Nation
Billionaire Mukesh Ambani richest Indian for ninth year: Forbes
With $22.7 billion (Rs 151,477 crore) net worth, Reliance Industries Chairman Mukesh Ambani is the richest Indian for the ninth consecutive year, American business magazine Forbes India said on Thursday.
 
Ambani, 59, who retains the top spot in the annual list of 100 richest Indian tycoons, saw his wealth increase to $22.7 billion from $18.9 billion last year as shares of Reliance Industries rose 21 percent over 12 months, the magazine said in a report.
 
The oil-to-retail conglomerate launched its 4G phone service Jio early this month, offering free calls and internet data link till December 31.
 
Dilip Shangavi of drug major Sun Pharmaceutical Industries is the second-richest Indian with $16.9 billion net worth though his personal wealth declined $1.1 billion due to its share price dropping, while London-based Hinduja brothers, with a combined network of $15 billion in 2016 as against $14.8 billion in 2015, are third.
 
The four siblings - Srichand, Gopichand, Prakash and Ashok - head the multinational group, whose businesses spans trucks and lubricants to banking and cable television.
 
IT czar Azmi Premji of Wipro slipped to fourth from third with $15-billion, while his flagship IT services company reported six percent decline in net earnings to $304 million in second quarter of this fiscal due to sluggish sakes.
 
The government's infrastructure push and housing-for-all policy have turned the fortunes of cement and paint tycoons such as Benu Gopal Bangur, who features at 14 in the top 20 for the first time with $5.9 billion net worth, as shares of his Shree Cement soared.
 
Like Bangur, Asian Paints non-executive Vice-Chairman Ashwin Dani added $1.1 billion to his wealth to figure at 34 with $3.3-billion net worth.
 
Though the composition at the top of the list remains unchanged, the combined net worth of the country's 100 wealthiest increased 10 per cent to $381 billion from $345 billion in 2015.
 
"In a post-Brexit world, India appears a steady ship with an economy growing at 7 percent-plus. The majority of India's 100 richest have notched up handsome gains as their companies outperformed the stock market in the past year," said Forbes Asia's India Editor Naazneen Karmali.
 
"This year's list has seen a rise in the overall wealth of the country's top 100 billionaires, in line with the movement of the markets," said Forbes India Editor Sourav Majumdar.
 
Meanwhile, eight tycoons rejoined the ranks after their companies outperformed the stock market's 12 percent rise in the past year.
 
Among them is the country's richest self-made woman and Biocon chairperson Kiran Mazumdar-Shaw at 65 with $1.83 billion net worth, as her firm's shares doubled in 12 months.
 
Six newcomers to the list include serial entrepreneurs and brothers Bhavin and Divyank Turakhia (95, $1.3 billion), who make the ranks after selling their ad tech firm Media.net for $900 million to a consortium of Chinese investors in August.
 
Acharya Balkrishna (48, $2.5 billion) also makes his debut on the list, thanks to his 97 percent holding in the fast-growing consumer goods outfit Patanjali Ayurved, which he co-founded with yoga guru Baba Ramdev.
 
Pawan Munjal (29, $3.65 billion), son of Brijmohan Lall Munjal, founder of Hero Group, took over his father's spot on the list.
 
The minimum net worth to enter the annual list of the richest Indians was $1.25 billion, up from $1.1 billion in 2015.
 
Flipkart co-founders Sachin Bansal and Binny Bansal, however, dropped out from the list as their net worth fell below the minimum amount, along with 11 others, including textile tycoon Balkrishan Goenka.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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Finance Ministry questions ratings process of Moody's
Economic Affairs Secretary Shaktikanta Das on Thursday questioned the decision of Moody's for a ratings review of India in two years' time, and said the agency's exercise must consider all aspects of reforms being undertaken by the country with a sound methodology.
 
"Moody's had taken a position that they would consider a ratings upgrade after two years. Our concern was only about the methodology of the whole process," Das told reporters here, two days after the ratings agency alluded that India's ratings review could emerge in the medium term.
 
"We would expect interactions with the Finance Ministry and the Government to take place. Then, of course, they are a rating agency and they are entitled to arrive at their own conclusions. But due process has to be followed, you cannot jump the gun," Das said.
 
The secretary said that without such an exercise, such a conclusion will prove dificient. He also said that reforms in India were now gathering significant roots and developing sufficient depth, which can't be doubted.
 
"In the past two years, especially, the number of reforms, the kind of reforms and the pace of reforms being taken by the government -- due weightage has to be given."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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ISRO to launch IIT-B students' satellite on Monday
Indian space agency ISRO will shoot off the "Pratham" satellite designed and built by students of the IIT-Bombay among the eight satellites including its weather satellite on Monday, an official said here.
 
Conceptualised in 2008 with the aim of making IIT-B a centre for space science and technology research, the satellite weighs just 10 kg, is designed to fit within a cube of 30 cms, and has a life span of around four months.
 
"The objective of Pratham is to empower the students involved with the skill set required to develop a statellite through various stages of design, analysis, fabrication and testing," said the official.
 
The project will also kickstart a collaboration between IIT-B and other Indian universities keen to contribute in the space sector and to share knowledge and facilties.
 
This has led to completion of ground-stations for tracking the satellite in several college, including the Atharva College of Engineering here.
 
The IIT-B has collaborated with some international universities like UCL, London and IPGP, Paris for the project.
 
Pratham will transmit data when it passes over India and any university with a small ground station can detect its signals and measure the total electron counts (TEC) above the ground station as part of the education process to spread awareness among the students.
 
The student-designed satellite's mission is four-fold: acquiring knowledge in the field of satellite and space technology, to fully design it by the students of IIT-B, launch it and measure TEC of uonosphere above India and Paris, and involve students from other universities in the satellite project, said the official.
 
Pratham's payload instrument comprises two monopole antennae transmitting at 145.98MHz and 437.45MHz.
 
Measuring 30.5 cm by 33.4cm by 46.6 cm, it weighs 10.12 kg, is made of aluminium alloy and other space-grade materials, and has an on board computer.
 
It has three monopoles, GPS, magnetometer, sun sensors, magnetorquers and is powered by Li-ion battery and four solar panels.
 
It will be positioned in a sun-synchronous orbit around 670 km away and will pass over India around 11.30 a.m. 
 
For the project, entirely funded by the IIT-B, the ISRO has provided lot of technical help in terms of testing and guidance and the integration of the flight model of Pratham for which tests have been carried out in ISAC, Bangalore and SHAR, Sriharikota.
 
Each year in September, a rigorous selection test was conducted for all IIT-B students from which they were inducted into the Pratham team and formalized after ascertaining their satisfactory work.
 
The current strength of the team which has completed the project after more than eight years is around 30, the official said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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