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Ambanis at the top among 17 Indian groups in Forbes Asian richest family list

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www.ericmetaxas.com

Newsgram Staff Writer

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)

 

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Forbes Rich List 2017: Acharya Balkrishna of Patanjali Named as 19th Richest Indian

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Acharya Balkrishna
Acharya Balkrishna. Wikimedia

Oct 05, 2017: Patanjali Ayurveda’s Acharya Balkrishna, the partner of yoga acharya Ramdev, has bagged the nineteenth position this year in the Forbes magazine’s Annual India Rich List 2017 with total assets of $6.55 billion (Rs. 43,000 crores).

Reliance Industries Ltd. foreman Mukesh Ambani managed India’s wealthiest position for the tenth straight year as his total assets swelled to $38 billion (Rs. 2.5 trillion), while Anil Ambani was positioned much lower at the 45th place with $3.15 billion.

Sun Pharma’s Dilip Shanghvi moved down from his previous second place to the ninth.

Also Read: British-Indian Actor Kunal Nayyar Ranks Fourth on Forbes Magazines List of World’s Highest-Paid TV Actors 

Wipro’s Azim Premji held the second position with total assets of $19 billion, climbing two spots from a year ago.

The Hinduja brothers are at the third position with $18.4 billion, while Lakshmi Mittal is presently positioned fourth ($16.5 billion) and Pallonji Mistry fifth ($16 billion).

Forbes said the rundown was arranged utilizing shareholding and budgetary data secured from the families and people, stock trades, investigators and administrative offices.

 

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Punjab government signed an MoU with Reliance Jio to provide free Wi-Fi facility in all Technical Institutes

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Wifi, Pixabay

Chandigarh, May 18, 2017: The Punjab government on Thursday signed an MoU with Reliance Jio to provide free Wi-Fi facility in all state-run engineering colleges, industrial training institutes and polytechnics, a minister said.

The step will help provide free Internet to students of these institutions for their academics and also encourage cashless transactions and digitalisation, Technical Education Minister Charanjit Singh Channi said.

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He said Reliance Jio will set up the infrastructure for the purpose, bearing the cost of equipment and electricity required for Wi-Fi functioning.

The company will block all objectionable websites as per the Centre’s directions.

The principals of the institutions concerned have been directed to provide suitable space and security for the proposed Wi-Fi service and relevant network equipment required. (IANS)

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Reliance to launch Jio-Money Merchant Solutions app to enable digital transactions, especially among small Merchants

Using the JioMoney Merchant App, merchants can also make supplier payments, transfer money between his bank account and use digital petty cash

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Jio
Reliance Jio crosses 100 mn customer mark, image courtesy: reliancejio-sim.in

Mumbai, Dec 1, 2016: To enable digital transactions, especially among small merchants, Reliance Industries on Thursday announced it was launching next week its Jio-Money Merchant Solutions.

“To enable digital transactions, merchants, especially small merchants, are an important component of our economy. To fuel their transactions, Jio is working to empower Indian merchants by building a digital retail ecosystem, which we are calling Jio-Money Merchant Solutions,” said Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited, in an address to stakeholders at RIL’s Navi Mumbai office.

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“Starting December 5, every merchant can download the Jio-Money Merchant Application,” he added.

Ambani said this will enable digital transactions of all types, whether they be at mandis, small shops, restaurants, railway ticket counters, for bus and mass transit and even for person-to-person money transfers.

“Customers can use their JioMoney wallets to pay merchants from their bank accounts, and merchants can use the Jio-Money Merchant App to accept these payments directly into their bank accounts,” he said.

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Using the JioMoney Merchant App, merchants can also make supplier payments, transfer money between his bank account and use digital petty cash.

“JioMoney is focused on signing up over 10 million small merchant retailers in the coming weeks across 17,000 towns and four lakh villages. With this, the JioMoney ecosystem will be a committed and enthusiastic partner for the smooth implementation of our Prime Minister’s game-changing vision of creating a digitally-enabled and strong Indian economy,” Ambani said. (IANS)