hurun · web view2018/10/08 · has bagged the 8th position in the barclays hurun india rich list,...

Introduction

India is going through one of the most interesting periods in wealth creation. Despite rupee depreciation and rising crude oil prices, wealth creation rate in India is at an all-time high. Wealth is changing hands to the next generation and the number of Indian unicorns crossed 20 for the first time. Next 10 years in India would witness young and next generation entrepreneurs taking charge of the family business and the unicorn entrepreneurs cashing out and eventually becoming VC houses. In the above context, Barclays Hurun India Rich List is the list of 831 individuals ranked by their net worth, aptly qualifying as the most comprehensive rich list aimed at tracking the private wealth in India. We have conducted in-depth research to understand the trends and direction of wealth creation of those featured in the list. In addition to the ranking of the HNIs by wealth, we have also analyzed the source of wealth creation, where they live and have highlighted the market trends and impact of macro on wealth creation. The pharmaceutical sector created the most number of entrants in the list followed by the software and services sector. The average wealth in the list is around INR 5,900 crores and the average age is 60.

We may have excluded some names due to the lack of publicly available data. Any misses are unintentional. We look forward to your feedback as it is very important to showcase the success stories of more of these modern businesses.

The purpose of this list is to try and tell the story of modern India through the stories of India’s most successful entrepreneurs.

Happy Reading!

25 September 2018Mumbai

BARCLAYS HURUN INDIA RICH LIST 201825 SEPTEMBER 2018

Barclays Hurun India Rich List 2018

(25 September 2018, Mumbai) Hurun Report India and Barclays today released the Hurun India Rich List 2018. This is the 7th annual ranking of the richest individuals in India. Wealth calculations are a snapshot of 31st July 2018, the same date as previous years.

In 2018 India’s GDP is expected to grow by 7.7%. However, depreciation of the rupee and all-time high retail fuel prices are posing significant challenges. At this interesting juncture of India’s economic growth, Hurun Report has made a data-driven attempt to understand wealth creation in India.

The Barclays Hurun India Rich List 2018 is the most comprehensive ranking of Indian individuals by way of net worth. A record-breaking 831 individuals have a minimum wealth of INR 1,000 crore, up one third or 214 individuals compared to last year. The number of individuals in the list has grown by a 100% since Hurun India Rich List 2016.

Table 1: The Top 10 in the Barclays Hurun India Rich List 2018 is shown below. The cut-off to the Top 10 this year rose by 10% to a staggering INR 69,400 crore.

Rank Name Wealth INR crore Change Company Age Residence

1- Mukesh Ambani 371,000 44% Reliance Industries 61 Maharashtra

2* SP Hinduja & family 159,000 # Hinduja 82 London

3- LN Mittal & family 114,500 30% ArcelorMittal 68 London4↑ Azim Premji 96,100 21% Wipro 73 Karnataka5↓ Dilip Shanghvi 89,700 1% Sun Pharmaceutical 62 Maharashtra6↑ Uday Kotak 78,600 25% Kotak Mahindra Bank 59 Maharashtra

7↓ Cyrus S Poonawalla 73,000 3% Serum Institute of India 77 Maharashtra

8↓ Gautam Adani & family 71,200 1% Adani Enterprises 56 Gujarat

9* Cyrus Pallonji Mistry 69,400 41% Shapoorji Pallonji 50 Maharashtra

9* Shapoor Pallonji Mistry 69,400 41% Shapoorji Pallonji 53 Monaco

↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10 # RevaluedSource: Hurun Research Institute; Barclays Hurun India Rich List 2018

With a wealth of INR 371,000 crore, Mukesh Ambani (61) of Reliance comfortably holds onto to the top spot for the seventh year running on the back of a 47% rise of the share price of his flagship company, Reliance Industries. His wealth is more than the combined wealth of the next three: Hinduja, Mittal, and Premji. Ambani’s wealth increased by INR 300 crore a day over the past year. The successful launch of Jio, backed by the above average margins maintained by Reliance’s petrochemical business, tripled with a successful retail business foray have resulted in Reliance’s share price increasing by more than 47%. His daughter Isha’s marriage to Anand Piramal, son of Ajay Piramal (24 th on the list) is scheduled for this year.

With a wealth of INR 159,000 crore, SP Hinduja (82) & family of Hinduja Group storms into second place in Barclays Hurun India Rich List 2018. Hinduja Group is possibly the biggest privately held conglomerate in India with investments ranging from lubricants to new energy to virtual reality. For this year’s valuation, we have valued more than 25 companies that are being owned by the brothers. Hinduja Group announced interest in buying a majority stake in Mauritius based MauBank. They own real estate assets worth INR 17,000 crore globally.

With a wealth of INR 114,500 crore, Lakshmi N Mittal (68) & family, founder of the world’s largest steel manufacturer, ArcelorMittal, has retained the third spot. His wealth jumped by 30% since last year on the back of a steady growth in the steel industry as well as expansion. ArcelorMittal is actively looking for acquisition opportunities and has offered INR 42,000 crore for Essar Steel that is currently going through insolvency proceedings.

With INR 96,100 crore, Azim Premji (73), of IT behemoth Wipro, bags fourth spot in the Barclays Hurun India Rich List 2018. He saw a 21% rise in his wealth. In November 2017, Wipro bought back 7.6% of shares for INR 11,000 crores. Now a prolific investor, Premji picked up a 6% stake in Future Retail from Bharti Group for INR 1,700 crore in June 2018.

With a wealth of INR 89,700 crore, Sun Pharma’s Dilip Shanghvi (62) lands at the 5th slot, 3 slots down from last year. His loss in wealth in Suzlon, whose share value declined by more than 50%, was neutralized by minor gains in Sun Pharma’s share price. In April 2018, Shanghvi bought a 3.8% stake in Unichem Laboratories. In June 2018, the USFDA issue regarding the plant quality in Gujarat was satisfactorily resolved and the pharma major received a clean chit.

With INR 78,600 crore, Uday Kotak (59), founder of Kotak Mahindra bank rises to the 6th

spot in the Barclays Hurun India Rich List 2018. Kotak started the business with a small loan from family and now runs one of the biggest banks in India. Interestingly, Kotak is the only senior executive in a private bank to get a pay rise last year. The Reserve Bank of India has directed Kotak to reduce his stake in the bank from 30% to 20% by December 2018.

Cyrus Poonawalla (77) is on the 7th spot in the Barclays Hurun India Rich List with INR 73,000 crore. In 2017, Serum Institute launched the world’s first Human Monoclonal antibody, recombinant (Rabishield). Poonawalla is a recipient of Padma Shri for his contribution to medicine. In June 2018, Poonawalla was conferred with an honorary degree ‘Doctor of Science-Doctor of Humane Letters’- for his efforts towards providing lifesaving vaccines to underprivileged children. Through this award, Poonawalla has joined the list of exceptional

leaders such as the former US President Barack Obama amongst other renowned public personalities.

With a wealth of INR 71,200 crore, Gautam Adani (56) & family has bagged the 8th position in the Barclays Hurun India Rich List, 2018. Adani Group is a multi-billion-dollar conglomerate with interests in Transmission, Power, Real Estate and more. Recently, Adani Group bought the Mumbai electricity distribution business from billionaire Anil Ambani's Reliance Infrastructure for INR 18,800 croreFormer chairman of Tata Sons, Cyrus P Mistry (50) and Shapoor P Mistry (53) shares the 9th

rank in the Barclays Hurun India Rich List, 2018 with each worth INR 69,400 crore. With a 41% increase in wealth, the brothers have jumped 3 ranks since last year, on the back of 56% increase in TCS share price which accounts 67% of total Tata Sons market cap. They derive their wealth from Shapoorji Pallonji Group and their holdings in Tata Sons.

The Richest Indian families

More than 50% of Indian business listed in the rich list is run by families. Listed below are top 10 richest business families in Barclays Hurun India Rich List 2018.

Table 2: The top 10 Richest Indian families

RankName of

the family

No. of members in the rich list

Wealth 2018 (INR crore) Change % Generation Prominent Person in

the family

1 Ambani 2 3,90,500 37% 2 Mukesh Ambani2 Godrej 5 2,23,000 18% 3 Adi Godrej3 Hinduja 1 1,59,000 64% 2 SP Hinduja4 Mistry 2 1,38,800 41% 2 Cyrus Mistry5 Shanghvi 2 92,400 4% 1 Dilip Shanghvi6 Nadar 3 89,700 5% 1 Shiv Nadar7 Adani 2 89,000 1% 1 Gautam Adani8 Damani 9 81,600 58% 1 Radhakishan Damani9 Lohia 2 70,200 # 2 Sri Prakash Lohia

10 Burman 8 64,800 49% 5 Anand Burman

Source: Hurun Research Institute; Barclays Hurun India Rich List 2018. # Revalued For more details, visit www.hurunindia.net

Indian businesses are mostly family run; in addition to the top 10 richest individuals in India, it is also important to understand some of the most successful business families in India

Where they live.

Mumbai registered an increase of 51 individuals in the rich list and Delhi added 46. With 233 individuals or 28% of the list, Mumbai is the absolute capital when it comes to India’s top entrepreneurs, followed by New Delhi (163) and Bengaluru (70). With 22 new entrants, Ahmedabad overtook Hyderabad, Chennai and Kolkata to jump to 4th spot.

59% of the new additions are contributed by Top 3 cities this year. With 271 and 163 entrants respectively, Maharashtra and Delhi are the preferred states of residence for individuals in Barclays Hurun India Rich List 2018.

Table 3: City/ State of Residence of Barclays Hurun India Rich List 2018

Rank City

Rich List Entries (net change)

Richest Individual 2018

Rank State

Rich List Entries(net change)

Richest Individual 2018

1- Mumbai 233 (+51) Mukesh Ambani 1 Maharashtra 271 (+57) Mukesh

Ambani2- New Delhi 163 (+46) Shiv Nadar 2 Delhi 163 (+46) Shiv Nadar3- Bengaluru 70 (+19) Azim Premji 3 Karnataka 73 (+18) Azim Premji

4↑ Ahmedabad 48 (+22) Gautam Adani 4 Gujarat 60 (+24) Gautam Adani

5↓ Hyderabad 46 (+10) P Pitchi Reddy 5 Telangana 49 (+11) P Pitchi Reddy

6↑ Chennai 30 (+8) Kalanithi Maran 6 Tamil Nadu 45 (+15) Kalanithi

Maran

7↓ Kolkata 28 (+5) Benu Gopal Bangur 7 West Bengal 28 (+5) Benu Gopal

Bangur

8↓ Pune 25 (+2) Cyrus S Poonawalla 8 Uttar

Pradesh 15 (-1) Ballabh Prasad Agarwal

9- Dubai 15 (+3) Micky Jagtiani & family 9 Kerala 14 (+1) Joy Alukkas

10↑ London 12 (+2) SP Hinduja & family 10 Haryana 11 (+5) Nirmal Kumar

Minda

11↑ Coimbatore 9 (+3) Kulanthaivel Vinayagam 11 Rajasthan 7 (+2) Sanjay Agarwal

11↓ Kanpur 9 (-2)Yadupati Singhania & family

12 Andhra Pradesh 6 (+5)

Ramachandra N Galla & family

13↑ Gurugram 6 (+2) Nirmal Kumar Minda 12 Madhya

Pradesh 5 (+1) Dilip Suryavanshi

13↓ Ernakulam 6 (-1)

George Alexander Muthoot & family

12 Punjab 5 (+1) SP Oswal

13* Nagpur 6 (+3) Satyanarayan Nuwal 12 Bihar 5 (+2)

Ravindra Kishore Sinha & family

13↓ Singapore 6 (+1)Krishna Kumar Bangur

17↓ Rajkot 5 (+1)Bhikhabhai Popatbhai Virani

17↓ Bhopal 5 (+1) Dilip Suryavanshi

19* Jaipur 4 (+3) Sanjay Agarwal

19↓ Surat 4 Savji Dholakia & family

19* Patna 4 (+2)Ravindra Kishore Sinha & family

19↓ Noida 4Ballabh Prasad Agarwala

19↓ Aurangabad 4 Anurang Jain & family

19↓ Abu Dhabi 4 Yusuff Ali MA

↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 20Source: Hurun Research Institute; Barclays Hurun India Rich List 2018 For more details visit www.hurunindia.net

Although more than 20 cities in India are home to individuals from Barclays Hurun India Rich List 2018, Indian wealth creators are going global by way of expansion or by emigration.

UAE, UK & USA are the preferred countries for migration

There are 66 NRIs from the Barclays Hurun Indian Rich List 2018. 65% of them are self-made. With 21 individuals, UAE is the most preferred country for NRIs, followed by the USA and the UK. With INR 159,000 crore, SP Hinduja & family of Hinduja Group is the wealthiest NRI. With a fortune of INR 39,200 crore, Yusuff Ali MA is the wealthiest NRI living in the UAE.

Table 4: Barclays Hurun India Rich List 2018 – Richest Non-Resident Indians

No NamesWealth(INR crore)

City Company Age

1 SP Hinduja & family 159,000 London Hinduja 822 LN Mittal & family 114,500 London ArcelorMittal 683 Shapoor Pallonji Mistry 69,400 Monaco Shapoorji Pallonji 534 Sri Prakash Lohia 46,700 London Indorama 655 Yusuff Ali MA 39,200 Abu Dhabi Lulu 626 Micky Jagtiani & family 34,600 Dubai Landmark 667 BR Shetty 27,200 Abu Dhabi NMC Healthcare 768 Aloke Lohia 23,500 Bangkok Indorama 599 Anil Agarwal & family 21,100 London Vedanta Resources 6510 Sunny Varkey 17,900 Dubai Gems Education 61

Source: Hurun Research Institute; Barclays Hurun India Rich List 2018 For more details visit www.hurunindia.net

Kolkata is home to the biggest gainer in the list – Krishna Kumar Bangur (58) of Graphite India saw his wealth increase by 430%

Biggest Gainers

The Chinese government’s restrictions on polluting blast furnace steelmakers have led to a windfall growth in global graphite prices, benefiting Indian manufacturers. Graphite India, largest graphite manufacturer, led by Krishna Kumar Bangur, witnessed a 430% increase in its share price and is officially the biggest gainer in the list.

Led by Byju Raveendran (40), Think & Learn doubled valuation from US$1bn to US$2bn by March 2018. Think & Learn’s flagship education platform Byju’s is disrupting the education market. For the last four years, Byju's has been doubling its valuation each year and is expected to continue this home-run for the next two years.

Table 5: Barclays Hurun India Rich List 2018 – The Biggest Gainers

No NameWealth (INR crore)

% Change Company Age Industry

1 Krishna Kumar Bangur 14,300 430% Graphite India 58 Manufacturing

2 Byju Raveendran 3,300 230% Think & Learn 40 Software & Services3 Dhiraj Rajaram 7,100 184% Mu Sigma 43 Software & Services

4 Dilip G Piramal & family 3,800 171% VIP Industries 67 Textiles, Apparels &

Accessories

5 Yugandhar Reddy & family 2,500 127% Medha Servo

Drives 65 Manufacturing


Young and Rich!

All the self-made entrepreneurs under 40 from the Barclays Hurun India Rich List 2018, except for Sanjay Agarwal of AU Small Finance Bank, derive their wealth from technology-based ventures. Youngest self-made entrepreneur under 40 is Ritesh Agarwal (24) of Oyo Rooms with a net worth of INR 2,600 crore; the wealthiest is Divyank Turakhia (36) of Media.net; Average age of self-made under 40 is 35. The average wealth of self –made entrepreneurs under 40 is INR 4,400 crore.

Average age of the top 5 gainers in Barclays Hurun India Rich List 2018 is 52. All except one in the richest under 40 list are from technology sector.

Shradha Agarwal (33) of Outcome Health is the only self-made women under 40. 21 women under the age of 40 featured in Barclays Hurun India Rich List 2018. The women representation in Barclays Hurun India Rich List 2018 has increased by 157% (86 new additions).

Women in the list

16% of the list are women of which 11 are self-made. The richest woman in the list is Smita V Crishna, 67, of Godrej with INR 44,600 crore, followed by Roshni Nadar, 36, of HCL with a net worth of INR 31,400 crore. The richest self-made woman in India is biotechnology queen Kiran Mazumdar-Shaw of Biocon with INR 22,700 crore. The average age of women in the list is 56.

Table 6: Barclays Hurun India Rich List 2018 – Top 10 self-made Women in India

NO NameWealth(INR crore)

Age Company Location Industry

1 Kiran Mazumdar-Shaw 22,700 65 Biocon Bengaluru Pharmaceuticals

2 Jayshree Ullal 9,500 57 Arista Networks San Francisco Software &

Services

3 Shradha Agarwal 8,200 33 Outcome Health Chicago Healthcare

4 Vembu Radha 5,800 45 Zoho Chennai Software & Services

5 Neerja Sethi 4,800 63 Syntel Fisher Island Software & Services

6 Sheela Gautam 2,800 86 Sheela Foam New Delhi Furnishing7 Falguni Nayar & family 2,600 55 Nykaa Mumbai Personal Care7 Indra K Nooyi 2,600 62 Pepsico Connecticut Food & Beverages9 Ambiga Subramanian 2,500 43 Mu Sigma Bengaluru Investments

10 Vandana Luthra & family 1,300 59 VLCC New Delhi Healthcare


Industry analysis

At a sectoral level in Indian Stock Exchanges BSE and NSE moved up by circa 16% and 14% respectively during the period of valuation. Consumer Durable (26.9%), Technology (25.2%) and FMCG (19.0%) were top performers. All the others underperformed with less than 5% return – the biggest loser was NIFTY Media Index with a -8.6% return.

With 114 individuals on the list, Pharmaceuticals leads the list followed by Software & Services with 66 individuals and FMCG with 53 individuals. Other industries that had a good

50 % of the women in the self-made list derive their wealth from technology or tech-enabled sectors. Pharmaceuticals continues to add most number of individuals in Barclays Hurun India Rich List 2018.

year include Chemicals & Petrochemicals, Automobiles & Auto Component and Consumer Durables.

New Energy India Rich Listers: Hari Krishna Chaudhary & family of Kolkata based Vikram Solar is the top green energy Barclays Hurun India Rich Lister with a net worth of INR 1,800 crore followed by Tulsi Tanti of Suzlon Energy with INR 1,000 crore. Hinduja Group has also actively ventured into green energy through Hinduja Renewables, which is valued at INR 900 crore.

Pharma is still the king!

The industries that added the most number of new entrants to the list were pharmaceuticals, FMCG, Construction & Engineering and Automobiles & Auto Components. Almost all the aforementioned industries added more individuals than last year. Textiles, Apparels & Accessories broke into top 10 for the first time since the inception of Hurun India Rich List.

Table 7: Barclays Hurun India Rich List 2018 – Industry breakdown

Rank

IndustryNo. of individuals in the list

% increase in the number of Hurun Rich Listers Richest individual

Wealth (INR crore)

1- Pharmaceuticals 114 44% Dilip Shanghvi 89,7002↑ Software & Services 66 100% Azim Premji 96,1003↓ FMCG 53 -23% Acharya Balkrishna 57,000

4↓ Chemicals & Petrochemicals 52 37% Sri Prakash Lohia 46,700

4↑ Automobile & Auto Components 52 44% Rahul Bajaj & family 55,300

6↓ Construction & Engineering 42 20% Ravi Pillai 15,700

7↑ Financial Services 39 39% Uday Kotak 78,600

8* Textiles, Apparels & Accessories 36 38% Nari Genomal 5,600

9↑ Realty 33 38% Mangal Prabhat Lodha 24,700

10↓ Capital Goods 30 11% Anu Aga 9,000

↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10Source: Hurun Research Institute; Barclays Hurun India Rich List 2018

For a snapshot of the industry that added most number of new entries, refer the table below.

Table 8: Industry producing most number of new entrants

Industry New Addition

Richest New Entrant

Wealth (INR

crore)Company

Pharmaceuticals 41 Manju D Gupta & family 19,100 Lupin

Software & Services 35 Roshni Nadar 31,400 HCL

Chemicals & Petrochemicals 23 Malav Ashwin Dani 10,300 Asian Paints

FMCG 19 Amit Burman 9,800 Dabur IndiaAutomobile & Auto Components 16 Anjali Singh 4,200 Anand Auto components

Realty 15 Rajiv Singh 21,000 DLFSource: Hurun Research Institute; Barclays Hurun India Rich List 2018 For more details visit www.hurunindia.net

Industry Performance Analysis: Impact of valuation multiples on the cumulative wealth.

The chart 9 below depicts the sectoral performance of some of the sectors. The right axis depicts the performance in terms of percentage (average of performance multiples) and the left axis depicts the loss of cumulative wealth under each sector. For fair analysis, we have only analyzed the companies that had India based operations and have removed outliers.

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Wealth Change in 100 Crores YoY % change in valuation multiples


Pharmaceuticals

Despite the underperformance of the pharma sector, it still contributes the highest to the list with 114 entries that includes 17 billionaires. In 2018, the sector witnessed a 23% growth in cumulative wealth compared to 9% in 2017. The increase in cumulative wealth is backed by increased valuation multiples of key pharma players that have a 50% export revenue, aided by rupee depreciation. However, as depicted in the chart 10, the domestic drug manufacturers that have a dependence on Active Pharmaceutical Ingredients (API) registered a cumulative loss of INR 800 crore based on a 15% reduction in the key pricing multiples – possibly caused by a 30-50% increase in the cost of imported APIs from China.

FMCG

In Barclays Hurun India Rich List 2018, FMCG is the third largest sector for wealth creation. The sector contributed 53 individuals to the list with 12 billionaires. Also, Chart 10 shows that wealth of FMCG based individuals in the list registered a cumulative increase of INR 11,500 crore. This wealth increase is backed by an upward swing of key pricing multiples. The government's focus on infrastructure projects in rural areas, assured MSP at 150 % of the cost of production, pay hike for central government employees and so on has resulted in increased rural consumer spending in rural areas. Specifically, to Biscuits sector in FMCG, the multiple gained by 44%, resulting in a net addition of INR 31,400 crore of cumulative wealth.

Chemicals & Petrochemicals

Indian chemical industry ranks 12 in the world by volume of production and has contributed 52 entrants to the list. Asian Paints, India’s largest paint manufacturer contributed a record number of 21 members to this year’s list.

Media

Media sector in Barclays Hurun India Rich List 2018, which is dominated by print media, is one of the worst performing sectors this year. Reduced margins due to a 15% increase in paper price and GST has reduced the pricing multiples of media sector by at least 50% resulting in wealth depletion of INR 26,100 crore for media entrepreneurs in Barclays Hurun India Rich List 2018.

Jewellery

Jewellery valuations, weakened by poor pricing multiples caused by strengthening US Dollar, hiked interest rate by Fed Reserve and a perception crisis caused by multi-billion dollar scam led by Nirav Modi and Mehul Choksi. The bad performance of the jewellery sector wiped out INR 19,000 crore of wealth for the entrepreneurs in Barclays Hurun India Rich List 2018.

Software & Services

66 individuals derived their wealth from the Software & Services sector and contributed 35 new entrants and 11 billionaires to this year’s list. This sector witnessed a 35% increase in wealth compared to 45% in the last year. Apparently, Donald Trump’s H1B visa restrictions had no material impact on Software Services Companies. This increased valuation could have been caused by rupee depreciation against dollar.

Aviation

8 individuals in Barclays Hurun India Rich List 2018, derived their wealth from the Aviation sector. Aviation, which was one of the best performing sectors in the last year’s list, had a bad year in 2018, resulting in a net reduction of cumulative wealth by INR 15,200 crore or 29% reduction. A 45% YoY price increase in Airline Turbine Jet Fuel Price coupled with a highly price competitive market landscape, made Aviation one of the worst performing sectors in Barclays Hurun India Rich List 2018.

The Indian Unicorns

For the first time, the number of Indian unicorns, defined as technology companies that have a valuation of more than US$1bn crossed 20. Some of the unicorns in list ranges from Udaan which became a Unicorn less than 2 years to bootstrapped tech enabled discount broking platform, Zerodha led by Nithin Kamath (38).

Some of these unicorns have taken investments from established entrepreneurs in the rich list. For instance, with an investment of INR 50 crore, Ranjan Pai of Manipal is one of the earliest investor into Byju’s. It is further interesting to note that Azim Premji had invested into Ranjan Pai’s education ventures – amazing testimony to the ecosystem helping each other.

Largest publicly traded companies

Of the publicly traded companies in the Barclays Hurun India Rich List 2018, Mukesh Ambani’s Reliance has the highest valuation of INR 751,402 crore (contributing 9.46% to the NIFTY index), followed by Tata Consultancy Services (owned by Tata Sons) with INR 743,222 crore and Infosys with INR 298,142 crore. Kotak Mahindra & Bharti Airtel with a market cap of INR 249,579 crore and INR 156,178 crore take the fourth and fifth position.

The table 10: below depicts the list of most valuable public companies in India

Rank Company Market cap (INR crore) Market cap (US$bn)

1 Reliance Industries 751,402 1102 Tata Consultancy Services 743,222 1083 HDFC Bank 567,980 834 Hindustan Unilever 365,607 535 ITC 362,804 536 HDFC 335,843 497 Infosys 298,142 438 Maruti Suzuki India 287,169 429 State Bank of India 261,847 3810 Kotak Mahindra Bank 249,579 36


Fortune 500: Reliance (INR 408,265 crore) Tata Motors (INR 296,298 crore) and Rajesh Exports (INR 187,685 crore), the flagship company of Rajesh Mehta (ranked 166), continue to be the only non-government Indian representation in Fortune 500.

Although the industry analysis gives a reasonably good overview of contemporary business landscape, the rise of Indian Unicorns shows the future and potential for exponential wealth creation in India.

Mergers and Acquisitions (M&A)

In an outbound M&A deal, Kumar Mangalam Birla’s (Ranked 15) Hindalco Industries agreed to buy US aluminium sheet maker Aleris at an enterprise value of US$2.6bn to create the world’s second-largest aluminium maker.

Walmart’s US$16bn acquisition of e-commerce giant Flipkart Online Services this year was the biggest-ever takeover by a foreign buyer in India.

In May 2018, Tata Steel purchased the bankrupt Bhushan Steel for US$5bn in one of the biggest deal involving Indian companies.

Malaysia’s IHH Healthcare and Manipal Health Enterprises placed binding offers for the controversy-hit hospital operator Fortis Healthcare. As part of the proposed transaction, Ranjan Pai (ranked 53) and TPG will invest INR 3,900 crore.

Gurugram based renewable energy company, ReNew Power bought the New Delhi-based Ostro Energy for US$1.5bn.

Opportunity in distress

Some of the entrepreneurs in Barclays Hurun India Rich List 2018 have been actively looking at buying out assets and businesses at distressed value.

For instance, JSW group bid Jaypee Infratech for INR 9,900 crore. Similarly, ArcelorMittal placed bids for Essar steel and UGML at INR 42,000 crore and INR 7000 crore respectively. Companies such as Ruchi Soya, Electrosteels and Bhushan Steel that were undergoing insolvency proceedings at National Company Law Tribunal were respectively bid by Patanjali, Vedanta, and Tata Steel.

Responsible Entrepreneurship: Billionaires stepping up during natural calamity

This year, Kerala, a southern state of India, faced one of the worst floods in its history. During these troubled times, some of the billionaires in Barclays Hurun India Rich List 2018 stepped up to support the rehabilitation by way of donations in terms of cash and in kind. Mukesh Ambani donated INR 71 crores in cash and supplies for the flood-stricken state. These gestures underline the importance of wealth creation for timely philanthropy.

Table 11: Some of the donations/ pledges for Kerala Flood Rehabilitation by entrepreneurs in Barclays Hurun India Rich List 2018

Names Donation/ Pledge (INR crore)Mukesh Ambani 71Gautam Adani 50Shamsheer Vayalil 50Yusuff Ali MA 18Joy Alukkas 15Sunny Varkey 10Ravi Pillai 5Kochouseph Chittilappilly 3Rahul Bajaj & family 2.5BR Shetty 2Kalanithi Maran 1M G George Muthoot 1


“Not So” Responsible Entrepreneurship

Nirav Modi (out of the Barclays Hurun India Rich List 2018) and his maternal uncle Mehul Choksi are being investigated by Indian investigating agencies for INR 13,600-crore banking fraud in the state-owned Punjab National Bank through the fraudulent issue of Letter of Undertakings (LOU) and foreign letters of credit (FLCs).

Table 12: Money in Sports!

Indian rich listers mainly own five Indian Premier League teams, four Indian Super League teams as well as one English Premier League teams and two pro-kabbadi league teams

NameIndian Premier League Team

NameIndian Super League Team

Mukesh Ambani Mumbai Indians Sanjiv Goenka Atlético de KolkataGM Rao Delhi Daredevils JSW Group Bengaluru FCKalanithi Maran Sunrisers Hyderabad Kapil Wadhawan FC Pune CityN Srinivasan Chennai Super Kings Dheeraj Wadhawan FC Pune CityBurman family Kings XI Punjab Yusuff Ali MA Kerala BlastersNess Wadia Kings XI Punjab


Apart from those mentioned above, Barclays Hurun India Rich Listers have interest in other professional leagues such as Pro Kabaddi League and English Premier League. For instance, GM Rao owns UP Yodhas and Gautam Adani Owns Gujarat Fortune Giants in Pro Kabaddi League. LN Mittal owns Queens Park Rangers from the English Premier League.

Stats: Record Highs

● The threshold to make the list was INR 1000 crore, with a record high of 831

individuals, up by 214 from last year and 208 the year before.

● The number of dollar billionaires has jumped to a record high too, with 141

individuals, up 5 from last year.

Chart 13 depicts the growth of number of individuals by various thresholds in Hurun India Rich List over the years

Total List Size INR 1,000 crore INR 1,600 Crore INR 1,800 crore USD Billionaires

100

100

59

141

141

63

230

230

109

296

296

279

124

339

339

315

126

617

617

426

392

136

831

831

533

486

141

2012 2013 2014 2015 2016 2017 2018


Table 14: Table analyses the cut-off required for Top 10, 50 and 100

2018 INR

crore

2017 INR crore

2016 INR

crore

2015 INR crore

2014 INR

crore

2013 INR crore

Top 10 69,400 56,500 50,400 47,000 44,000 46,600Top 50 17,800 17,600 14,900 15,100 11,500 7,600Top 100 9,000 8,400 7,600 7,900 6,500 3,800


Table 15: Companies producing the highest number of individuals in the list

Company Name No. of individuals1 Asian Paints 212 Infosys 163 Parle Products 134 Avenue Supermarts 105= Torrent Pharmaceuticals 85= Macleods Pharmaceuticals 8


Table 16: Key Star Signs in Barclays Hurun India Rich List 2018


Rank Birth Month

Total contribution to the list%

Richest person Wealth INR Cr

1 Cancer 10.5% Gautam Adani 71,2002 Virgo 9.7% Shapoor Pallonji Mistry 69,4003 Aries 9.3% Mukesh Ambani 371,0004 Scorpio 9.2% Yusuff Ali MA 35,4005 Capricorn 9.0% Smita V Crishna 44,6006 Leo 8.5% Azim Premji 96,1007 Libra 8.4% Dilip Shanghvi 89,7008 Pisces 8.1% Uday Kotak 78,6009 Gemini 7.3% LN Mittal 114,50010 Taurus 6.9% Cyrus S Poonawalla 73,00011 Aquarius 6.6% Nusli Wadia 56,10012 Sagittarius 6.4% SP Hinduja 97,300

Social Media: This year Anand Mahindra added 14 lakhs followers to his Twitter account and took the crown of most followed business person on social media from Acharya Balkrishna. A snapshot of some of the social media following of the entrepreneurs is listed below.

Table 17: Social Media Followers of Barclays Hurun India Rich List 2018

Social media rank Name

Number of

Followers (lakhs)

Facebook/ Twitter

2018 increase in followers (lakhs)

1 Anand Mahindra 67 Twitter 142 Acharya Balkrishna 60 Facebook 43 Nandan Nilekani 24 Twitter 24 Harsh Vardhan Goenka 15 Twitter 2.45 Kiran Mazumdar –Shaw 14 Twitter 1.66 Subash Chandra 13 Twitter 5.57 Uday Kotak 9.5 Twitter 2.38 Harsh Mariwala 8.8 Twitter 1.89 Yusuff Ali MA 6.9 Facebook 0.4

10 Vijay Shekhar Sharma 2.9 Twitter 0.8


Top 100: Barclays Hurun India Rich List 2018. For Full list please refer www.hurunindia.net

Rank NameWealth

INR crore

Company Name Industry Residence

1 Mukesh Ambani 371,000 Reliance Industries Diversified Mumbai

2 SP Hinduja & family 159,000 Hinduja Diversified London

3 LN Mittal & family 114,500 ArcelorMittal Metals & Mining London

4 Azim Premji 96,100 Wipro Software & Services Bengaluru

5 Dilip Shanghvi 89,700 Sun Pharmaceutical Industries Pharmaceuticals Mumbai

6 Uday Kotak 78,600 Kotak Mahindra Bank Financial Services Mumbai

7 Cyrus S Poonawalla 73,000 Serum Institute of India Pharmaceuticals Pune

8 Gautam Adani & family 71,200 Adani Enterprises Diversified Ahmedabad

9 Cyrus Pallonji Mistry 69,400 Shapoorji Pallonji Investments Mumbai

9 Shapoor Pallonji Mistry 69,400 Shapoorji Pallonji Investments Monaco

11 Acharya Balkrishna 57,000 Patanjali Ayurved FMCG Haridwar

12 Nusli Wadia & family 56,100 Britannia Industries FMCG Mumbai

13 Rahul Bajaj & family 55,300 Bajaj Auto Automobile & Components Pune

14 Sri Prakash Lohia 46,700 Indorama Chemicals & Petrochemicals London

15 Kumar Mangalam Birla 46,300 Aditya Birla Diversified Mumbai

15 Radhakishan Damani 46,300 Avenue Supermarts Retailing Mumbai

17 Adi Godrej 44,600 Godrej Consumer Durables Mumbai

17 Jamshyd Godrej 44,600 Godrej Consumer Durables Mumbai

17 Nadir Godrej 44,600 Godrej Consumer Durables Mumbai

17 Rishad Naoroji 44,600 Godrej Consumer Durables Mumbai

17 Smita V Crishna 44,600 Godrej Consumer Durables Mumbai

22 Benu Gopal Bangur & family 41,100 Shree Cement Cement & Cement Products Kolkata

23 Yusuff Ali MA 39,200 Lulu Retailing Abu Dhabi

24 Ajay Piramal 38,900 Piramal Enterprise Investments Mumbai

25 Shiv Nadar 37,400 HCL Software & Services New Delhi

26 Vikram Lal & family 37,100 Eicher Motors Automobile & Components New Delhi

27 Micky Jagtiani & family 34,600 Landmark Retailing Dubai

28 Pankaj Patel 32,100 Cadila Healthcare Pharmaceuticals Ahmedabad

29 Roshni Nadar 31,400 HCL Software & Services New Delhi

30 Sameer Gehlaut 30,200 Indiabulls Financial Services Financial Services Mumbai

31 Harsh Mariwala & family 27,500 Marico FMCG Mumbai

32 BR Shetty 27,200 NMC Healthcare Healthcare Abu Dhabi

33 Subhash Chandra & family 25,300 Zee Media Mumbai

34 Kalanithi Maran 25,100 Sun TV Network Media Chennai

35 Mangal Prabhat Lodha 24,700 Lodha Developers Realty Mumbai

36 Aloke Lohia 23,500 Indorama Chemicals & Petrochemicals Bangkok

37 Jitendra Virwani 23,200 Embassy Property Developments

Realty Bengaluru

38 Kiran Mazumdar-Shaw 22,700 Biocon Pharmaceuticals Bengaluru

39 Sunil Mittal & family 22,500 Bharti Airtel Telecommunications New Delhi

http://www.hurunindia.net/

40 Sajjan Jindal & Sangita Jindal 21,200 JSW Steel Metals & Mining Mumbai

41 Anil Agarwal & family 21,100 Vedanta Resources Metals & Mining London

42 Rajiv Singh 21,000 DLF Realty New Delhi

43 Kiran Nadar 20,900 HCL Software & Services New Delhi

44 Anand Burman 19,500 Dabur India FMCG New Delhi

44 Anil Ambani 19,500 Reliance ADA Diversified Mumbai

46 Manju D Gupta & family 19,100 Lupin Pharmaceuticals Mumbai

47 Rajan Raheja & family 18,900 Exide Industries Automobile & Components Mumbai

48 Sunny Varkey 17,900 Gems Education Education & Training Dubai

49 Chandru Raheja 17,800 K Raheja Realty Mumbai

49 Vinod Shantilal Adani 17,800 Adani Enterprises Diversified Dubai

51 Ravi Pillai 15,700 RP Construction & Engineering Dubai

52 PV Ramprasad Reddy 15,200 Aurobindo Pharma Pharmaceuticals New Jersey

53 Krishna Kumar Bangur 14,300 Graphite India Manufacturing Singapore

53 Ranjan Pai 14,300 Manipal Education & Medical Education & Training Bengaluru

55 Anurang Jain & family 14,000 Endurance Technologies Automobile & Components Aurangabad

56 Gopikishan Damani 13,900 Avenue Supermarts Retailing Mumbai

56 Rajan Bharti Mittal & family 13,900 Bharti Airtel Telecommunications New Delhi

56 Rakesh Bharti Mittal & family 13,900 Bharti Airtel Telecommunications New Delhi

59 Kishore Biyani & family 13,700 Future Retail Retailing Mumbai

59 Thumbay Moideen 13,700 Thumbay Healthcare Sharjah

61 P Pitchi Reddy 13,000 Megha Engineering & Infrastructures

Construction & Engineering Hyderabad

62 B Parthasaradhi Reddy & family 12,800 Hetero Drugs Pharmaceuticals Hyderabad

62 Rahul Bhatia 12,800 Interglobe Aviation Aviation New Delhi

62 Shamsheer Vayalil 12,800 VPS Healthcare Healthcare Abu Dhabi

62 Vikas Oberoi 12,800 Oberoi Realty Realty Mumbai

66 PV Krishna Reddy 12,400 Megha Engineering & Infrastructures

Construction & Engineering Hyderabad

67 Baba Kalyani & family 12,200 Bharat Forge Manufacturing Pune

67 VC Burman 12,200 Dabur India FMCG New Delhi

69 Feroz Allana 11,800 IFFCO Trading & Distribution Sharjah

70 Divyank Turakhia 11,700 Media.Net Software & Services Dubai

70 Yusuf Hamied 11,700 Cipla Pharmaceuticals London

72 Kavitark Ram Shriram 11,600 Google Software & Services Menlo Park

72 Romesh T Wadhwani 11,600 Symphony Technology Investments Palo Alto

74 Rakesh Jhunjhunwala 11,500 Rare Enterprises Investments Mumbai

75 Abhay Vakil 11,400 Asian Paints Chemicals & Petrochemicals Mumbai

76 Madhukar Parekh & family 11,300 Pidilite Industries Chemicals & Petrochemicals Mumbai

77 Ravi Jaipuria & family 11,100 RJ Corp FMCG New Delhi

78 Leena Gandhi Tewari 10,900 USV Pharmaceuticals Mumbai

79 Manoj Bhargava 10,800 5 Hour Energy Food & Beverages Farmington Hills

79 Radhe Shyam Agarwal & family 10,800 Emami FMCG Kolkata

79 Radhe Shyam Goenka & family 10,800 Emami FMCG Kolkata

82 Tarang Jain 10,600 Varroc Engineering Automobile & Components Aurangabad

82 Vijay Shekhar Sharma 10,600 Paytm Software & Services New Delhi

84 Saket Burman 10,500 Dabur India FMCG Dubai

85 Malav Ashwin Dani 10,300 Asian Paints Chemicals & Petrochemicals Mumbai

85 Purnendu Chatterjee 10,300 The Chatterjee Investments New York

87 Jalaj Ashwin Dani 10,200 Asian Paints Chemicals & Petrochemicals Mumbai

88 Bharat Desai 10,000 Syntel Software & Services Fisher Island

89 Shashi Ruia & Ravi Ruia 9,900 Essar Oil UK Oil & Gas Mumbai

90 Amit Burman 9,800 Dabur India FMCG New Delhi

90 Gurbachan Singh Dhingra 9,800 Berger Paints Chemicals & Petrochemicals New Delhi

90 Vinod Khosla 9,800 Khosla Ventures Investments Portola Valley

93 Bhadresh Shah 9,700 AIA Engineering Construction & Engineering Ahmedabad

93 Tony Jashanmal 9,700 Jashanmal Retailing Dubai

93 Vivek Chaand Sehgal 9,700 Motherson Sumi Systems Automobile & Components Melbourne

96 Karsanbhai Patel 9,600 Nirma FMCG Ahmedabad

97 Jayshree Ullal 9,500 Arista Networks Software & Services San Francisco

98 Harsh Vardhan Goenka & family 9,300 RPG Enterprises Diversified Mumbai

99 Sanjiv Goenka & family 9,100 CESC Services Kolkata

100 Anu Aga 9,000 Thermax Capital Goods Pune


Methodology

The Barclays Hurun India Rich List 2018 has been researched and compiled by the Hurun Research Institute for the seventh year running, using a cut-off of 31 July 2018 when the rate of exchange to the US dollar was INR 68.5. The list relates to Indians only, defined as born or brought up in India.

Valuing the wealth of India’s richest is as much an art as it is a science. Sure, Hurun Report has missed some, but our endeavour has been to develop the most comprehensive report of its kind with an objective to identify and acknowledge India’s top entrepreneurs and business owners. The source of wealth includes both inherited and self-made wealth. Hurun Report’s team of researchers have travelled the length and breadth of the country, cross-checking information with entrepreneurs, industry experts, journalists, bankers and all possible sources of information.

For unlisted companies, Hurun Research’s valuation is based on a comparison with their listed equivalents using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to Sales, EV to EBITDA and also other methodologies including Discounted Cash Flow, Tobin’s Q and so on. In certain cases of early stage companies, Hurun Report has used the First Chicago Method for valuation.

Disclaimer and Notices

Barclays Disclaimer

This document does not constitute a prospectus, offer, invitation or solicitation and is meant for your information only. The information contained in this document has been obtained from sources that Barclays believes are reliable but Barclays do not represent or warrant that it is accurate or complete, and such information may be incomplete or condensed. Neither Barclays, nor any affiliate, nor any of their respective officers, directors, partners, or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of or reliance upon this document or its contents, or for any omission. Barclays shall have no obligation to update its views or the information in this document on a periodic basis or otherwise and is subject to change without notice. This document is not directed to, nor intended for distribution or use by, any person or entity in any jurisdiction or country where the publication or availability of this document or such distribution or use would be contrary to local law or regulation, including for the avoidance of doubt the USA. Barclays offers wealth and investment products and services in India through its group companies Barclays Securities (India) Pvt Ltd (BSIPL) CIN U67120MH2006PTC161063, Barclays Investments & Loans (India) Pvt Ltd (BILIPL) CIN U93090MH1937FTC291521 and Barclays Wealth Trustees (India) Pvt Ltd (BWTIPL) CIN U93000MH2008PTC188438. BSIPL is a SEBI registered Stock Broker, Portfolio Manager, Investment Adviser, Research Analyst, Depository Participant and AMFI registered Mutual Fund Advisor. BILIPL is a RBI regulated non-deposit-taking Systemically Important NBFC. BWTIPL provides fiduciary services such as trustee services, escrow services and is IRDA registered Corporate Insurance Agent. For more information on the regulatory registrations, offices, business activities and contact persons, please visit https://barclays.in.

Hurun Report Disclaimer

This report has been prepared by Hurun Report. All the data collection and the research has been done by Hurun Report. This report is meant for information purposes only. Reasonable care and caution has been taken in preparing this report. The information contained in this report has been obtained from sources which are considered reliable. By accessing and/or using any part of the report, the user accepts this disclaimer and exclusion of liability which operates to the benefit of Hurun Report. Hurun Report does not guarantee the accuracy, adequacy or completeness of any information contained in the report and neither shall it be responsible for any errors or omissions in or for the results obtained from the use of such information. No third party whose information is referenced in this report under credit to it, assumes any liability towards the user with respect to its information. Hurun Report shall not be liable for any decisions made by the user based on this report (including those of investment or divestiture) and the user takes full responsibility for their decisions made based on this report. Hurun Report shall not be liable to any user of this report (and expressly disclaim liability) for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential losses, loss of profit, lost business and economic loss regardless of the cause or form of action and regardless of whether or not any such loss could have been foreseen.

About Hurun Report Hurun Report is a leading luxury publishing and events group established in London in 1998 with a strong presence in China and India. It is widely recognized world-over for its comprehensive evaluation of the wealthiest individuals across the globe. Hurun Report is the largest compiler of the rich list globally.

Hurun Report Inc. has four divisions: Hurun Report Media, a stable of digital media and four magazines; Hurun Research Institute; Hurun Conferences, an active events division targeting entrepreneurs and high net worth individuals; and Hurun Investments, a US$20m early stage venture capital fund with investments into tech, media, retail and education.

About Hurun Report India

“Passionate About Indian Entrepreneurship”

Hurun Report India commenced operations in 2012 and has been bringing to light stories of successful and emerging Indian entrepreneurs ever since, felicitating them at a bouquet of Hurun events hosted pan-India.

Hurun Report India serves as India’s definitive voice celebrating wealth creation, innovation and growth. Last year, Hurun further expanded its repertoire by releasing the Hurun Global Rich List 2017, a ranking of the 2,694 US dollar billionaires, so-called ‘Nine-Zero Club’, currently in the world and the seventh India Rich List which ranks the 831 richest individuals in India, allowing for comparisons between some of the most dynamic economies in the world. The purpose of this list is to try and tell the story of modern India through the eyes of an entrepreneur. For the full details, please refer to on www.hurunindia.net.

About Barclays

Barclays is a transatlantic consumer and wholesale bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.

With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 80,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.

For further information about Barclays, please visit our website home.barclays

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