Mukesh Ambani remains India’s richest man

Energy giant Reliance Industries chairman Mukesh Ambani has retained his title as the world’s richest Indian — for the fifth year in a row — with a net worth of $ 21 billion, according to Forbes. London-based steel baron L. N. Mittal follows Ambani as the country’s second richest person, with wealth of $ 16 billion, the US business magazine said on its website yesterday ahead of its November Asian edition. Despite holding the top position, Ambani has seen his fortune drop by $ 1.6 billion in the past 12 months, Forbes said. “Reliance remains India’s most valuable firm despite ongoing battles with federal oil ministry over KG-D6, country’s largest offshore gas field where output has sharply declined,” said the report. Mittal also had a tough year, losing $ 3 billion, “as shares of his ArcelorMittal, the world’s largest steelmaker, tanked due to surging costs and slumping demand in Europe,” the magazine said. Software firm Wipro’s chairman Azim Premji is the third richest Indian with wealth of $ 12.3 billion. The magazine noted that India’s slowing economy got a recent boost when the government “ended months of policy paralysis” through a series of reforms to boost foreign investments in retail, insurance and aviation. “The much-needed reforms perked up sentiments in what was otherwise another year of corruption scandals, this time in mining allocations,” Forbes said. The data was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and India’s regulatory agencies. Savitri Jindal, chairwoman of power and steel conglomerate Jindal Group, saw her wealth fall $ 1.3 billion in the year as Jindal Steel and Power subsidiary is alleged to have benefited from those allocations. The company has denied allegations that it was unduly favored in the allocation process. In the 12 months since Forbes released its 2011 list, India’s GDP growth rate has slumped to 5.5 percent from 8 percent. The biggest climber in the Forbes list was Dilip Shanghvi, chairman of Sun Pharmaceutical Industries Ltd, India’s biggest drugmaker by market capitalization, who entered the top five for the first time as his company’s share price soared. The collective wealth of India’s 100 richest rose 3.7 percent to $ 250 billion, Forbes said, with seven people losing more than $ 1 billion each over the past 12 months but six gaining at least that. The list includes 61 billionaires, four more than in 2011, Forbes said, as the minimum wealth necessary to enter the list rose 25 percent to $ 460 million, still below the threshold of $ 500 million in 2010. From Arab News