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Mukesh Ambani`s Reliance Industries richest company in India

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By Newsgram Staff Writer

Reliance Industries is at the top industries ranked according to their asset base, Corporate Affairs Minister Arun Jaitley informed Rajya Sabha today in a written reply.

The Mumbai based conglomerate has an asset base of Rs.3,67,583 crore and is followed by Indian Oil Corporation Ltd. with an asset base of Rs.2,52,413.78 crore.

The total reported value of the assets of the 4,15,886 companies that filed their balance sheets for March 31, 2014 till November 30, 2014 was Rs.117.08 lakh crore, and the share of the top 10 companies in the total value of assets was 15.3 percent on March 31, 2014.

 

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Food processing will be a main industry in future: Jaitley

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Food processing will be a main industry in future: Jaitley

New Delhi: The entire Indian agriculture value chain is set to change drastically and food processing is going to be one of the main industries of the country in the future, Finance Minister Arun Jaitley said on Friday.

“The farm to kitchen chain is going to change in India, like elsewhere, with increased agricultural production, better storage facilities, more food processing and changing consumer food preference,” Jaitley said at the inaugural session of the World Food India 2017 here.

 “Food processing is going to be one of the principal industries of India in future, and an entrepreneur in 2017 should think of the industry from the perspective of where it will be in 2040, 2050,” he said.

In terms of market size, the Indian food market was worth $193 billion in 2016 and is expected to cross $540 billion in 2020, officials said here. The sector has been growing at the rate of 12 per cent annually.

“There is a silent revolution ongoing in India. There is an expanding middle class and below that there is a growing aspirational class, which is building up reasonable purchasing power,” the Finance Minister said, noting that this provided an enormous potential market for food products in the country.

About the potential, Food Processing Minister Harsimrat Kaur Badal said that only about 10 per cent of agricultural produce is processed in the country, leading to a lot of wastage.

The industry enjoys many fiscal incentives, including preferential credit under priority sector lending, she said.

“There is 100 per cent FDI (foreign direct investment) allowed into the sector through the automatic route and we have seen inflows increase 40 per cent over the last year,” she said.

“The proposal for a Food Processing Bank is also under active consideration.”

In the presence of delegates from many countries, the event was inaugurated earlier by Prime Minister Narendra Modi, who pointed out that India is the biggest producer of milk in the world and the second in rice, wheat, fish and vegetable output.(IANS)

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Mamata cares for Mukesh Ambani, not for those dying from dengue: Vijayvargiya

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Mamata cares for Mukesh Ambani, not for those dying from dengue: Vijayvargiya

Canning (West Bengal): BJP national General Secretary Kailash Vijayvargiya on Thursday slammed West Bengal Chief Minister Mamata Banerjee for meeting industrialist Mukesh Ambani in Mumbai at a time when her state is in the grip of dengue.

“You are in Mumbai to meet Mukesh Ambani. A 21-year-old youth died in Kolkata’s alleys due to lack of treatment. You don’t care for him but you care for Mukesh Ambani because he is a crorepati and he will give you funds for elections.

“Thousands of people are dying in the state from dengue. But shameless government and shameless CM is saying it’s not dengue but something else… ,” he said here.

Banerjee on Tuesday met Reliance Industries chairman Mukesh Ambani and requested him to invest in her state.

The Chief Minister had a one and half hour meeting with Ambani soon after reaching the country’s financial capital where she is scheduled to attend a business conclave on Wednesday.

Banerjee later told reporters that Ambani would attend the Bengal Global Business Summit organised by her government in January 16-17 in Kolkata.

Vijayvargiya also took potshots at the higher education system in the state.

“Calcutta University is at the 800th position among 1000 varsities. You are downgrading the level of education in the state. It’s has gone down so much that now CU is giving D.Litt to Mamata. Where one time CU had given D.Litt to Nobel Laureate Rabindranath Tagore, now it’s Mamata. Where is Raja Bhoj, where is Gangu Teli?” he mocked.(IANS)

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Mukesh Ambani tops Forbes’ 2017 list of India’s 100 richest tycoons

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Ambani. Source-conclave.intoday.in

New Delhi, November 2,2017: With a net worth of $38 billion, Reliance Industries Ltd (RIL) chairman Mukesh Ambani has topped Forbes annual list of Indias 100 richest tycoons of 2017, a statement said here on Thursday.

“Reliance Industries Ltd chairman Mukesh Ambani has topped Forbes’s annual list of India’s 100 richest tycoons, with a net worth of $38 billion. To put it in context, this is equal to the entire GDP of the former Soviet republic of Azerbaijan, as per World Bank Data 2016 estimates,” the statement said.

Forbes India, will release the 2017 India Rich List by way of a special issue that hits the stands on November 3, 2017. The richest newcomer in the list is Wadia Group of companies Chairman Nusli Wadia (No. 25, $5.6 billion).

At $19 billion, the net worth of Wipro’s Azim Premji – who jumped two places up over last year to become the second richest Indian on the list – is almost equal to Afghanistan’s GDP of $19.4 billion, the statement said.

The Hinduja family maintained the third position ($18.4 billion) in the list. Last year’s second richest Indian, Dilip Shanghvi of Sun Pharmaceuticals (No. 9, $12.1 billion) is the biggest dollar loser on the list as his net worth fell by $4.8 billion.

“The Indian economy is still grappling with the impact of demonetisation and GST. This makes The Forbes India Rich List 2017 edition special since it features those who have faced the challenges head on and continued to deliver phenomenal results. The list has come to stand as a testament to brand India and also puts many emerging successful entrepreneurs on the global map,” said Joy Chakraborthy, CEO, Forbes India.

According to the list, the total wealth of India’s top 100 billionaires, which stands at a whopping $479 billion, is more than the country’s foreign exchange reserves estimated at $402.5 billion in September 2017.

The entry point to the list is at its highest ever, at $1.46 billion. Last year, the minimum amount required to make the list was $1.25 billion, 17 percent lower than this year.

The aggregate wealth of the top 100 has risen 26 percent over last year.(IANS)