Top 10 Richest People

We all are aware that as many as 50 Indians, including Arcelor-Mittal chairman Lakshmi N Mittal, the Ambani brothers, and Azim Premji, figure in the latest Forbes list of world's billionaires.

The Top 10 richest people include 2 of the very well renowned Indians. Mentioned below is a list of the people who are creating the noise and are idols for the youth:

1. Carlos Slim: Net Worth $74 billion
The world's richest person for a second year in a row, the Mexican telecom mogul is also the year's biggest gainer, having added $20.5 billion to his fortune and widened the gap between him and No. 2, Microsoft co-founder Bill Gates, to $18 billion.
Slim's America Movil SAB is the biggest mobile-phone company in the Americas, with 225 million wireless subscribers.

2. Bill Gates: Net worth $56 billion
The co-founder of the world's largest software company Microsoft and co-chairman of the Bill & Melinda Gates Foundation is worth $56 billion.
He and his wife, Melinda Gates, co-chair and trustee, Bill & Melinda Gates Foundation, have for long been working on various philanthropic causes and spent billions of dollars all around the world, including in India.
Gates is not on top of the list because he has donated $30 billion to his charity organisation.
Gates has also convinced nearly 60 of the world's wealthiest to sign his 'Giving Pledge', promising to donate the majority of their wealth to charity either during their lifetime or after death.

3. Warren Buffett: Net worth $50 billion
Warren Buffett, chairman of Berkshire Hathaway is worth $50 billion. He has already pledged to give 99 % of his wealth away in various fields of art, literature etc.
Well known for his wise investment decisions, the 79-year-old Buffett is the chairman of conglomerate Berkshire Hathaway that has invested in diverse companies.

4. Bernard Arnault: Net worth $41 billion
Bernard Arnault, the richest European, is the founder and chairman of luxury goods outfit, LVMH. His wealth increased by $13.5 billion as shares of his company rose by more than half over the past year.
LVMH bought 20 per cent of Hermes last year; Arnault insists he is a friendly shareholder but Hermes sees it as hostile.

5. Larry Ellison: Net worth $39.5 billion
Larry Ellision, Oracle chief, sits atop a fortune that is $11.5 billion bigger than last year, thanks to a 30 % jump in the software company's shares. He is one of the few people who intends to give 95% of his money to charity.
The company invested spent $25 billion in just three years to acquire several companies and large and small software manufacturers.

6. Lakshmi Mittal: Net worth $31.1 billion
Net profits at L N Mittal's Arcelor Mittal are up 18-fold to $2.9 billion in 2010 due to recovery in steel demand and higher margins.
Mittal is the chairman and CEO of Arcelor Mittal, the world's biggest steel maker, while his son Aditya is the CEO. Daughter-in-law Megha owns German fashion house Escada. Daughter Varsha Mittal is married to a banker.

7. Amancio Ortega: Net worth $31 billion
Amancio Ortega is a Spanish fashion entrepreneur ranked as the 7th richest man in the world with $31 billion worth of wealth.
In 1975, he opened a store called Zara, which later grew to enormous scale as one of the most well known fashion chains of the world

8. Eike Batista: Net worth $30 billion
Eike Batista, a Brazilian mining and oil tycoon, is at number 8 with $30 billion.
Through his holding company, EBX, Batista controls businesses spanning mining, shipbuilding, energy, logistics, tourism and entertainment.

9. Mukesh Ambani: Net worth $27 billion
Reliance Industries chairman Mukesh Ambani is the 9th richest man in the world. He owns a 27 storeyed house in Mumbai which is worth an approximate of $ 2 billion.
Chief of oil and gas conglomerate Reliance Industries, India's most valuable company, recently signed a deal with BP, selling 30 per cent stake in 23 oil blocks in India for $7.2 billion and forming a marketing joint venture.

10. Christy Walton (Widow of John Walton) : Net worth $26.5 billion
Christy Walton, the widow of John Walton, inherited her wealth from her husband after he died in an airplane accident in Wyoming 2005.
Her fortune increased because of her late husband's early investments in a solar energy company.
Walton, is an active member in social issues & supports museums, education and organic gardening.

Source: http://www.rediff.com/business

Vibrant Gujarat 2011: Gateway to the hub of golden opportunities

Heaping praises on Gujarat Chief Minister Narendra Modi's leadership for not only driving industrial growth but also boosting rural development, India's industry bigwigs on Wednesday pledged to invest in excess of Rs 163,000 crore (Rs 1,630 billion) in the state. They had all gathered at the fifth edition of Vibrant Gujarat Summit 2011 (VGS) in Gandhinagar. Meanwhile, Adani Group chairman Gautam Adani announced Rs 80,000-crore (Rs 800 billion) investment in ports, power sector and infrastructure in Gujarat.

On the occasion of VGS they  announced an investment of more than Rs 80,000 crore in port, power generation and infrastructure in Gujarat. While two new ports -- one each at Hazira and Dholera are being developed they are also expanding the existing ports at Mundra and Dahej. With this they have a goal to create 200 million tonnes per annum of port handling capacity by the year 2015.

 In power generation while they have commissioned 2,000 MW at Mundra, additional 2,600 MW will be commissioned by March 2012. Further they are also building 3,300 MW at Bhadreshwar in Kutch, 600 MW at Dahej and 4,000 MW at Dholera SIR. As an integrated infrastructure conglomerate they are also developing LNG terminal, infrastructure parks, supporting railway lines and supporting facilities.

Projects of more than Rs 35,000 crore (Rs 350 billion) for which they had signed MoUs at the time of Vibrant Gujarat Summit in 2007 and 2009 have been fructified.

Anil Ambani’s his ADA Group will invest Rs 50,000 crore (Rs 500 billion) in Gujarat in the next 5-7 years on various projects as the firm looks to tap opportunities in the state. They are committing to invest Rs 50,000 crore in the state of Gujarat in gas-based and coal-based power projects in the next 5-7 years.

Essar Group  will invest Rs 30,000 crore (Rs 300 billion) in Gujarat for projects in various sectors, including power and refinery. Essar has committed to invest in Gujarat Rs 30,000 crore in power, refinery, ports and water infrastructure. Essar Group is a major player in the port sector in Gujarat. Its ports and terminals business operates a crude oil and petroleum products terminal at Vadinar in the state.

Mahindra & Mahindra will invest Rs 3,000 crore (Rs 30 billion) in Gujarat to step up presence in the hospitality and real estate sectors in the state.

They have signed six MoUs with the Gujarat government totaling an investment of Rs 3,000 crore (Rs 30 billion. Mahindra Lifespaces, the real estate development arm of the $7.1-billion Mahindra Group, has signed two MoUs with the state government.

The Tata Group has signed an MoU with the Gujarat government to provide rural transportation.This will be in addition to the ongoing rural initiatives such as skills development activities, sanitation and water projects where the group is already a partner.

Mukesh Ambani-led Reliance Industries have signed a pact with Gujarat government to develop Pandit Deendayal Petroleum University into a top world class institute.

The leadership of Narendra Modi has proved that Gujarat is not only seeing industrial growth but is also witnessing rural development .

Source :Rediff Business

Men behind top Indian tycoons' success - P M S Prasad - Man with management skills and detailed planning

 P M S Prasad

If Reliance Industries' petroleum business was an independent company, he would be heading one of the largest companies in India. He was instrumental in implementing two world-class refineries at Jamnagar, a natural gas field that today accounts for 40 per cent of all hydrocarbons produced in the country. He is recognised for helping RIL morph from a refining and petrochemicals group into a vertically diversified E&P business. As head of petroleum and refining business -- the key driver of RIL's profits -- the 58-year-old executive director was the second homegrown professional after SS Kohli to get a seat on the RIL board last year. Chairman Mukesh Ambani zeroed in on Prasad, known for his man management skills and detailed planning, to give the Ambani family-dominated board a professional face. The engineering graduate was also RIL's representative in the gas dispute hearings in the Supreme Court.

The Richie Rich's of India!!!

India's rising stock market and a booming economy that's expanding by 8.5 per cent have boosted the net worth of India's richest people, according to the latest Forbes' India Rich List.The combined net worth of India's 100 richest people is $300 billion, up from $276 billion last year. This year, there are 69 billionaires on the India Rich List, 17 more than last year.

Mukesh Ambani, head of Reliance Industries, has topped the latest Forbes' India Rich List with a net worth of $27 billion, for the third consecutive time. Steel magnate Lakshmi Mittal, remains at No. 2 with a net worth of $26.1 billion. However both are less well off than they were a year ago.

The 100 richest Indians have a combined wealth of $300 billion, an all-time high and more than the combined GDPs of all the other nations in South Asia put together.

Let us take a look at the top 5 richest Indians:

1.Mukesh Ambani

Reliance Industries chairman Mukesh Ambani is the richest man in India with $27 billion in net worth. At $27 billion, Mukesh Ambani is as rich as Larry Ellison, the third richest American. Bill Gates at $54 billion is twice as rich as Ambani.

2.Lakshmi Mittal

Owner of ArcelorMittal, this business tycoon has stake in British soccer team QPR. Mittal is looking to invest in Brazil, India and West Asia. He owns 12-bedroom mansion in London's posh Kensington area.

3.Azim Premji

The software czar's company Wipro has done well over the last one year, recording a significant turnaround making Azim Premji the third richest Indian.

4.Shashi Ruia

The Ruia-owned Essar Group is looking for major expansions in all its businesses, including steel, oil and power. Essar Oil bought 50 per cent in Kenya Petroleum Refineries in July and is negotiating with Royal Dutch Shell to acquire three refineries. The Ruia’s stand at 4th rank.


5.Savitri Jindal

She is the non-executive chair of O P Jindal Group who took over the reigns of the steel and power conglomerate founded by her late husband Om Prakash in 1952.Shes in the 5th richest Indian.

Source: Rediff

IMG, Reliance in deal to develop Indian basketball

(Reuters) - Sports and entertainment agency IMG and Indian conglomerate Reliance Industries scored an agreement that could eventually lead to the formation of an Indian professional basketball league.

As part of the 30-year deal, the Basketball Federation of India (BFI) has granted the IMG Reliance joint venture commercial rights to basketball in India, including sponsorship, advertising, broadcasting, merchandising, data and franchising rights. Terms of the deal were not disclosed.

IMG Reliance also will advise the BFI on managing school and college leagues.

"This is a gigantic opportunity," IMG chairman and owner Ted Forstmann said in a telephone interview.

"We got together with (Reliance Chairman Mukesh Ambani) to build a very big sports ownership business in a phenomenal country that's growing like crazy," he added.

Ambani is India's richest man. Reliance, whose businesses include petrochemicals, retail and telecommunications, is India's largest company by market capitalization.

IMG and Reliance formed a joint venture in March to develop, market and manage sports and entertainment in India. Forstmann said the venture was formed to tap into a market of 1.2 billion people that boasts a fast-growing middle class and a young demographic looking to branch out beyond the wildly popular cricket.

IMG officials have openly discussed their desire to own the next Indian sports league after the success of the Indian Premier League, a cricket organization IMG helped establish three years ago that Forstmann said is now valued at $4 billion.

The IPL's rapid success has changed the way potential sports investors view Indian commercial opportunities, said Neel Shah, a sports marketing associate with the Indian office for advertising agency Dentsu who previously worked for Major League Soccer.

"It has raised the bar tenfold on what type of value people are placing on sports properties that do well on the ground and on air," he said of the cricket league.

Under Forstmann, IMG's profit has grown fivefold since he bought the company in 2004. He has expanded it from a business of representing athletes and models to managing more lucrative events like Wimbledon and Fashion Week, and crafting TV deals in China and India.

The initial focus for the IMG Reliance venture will be on developing the sport of basketball and the infrastructure, but a pro league could follow three to five years after that, said Andrew Wildblood, an IMG executive vice president and an executive director with the joint venture.

"This is a giant step towards our stated vision of making basketball a much-watched and popular sport in the country," BFI general secretary Harish Sharma said.

IMG and Reliance are not alone in wanting to develop basketball in India as the National Basketball Association in March announced a partnership to start a recreational league for 14- to 18-year-olds with another Indian conglomerate, Mahindra Group.

"There is a large untapped opportunity for sports in India, particularly for basketball," NBA International president Heidi Ueberroth said in an email. "The investments being made by Reliance and IMG will accelerate the growth of basketball and affirm its potential in India."

NBA Deputy Commissioner Adam Silver told Reuters in March that basketball participation and interest in India is growing, and there may be an opportunity to create a league sooner rather than later.

Forstmann acknowledged India currently lacks many arenas that could accommodate pro basketball teams, but said IMG does not want to miss out in a country where the number of Indian middle-class households is expected to surge fourfold between 2008 and 2030 to 147 million according to a McKinsey Global Institute report.

In addition, IMG Reliance is moving ahead with plans to open at least one sports academy to train Indians in such sports as golf, tennis, basketball and soccer, as well as position the country to win more medals in the Olympic games.

Source : Reuters

Reliance shares up ahead of meeting on expansion hopes

Mukesh Ambani, the billionaire chairman of Reliance, is scheduled to address the annual shareholders meeting that is set to start at 11 a.m.

Investors were also keeping a close eye on whether long-estranged brother Anil Ambani appears at the meeting after the two called a truce last month.

Reliance shares, which have the highest weighting in the main index, were up 1.3 percent at 1,085 rupees by 0448 GMT in a Mumbai market that was up 0.4 percent. The stock had risen as much as 1.7 percent in early trade.

Expectations that Reliance will enter sectors as diverse as power, telecoms, and healthcare have been rampant since Mukesh Ambani last month ended an agreement with Anil that prevented them from competing on each others' turf.

Exactly five years ago, the two brothers split the business empire founded by their father after disagreements over ownership, and the non-compete agreement had been a source of acrimony between the two.

The Times of India reported on Friday that Reliance was in advanced talks to buy fibre optic cables and telecoms tower business from mobile operator Reliance Communications(RLCM.BO), controlled by Anil.

Reliance may also buy a 26 percent stake in shipbuilder Pipavav Shipyard(PIPA.BO), the Economic Times reported on Friday.

Source: Reuters

Anil Ambani withdraws suit against brother - report

After five years of a bitter feud, Mukesh and Anil last month unexpectedly called a truce by ending a non-competition agreement that had been a source of acrimony since they split the family business between them.

Anil had accused Mukesh of defaming him in a 2008 interview with the New York Times that was reproduced in two leading Indian newspapers, the Press Trust of India reported.

"Yes, we have withdrawn the suit claiming Rs 10,000 crore (100 billion rupees, or $2.12 billion) as damages," a spokesman for the Anil Dhirubhai Ambani Group told PTI.

A spokesman for Anil Ambani's group of companies declined to comment to Reuters.

Mukesh Ambani controls India's largest listed firm, Reliance Industries, while Anil's empire includes No. 2 Indian telecoms firm Reliance Communications, Reliance Power, Reliance Natural Resources and Reliance Infrastructure.

Source: Reuters.