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Singapore: As many as 17 Indian families, led by the Ambanis, figure in the maiden Forbes list of 50 richest Asian families, which is the highest for any country in this part of the world.
Ranked 3rd, the Ambanis’ net worth, which combines the wealth of both the brothers, Mukesh and Anil, has been estimated at $21.5 billion followed by Premjis, ranked 7th on the list with $17 billion.
Not far behind are the Hindujas, Mistry and the Godrej families, ranked 9th, 10th and 15th, with net worth of $15 billion, $14.9 billion and $11.4 billion respectively.
Among the 17 Indian families, some are no longer Indian citizens.
“While most on our list have kept their flock together over generations, the 50 also includes those who’ve gone separate ways in business or are entirely estranged,” the report said.
It added: “For example, India’s Ambani family combines the wealth of brothers Mukesh and Anil, who inherited most of their father’s fortune on his death in 2002 but opted to do business separately.”
Mukesh’s twins, son Akash and daughter Isha, work at and occupy board seats at telecom arm Reliance Jio Infocomm and Reliance Retail. Anil’s son Jai Anmol works at Reliance Capital, it said.
The Burman family from India, that is featured on the cover of the magazine, has brought in professional managers to ensure the continuity of the business.
Anand Burman, the 63-year-old fifth-generation scion and non-executive chairman of family-owned Dabur, has seen net profits grow 24-fold, and market cap soar 40-fold since 1998, Forbes noted.
Dabur boasts of a portfolio of 400 products-ranging from skin-care bleaches and ayurvedic shampoos to natural fruit juices-selling through nearly six million outlets across India. The family’s 68 percent holding is valued at $5 billion.The minimum combined net wealth to qualify for the list was $2.9 billion.
To compile the list, Forbes team sifted through information on 500-plus families and valued dozens. “In the end a $2.9 billion net worth was needed to qualify. The valuations are based on stock prices and exchange rates on Sep 25,” the report added.
The Lee families, one from South Korea associated with Samsung, and the other that oversees Henderson topped the list, with a net worth of $26.6 billion and $24.1 billion respectively.
“Family is at the core of many of Asia’s biggest and most far-flung conglomerates and some of its best-known brands. Perhaps no clan better illustrates this than the Lees of Samsung Group, whose 2014 revenues were equivalent to 22 percent of South Korea’s GDP (gross domestic product),” the report said.
The report stated that nearly half of the richest families in Asia are of Chinese descent, yet none of the inaugural 50 is based in the mainland, where conglomerates are young, run by the first generation able to muster billions of dollars in wealth in an open economy.
Following are the Indian business families that figured out in the list:
1. Ambanis ranked 3rd ($21.5 billion)
2. Premjis ranked 7th ($17 billion)
3. Hindujas ranked 9th ($15 billion)
4. Mistry ranked 10th ($14.9 billion)
5. Godrej ranked 15th ($11.4 billion)
6. Mittal ranked 19th ($10.1 billion)
7. Birla ranked 22nd ($7.8 billion)
8. Bajaj ranked 29th ($5.6 billion)
9. Burman ranked 30th ($5.5 billion)
10. Lohia ranked 31st ($5.4 billion)
11. Patel ranked 33rd ($4.8 billion)
12. Lal ranked 40th ($4 billion)
13. Bangur ranked 42nd ($3.9 billion)
14. Jindal ranked 43rd ($3.8 billion)
15. Munjal ranked 46th ($3.2 billion)
16. Hiranandani ranked 47th ($3.1 billion)
17. Hamied ranked 50th ($2.9 billion)
Mahanadi Coalfields Limited (MCL), a subsidiary of Coal India will set up a 50 megawatt (MW) solar power plant in Odisha's Sambalpur at a total cost of Rs 301.92 crore, moving steadily towards its goal to achieve carbon neutrality by 2024. MCL has placed a turnkey order to set-up a 50 MW solar power plant with a Chennai-based firm M/s Hild Energy Ltd, which will establish this green energy project within a timeline of 10 months, the MCL said in a statement on Saturday.
This solar plant would cater to the captive power requirement of MCL. The Central PSU had successfully set-up a 2MW solar power plant in Sambalpur in 2014. The company said it has pledged a target of installing 182 MW of solar power by 2024 in order to become a net zero energy company, aligning itself to use cleaner forms of energy for coal production.
The company said it has pledged a target of installing 182 MW of solar power by 2024. | Photo by Mariana Proença on Unsplash
This 50 MW solar power project will reduce CO2 emission by 91,020 tonnes per annum and carbon offsets of around 24,824 tonnes per annum, claimed the MCL. MCL is the leading production subsidiary of Coal India, having mining operations in Angul, Jharsuguda and Sundargarh districts of Odisha. Having achieved the highest ever capital expenditure of Rs 2,419 crore in the financial year 2020-21, the company has coal production and dispatch targets of 163 million tonnes and 182 million tonnes, respectively.
MCL was the coal mining company to introduce environment-friendly surface miner technology, which contributes over 95 per cent in coal production. As another environment-friendly initiative, the company has successfully introduced vertical rippers for blast-less over-burden removal in Hingula and Kaniha opencast projects. (IANS/ MBI)
Keywords: solar plant, carbon neutrality, Odisha, Sambalpur, Coal India, subsidiary, Mahanadi Coalfields Limited, solar energy
As the nation celebrated the 114th birth anniversary of his father - renowned poet Harivansh Rai Bachchan - megastar Amitabh Bachchan remembered his dad as he penned a heartfelt note for him. The actor took to his blog where he poured his heart out and also shared an unseen photo with his father. The image in question is from Big B's wedding in 1973, where the two are caught in a sweet moment as they look at each other.
Amitabh Bachchan wrote on his blog,
"My Father , my all .. November 27th his birth in the year 1907 .. Which makes it his 114th Anniversary .. He is in the heavens, with my Mother and they celebrate .. as do we , in thought word and deed .. (sic). But first."
He then posted the picture followed by elaborate paragraphs. The megastar wrote,
"Those rare moments when one would find himself rushing against the winds to prevent the distance between us and to close it down as soon as it can be. The day of my wedding and his expression of fulfilment to not just be in congratulation but instead to be in the face of a belief, a chime, an ultimate season of love and great passion, of the quarries of the fears and conditionings of these deprived gym routines kart ..(sic)". "This could have been unknown for long facilitating years, to give not expected versions and lastly large scale informations of the insides ; but as time passed by, as does now , they explained purposely, the values of education and similarity .. Be in peace and love .. (sic)",
the veteran actor concluded his note. (IANS/ MBI)
Keywords: Amitabh Bachchan, Harivansh Rai Bachchan, actor, blog, birth anniversary, 114th birthday
By Plabita Sharma
The World Vegan month of November usually brings with itself an increased amount of dialogue and searches about Vegan lifestyle, sustainable living and clean beauty. Before pondering any further, it is important to understand what the Vegan lifestyle is and how it goes beyond the concept of consuming a plant-based diet. Veganism essentially is a lifestyle that is driven by compassionate choices and an increased awareness of one's actions on the world. Thus motivated by the two, a vegan individual usually carefully curates their day-to-day practices in a manner that does little to no- harm to the planet, the people and all of its inhabitants.
Beauty as industry has time and again been scrutinised for its effects on the consumers and the ecosystem - this can be during the manufacturing process or the effect it has on the consumer's thought processes. Now, as the world moves towards adopting Global Sustainability Goals, committing to a world that works with the natural resources instead of against them - it is only fair for each individual to be curious about making the right choices to make their beauty bag as consciously curated as possible. With multiple brands coming up with new standards of vegan and sustainable beauty, many consumers are left confused and doubting the authenticity of these claims. So here is a quick guide that can help you make the right choices:
Vegan and cruelty free labels: Keeping true to the traditional meaning of Vegan - any vegan beauty product means that it is completely plant based and has no animal ingredients or any of their by-products like honey, beeswax, dairy product etc. Similarly, cruelty-free as a label means that the ingredients or the final product did not test on animals or harm any animals during the production process. One way to test the authenticity is to check if these products are legally certified by PETA (People for the Ethical Treatment of Animals), or verified by Vegan organisations as The Vegan Society and others. Cruelty-free and vegan products are also generally categorized by having cleaner and gentler formulas as they are mostly deprived of harsh chemicals and solvents.
Any vegan beauty product means that it is completely plant based and has no animal ingredients or any of their by-products like honey, beeswax, dairy product etc. | Photo by Drew Dizzy Graham on Unsplash
Ethical and natural ingredients: It is equally important to invest in products that use ethically sourced and sustainably harvested ingredients. Since most vegan products tend to be plant derived it is of utmost value to ensure that while the source is nature, the impact of manufacturing is also minimal so that there is no harm done to the environment. Often the face scrubs used by us are most damaging not just to the face and to the marine life as well; thus opting for more natural ingredients rather than synthetic ones is quite beneficial. Some natural scrubbing ingredients are sugar, salt, coffee which are safe for the coral reefs and far gentler than synthetic scrubs.
It is equally important to invest in products that use ethically sourced and sustainably harvested ingredients. | Photo by Brooke Lark on Unsplash
Sustainable and ecofriendly packaging: While the ingredients and formulation can be certified, it is also important to pay attention the quality, material and nature of the packaging in which the product is being stored. With an increase in clean-beauty standards, the consumption of such products has also increased, thus giving brands the opportunity to further develop their packaging in a manner that is sustainable and its increased quantity does not harm the environment. This could translate into using raw materials that are recycled and can be renewed or even introducing the concept of up-cycling the product packaging for decoration or storage purposes. Fore example, The Body Shop has recently launched a new line of vegan hair care and body butters; that are not only made of 95 per cent ingredients of natural origin but the packaging is made of recycled plastic that can further be recycled thus continuing the recycling system. Their makeup brushes also have wooden handles instead of plastic ones this adds to their classy appearance and use of ecofriendly material.
The Body Shop has recently launched a new line of vegan hair care and body butters; that are not only made of 95 per cent ingredients of natural origin but the packaging is made of recycled plastic. | Photo by Oli Dale on Unsplash
The above is a small snippet in a long list of things that can help contribute to a cleaner and more consciously lifestyle. Where demand increase, supply follows - as people begin to demand ethical, responsible production and products, more and more brands have begun to deliver. Household names such as The Body Shop have pioneered conversations on clean, green and sustainable beauty for decades - thus making them a frontrunner for several old time vegan people.
(Article originally published on IANSlife) (IANS/ MBI)
Keywords: Beauty, makeup, clean, November, World Vegan month, New Standards , Vegan, Conscious