
 According to an ET report, this sudden gain was a result of the <keyword id="6356255" type="ORGANIZATION" weightage="20" keywordseo="US-Food-and-Drug-Administration">US Food and Drug Administration</keyword>’s (FDA’s) approval that SPARC received in order to manufacture a product at Sun's facility in Halol. 
 
On Wednesday, Shanghvi's networth stood at $21.5 billion while Ambani’s was $20.4 billion. 
 Earlier on Tuesday, Sun Pharma announced it will buy out <keyword id="78710" type="CITY" weightage="20" keywordseo="GlaxoSmithKline">GlaxoSmithKline</keyword>'s opiates business in Australia for an undisclosed amount to strengthen its pain management portfolio, as per an ET report. This will further strengthen the position of the Mumbai-headquartered pharmaceutical company. 
(Image: sunpharma.com)

​Dilip Shanghvi ousts Mukesh Ambani as the richest man in India

<a href="http://www.businessinsider.in/searchresult.cms?query=mukesh+ambani">Mukesh Ambani</a>, the CMD of<a href="http://www.businessinsider.in/searchresult.cms?query=Reliance+Industries+"> Reliance Industries Limited</a>, has again become the world’s wealthiest Indian. Ambani pipped pharma tycoon <a href="http://www.businessinsider.in/searchresult.cms?query=Dilip+Shanghvi">Dilip Shanghvi</a> and now the title is back into Ambani’s kitty. His net worth is now $18.20 billion 
 
Ambani became world’s richest after shares of his RIL fell nearly 6% and Dilip Shanghvi-owned Sun Pahrma saw a fall of 7% in its shares recently. 
 
Now, Shanghvi’s net worth is $17.80 billion. The recent changes in the numbers suggest that Ambani has lost over $3 billion in wealth while Shanghvi has gained $714 million. 
 Among the top 10 wealthiest Indians is Pallinji Mistry with net worth of $14.60 billion and is on the third place. On the fourth place is <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> with worth of $14.40 billion. 
 
The Indian industrialist and philanthropist Shiv Nadar managed to secure the fifth place with his total assets worth $12.80 billion. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Lakshmi+Mittal">Lakshmi Mittal</a>, the Indian steel magnate, was placed at sixth place with worth of $12.10 billion, while <keyword id="561" type="PERSON" weightage="20" keywordseo="Cyrus-Poonawala">Cyrus Poonawala</keyword> was on seventh with a total worth of $8.50 billion. 
 
Image: indiatimes

Mukesh Ambani back to being the wealthiest Indian

For eight consecutive years in a row, <keyword id="10926" type="CITY" weightage="20" keywordseo="Reliance">Reliance</keyword> Industries chairman <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> has topped the Forbes magazine's list of the top 100 richest tycoons in India with a net worth of $23.6 billion, up $2.6 billion from last year. 
 
Surprisingly, for the first time the Forbes rich list revealed that in 2014 India is home to the top 100 richest tycoons and all are billionaires. It worth noting that the combined net worth of India's 100 wealthiest is $346 billion, up more than a third from $259 billion in 2013. 
 According to Naazneen Karmali, India editor of <keyword id="245051" type="COMPANY" weightage="20" keywordseo="Forbes-Asia">Forbes Asia</keyword>, "In 2014, India's outlook has moved very quickly from gloom to boom. The new federal government's mandate for change has sparked euphoria in the stock market causing a seismic shift in Indian wealth this year." 
 With net worth of $18 billion, 59-year-old <keyword id="207035" type="PERSON" weightage="20" keywordseo="Dilip-Shanghvi">Dilip Shanghvi</keyword>, founder of Sun Pharmaceutical Industries, India's most valuable drug maker, has bagged the second rank. He has overtaken steel baron Lakshmi Mittal, who slips to fifth place. 
 <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword>’s <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> moved up one notch to No. 3. His net wealth increased to $16.4 billion from $13.8 billion previously. 
 Ports magnate <keyword id="111343" type="PERSON" weightage="20" keywordseo="Gautam-Adani">Gautam Adani</keyword>, the biggest dollar gainer, jumped 11 spots to No. 11, adding nearly $4.5 billion to his wealth which reached $7.1 billion on soaring shares of his companies. 
 As per Forbes, Adani has been on a buying spree. He bought a port in eastern India from the <keyword id="6355725" type="CITY" weightage="20" keywordseo="Tata-Group">Tata Group</keyword> for $900 million and agreed to pay $1 billion for a power plant in southern India. 
(Image:

Mukesh Ambani Remains India’s Most Richest Business Tycoon

NEW DELHI: The high-profile composition of the business delegation set to accompany Prime Minister <keyword id="6354477" type="PERSON" weightage="80" keywordseo="Narendra-Modi">Narendra Modi</keyword> to <keyword id="6355311" type="COUNTRY" weightage="80" keywordseo="Japan">Japan</keyword> points to new vistas of cooperation between the two nations, in areas ranging from manufacturing to hydrocarbon and technology. 
 <keyword id="3820" type="PERSON" weightage="80" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>, Kumar Managalam Birla, Sunil Bharti Mittal, Gautam Adani, Dilip Shanghvi, <keyword id="6419840" type="PERSON" weightage="80" keywordseo="Azim-Premji">Azim Premji</keyword>, S Ramadorai, Chanda Kochhar and Kiran Mazumdar-Shaw are some of the prominent names on the list. 
 
“This is the most-high-powered delegation that has travelled with any Indian PM in recent years,” said a government official who did not wish to be named. “It will bring new energy in India-Japan ties. The delegation represents all corners of the country and covers almost all aspects of the economy. 
 
These business leaders will help to realise the PM’s dream of taking India-Japan ties to the next level.” 
 According to sources, the Prime Minister’s Office has pruned the list, dropping at least <keyword id="6364063" type="PERSON" weightage="80" keywordseo="Adi-Godrej">Adi Godrej</keyword>, S Gopalakrishnan and <keyword id="33275" type="PERSON" weightage="80" keywordseo="Deepak-Puri">Deepak Puri</keyword> from it. An official downplayed dropping of the names, saying that with any change of guard at the Centre there are changes in the composition of delegations travelling with the PM. The idea is to get additional Japanese business to India and to see who can partner major Indian business firms to make entry here, another official said. 
 The business delegation will attend the the India Japan Business Forum. The PM said he sees the trip as an opportunity to take India’s ties with Japan “to a new level” and increase cooperation in various fields. “I will visit <keyword id="4741" type="COMPANY" weightage="80" keywordseo="Tokyo">Tokyo</keyword> and Kyoto, and will interact with all sections of the Japanese society, from students, political leaders to captains of industry,” he said on Tuesday.

You Searched For "shanghvi" and got 14 results

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You Searched For "shanghvi" and got 14 results

Sun Pharma to acquire remaining 21.5% shares of Israel-based Taro for Rs 2,892 crore

PTI

Dilip Shanghvi, the common man turned Indian billionaire who is taking home a salary of ₹1

Preeti Soni

Mukesh Ambani is richer than the Hindujas and Azim Premji put together

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Dilip Shanghvi, the common man turned Indian billionaire who is taking home a salary of ₹1

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These are 16 finalists who are contending for EY Entrepreneur of the Year award

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Paytm is soon coming up with India’s first payments bank

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​Dilip Shanghvi, India’s richest man, could soon be building ships

BI India Bureau

Tech Mahindra chickens out of payments bank race, cites delayed profitability and tough competition

BI India Bureau

List of world’s top 50 wealthiest people is out! Find out who featured from India

BI India Bureau

​Dilip Shanghvi ousts Mukesh Ambani as the richest man in India

BI India Bureau

Mukesh Ambani back to being the wealthiest Indian

BI India Bureau

Mukesh Ambani Remains India’s Most Richest Business Tycoon

BI India Bureau

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Dilip Shanghvi, India’s richest man, could soon be building ships

Dilip Shanghvi ousts Mukesh Ambani as the richest man in India