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Forbes has just released its latest list of the wealthiest individuals in India for 2023. These remarkable individuals have accumulated immense wealth through their diverse business endeavours and have played a substantial role in contributing to the Indian economy.
Mukesh Ambani is the chairman of Reliance Industries, India's wealthiest company with revenue exceeding INR 8 lakh crore ($104 billion). The conglomerate operates in diverse sectors like petrochemicals, oil and gas, retail, and telecommunications. Ambani's substantial wealth comes from his 42% stake in Reliance Industries, along with valuable assets like a $400 million property and the Mumbai Indians cricket team.
Gautam Adani, an influential industrialist, founded and chairs the Adani Group in Ahmedabad. The conglomerate operates in sectors like mining, power, ports, airports, and data centres. The group owns India's largest port and has a significant presence in the global coal trading market. Adani Enterprises, its flagship company, had impressive revenue of $17 billion in FY 2022-23. Adani's wealth mainly stems from his ownership of six publicly traded companies within the group.
Cyrus Poonawalla, chairman of the Serum Institute of India, leads the world's largest vaccine manufacturer based in Pune. The company achieved impressive revenue of INR 378 billion ($5 billion) in the fiscal year ending March 2022. He also owns stud farms and properties in Mumbai and Pune. His wealth primarily stems from founding the Serum Institute of India in 1966. The institute's renowned production and distribution of the highest number of vaccine doses globally have been instrumental in combating Covid-19.
Shiv Nadar, a prominent figure in the Indian IT industry, founded HCL Technologies in New Delhi, which achieved impressive revenue of $11.5 billion in the fiscal year ending March 31, 2022. Nadar's wealth primarily comes from his stake in HCL Technologies, where he and his family control 61% through promoter groups. His family also holds a majority stake of 63% in HCL Infosystems, a publicly traded computer manufacturer and services company. Nadar was awarded India's prestigious Padma Bhushan award for his philanthropic efforts.
Savitri Jindal, the wealthiest woman in India, oversees the $18 billion O.P. Jindal Group, founded by her late husband. Based in New Delhi, the conglomerate has diverse holdings in industries like steel, mining, power generation, industrial gases, and ports. Jindal's fortune primarily comes from the family's conglomerate. As the emeritus chair, she delegates division management to her four sons. The group's JSW Sports division stands out, operating globally to develop a robust sports ecosystem in India.
Radhakishan Damani, founder of Avenue Supermarts, has made a notable impact in the retail industry. Avenue Supermarts, headquartered in Mumbai, operates 300+ D-Mart stores throughout India, offering affordable goods to consumers. The company achieved impressive revenue of INR 309 billion ($4.1 billion) in the last fiscal year. Damani's substantial wealth primarily comes from his involvement with Avenue Supermarts, and he retains control over his investments through Bright Star Investments Limited.
Dilip Shanghvi founded Sun Pharma, India's first $5 billion pharma company headquartered in Mumbai. Sun Pharma is a major player in generic drugs with $5.2 billion in revenue thanks to successful strategic acquisitions like the $4 billion purchase of Ranbaxy Labs. Shanghvi's wealth primarily comes from his significant 54% stake in the company.
Lakshmi Mittal, ArcelorMittal chairman, leads the global steel industry. The Luxembourg-based company operates in 59 countries, generating $79.8 billion in revenue in 2022. Mittal's 38% stake in ArcelorMittal forms his primary wealth, securing its position as the world's largest steelmaker after China. He orchestrated the $5.9 billion Essar Steel acquisition with Nippon Steel. However, Russia's invasion caused production disruptions at ArcelorMittal's Kryvyi Rih facility in Ukraine.
Kumar Birla, chairman of Aditya Birla Group, leads a conglomerate with investments in cement, aluminium, and financial services. The group holds significant stakes in Grasim, Hindalco, and Aditya Birla Capital. Birla's wealth primarily comes from his ownership of Aditya Birla Group, where his children have also joined the boards of flagship companies.
Uday Kotak, the Founder and Managing Director of Kotak Mahindra Group, leads Mumbai's successful Kotak Mahindra Bank, which boasts a vast network of 1,600 branches and impressive assets totalling $72 billion. Kotak's wealth primarily comes from his 26% stake in the bank. In 2020, he made the decision to dilute his stake to enhance regulatory flexibility.