Almost half of India billionaires' wealth held by 5 tycoons

[greengiraffe]

http://www.businesstimes.com.sg/premium/...s-20140814

PUBLISHED AUGUST 14, 2014
Almost half of India billionaires' wealth held by 5 tycoons

BYAMIT ROY CHOUDHURY
amit@sph.com.sg @AmitRoyCBT

Mr Mukesh Ambani (left) is chairman and the largest shareholder of Reliance Industries, a Fortune Global 500 company with oil and gas interests - PHOTO: AFP
[SINGAPORE] As India gets ready to celebrate its 68th Independence day on August 15, a list of the super wealthy in the country shows that despite the gloom about the economy, entrepreneurialism is still a key to getting rich.
Most of the people on the list represent new money rather than generational family wealth.
Five people leading the pack collectively control US$85.5 billion (S$106.8 billion) in personal wealth in India. There are 103 billionaires in a country of 1.2 billion people. Collectively, these 103 people control US$180 billion. This shows that the top five have a staggering 47.5 per cent share of the total billionaire wealth. The figures are from 2013, the latest available data.
According to Singapore-based Wealth-X, a leading ultra high net worth (UHNW) intelligence and prospecting firm, the five are: Mukesh Ambani (US$24.4 billion) of Reliance Industries, Lakshmi Mittal (US$17.2 billion) of ArcelorMittal, Dilip Shanghvi (US$16.3 billion) of Sun Pharmaceutical Industries, Azmi Premji of Wipro and Pallonji Shapoorji Mistry (US$12.7 billion) of Tata Sons.

[opmi]

When u r too rich, better be careful and try to gain power. Or else cannot keep.

[specuvestor]

I think the odd one out is Sun Pharma trading 9X Book and 50X PE