With 76 New Faces, Hurun Report Launches Its

PRESS RELEASE

WITH 76 NEW FACES, HURUN REPORT LAUNCHES ITS

INDIAN RICH LIST 2015

WITH INR 1,60,950 CR, MUKESH AMBANI IS THE RICHEST MAN IN INDIA FOR 4TH YEAR

INDIA PRODUCES 124 BILLIONAIRES, A RECORD NUMBER SINCE THE INCEPTION OF HURUN INDIA RICH LIST ON 2012

UDAY KOTAK STORMS INTO TOP 10

85% IN THE LIST ARE FAMILY RUN BUSINESSES

MUMBAI AND NEW DELHI MAKE UP HALF OF RICH LIST, ADDING 17 AND 16

FOR THE FIRST TIME, AZIM PREMJI LOSES THE SPOT IN TOP 5, DUE TO HIS PHILANTHROPIC DONATIONS

Hurun Report India releases Hurun India Rich List 2015, presented by jewelry-brand Joyalukkas

Hurun Report finds 296 individuals with INR1,600 Cror more, up 76from last year and double that of two years ago
India had a mixed year with some sectors such as mobile phone and e-commerce doing well and other such as real estate and energy had a bad year. Overall, it was an average year of India’s entrepreneur
Owing to a 6% devaluation of Indian Rupee against the US dollar and a lackluster performance of key sectors such as steel, energy and real estate, the average wealth dropped 7%
India is adding more billionaires. Number of dollar billionaires hasincreased to124 from 109 last year. The inaugural Hurun India Rich List had just 59 billionaires in 2012
36 have migrated out of India and are NRI
13saw their wealth double year on year; The fastest riser is Dhiraj Rajaram(40) of Mu Sigma,a data analytics business, shooting up 593% to INR 17,790 Cr.
58 individuals saw their wealth decline, led by the oil and gas sector, after uncertainly continued to surround the Middle East. Ajay Kalsi (54) of Indus Gasdeclined by 242% dropping him to the bottom of the list.
Mukesh Ambani (58) of Reliance, holds on to his position as the richest man in India with a fortune of INR 1,60,951 Cr,down by 3% from last year. Ambaniseems to be betting on digital space by committing over INR 2,50,000 Cr to PM Modi’s Digital India initiative.
London-based SP Hinduja & Family (81)of Hinduja Groupshot up to 3rd position, from 6th last year, after seeing theirwealth grow 43% to INR 1,03,030Cr
Whilst Mumbai continues to dominate with 29% of the list residing there,Delhi came in second with 19%, followed by Bangalore with 8%
Manufacturing continues to dominate with 15% of the list, followed by pharmaceuticals and real estatewith9% and 6% respectively.
Only 61% are self-made, down by 6%from last year
The only self-made woman in the list is the ‘BioTech Queen’Kiran Mazumdar-Shaw (62) who saw her net worth decrease by 6% to INR 6143 Cr
At 28 years, Ankit Bhati and at 29, Bhavish Aggarwalfoundersof Ola Cabs, “India’s answer to Uber”,arethe youngest self-made Indiansin the list. The Tyre prince, Rajiv Poddar (30) of Balakrishna Industries follows.
The combined wealth of India’s richest is a staggering US$478bn, equating to 22% of India’s GDP last year and larger than the GDPs of UAE ($402bn), South Africa ($350bn) & Singapore ($308bn).
For the first time, Azim Premji (69) loses the spot in Top 5, due to his philanthropic donations
Supported by 33% increase, with INR 47,608 Cr, Uday Kotak (55) breaks into Top 10
Leading Authority on India’s private wealth, Hurun Report launches the India Rich List for the fourth time.

(Mumbai, 11September 2015):Today Hurun Report released the Hurun India Rich List, a list of the richest people in India with a cut-off of INR 1,600 Cr. This is the fourth year of the list, which has become a benchmark for the private sector and has become widely accepted to be the most robust attempt at covering entrepreneurship in India. Wealthcalculations are a snapshot of net worth of living individuals as of31 July 2015 when the rate of exchange to the US dollar was INR 64.0.

“Despite the weakening of the stock market and the Rupee, the Hurun India Rich List expanded by 76 entrepreneurs, showing the resilience and dynamism of the Indian private sector,” said Anas Rahman Junaid, Hurun Report India GM.

For the full details, please refer to on

Mukesh Ambani (58) of Reliance topped the list of 296 individuals for the fourthconsecutive year. Reliance Jio, a $6bn subsidiary of RIL, plans to rollout 4G across India. RIL procured world's most sophisticated armored Mercedes S600 for Mukesh Ambani.

Dilip Shanghvi (59) of Sun Pharmaceuticals retained his 2nd place despite a 2% decline in his wealth. Ongoingintegration problems of genericdrugmakerRanbaxy continues to hit revenue and profitability of Sun Pharma. In Feb 2015, Sanghvi agreed to buy a 23% stake in Indian wind turbine maker Suzlon Energy for US$290m

SP Hinduja & Family(81) is the 3rd richest person on the list with a networth of INR 1,03,030 Cr. The Hinduja family controls a highly diversified empire with interests spanning automotive, oil& gas, banking, IT, power, media, real estate, healthcare & trading with annual revenues in excess of INR 1,50,000 Cr. Hinduja announced an investment of INR 64,000 Cr into infrastructure and power sector in India, the biggest ever commitment yet by the family for this region.

Table 1: Hurun India Rich List 2015 – Top 10

Rank / Name / Wealth INR Cr / Change / Company / Age / Residence
1- / Mukesh Ambani / 160,950 / -3% / Reliance / 58 / Mumbai
2- / Dilip Shanghvi / 126,290 / -2% / Sun Pharma / 59 / Mumbai
3↑ / SP Hinduja & family / 103,030 / 43% / Hinduja / 81 / London
4↑ / Shiv Nadar / 94,020 / 21% / HCL / 70 / New Delhi
5↑ / Pallonji Mistry / 87,290 / 39% / Shapoorji Pallonji / 86 / Mumbai
6↓ / LN Mittal / 83,400 / -14% / ArcelorMittal / 64 / London
7↓ / Azim Premji / 51,900 / -39% / Wipro / 69 / Bangalore
8↑ / Gautam Adani / 50,500 / 15% / Adani Enterprises / 53 / Ahmedabad
9- / Sunil Mittal & Family / 48,540 / -5% / Bharti Airtel / 58 / New Delhi
10* / Uday Kotak / 47,610 / 33% / Kotak Mahindra / 55 / Mumbai

↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10

Shiv Nadar, (70). Nadarregistered a 21% increase in wealth, mainly on the back of a sharp increase in listed HCL Technologies. He is a strong competitor to Azim Premji in philanthropy; For instance, in March the philanthropic arm of the group donated HCL Technologies shares worth INR 1,150 Cr to his foundation.

Pallonji Mistry, (86), with a personal fortune of INR 87,290 Cr, is the 5th richest Indian and also the richest Parsi. Mistry controls a construction empire that operates across India, West Asia and Africa, and is the largest individual shareholder in Tata Sons, where his son Cyrus is currently chairman. An Irish citizen, Pallonji Mistry is known for his commitment towards promoting Irish Cricket by signing a 10 year multi million sponsorship contract with the Ireland Cricket team. From an Indian business perspective, he has committed INR 20,000 Cr towards the development of Hyderabad.

LN Mittal,(64),of ArcelorMittal, who started out as a scrap metal dealer in one of India’s poorest statesdropped down one place to 6th with a fortune down 14% to INR 83,400 Cr.Mittal announced a INR 5,000 Cr investment into automotive steel manufacturing in India, the first greenfield investment by the LN Mittal group in India’s steel sector, after years of trying to get a foothold in the country.

Azim Hashim Premji,(69), India’s most generous billionaire moved down to the 7thspot; Azim Premji, the first Indian to sign the Giving Pledge, has set aside more than half of his wealth for charity by allocating an additional 18% stake in the company to fund philanthropy.

Telecom mogul Sunil Mittal,(58),is the 8th richest in the list with an estimated net worth of INR 48,540 Cr (up 1 rank from last year). Airtel entered 17 African countries by acquiring Zain telecom for $10bn, now divesting its tower assets in 5 African countries for $1.3bn to cut its debt and plan to divest more. He was granted the payment bank license in India- a move that could further boost the revenue by INR 1500 Cr, which should positively impact the long-term valuation of the group.

Gautam Adani,(53),Adani has grown Adani Group into one of the fastest growing enterprises in India, with a net worth of INR 50,500 Cr. His Adani Foundation follows a participatory approach to ensure a sense of ownership for the services it provides and the community wealth it creates. Adani managed to bag the contract for the biggest seaport project in South India.

Uday Kotak,(55),shot into the top 10, with a net worth of INR 47,610 Cr up 33% from last year. Fourth largest Indian private sector bank by market capitalization, in November last year,Kotak acquired ING Vysya Bank on an all-stock deal with swap ratio 0.75:1.This became one of the biggest mergers in India’s financial services sector.

Mumbai Top again

With 87 individuals, Mumbai is the capital for India’s super-rich, followed by Delhi (54) and Bangalore (22)

Table 2: Geographical spread of Hurun India Rich List 2015

City / 2015 No. of indiv / 2015 % / Change in indiv / 2014 % / Richest person
1 / Mumbai / 87 / 29% / +17 / 23% / Mukesh Ambani
2 / New Delhi / 55 / 19% / +16 / 13% / Shiv Nadar
3 / Bangalore / 23 / 8% / same / 8% / Azim Premji
4 / Dubai / 15 / 5% / same / 5% / MickyJagtiani
5 / Ahmedabad / 10 / 3% / same / 3% / Gautam Adani
6 / Pune / 11 / 4% / +3 / 3% / Cyrus S Poonawalla
7 / Chennai / 16 / 5% / +5 / 4% / KalanithiMaran
8 / Kolkata / 10 / 3% / +1 / 3% / Benu Gopal Bangur

Source: Hurun India Rich List. For more details visit

UAE & UK are the capitals for NRI’S. 36 are based outside of India, led by SP Hinduja & Family (Hinduja Group, London), followed by LNMittal(ArcelorMittal,London),MickyJagtiani(Landmark Group, Dubai),Anil Agarwal(Vedanta Resources, London),Romesh T Wadhwani (Symphony Technology, Palo Alto)

Table 3: Hurun India Rich List 2015 – Richest Non-Resident Indians

Names / Wealth
(INR Ccr) / City / Company / Age
1 / SP Hinduja & family / 103,030 / London / Hinduja / 81
2 / LN Mittal / 83,360 / London / ArcelorMittal / 64
3 / MickyJagtiani / 30,930 / Dubai / Landmark / 64
4 / Anil Agarwal / 24,360 / London / Vedanta Resource / 62
5 / RomeshT Wadhwani / 18,140 / Palo Alto / Symphony / 68
6 / Yusuffali MA / 17,530 / Abu Dhabi / Emke / 59
7 / FerozAllana / 17,440 / Sharjah / IFFCO / -
8 / Ravi Pillai / 13,900 / Dubai / RP Group / 65
9 / Kavitark Ram Shriram / 12,400 / Menlo Park / Google / 59
10 / Manoj Bhargava / 12,290 / Farmington Hills / 5 Hour Energy / 62

Source: Hurun India Rich List. For more details visit

Manufacturing sector continues to rule

The fastest wealth growing sector is Mobile Phonesfollowed by Chemicals and Leather products.Manufacturing has produced15% of entries in the Hurun India Rich List 2015, followed by Pharma and Real estate. Other industries that have had a good year include FMCG, Jewelry, Food & Beverage, Media and Entertainment.

Table 4: Hurun India Rich List 2015 – Industry breakdown

Industry / 2015 / 2014 / Richest individual
1 / Manufacturing / 15% / 16% / SP Hinduja
2 / Pharmaceuticals / 9% / 8% / Dilip Shanghvi
3 / Real estate / 6% / 6% / Kushal Pal Singh
4 / FMCG / 5% / 8% / AnandBurman
5 / Food & Beverages / 4% / 4% / FerozAllana
6 / Media & Entertainment / 4% / 4% / Subhash Chandra
7 / Jewelry / 6% / 5% / Rajesh Mehta
8 / Healthcare / 3% / 3% / Malvinder Singh & Shivinder Singh
9 / Energy / 3% / 3% / Mukesh Ambani
10 / Technology / 4% / 5% / Shiv Nadar

Source: Hurun India Rich List. For more details visit

Gainers

The biggest gain registered was a 593% increase by Dhiraj Rajaram (40), thefounder of Mu Sigma. PNC Menon’s investment arm, PNC Investments has further boosted up his net worth to INR 10,960 Cr.

Table 5: Hurun India Rich List 2015 – Biggest Gainers

Name / Wealth (INR Cr) / % Change / Company / Location / Age / Industry
1 / Dhiraj Rajaram / 17,800 / 593% / Mu Sigma / Bangalore / 40 / E-Commerce
2 / Sameer Gehlaut / 9,800 / 445% / India Bulls / Mumbai / 41 / Financial Services
3 / Balkrishnan Goenka / 9,820 / 308% / Welspun / Mumbai / 49 / Tubes and Pipes
4 / PNC Menon / 10,960 / 279% / PNC Investments / Bangalore / 67 / Real estate
5 / Nusli Wadia / 29,380 / 277% / Britannia / Mumbai / 71 / FMCG

Source: Hurun India Rich List. For more details visit

All the young entrepreneurs under 40 in Hurun India Rich List 2015 are active in their respective business

At 62, the average age is same as that of last year; with 11 under 40
The youngest person on the list is Ankit Bhati (28)co-founder of Ola Cabs
The oldest is Basant Kumar Birla,94, of Century Textiles
YogarathinamNadar, 76, of Saravana Stores, who was a new entrant in Hurun India Rich List 2015, passed away on 3 September 2015.

Table 6: Hurun India Rich List 2015 – Entrants under 40

S.No / Name / Age / Wealth 2015 (INR Cr) / City / Company / Self-Made Degree / Industry
1 / Ankit Bhati / 28 / 2,385 / Mumbai / Ola cab / 4 / Technology
2 / Bhavish Aggarwal / 29 / 2,385 / Mumbai / Ola cab / 4 / Technology
3 / Rajiv Poddar / 30 / 4,226 / Mumbai / Balkrishna / 3 / Tyres
4 / KunalBhal / 32 / 2,314 / Delhi / Snapdeal / 4 / E-Commerce
5 / BinnyBansaal / 34 / 9,010 / Bangalore / Flipkart / 4 / E-Commerce
6 / SachinBansaal / 34 / 9,010 / Bangalore / Flipkart / 4 / E-Commerce
7 / Nishita Shah Federbush & Family / 36 / 2,914 / Bangkok / Precious Shipping / 3 / Logistics
8 / Shivinder Singh / 37 / 15,143 / New Delhi / Fortis Healthcare / 3 / Healthcare
9 / Vijay Shankar Sharma / 38 / 2,824 / Delhi / Paytm / 4 / E-Commerce
10 / Malvinder Singh / 39 / 15,140 / New Delhi / Fortis Healthcare / 3 / Healthcare
11 / Naveen Tewari / 39 / 1,683 / Bangalore / Inmobi / 4 / Technology
12 / Rahul Sharma / 40 / 4,070 / Gurgaon / Micromax / 4 / Mobile phones
13 / Jai R Shroff / 40 / 3,376 / Hyderabad / Advanta / 4 / Agriculture

Only 3% women

Men dominate, with just 3% women occupying a place in the list. Indu Jain(78), is the richest woman with a personal fortune pegged at INR 19,179 Cr and bags the 33rd position in the Hurun India Rich List 2015.She is followed by Savitri Jindal and Family(65)at INR15,680 Cr. Theonly self-made women entrepreneur is Kiran Mazumdar-Shaw (62) of Biocon, with a net worth of INR 6,143 Cr.

Table 7: Hurun India Rich List 2015 – Richest Women in India

Name / Wealth / %
Change / Age / Company / Location / Industry
(INR Cr)
1 / Indu Jain / 19,179 / 52% / 78 / Bennett Coleman / New Delhi / Media& Entertainment
2 / Savitri Jindal / 15,680 / -56% / 65 / JSPL / Hisar / Steel
3 / Mallika Srinivasan / 9,561 / 33% / 56 / TAFE / Chennai / Manufacturing
4 / Anu Aga / 8,174 / 20% / 73 / Thermax / Pune / Energy
5 / Kiran Mazumdar-Shaw / 6,143 / -6% / 62 / Biocon / Bangalore / Pharmaceuticals
6 / MadhuKapur / 3,926 / 17% / 52 / Yes Bank / Mumbai / Financial Services
7 / Nishita Shah Federbush / 2914 / New / 36 / Precious Shipping / Bangkok / Logistics
8 / ShobhanaBhartia / 1,922 / -70% / 58 / Hindustan Times / New Delhi / Media & Entertainment

Largest public traded companies

Of the publicly traded companies on the list, MukeshAmbani’s Reliance has the highest valuation of INR 32,35,069 Cr (contributing 5.01% to the NIFTY index), followed by Infosys with INR 24,76,221 Cr and Sun Pharmaceutical INR 19,79,884 Cr. Behind that are Tata Motors & Bharti Airtel with market cap of INR 10,96,290and INR 16,73,311 Cr respectively.

Table 8: Hurun India Rich List 2015 - Self-Made Degree

Self-Made Degree / No Of Individuals / Richest Individual / Company / Age / Wealth INR Cr.
5 / 34 / Shiv Nadar / HCL / 70 / 94,019
4 / 150 / Dilip Shanghvi / Sun Pharma / 59 / 1,26,289
3 / 109 / Mukesh Ambani / Reliance / 58 / 1,60,951
2 / 2 / Anil Ambani / ADA Reliance / 55 / 27,359
1 / 1 / RishadNaoroji / Godrej / 64 / 15,944

Source: Hurun India Rich List. For more details visit

Hurun Report continued its Self-Made Scorecard, measuring the degree to which billionaires are inherited or self-made. The scorecard is out of five, where 1 is inherited and not active in business, and 5 is self-made without help from parents.

Self-made with a little help from parents was the most common route to becoming a billionaire, featuring 51% of the list. Second was self-made without help from parents, making up 37% of the list. Third was inheriting a business and growing it into a much bigger entity, with 11% and only one person was Self-Made Degree 1.

Industry analysis

The industries that added the most number of new millionaires to the list were FMCG, Manufacturing, Mobiles, Technology and e-commerce.

Backed by strong stock market performance of circa 12%, FMCG has produced most number of new faces. The indigenous mobile phone companies seem to have finally obtained comsumer acceptance, helping the companies such as Micromax, Lava and Karbon adding news faces into the list. For a snapshot on the industry that added most number of new entries, refer the table below.

Table 9: Industry producing most number of new entrants

Industry / No.ofnew additions / Cumulative Wealth 2015(INR Cr) / Richest New Individual 2015 / Company
FMCG / 12 / 25,732 / Ajay Jaisinghani / Polycab
Mobile Phones / 9 / 25,492 / Rahul Sharma / Micromax
Manufacturing / 8 / 20,266 / AtulChandrakantKirloskar & Brothers / Kirloskar
Jewelry / 7 / 21,008 / Amit Bhansali / Rosy Blue
Technology / 5 / 12,230 / Anand Suresh Deshpande / Persistent Systems

Source: Hurun India Rich List. For more details visit

Manufacturing

Almost 15% of the Hurun India Rich List 2015 belonged to the manufacturing sector; the fastest riser is SatyanarayanNandlalNuwa (63), of Bharat Forge, who gained 30 places, registering a growth in net worth of 45%. Lachman Das Mittal of Sonalika, falling 90 places to 192, witnessed the biggest fall in rank. Average wealth of the Manufacturing sector was INR 12,040 Cr, with Maharashtra as the preferred hub for manufacturing followed by Delhi.

Pharmaceuticals

The Pharma sector had another very good year, with wealth of this sector rising at an average of 26%. HasmukhChudgar of Intas who registered an increase of 171% in net worth is the biggest gainer in thepharma sector. The majority of the Pharma millionaires hailed from Maharashtra, followed by Andhra Pradesh & Gujarat. It may be noted that all HNIs of the Pharma sector continue to reside & do business from India.

Real estate

17 individuals derived their wealth from the Real estate sector. This sector saw its wealth increase on an average of 2% compared to that of last year. AtulChordiaSagarChordia (49), of Panchshil Reality, saw his wealth grow by 48%during the period 2014-15. AtulRuia (44), of Phoenix Mills is the youngest real estate tycoon on the list.

TMT

The TMT sector has produced 47 individuals. With 12 individuals, Bangalore seems to be the technology hub & 25% of these companiesare listed. The fastest riser is Dhiraj Rajaram, of Mu-sigma, who rose up the list by 127 places;Rajaram registered a 490% growth in net worth compared to last year. The biggest fall in rank was witnessed by ShobhanaBhartia of Hindustan Times;her rank fell 115 places to 276.

E- Commerce

In dollar terms E-commerce shows 48% spike in wealth for existing names and 126% spike considering the new entrants into the list. Latest fund raising activities fuelled high valuation for all ecommerce companies. Despite a soaring valuation bubble in the industry, Just Dial is an exception in the list; VenkatachalamSthanuSubramani lost nearly 80% wealth in INR terms due to share devaluation of Just Dial.

FMCG

The FMCG sector had a very good year, with wealth of this sector rising at an average of 57%. The biggest gainer in the 2015 Hurun India Rich List is from the FMCG sector – Nusli Wadia of Britannia, registered an increase of 277% in net worth.

Stock Markets Performance

Bombay Stock Exchange (BSE) Sensex rose 9.4% from 25,480 on August 1 2014 to 28,814 on July 31 2015. For the year under review, BSE Mid Cap (19.2%) and BSE Small Cap Index (16.4%) outperformed the benchmark index (9.4%). Sensex out performed Global indices S&P 500 (8.4%) and DJIA (6.8%). At a sectorial level, 7 out of the 10 sectorial indexes outperformed the benchmark index; Energy, Utilities and Basic Material underperformed compared to the market. Currently, Indian stock market seems to be trading at a high valuation 20.3xcompared to 5 year historical average of 17.4x.