Forbes India - The 100 Richest Indians (Collector's Edition)

the 1 0 0 Richest indianswww.forbesindia.comMukesh Ambanichairman,Reliance Industries5-coverspecialThe Digital EvangelistPrice 250. december 29, 2017`forbes indiarich lis t2017rank1Jio has the potential to touch the lives of 1.3 bln Indians. Game changer Mukesh Ambani today is in a league of his owncollector’s edition

ColleCtor’s edition 2017Making and Giving Back Billionswww.forbesindia.comAnil Agarwalfounder & chairman,Vedanta Resources100RichestIndIansThedecember 29, 2017forbes indiarich lis t2017rank44

ColleCtor’s edition 2017Sunder Genomalmanaging director, Page Industrieswww.forbesindia.comThe Quiet Brand Builder100RichestIndIansThedecember 29, 2017forbes indiarich lis t2017rank87

ColleCtor’s edition 2017Nandan Nilekaninon-executive chairman, InfosysEntrepreneur For All Seasonswww.forbesindia.com100RichestIndIansThedecember 29, 2017forbes indiarich lis t2017rank89

ColleCtor’s edition 2017Vijay ShekharSharmaThe New-Age Billionairewww.forbesindia.comfounder, Paytm100RichestIndIansThedecember 29, 2017forbes indiarich lis t2017rank99

IN DI ATablet EditionWelcome to the

One would have thought that the slowing down of India’s economy—as evidenced in a 5.7 percent GDP growth rate in the June quarter—would have taken a toll on the fortunes of the country’s richest. Far from it. The 2017 Forbes India Rich List, the definitive listing of the wealthiest Indians, shows that there are more billionaires in the country now than ever before. In 2009, for instance, a little over $400 million would have got you a place in this exclusive club. That figure has soared to $1.46 billion in 2017. And that’s not all. With the minimum cut-off for entry at its highest ever this year, as many as 40 billionaires, with net worths of $1 billion or more, failed to make it to the top 100. That’s how much steam the Indian billionaires juggernaut has gathered. The combined wealth of the 100 richest hit $479 billion, a 26 percent rise over 2016. The buoyant stock market, which hit new highs, also played a key role in this year’s record-breaking Rich List figures. The top slot, of course, continues to be occupied by Mukesh Ambani of Reliance Industries Ltd (RIL), who has been at the number one position for a decade now. But this year has been particularly positive for Ambani, who emerged as the highest dollar gainer, with a staggering $15.3 billion increase in his wealth, thanks in large measure to the game-changing Reliance Jio which burst into the Indian telecom scene forcing rivals to consolidate and rework their strategies. The scorching pace of growth set by Jio has added tremendous energy to the RIL share price.This year’s Rich List also throws up some interesting trends. The share of the top 20 has been steadily coming down over the years, pointing to a greater democratisation of wealth among India’s richest. In 2009, the top 20 accounted for a hefty 70 percent of the total wealth on the List; they are at a much lower 52 percent in 2017. Also, as many as 27 in this year’s List are richer by $1 billion or more, compared with last year. One of the stars is retail billionaire Radhakishan Damani, whose DMart chain made a stellar debut on the bourses earlier this year. The spurt in DMart shares propelled Damani back to the List after a year’s gap and straight to number 12, with $9.3 billion in wealth. Newcomers on the List include Paytm founder Vijay Shekhar Sharma (also the youngest on the List at age 39), Nusli Wadia (who debuts at number 25) and banker Rana Kapoor. While the pharma sector faces challenging times, it continues to dominate the List with 15 representatives. Sun Pharma’s Dilip Shanghvi, however, saw a sharp decline in his fortunes, emerging as the biggest loser in dollar terms with a loss of $4.8 billion. The ups and downs notwithstanding, the 2017 List proves yet again that the spirit of Indian enterprise is not necessarily hostage to economic headwinds. There’s enough firepower in India Inc’s arsenal to withstand adversities and still surge ahead.Best,Sourav MajuMdarEditor, Forbes [email protected]@TheSouravMdecember 29, 2017 forbes india | 7The Billionaires JuggernautRichest IndIans The[l e t t e r f r o m t h e e d i to r]The slowing down of the economy has had little impact on the fortunes of India’s richestPodcastclick Here2017 FOrBes india rich lisTBy Sourav Majumdar and Neeraj Gangal

We value your feedback.Write to us at: [email protected] | Letters may be edited for brevity.Read us online at www.forbesindia.comon the covers: Anil Agarwal: Mexy Xavier; Nandan Nilekani: Amit Verma; Sunder Genomal: Bmaximage; Vijay Shekhar Sharma: Amit Vermadigital Imaging by:Sushil Mhatre/ decembeR 29, 2017 VoLume 9 ISSue 24●Contents100RichestIndIansThe8 | forbes india december 29, 2017[q u i c k ta k e s]15 | Shifting SandS How fortunes fluctuated with the changing economic environment 18 | new On the LiSt Six billionaires debut on the 2017 Forbes India Rich List 19 | the drOpOutS A variety of factors, including competition and industry woes, saw some tycoons fall off the list20 | trySt with twitter Leading lights of India Inc use the microblogging site to share their views on diverse topics [ov e rv i e w&t h e l i s t]22 | a different reaLity Despite economic hiccups, the combined wealth of India’s 100 richest rose to $479 billion[p r o f i l e s]46 | diaL data fOr diSruptiOn With the success of Jio, Mukesh Ambani has become the harbinger of change as his venture ensures affordable data is available to every Indian 50 | india’S MineSweeper Anil Agarwal’s vision and acumen have made Vedanta Resources the sixth biggest natural resources conglomerate in the world (by Ebidta). Now, his focus is on his philanthropic initiativebeing described as a “billionaire” disappoints anil agarwal of vedanta resources Harsh Mariwala is pursuing goals beyond work, particularly that of giving back to societyNandan Nilekani’s across-the-board popularity will help him revive Infosys’s fortunes506862108: mexy xAVIeR; 124: PRASAd GoRI; 132: AmIt VeRmA

72: AmIt VeRmA; 146: VIkAS khot2856 | a Brief hiStOry Of SucceSS Despite the daunting size of the market, Sunder Genomal scripted Jockey’s success story in such a way that it dwarfed Indian innerwear brands62 | MindS On, handS Off Harsh Mariwala stepped down as MD of Marico in 2014, but he is far from hanging up his boots. He is now pursuing other interests while guiding new leaders at the FMCG major68 | Mr cOngeniaLity The affable and friendly Nandan Nilekani likes to simplify problems at scale. As non-executive chairman, he’s now busy guiding Infosys through a turbulent time [n e x t g e n]72 | wired intO the future For Laksh Vaaman Sehgal, it was baptism by fire at the age of 26. But, armed with his father’s learnings, he has proved his mettle as head of Motherson Innovations after successfully handling early business challenges, laksh vaaman Sehgal is now leading innovation at the Samvardhana Motherson Groupkishore biyani, founder and ceo, future Group, comes back to the rich list after six yearsSamina vaziralli, executive vice-chairman, cipla, has inherited an eight-decade-old legacyShiv Nadar, founder and chairman, Hcl, went up the list despite a shaky outsourcing industry72768084Richest IndIans Thedecember 29, 2017 forbes india | 9

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Ganesh Lad / FotocorpACHARYA BALKRISHNA+$4.05 bln(162%)Rank 19 29 places Ahead of several prominent industrialists, Acharya Balkrishna, 45, the co-founder and CEO of herbal consumer goods and ayurvedic products maker Patanjali Ayurved, is the highest gainer in the 2017 Forbes India Rich List in terms of percentage rise in wealth. He is up by 162 percent to $6.55 billion in 2017 from $2.5 billion in 2016. An ayurveda scholar, Balkrishna owns 98.6 percent in the company which he started in 2006, along with childhood friend and yoga guru Baba Ramdev (who is the company’s de facto brand ambassador, but does not hold any stake in the business). Patanjali has now emerged as a major disruptor—in terms of creating demand and adopting unique brand strategies—in the FMCG sector. It has forced the local arms of global giants such as Hindustan Unilever, P&G, Colgate Palmolive and local players like Dabur and Godrej Consumer Products Ltd to rethink their traditional marketing strategies. Balkrishna oversees the ayurvedic pharmacy, health care and alternative medicine clinics, besides ayurveda research institutes. Patanjali, which recorded net sales of 10,561 crore in FY17, plans to `launch a range of textile garments soon. SAMEER GEHLAUT+$1.55 bln(100%)Rank 49 37 places This self-made 43-year-old entrepreneur, who is the founder and chairman of real estate developer and home loans provider Indiabulls Group, is the second highest gainer on the list, in percentage terms, with his wealth having doubled in the year under consideration. Gehlaut’s wealth has been on the rise led by rising demand for affordable housing—due to a mix of easy-to-get housing loans, low interest rates and increased transparency—after the government’s strong policy initiatives towards providing housing-for-all. For FY17, Indiabulls Housing Finance reported a loans growth CAGR of 27 percent and profit growth of 24 percent. The housing finance company plans to raise 45,000 crore `($6,764 million) for the current financial year, which would mainly be through bonds. Also, its finance company (Indiabulls Ventures) is on an expansion drive to raise 3,000 crore `through a qualified institutional placement or a rights issue, with plans to enter SME lending and possibly asset reconstruction business.MANGAL PRABHAT LODHA+$1.7 bln(82.9%)Rank 36 20 places This is the case of one more real estate-Mangal prabhat Lodha’s earnings have soared along with the growth in the real estate sectorBy Salil PanchalShifting SandsFortunes oF IndIa’s weaLthIest contInue to rIse and FaLL wIth chanGes In the busIness envIronMentTheBiGGESTGainERSRichest IndIans The[q u i c k ta k e s]december 29, 2017 forbes india | 15

Urmish. Chudgar has seen a huge jump in wealth this year, after a private equity deal through which Capital International Private Equity fund acquired a 3 percent stake in Intas Pharmaceuticals from ChrysCapital, for 690 crore. The deal thus valued Intas `at $3.5 billion, making it one of the most valued private Indian pharma companies. Intas reported revenues of 8,384 crore for `FY17 and had, in 2016, acquired Actavis UK from Israel’s generic drug maker Teva for $750 million in an all-cash transaction.based entrepreneur whose fortunes have improved, with the growth witnessed in the sector over the past year. Mangal Prabhat Lodha, 61, who is the founder of the Lodha Group—and a Member of the Legislative Assembly in his home state, Maharashtra—has been among the most active real estate property developers, selling homes in excess of 8,000 crore annually. The Lodha Group `has set its sights on delivering two key projects in Mumbai, the World One project and Lodha Altamount. The group has revived plans for its IPO and the company expects to file documents over the next 4-8 months.GAUTAM ADANI+$4.7 bln(74.6%)Rank 10 3 places Gautam Adani, 55, breaks into the top 10 of the Forbes India Rich List again after a gap of five years, having ranked at No 7 in 2011. He has also recorded the second sharpest jump in wealth in dollar terms in the past year. This Gujarat-based tycoon is the head of India’s largest and fastest growing private port developer and operator, Adani Ports and SEZ, whose operations are run by his eldest son Karan. Adani has seen a dramatic rise in fortunes in recent times, from the late 1980s when he ran a trading business. Adani has also, this year, courted controversy, facing allegations of alleged tax evasion, which he has completely denied. He has even filed a defamation suit against the publication which carried the report. Adani Enterprises, the holding firm of the group, now plans to demerge its renewable energy business into Adani Green Energy to simplify the business structure.ANIL AGARWAL+$1.34 bln(72%)Rank 44 19 places Metal magnate Anil Agarwal, 64, who controls London-listed Vedanta Resources, climbs up the ranks in the 2017 Forbes India Rich List. Globally, metal and commodity prices have staged a smart comeback after being subdued in previous years, which has aided his company’s stock price. (Full story on page 108 )HASMUKH CHUDGAR+$1.25 bln(69.4%)Rank 50 16 places A veteran in the pharmaceutical space, Hasmukh Chudgar founded the Ahmedabad-based Intas Pharmaceuticals in 1985 and now sells about 150 generic drugs in over 70 countries. Chudgar, 84, is currently chairman of the company, but he has, in recent years, handed over the reins of the business to his three sons, Binish, Nimish and satish reddyGautam adanivinita and nilesh Guptaanil agarwaladanI: aMIt dave / reuters; Gupta FaMILY: Joshua navaLkar; aGarwaL: MexY xavIer TheBiGGESTlOSERS16 | forbes india december 29, 2017SHASHI AND RAVI RUIA-$2.4 bln(41.4%)Rank 41 25 places The two brothers suffered huge losses in FY17 after their flagship firm Essar Steel, a unit of the Essar Group, faced bankruptcy proceedings under the new Insolvency & Bankruptcy Code introduced this year. It had been declared a non-performing asset by banks in FY16. The company challenged this move in court, but its plea was dismissed. The National Company Law Tribunal has also admitted insolvency proceedings against the company, filed by banks. Essar Steel is part of a list of 12 companies identified by the Reserve Bank of India as chief defaulters; this is a list comprising companies with a loan of more than 5,000 crore and those with `more than 60 percent of the loans classified as bad loans by banks. The Ruia brothers at their peak were the fourth richest on the 2010 Forbes India Rich List, but have seen a consistent erosion in wealth in recent years.GUPTA FAMILY-$1.65 bln(32.4%)Rank 40 20 places It has been a rough few years for the Gupta family. Patriarch Desh Bandhu Gupta, father of Vinita and Nilesh—who handle the daily operations at Lupin, the company he founded decades ago—passed away in June 2017. The stock fell to a three-year low, also in 100 TheRichest IndIans

June this year, on reports of an observation by the US Food and Drug Administration (US FDA) about its plant in Pithampur, Madhya Pradesh. This year, the company also got observations for its Goa plant from the US drug regulator. Lupin reported a near-60 percent fall in consolidated net profit to 358.06 crore for the quarter ended `June 2017, which had analysts maintain an ‘underperformer’ rating for the stock.MURALI DIVI-$860 mln (30.7%)Rank 77 36 places As with most in this section, Murali Divi, 66, is one more pharmaceutical entrepreneur who has witnessed a sharp erosion in wealth at a time when business cycles for Indian drug companies have turned weak and several of them have reported poor earnings growth in recent quarters, hit by global regulatory concerns. The Divis Laboratories stock, which had gained rapidly in 2015-16, has been on a consistent slide in value to a low of 546 in May 2017, against a level of 1,160 ``on December 19, 2016. The stock clawed back a bit in the August-September 2017 period to 969 levels, but slid again after `US FDA issued a Form 483 notice to the company for its unit at Visakhapatnam, indicating violations against the Federal Food, Drug, & Cosmetic Act. The promoter family held a 52 percent stake in the company as of September 2017.REDDY FAMILY-$620 mln(28.8%)Rank 97 43 places The fortunes of India’s second largest drug maker, Dr Reddy’s Laboratories, were impacted by the actions of the regulatory authority of Germany, which found six major observations at a formulations plant at Duvvada in Visakhapatnam; it also refused to renew the good manufacturing practice for another plant in Bachupally in Hyderabad. The company, in which the promoters, including late founder K Anji Reddy’s wife Samrajyam Reddy Kallam, his son Satish Reddy, daughter Anuradha and son-in-law GV Prasad, own a 26.78 percent stake, has said that it plans to submit a corrective and preventive action plan to the authorities. The company’s earnings in the first quarter of FY18 have been impacted due to higher-than-expected price erosion in the US while domestic business was impacted by the introduction of the Goods & Services Tax.DILIP SHANGHVI & FAMILY-$4.8 bln(28.4%)Rank 9 7 places Pharma tycoon Dilip Shanghvi, 61, who founded Sun Pharmaceuticals, this year was the biggest loser in wealth in dollar terms (down $4.8 billion), hurt by weak earnings. This contrasts sharply against the heydays of 2014 to 2016, when he was India’s second richest man. Sun Pharma reported a first quarterly loss in at least four years—of 425 `crore ($66 million) in the quarter ended June 2017. This was on account of settling a one-time legal case in the US. The pharma company also now awaits the reinspection of its Halol facility in Gujarat by the US FDA, after completion of remedial activities. Even as the global headwinds for international pharma trade are strong, Shanghvi has said that they have identified a speciality segment which could boost growth in the coming years and help the company climb up the value chain, and restore its flagging fortunes. Gv prasad (left) and satish reddyMurali dividilip shanghvidecember 29, 2017 forbes india | 17reddY FaMILY: harsha vadLaManI; shanGhvI: vIkas khot; MuraLI: anIL kuMar

Abhijit bhAtlekAr / bloomberg viA getty imAgesNusli Wadia$5.6 billionRich List rank: 25Nusli Wadia, 73, chairman of the Wadia Group, is the richest newcomer in the 2017 Forbes India Rich List. His Mumbai-based empire includes consumer goods maker Britannia Industries, home textiles company Bombay Dyeing and budget airline GoAir. Earlier this year, the 137-year-old, loss-making Bombay Dyeing announced plans to rev up its business by investing around `100 crore in the brand, expanding its store network and growing its product portfolio by tying up with international designers. Share prices surged on the expectation that these measures would help the company more than treble its revenues to 1,000 `crore by FY20 from 305 crore in FY16. `aNuraNg JaiN$1.91 billionRich List rank: 79Two-wheeler tycoon Rahul Bajaj’s nephew Anurang Jain, 55, started Endurance Technologies in 1985 to supply aluminium die castings to his uncle’s Bajaj Auto. Today, the company derives 40 percent of its revenue from aluminium castings but also manufactures suspensions, transmissions and brakes for two- and three-wheelers. It counts Mahindra & Mahindra, Eicher Motors and Harley Davidson among its customers apart from Bajaj Auto. The company debuted on NSE in October 2016, listing at a 21 percent premium to its issue price. Jain retains an 83 percent stake in the company, which gets 30 percent of its revenue from Europe.diNesh NaNdWaNa$1.72 billionRich List rank: 88Fifty-four-year-old Dinesh Nandwana’s Vakrangee Ltd is a technology-driven company engaged in providing e-governance related services. It leverages its vast network of last-mile retail points of sale to deliver real-time banking, financial services and insurance services, government-to-citizen services and business-to-consumer services to the rural, semi-urban and urban markets. This franchisee-based network of 35,000 Vakrangee Kendras—as the access points are called—are spread across 16 states in India. In July 2015, Vakrangee entered into a five-year exclusive tie-up with Amazon wherein the ecommerce giant would use Vakrangee Kendras as ordering and collection points for customers. In the last fiscal, Vakrangee entered into partnerships with Bajaj Allianz, Aditya Birla Health Insurance and FedEx Express, among others. In FY17, Vakrangee posted profit after tax of 530 crore, up 34.5 `percent year-on-year. Its shares surged 59 percent during the course of the year. arviNd Poddar $1.48 billionRich List rank: 98Arvind Poddar, 59, is CMD at tyre-making firm Balkrishna Industries, the flagship company of the Siyaram Group, which is also the holding company for Balkrishna Paper Mills, Balkrishna Tyres and Balkrishna Synthetic. In 1995, under Poddar’s leadership, the company entered the off-highway segment—tyres that are By Varsha Meghaninew on the Listsix tycoons mAde their debut in the billionAires club this yeArused in vehicles meant for agricultural, industrial, construction and earth-moving applications. Today, Balkrishna Industries is one of the leading manufacturers in the segment with a global market share of about 4 percent. The company’s stock, which has zoomed over 600 percent in the last five years, has been on the rise since the company reported a year-on-year doubling of profit in the September quarter of FY17. Poddar’s son Rajiv serves as joint MD of Balkrishna Industries.viJay shekhar sharma$1.47 billionRich List rank: 99Vijay Shekhar Sharma’s Paytm has captured not just the top spot among Indian mobile wallets, but also significant mindshare. In May 2017, after Softbank’s $1.4 billion investment in One97 Communications—Paytm’s parent company—the Japanese conglomerate became the lead investor in the company. Softbank’s investment came ahead of the launch of the Paytm Payments Bank. With Softbank’s funds, Sharma, 39, hopes to acquire 500 million new customers and launch a slew of financial services including wealth management and insurance. Paytm—which assumed new-significance after Prime Minister Narendra Modi’s demonetisation move in November last year—has 250 million registered users and notches 7 million transactions daily. raNa kaPoor $1.46 billionRich List rank: 100Rana Kapoor, 60, co-founded Yes Bank—today, India’s fifth-largest lender—with his brother-in-law Ashok Kapur and Harkirat Singh in 2003. The trio put in seed capital of $10 million each, which they got from selling stakes in Rabo India Finance. Kapoor is the only founder to remain at the helm—Singh left early on over a dispute and Kapur was killed in the Mumbai terror attack in 2008. Yes Bank’s net profit and net interest income rose 31 percent and 27 percent respectively year-on-year in FY17, and the stock price too more than doubled in the course of the year on the back of a reported low bad-loan ratio and robust return on equity. However, in May 2017, Yes Bank’s stock took a hit after an RBI assessment revealed that the bank’s non-performing assets for FY16 stood at 4,926 crore, more `than six times the reported 749 crore. `nusli Wadia[q u i c k ta k e s]100 TheRichest IndIans18 | forbes india december 29, 2017

from top: Amit VermA; VikAs khotMannalal agrawalAjanta Pharma LtdNo 64 in 2016In the 12 months to September 2017, Ajanta Pharma’s share price almost halved to `1,134 apiece. The company’s net sales dropped from 490 crore in the December `quarter last fiscal to 398 crore in the June `quarter of FY18. This was a period when most Indian drug makers were reeling under scrutiny from the US Food and Drug Administration (FDA) and pricing pressure in the US. Consequently, the company also saw its market capitalisation erode to $1.57 billion, impacting the wealth of its 70-year-old founder Mannalal Agrawal (whose net worth stood at $1.85 billion last year) and his brothers Purushottam and Madhusudan. The promoters hold close to 72 percent in the company. A turnaround could be round the corner, though, with the company launching new drugs in the US and obtaining clearance from the US FDA for new products.glenn Saldanha Glenmark Pharmaceuticals LtdNo 69 in 2016Like most Indian pharmaceutical companies that took a hit, Glenmark Pharmaceuticals too saw its scrip erode from 923 in `September 2016 to 598 a year later. The `company’s net sales dropped from 2,115 `crore in the December quarter last fiscal to 1,511 crore in the June quarter of FY18. `Its market capitalisation stands at $2.6 billion. This resulted in the erosion in the net worth of Chairman and Managing Director Glenn Saldanha, 46, who was ranked 69th (with a net worth of $1.77 billion) on the 2016 Forbes India Rich List. The promoters hold 46.5 percent in the company.Malvinder Singh & Shivinder Singh Fortis HealthcareNo 92 in 2016For quite some time, things haven’t looked good for brothers Malvinder Singh, 44, and Shivinder Singh, 42, whose net worth last year stood at $1.38 billion. A dream run kick-started by the sale of Ranbaxy Laboratories to Japan’s Daiichi Sankyo in 2008 for $4.1 billion came to an abrupt end in 2012, when Daiichi filed a case with the Singapore International Arbitration Centre that accused the brothers of misrepresenting information about the US investigation into Ranbaxy. Last year, the court asked Malvinder and Shivinder to pay a fine of $390 million. Their other venture, Fortis Healthcare, isn’t in great shape either. The company’s revenue remained almost flat at 168 crore in the June quarter `this fiscal, as against the year-ago period. In a big blow to the Singhs, the Supreme Court in September barred them from selling their stake in Fortis, following a petition by Daiichi. Meanwhile, Shivinder has given up his business responsibilities at Fortis to focus on community spiritual work at Radha Soami Satsang Beas, to which the family is linked.devendra Jain Inox GroupNo 87 in 2016Devendra Jain’s $3-billion Inox Group has interests in everything from industrial gas (Inox Air Products Pvt Ltd), chemicals and refrigerants (Gujarat Fluorochemicals Ltd), cryogenic liquid storage and distribution equipment (Inox India Ltd) and windmills (Inox Wind Ltd) to multiplex cinema theatres By Sayan ChakraBortythe DropoutsCompetition And industry woes led to these exits from the list in 2017(Inox Leisure Ltd). No wonder then that Jain, 88, has consistently figured among the richest Indians and was ranked 87th last year with a net worth of $1.54 billion. His wealth, however, has eroded over the last 12 months, with the dwindling fortunes of the group’s wind energy business over low order volumes as well as a drop in tariff. Inox Wind’s net sales dropped to 44 crore in the June `quarter this fiscal as against 1,105 crore in `the December quarter of FY17. The company’s scrip tumbled from 200 in September `last year to 107 in September 2017.`PnC Menon Sobha GroupNo 78 in 2016PNC Menon, 68, has been focusing on growing Sobha Group’s presence in the Middle East while the India business has been growing at a steady pace. Net sales in the June quarter stood at 637 crore as against ``542 crore in the March quarter. Its shares have appreciated by 33 percent between September 2016 and September 2017. Some of its peers, however, outperformed Sobha. For instance, Oberoi Realty’s shares appreciated by 45 percent, Godrej Properties’ by about 79 percent and Prestige Estates Projects’ by about 42 percent during the same period, leaving Sobha behind at a market capitalisation of 4,206 crore and `Menon out of the 2017 Forbes India Rich List. The OThersAjay Kalsi (94 in 2016)Bhavin & Divyank Turakhia (95)Dilip & Anand Surana (96)Azad Moopen (97)malvinder and shivinder singhdecember 29, 2017 forbes india | 19Richest IndIans The[l e t t e r f r o m t h e e d i to r]

Tryst with Twitter Voices of some of the most definitiVe business leaders on the microblogging site[q u i c k ta k e s]20 | forbes india december 29, 2017* No. of followers as on October 11, 2017 ** Growth signifies the percentage change in the number of Twitter followers compared to last year. In the case of NA, the data is not availableCompiled by Ruchika Shah100 TheRichest IndIans

100RichestIndIansThe Inside:The List

Richest IndIans 100 The22 | forbes india december 29, 2017By NaazNeeN KarmaliA Different RealityFortunes soar despite economic hiccupsindia’s turbocharged economy sputtered in the quarter ended in June, growing at a three-year low of 5.7 percent, due to the aftershocks of last November’s demonetisation and uncertainties over the rollout of a nationwide goods and services tax. But in a disconnect from current reality, the stock market scaled new heights, boosting the fortunes of the nation’s 100 richest. Their combined wealth rose by more than a fourth to $479 billion.None gained more than oil and gas tycoon Mukesh Ambani, who cement ed his decade-long hold on the No 1 spot by adding a staggering $15.3 billion to his net worth. He’s now among Asia’s top five richest. Shares of Ambani’s Reliance Industries (owner of Network 18, Forbes India’s publisher) were boosted by improved refining margins and the “Jio effect”: His telecom unit Reliance Jio’s thundering success in notching up 130 million subscribers since its 2016 launch, though it remains a cash guzzler. By offering free domestic voice calls, dirt-cheap data services and virtually free smartphones, Jio sparked a wave of consolidation in the market. Witness the recent merger between Vodafone India and Idea Cellular, the latter owned by Kumar Birla(No 8), another big gainer this year.More than four-fifths of those who kept their spot on the list from last year saw their wealth rise, with 27 adding $1 billion or more. Among them, acquisitive auto parts tycoon Vivek Chaand Sehgal, whose Motherson Sumi snatched [ov e rv i e w]mukesh ambani added a staggering $15.3 billionFinnish truck-parts maker PKC Group for $620 million in March. Veteran investor Radhakishan Damani returned with a bang, boosted by the March listing of his supermarket chain DMart.The Indian billionaire factory churned out several new faces (see page 51), but only half a dozen of them appear in the top 100 as the minimum net worth to make the cut rose to $1.46 billion from $1.25 billion last year. The richest newcomer is cookies-and-airline tycoon Nusli Wadia.Other new entrants are Rana Kapoor, co-founder of Yes Bank, Dinesh Nandwana of e-governance services firm Vakrangee, and digital India’s poster boy, Vijay Shekhar Sharma, founder of mobile wallet Paytm. A dozen members are poorer than a year ago, half of them from the pharma sector, which is plagued by challenges (see box, pages 42, 64). Pharma magnate Dilip Shanghvi took the biggest hit, with his net worth falling by $4.8 billion. Shares of generics maker Lupin, whose patriarch, Desh Bandhu Gupta, died in June, also declined, shrinking the fortune of his heirs. Brothers Shashi and Ravi Ruia suffered a drop as their Essar Steel faced bankruptcy proceedings under India’s stricter new law (see box, page 42, 88).These rankings are based on stock prices and exchange rates as of September 15. Private companies were valued by using comparisons with similar publicly traded companies.Additional reporting by Debojyoti Ghosh, Sean Kilachand and Anuradha Raghunathan

1Mukesh AMbAni$38BILLIONRELIANCE INDUSTRIES AGE: 602AziM PreMji$19BILLION WIPRO AGE:723hindujA brothers$18.4 BILLIONASHOK LEYLAND AGEs: 81, 76, 71, 664LAkshMi MittAL$16.5 BILLIONARCELORMITTAL AGE: 675PALLonji Mistry$16BILLION SHAPOORJI PALLONJI GROUP AGE: 886Godrej fAMiLy$14.2BILLION GODREJ GROUP7shiv nAdAr$13.6BILLION HCL TECHNOLOGIES AGE: 728kuMAr birLA$12.6BILLION ADITYA BIRLA GROUP AGE: 509diLiP shAnGhvi$12.1BILLIONSUN PHARMACEUTICAL INDUSTRIES AGE: 6110GAutAM AdAni$11BILLION ADANI PORTS & SEZ AGE:5511udAy kotAk$10.5BILLION KOTAK MAHINDRA BANK AGE:5812rAdhAkishAn dAMAni$9.3BILLION AVENUE SUPERMARTS AGE: 62UP MORE THAN 10% DOWN MORE THAN 10% NEW TO LIST RETURNEEMotorcycle tycoon Rahul Bajaj’s nephew makes his debut after the October 2016 listing of his auto-parts maker, endurance technologies, which has seen its shares more than double since the IPO. Jain founded the company in Aurangabad in Maharashtra in 1985 to supply aluminium castings to his uncle’s Bajaj Auto, but it now gets two-thirds of its $867 million annual revenue from other customers. Endurance has made inroads into Europe, with eight factories in Italy and Germany. Jain’s twin, Tarang, also a billionaire, runs his separate auto-parts firm, privately held Varroc Group, also out of Aurangabad. Their father, Naresh Jain, is chairman at both companies. AnurAnG jAin:tWin suCCessthe listatul loke For Forbesdecember 29, 2017 forbes india | 23

24 | forbes india december 29, 2017Despite giving away 39 percent of his shares in outsourcer Wipro in recent years, the tech mogul’s fortune continues to climb. This year, he jumps two places to No 2 after adding $4 billion to his wealth. The gain is partly due to increased revenue and profit at Wipro Enterprises, Premji’s privately held consumer-goods business, which makes everything from soaps to lightbulbs. His personal investment arm, PremjiInvest, with an estimated $3 billion portfolio, backs startups and firms owned by other billionaires. Recent deals: Minority stakes in Kumar Birla’s Aditya Birla Capital and in retailer Kishore Biyani’s Future Lifestyle Fashion.AziM PreMji: GivinG edGeRichest IndIans 100 Thedeepak G pawar / the india today Group / Getty imaGes

Vikas khotdecember 29, 2017 forbes india | 2513Cyrus PoonAWALLA$8.9BILLIONSERUM INSTITUTE OF INDIA AGE: 7614suniL MittAL$8.3BILLIONBHARTI AIRTEL AGE: 6015bAjAj fAMiLy$8BILLION BAJAJ AUTO16sAvitri jindAL$7.5BILLIONOP JINDAL GROUP AGE: 6717vikrAM LAL$7.2BILLIONEICHER MOTORS AGE: 7518benu GoPAL bAnGur$6.6BILLIONSHREE CEMENT AGE: 8619AChAryA bALkrishnA$6.55 BILLIONPATANJALI AYURVED AGE: 4520burMAn fAMiLy$6.5 BILLIONDABUR21subhAsh ChAndrA$6BILLIONESSEL GROUP AGE: 6622PAnkAj PAteL$5.9 BILLIONCADILA HEALTHCARE AGE: 6423vivek ChAAnd sehGAL$5.85BILLIONMOTHERSON SUMI SYSTEMS AGE: 6024kushAL PAL sinGh$5.7BILLIONDLF AGE: 8625nusLi WAdiA$5.6BILLIONBRITANNIA INDUSTRIES AGE: 73in 2014, Dilip Shanghvi, founder of Sun Pharmaceutical Industries, India’s most valuable drug company, became the country’s second-richest person, dislodging steel tycoon Lakshmi Mittal. After his $4 billion acquisition of scandal-tainted rival Ranbaxy Laboratories from Japan’s Daiichi Sankyo, Shanghvi was on a roll. So was India’s pharma sector, which was minting billionaires at a record pace.Today both are facing headwinds. The pharma magnate is the biggest dollar loser this year, poorer by $4.8 billion. Ending his three-year run as India’s second-richest, he slipped to No 9. In the quarter ended in June, Sun’s sales declined by 23 percent from a year earlier, partly because of a generics pricing squeeze in the US, the company’s biggest market. It reported a loss for the quarter of $66 million, its first in four years, due largely to one-off legal costs. Sun’s woes are mirrored across the Indian generics sector, which has been struggling with quality issues and increased competition in export markets. In contrast to the broader stock market rally, the pharma index has fallen by 17 percent since our previous list, knocking three pharma tycoons from the ranks and denting the net worths of several of those who remain.Notable among the latter are the Reddy family (No 97) of Dr Reddy’s Laboratories and Murali Divi (No 77) of Divis Laboratories. Shares in Dr Reddy’s fell by 6 percent on a single day in September on news that an audit of one of its factories by German regulators had uncovered manufacturing lapses. An import alert issued by the US Food & Drug Administration for one of Divis Laboratories’ factories caused sales and net profits to plummet in the quarter ended June. “From being a defensive play, the pharma sector has turned into a wealth destroyer,” says Arun Kejriwal, founder of Kris, a Mumbai investment advisory firm.One privately held fortune that bucked the trend was that of Hasmukh Chudgar (No 50), founder of Intas Pharmaceuticals, who ran up a 70 percent gain following a private equity deal that valued his company at $3.5 billion. Says Ranjit Shahani, vice chairman and managing director of Novartis India: “Given the huge health care needs of this country, India remains a sweet spot.” —NKBitter MedicinediLiP shAnGhvithe listUP MORE THAN 10% DOWN MORE THAN 10% NEW TO LIST RETURNEE

Goenka: Vikas khot26 | forbes india december 29, 2017nisAbA Godrej, 39 ExECUTIVE CHAIRMAN, GODREJ CONSUMER PRODUCTSMBA, HARVARD BUSINESS SCHOOLAdi Godrej’s youngest daughter succeeded him at the family’s consumer goods flagship in May. Nisa has played a key role in expansion across Asia, Africa and Latin America. Younger brother Pirojsha, 36, took charge this year as executive chairman of real estate unit Godrej Properties. Older sister tanya, 49, is the group’s chief brand officer and has board seats at group companies.PArth jindAL, 27 MANAGING DIRECTOR, JSW CEMENTMBA, HARVARD BUSINESS SCHOOLYoungest of three siblings and the only son of steel and power tycoon sajjan jindal runs the family’s privately held cement maker. Parth wants to double cement capacity to more than 20 million tonnes a year and list the firm. A football fanatic, he also oversees the group’s football club, Bengaluru FC, which plays in the Indian Super League.shAshWAt GoenkA, 27HEAD, SPENCER’S RETAILBA, WHARTON SCHOOL, UNIVERSITY OF PENNSYLVANIASon of sanjiv Goenka (No 73), was given charge of loss-making hypermarket chain Spencer’s in 2013 at the age of 23. The scion has improved margins and revenues, though Spencer’s has yet to turn profitable. He’s also helping his father with their newly launched packaged-snacks business, Too Yumm.Stepping UpSuccession lines are being drawn in several business groups with the next-gen, sporting foreign degrees, stepping up and assuming key positions in their families’ empires. Their dads, however, continue to play strategic roles. –ARRichest IndIans 100 The

patel: prasad Goridecember 29, 2017 forbes india | 2726AjAy PirAMAL$5.2BILLIONPIRAMAL ENTERPRISES AGE: 6227MA yusuff ALi$5BILLION LULU GROUP AGE: 6128MAdhukAr PArekh$4.75BILLION PIDILITE INDUSTRIES AGE: 7129kALAnithi MArAn$4.55BILLION SUN TV NETWORK AGE: 5230PAWAn MunjAL$4.5BILLION HERO MOTOCORP AGE: 6331kAPiL & rAhuL bhAtiA$4.4 BILLION INTERGLOBE AVIATION AGEs: 85, 5732MiCky jAGtiAni$4.3BILLIONLANDMARK GROUP AGE: 6633hArsh MAriWALA$4.2 BILLION MARICO AGE:6634br shetty$3.9BILLIONNMC HEALTH AGE: 7535rAvi PiLLAi$3.8BILLIONRP GROUP AGE: 6436MAnGAL PrAbhAt LodhA$3.75BILLIONLODHA GROUP AGE:6137kuLdiP & GurbAChAn sinGh dhinGrA$3.7BILLIONBERGER PAINTS INDIA AGEs: 70, 67shArviL PAteL, 38 MANAGING DIRECTOR, CADILA HEALTHCAREPHD, UNIVERSITY OF SUNDERLANDThird-generation scion of pharma clan was named managing director of the $1.5 billion (revenue) generic drugs maker Cadila Healthcare in July. Appointment capped a two-decade stint under dad Pankaj Patel’s (No 22) tutelage. Sharvil plans to sharpen Cadila’s focus on India and emerging markets. shAfeenA & shifA yusuff ALi, 32, 29 FOUNDER AND CEO, TABLEZ FOOD CO; FOUNDER, ORANGE WHEELSDaughters of Middle East retailer MA yusuff Ali (No 27) set up and run their own separate businesses. Shafeena has a food empire across the Middle East and India with franchises for Famous Dave’s, Peppermill, Sugar Factory, Coldstone Creamery and Galito’s. The London-educated finance major plans to invest $50 million over the next five years in India. Shifa, the younger sister, runs a children’s entertainment centre, complete with climbing walls, an arts-and-crafts section, a hair salon and a cafe, at Abu Dhabi’s Al Wahda Mall. She has earmarked $18 million to open six more children’s centres across the UAE. —AR(See more ‘Next Gen’ stories on pages 141, 146)AnAnd PirAMAL, 32 FOUNDER, PIRAMAL REALTYMBA, HARVARD BUSINESS SCHOOLSecured a board seat at dad Ajay Piramal’s health care and financial services flagship, Piramal Enterprises, in May, joining his sister nandini. He founded Piramal Realty in 2012 and raised $434 million in private equity investments in 2015 from Goldman Sachs and Warburg Pincus for his property arm.Stepping OutThese five heiresses have minds of their own and are charting a different course from their families the listUP MORE THAN 10% DOWN MORE THAN 10% NEW TO LIST RETURNEEsiMrAn LAL, 46CEO, GOOD EARTH, AND CO-FOUNDER, NICOBARTwo-wheeler tycoon vikram Lal’s (No 17) daughter runs the $23 million (revenues) Good Earth, a chain of luxury home and apparel stores founded by her mother, Anita, in 1996. A graduate of New York’s Fashion Institute of Technology, last year, Simran co-founded Nicobar, a clothing and accessories label, and it already has six stores.vAsudhA MunjAL, 36FOUNDER, CHOkO LAThe eldest daughter of motorcycle magnate Pawan Munjal(No 30) makes and sells premium chocolates under the brand name Choko La. It’s a Mayan term meaning “to drink chocolate together”. She started it in 2005 and sells through eight boutiques in Delhi as well as duty-free stores at Indian airports. AnAnyA birLA, 23FOUNDER, SvATANTRA MICROFINANCE AND CUROCARTEkumar birla’s (No 8) daughter started microfinance firm Svatantra (“freedom” in Sanskrit), which focuses on rural women entrepreneurs, when she was just 17. It has backed 300,000 women so far. Her latest venture is CuroCarte, an online retailer of handmade luxury products. An undergrad from Oxford University, Birla released her first song, ‘Livin’ the Life’, in November.

28 | forbes india december 29, 2017Newcomer Sharma, the son of a schoolteacher from a small city in north India, is the youngest member of the top 100 at the age of 39. He founded fast-rising, Alibaba-backed mobile wallet Paytm, an acronym for “Pay Through Mobile”, in 2011. One of the biggest beneficiaries of the government’s decision to demonetise India’s rupees and move to a cashless economy, Paytm has notched up 250 million registered users and more than 7 million transactions daily. A recent sale of Paytm’s shares to Japan’s SoftBank values the company, in which Sharma owns 18 percent, at $7 billion. Sharma has also created Paytm Mall, an ecommerce business and the Paytm Payments Bank. vijAy shekhAr shArMA:MobiLe Money MAnRichest IndIans 100 Theamit Verma

balkrishna: Vipin kumar / hindustan times Via Getty imaGes; biyani: mexy xaVierdecember 29, 2017 forbes india | 29the listSurging sales of herbal-consumer-goods maker Patanjali Ayurved more than doubled Balkrishna’s wealth. He owns 98.6 percent of the privately held company, which he co-founded in 2006 with politically well-connected yoga guru Baba Ramdev (above, right, with Balkrishna). With annual revenue of $1.65 billion in the fiscal year to March 2017, up by 115 percent from the previous year, Patanjali sells everything from herbal toothpastes and shampoos to noodles and jams. It is now preparing to launch a line of garments, including jeans. The pair is looking to buy assets of ailing infrastructure companies.AChAryA bALkrishnA: herbAL iConkishore biyAni: bAzAAr bossIndia’s retail king returns to the top 100 after a five-year gap, fuelled by a fourfold jump in shares of his future retailsince its relisting in August 2016 as an asset-light, pure-play retailer. It’s known for its Big Bazaar hypermarket chain. Biyani, who started in 1987 with a trouser brand called Pantaloons, got into trouble after an expansion binge saddled him with debt. After shutting down stores, laying off 3,000 and selling Pantaloons to Kumar Birla (No 8), the feisty retailer rebuilt his empire, focusing on food and fashion. Biyani has splurged on technology, with digital screens on the shelves at Big Bazaar that explain each product and its origin. His Future Group has latched onto ecommerce with three portals, selling fashion, home decor and electronic items. (Read ‘The Retail Rebound’ on page 154)38kArsAnbhAi PAteL$3.6 BILLIONNIRMA AGE: 7339AshWin dAni$3.5BILLIONASIAN PAINTS AGE: 7440GuPtA fAMiLy$3.45BILLIONLUPIN41shAshi & rAvi ruiA$3.4BILLIONESSAR GROUP AGEs: 73, 6842sudhir & sAMir MehtA$3.35BILLION TORRENT GROUPAGEs: 63, 5443sAMPrAdA sinGh$3.3BILLION ALKEM LABORATORIES AGE: 9144AniL AGArWAL$3.2BILLIONVEDANTA RESOURCES AGE: 6445AniL AMbAni$3.15BILLIONRELIANCE COMMUNICATIONS AGE: 5846Pv rAMPrAsAd reddy$3.14BILLIONAUROBINDO PHARMA AGE: 5947bAbA kALyAni$3.13BILLIONBHARAT FORGE AGE: 6848vinod & AniL rAi GuPtA$3.11 BILLIONHAVELLS INDIA AGEs: 72, 4849sAMeer GehLAut$3.1BILLIONINDIABULLS GROUP AGE: 4350hAsMukh ChudGAr$3.05 BILLIONINTAS PHARMACEUTICALS AGE:84UP MORE THAN 10% DOWN MORE THAN 10% NEW TO LIST RETURNEE

30 | forbes india december 29, 2017nr nArAyAnA Murthy: WAr of WordsThe retired chairman and co-founder of software bellwether infosys was in the eye of a storm after the sudden resignation in August of the company’s CEO, Vishal Sikka, a former SAP executive Murthy appointed in 2014. In a startling turn, the Infosys board blamed Murthy for the CEO’s premature departure. Murthy said he was anguished by the allegations and would reply to them at an appropriate time. In recent months, Murthy’s concerns over alleged corporate-governance lapses at Infosys, which the company has denied, escalated into a war of words. This resulted in a board shakeup, which saw the return of retired co-founder Nandan Nilekani (No 89) as the company’s non-executive chairman. Murthy recently said that one of his biggest regrets was stepping down from Infosys.rAnA kAPoor: Positive bAnkerThe former Bank of America executive is now India’s second-richest self-made banker after Uday Kotak (No 11) by virtue of his 11 percent stake in yes bank. Kapoor co-founded finance firm Rabo India Finance in a joint venture with The Netherland’s Rabobank in 1998 but sold his stake five years later. Along with one partner, he obtained what was a rare banking licence to set up Yes Bank in 2004. Today it is India’s fifth-largest bank in the private sector with assets of $34 billion. The bank and its board have been embroiled in a legal battle with the family of Kapoor’s late partner, Ashok Kapur, who died in the 2008 Mumbai terror attacks. The matter is subjudice and the bank says it has had no impact on its operations.Richest IndIans 100 Themurthy: selVaprakash lakshmanan

Vikas khotdecember 29, 2017 forbes india | 31the listThe biggest assets of matriarch Savitri Jindal’s (No 16) oP jindal Group are overseen by her Mumbai-based son, Sajjan Jindal. Shares of his jsW steel were up by 46 percent in the past year thanks to a recovery in steel prices. After losing out in June to fellow billionaire Lakshmi Mittal’s ArcelorMittal to acquire struggling Italian steelmaker Ilva, Sajjan announced plans to invest in a venture to make electric cars. Another new business is to make paints. Younger sibling Naveen’s Jindal Power & Steel, once a highflier, is weighed down by $7.1 billion in debt.sAjjAn jindAL: fAMiLy jeWeLs51jAin fAMiLy$3BILLIONBENNETT COLEMAN & CO52AshWin Choksi$2.95 BILLION ASIAN PAINTS AGE:7453rAjAn rAhejA$2.9 BILLIONExIDE INDUSTRIES AGE: 6354rAkesh jhunjhunWALA$2.8 BILLIONRARE ENTERPRISES AGE: 5755kishore biyAni$2.75 BILLION FUTURE GROUP AGE: 5656AbhAy vAkiL$2.71 BILLIONASIAN PAINTS AGE: 6657ChAndru rAhejA$2.7 BILLIONK RAHEJA CORP AGE: 7758MG GeorGe Muthoot$2.67 BILLION MUTHOOT FINANCE AGE: 6759AbhAy firodiA$2.65 BILLION FORCE MOTORS AGE: 7260yusuf hAMied$2.62BILLIONCIPLA AGE:8161rAjesh MehtA$2.6 BILLIONRAJESH ExPORTS AGE: 5362vijAy ChAuhAn$2.5 BILLIONPARLE PRODUCTS AGE: 8163AMALGAMAtions GrouP fAMiLy $2.48 BILLIONTRACTORS & FARM EQUIPMENTUP MORE THAN 10% DOWN MORE THAN 10% NEW TO LIST RETURNEE

32 | forbes india december 29, 2017Son of motorcycle magnate Vikram Lal and CEO of eicher Motors, known for its retro Royal Enfield motorbikes, is on a tear, with his company notching up 42 percent compound annual sales growth in the past three years. The $1.2 billion (revenue) company sold 666,493 bikes in the fiscal year ended March 2017 and is revving up to sell more; it opened its third factory in South India in August. Lal, who lives in London, is said to be readying to launch a higher-range twin-cylinder bike. He’s also closing in on superbike maker Ducati with a $1.8 billion bid.siddhArthA LAL:revvinG uPRichest IndIans 100 Theamit Verma

mistry: pradeep Gaur / mint Via Getty imaGes; aGarwal: mexy xaVierdecember 29, 2017 forbes india | 33the listThe shocking ouster of construction billionaire Pallonji Mistry’s younger son as chairman of the Tata conglomerate and from the boards of various Tata companies in 2016, over differences with retired patriarch Ratan Tata, made headlines and sparked a legal feud. The Tata group went on to order that all business ties with Mistry’s 152-year-old shapoorji Pallonji Group be terminated. The Mistry family, whose biggest asset is an 18.4 percent stake in holding outfit Tata Sons, also opposed the move by Tata Sons to convert itself into a private company after being public, arguing that it would be detrimental to minority shareholders. Cyrus meanwhile has returned to the family group, where his older sibling Shapoor runs the show.AniL AGArWAL: MininG MAveriCkMetals and mining tycoon, who controls London-listed vedanta resources, saw his wealth rise on a metal revival that sent the company’s shares surging in the past year. In March, he bought a 12 percent stake in London-listed miner Anglo American for $2.4 billion through his family trust. Recently he announced plans to buy more shares worth $2 billion to increase his stake to 20 percent but said he had no intention of making a takeover offer for the company. (Read ‘India’s Minesweeper’ on page 108)Cyrus Mistry: eXit PAnGs64jAi hAri & yAdu hAri dALMiA$2.45 BILLIONDALMIA BHARAT AGEs: 73, 7065sunny vArkey$2.4BILLIONGEMS EDUCATION AGE:6066MuruGAPPA fAMiLy$2.38 BILLION MURUGAPPA GROUP67rAjendrA AGArWAL$2.3 BILLION MACLEODS PHARMACEUTICALS AGE: 5868hArsh GoenkA$2.28 BILLION RPG ENTERPRISES AGE: 5969suniL vAsWAni$2.25BILLIONSTALLION GROUP AGE:5470jitendrA virWAni$2.2BILLIONEMBASSY PROPERTY DEVELOPMENT AGE:5171LeenA teWAri$2.19BILLION USV INDIA AGE: 6072kirAn MAzuMdAr-shAW$2.16BILLION BIOCON AGE: 6473sAnjiv GoenkA$2 BILLION RP-SANJIV GOENKA GROUP AGE: 5674LAChhMAn dAs MittAL$1.98 BILLIONSONALIKA GROUP AGE: 8675MurLi dhAr & biMAL GyAnChAndAni$1.96BILLION RSPLUP MORE THAN 10% DOWN MORE THAN 10% NEW TO LIST RETURNEE

34 | forbes india december 29, 2017Waiting in the WingsWith the stock market scaling new peaks, the pace at which India is churning out billion-dollar fortunes has picked up. As a result, the price of entry into the top 100 keeps rising. This year, 40 fortunes worth $1 billion or more did not make it to the list. Here are ten of the newest and most interesting faces among them.t sridhAr veMbu, 49$1.45 billionZOHOPrinceton engineer co-founded Zoho in 1996 with his two brothers and friends to provide cloud-based business software. The privately held company, of which Vembu, with family, owns close to 90 percent, competes with industry giant Salesforce. bAjrAnG LAL tAPAriA, 83$1.38 billionSUPREME INDUSTRIESTaparia and family have close to a 50 percent stake in listed Supreme Industries, one of India’s biggest makers of plastic products, from moulded furniture to packaging. Shares have risen in line with rising sales, which are now close to $700 million a year. PAdAM ChAnd GuPtA$1.3 billionPC JEWELLERStarting with one jewellery shop in Delhi in 2005, Gupta and his brother Balram Garg built their firm into an 80-store nationwide chain with annual revenue of $1.3 billion. They own 60 percent of the firm, which listed in 2012. MAdhu kAPur$1.2 billionYES BANKKapur inherited shares in Yes Bank after her husband, Ashok Kapur, the bank’s co-founder, died in the terror attacks in Mumbai in 2008. In order to protect her interests, she took the bank, run by her billionaire brother-in-law Rana Kapoor (No 100), and its board to court to secure her right to nominate board directors. Richest IndIans 100 Thep raVikumar

december 29, 2017 forbes india | 35the listkM MAMMen, 67$1.16 billionMRFHead of sprawling clan chairs $2.3 billion (revenue) MRF, one of India’s leading tyre makers. The company was started by his father in 1946 as a manufacturer of toy balloons. Mammen’s son Rahul became managing director in May.rG ChAndrAMoGAn, 68$1.13 billionHATSUN AGRO PRODUCTChandramogan, who never went to college, started a tiny venture in 1970 to make ice cream, which initially was sold on pushcarts. Today his listed Hatsun Agro Product is India’s largest private dairy, procuring milk directly from 300,000 farmers daily. koChousePh ChittiLAPPiLLy, 66$1.11 billionV-GUARD INDUSTRIES, WONDERLA HOLIDAYSIn 1977, Chittilappilly borrowed $1,500 from his father to set up a small unit to make voltage stabilisers in Kochi in South India. He built it over four decades into $335 million (revenue) V-Guard Industries. He expanded into amusement parks in 2000 with Wonderla Holidays. sAnjAy LALbhAi, 63$1.1 billionARVINDIndia’s denim king and the fourth generation of a storied textile clan in the city of Ahmedabad. His Arvind has launched several international brands in India, such as Arrow, Tommy Hilfiger and Gap.AniL kuMAr MittAL, 65$1.05 billionKRBLWith roots in cotton spinning and commodity trading, Mittal’s KRBL is the country’s largest rice miller and exporter of basmati rice, which it sells under the popular India Gate brand. tArAnG jAin, 55$1 billionVARROC ENGINEERINGNephew of two-wheeler tycoon Rahul Bajaj (No 15) started his auto parts business in 1990. His twin brother, Anurang (No 79), runs his own listed outfit. Privately held Varroc was coined from the names of their wives. 76MofAtrAj Munot$1.95BILLIONKALPATARU AGE: 72.77MurALi divi$1.94 BILLIONDIVIS LABORATORIES AGE: 6678rAMesh junejA$1.92 BILLIONMANKIND PHARMA AGE: 6479AnurAnG jAin$1.91 BILLIONENDURANCE TECHNOLOGIES AGE: 5580rAnjAn PAi$1.9 BILLIONMANIPAL GROUP AGE: 4481vikAs oberoi$1.87 BILLIONOBEROI REALTY AGE: 4782rAvi jAiPuriA$1.84 BILLIONRJ CORP AGE: 6283sALiL sinGhAL$1.83 BILLION PI INDUSTRIES AGE: 7084nr nArAyAnA Murthy$1.82 BILLIONINFOSYS AGE: 7185nirAv Modi$1.8BILLIONFIRESTAR DIAMOND AGE: 4686rAjju shroff$1.77 BILLIONUPL AGE: 8387sunder GenoMAL$1.75BILLION PAGE INDUSTRIES AGE: 63UP MORE THAN 10% DOWN MORE THAN 10% NEW TO LIST RETURNEE

36 | forbes india december 29, 2017The biggest asset of Gautam Adani’s conglomerate is Adani Ports & sez, run day-to-day by his 30-year-old son Karan (above). It is the country’s largest and fastest-growing private port developer and operator, with 10 ports along the Indian coastline. But shares of Adani’s companies rose on other news: Work on his long-delayed, $16 billion Australian coal mining project commenced in October, boosting his fortune by 75 percent from a year ago. No stranger to controversy, Adani the elder recently faced an allegation that he profited from the government tweaking rules on special economic zones mainly to benefit his group, which is also in energy. Adani, who denied the allegation, sent a defamation notice to the journal that reported the allegation. The journal pulled down the online version of the article, and its editor resigned. kArAn AdAni: sAfe hArbourRichest IndIans 100 The

december 29, 2017 forbes india | 37the listin June, India’s central bank released a list of 12 companies that account for a fourth of all bad loans at Indian banks and face being liquidated under the new Insolvency & Bankruptcy Code. Prominent among them is Essar Steel, controlled by the Ruia brothers, with a debt pile of nearly $7 billion, more than $5 billion of which is labelled non-performing.Essar Steel, a unit of the brothers’ Essar Group, took the Reserve Bank of India to court, calling its move to refer it for bankruptcy proceedings as “discriminatory and arbitrary”. Essar argued that the Reserve Bank had given 488 other companies an additional six months to arrive at a resolution with their bankers. It had also overlooked the company’s improved financial position as of March 2017, Essar said. But the court dismissed the plea.The case is now before the National Company Law Tribunal. A court-appointed executive has assumed oversight, and Essar Steel’s board has been suspended. A newly formed creditors committee has nine months to devise a plan to pay off lenders, failing which Essar Steel will be liquidated. In August, the Ruia brothers concluded a long-delayed $12.9 billion deal to sell the group’s oil assets to Russia’s Rosneft. The bulk of the proceeds will pay down part of Essar Group debt. The siblings (No 41), who at their peak in 2010 were among the top five, with a net worth of $15 billion, have seen their wealth erode to $3.4 billion.Several high-flying billionaires, undone by their appetites for debt, have disappeared from the ranks altogether. One notable figure is liquor and airline baron Vijay Mallya, who fled the country in 2016 after his Kingfisher Airlines reneged on loans of more than $1 billion.Another big defaulter in the central bank’s list is Bhushan Steel, which produces steel sheets for the auto industry and owes banks $6.9 billion. The company’s chairman, Brij Bhushan Singal, dropped off in 2014. Singal’s estranged older son, Sanjay Singal, who runs his own steel business and is weighed down by debt of $5.7 billion, lost his spot in 2015.Other highly leveraged drop-offs are hydropower pioneer Jaiprakash Gaur, founder of the Jaypee Group, and L Madhusudhan Rao of Lanco Infratech, who last featured among the richest in 2011 and 2012. “Many companies overinvested in the exuberant period preceding the global financial crisis,” says Rakesh Arora, managing partner of Go India Advisors, a Mumbai strategic advisory firm. “Banks were guilty of giving them loans even when their equity base was too low.”The court’s tough stance in the Essar case should curb both borrowers and lenders from going overboard. Education firm Educomp, founded by former lister Shantanu Prakash, who was worth $920 million in 2009, voluntarily applied to restructure its $320 million debt under the new law. —ARFallen StarsshAshi & rAvi ruiAfor MethodoLoGy And ALL bios, Go to forbes.CoM/indiAthe ruias are ruing new rules 88dinesh nAndWAnA$1.72BILLIONVAKRANGEE AGE: 5489nAndAn niLekAni$1.71 BILLIONINFOSYS AGE: 6290rAdhe shyAM AGArWAL$1.64BILLIONEMAMI AGE: 7290rAdhe shyAM GoenkA$1.64BILLIONEMAMI AGE: 7192senAPAthy GoPALAkrishnAn$1.61BILLIONINFOSYS AGE: 6293sAtish MehtA$1.6BILLIONEMCURE PHARMACEUTICALS AGE: 6694shAMsheer vAyALiL$1.57BILLION VPS HEALTHCARE AGE: 4095shyAM & hAri bhArtiA$1.56BILLIONJUBILANT GROUP AGEs:64, 6096AnAnd MAhindrA$1.54BILLIONMAHINDRA & MAHINDRA AGE: 6297reddy fAMiLy$1.53 BILLIONDR REDDY’S LABORATORIES98Arvind PoddAr$1.48BILLION BALKRISHNA INDUSTRIES AGE: 5999vijAy shekhAr shArMA$1.47 BILLIONPAYTM AGE: 39100rAnA kAPoor$1.46BILLIONYES BANK AGE: 60UP MORE THAN 10% DOWN MORE THAN 10% NEW TO LIST RETURNEE

38 | forbes india december 29, 2017Richest IndIans 100 Thenet worth of india’s top 100 billionaires:It’s more thanestimated at $17 billion eachtaken at $999estimated at $3.26 billion, according to the nasa websiteestimated at $2.9 millionIndia’s forex reservesMade of Money: India’s Elite 100By praMod MathEw & pravIn palandE; InfographIcs: saMEEr pawar (addItIonal Inputs By ruchIka shah & nEEraj gangal)A RUNdowN of the 2017 foRbes INdIA RIch LIst—the top doLLAR-gAINeRs, the New fAces, the hot sectoRs ANd some ImpRessIve fActs oN the weALth of the 100 RIchest INdIANsMumbai-Ahmedabad bullet train projects28the expected cost ofthe price of479 MlnApple iPhone X (64GB) phones146times the cost of the Cassini spacecraft that explored Saturnthe price of165,172Bugatti Chiron super sports carsestimated at$402 bln(as on september 2017)$479 bln[data]



Richest IndIans 100 The40 | forbes india december 29, 2017The Cream of The Crop0510152025303540Mukesh AMbAniAziM preMjihindujA brothersLAkshMi MittALpALLonji MistryGodrej fAMiLyshiv nAdArkdiLip shAnGhviGAutAM AdAniurAdhAkishAn dAMAniCyrus poonAwALLAsuniL MittALbsAvitri jindALvikrAM LALbenu GopAL bAbALkrishnAburMAn fAMiLysubhAsh ChAndrApvivek ChAAnd sehGALkushAL pAL sW ea LT h ($ b L n )Up $77 bLn (26%) YoYWEALTH OF TOP 5078%Share of Top 50 in overall WealThtop 50 account for over three-quarters of the wealth on the listUp $98 bLn (26%) YoYWEALTH OF TOP 100$479 BLn$374 BLnriChesT indianMukesh AMbAni$38 BLn**if he was a country, Ambani would be the 88th richest, above Azerbaijan and nearly twice as rich as Afghanistan.27riCh Listers Are riCher by $1 bLn or more CoMpAred with 2016At 39 yeArs, the pAytM founder is the younGest on the ListViJaY sheKhar sharma20162017rAnk1riChesT reTurneerAdhAkishAn dAMAni$9.3 BLn12riChesT neWComernusLi wAdiA$5.6 BLn25

december 29, 2017 forbes india | 41nAjAy pirAMALMA yusuff ALiMAdhukAr pArekhkALAnithi MpAwAn MunjALkApiL & rAhuL bMiCky jAGtiAnihArsh MAriwALArAvi piLLAiMAnGAL prAbhAt LodhAkArsAnbhAi pAteLAshwin dAniGuptA fAMiLyshAshi & rAvi ruiAsudhir & sAMir MehtAsAniL AGArwALAniL AMbAnipreddybAbA kALyAnivinod & AniL rAi GuptAsAMeer GehLAuthAsMukh ChudGArkuLdip & GurbAChAn sinGh dhinGrAbr shettygroWTh in ToTaL WeaLTh and priCe of enTrYCompared to the first list, the total wealth of the 100 richest indians has yet to double, the fortune of the last member in the list though has more than tripledWomen on The LisTrAnksAvitri jindAL$7.5 bLnLeenA tewAri$2.19 bLnvinod rAi GuptA$3.11 bLn*kirAn MAzuMdAr-shAw $2.16 bLn16714872100200920102011201220132014201520162017150200250300350400450500300241251345t o t AL we AL thweAL th ($b L n )276259346381479groWTh74%A little over $400 million could have earned you a place on the 2009 rich List; today those waiting in the wings include 40 people worth over $1 billion (page 34)0.4150.370.460.63511.11.251.460.5C ut - off2009201020112012201320142015201620170 0.20.40.60.81.21.41.61weAL th ($b L n )groWTh252%chaitanya dinesh surpur

Richest IndIans 100 The42 | forbes india december 29, 2017The riCh LisT and The sensexLeaps and sLumpsbaCK To The CLub: The reTurnees the wealth on the list and the sensex have generally moved in tandem when seen over a five-year period. however, a steep rise in Mukesh Ambani’s fortune this year has resulted in the overall wealth outperforming the indexseventy-six billionaires on the list saw their wealth increase compared with 2016, while the fortunes of just 12 declined; three were just as wealthy as last year. here are the top five gainers and losers (in dollar terms)riding on the bumper ipo of Avenue supermarts, which owns the dMart retail chain, founder radhakishan damani is back with a bang10015020025050020 1220 1320 1420 1520 1620 17181100Mukesh AMbAnisensex (As on septeMber 30 eACh yeAr)totAL weALth169191LAst AppeArAnCe201512radhakiShan damani$9.3 bLn201155kiShore BiYani$2.75 bLn75mUrli dhar & Bimal gYanchandani$1.96 bLn2015the three returnees Contributed $14 BLn to the weALth on the Listthe six newCoMers #poured in A CoMbined$13.64 BLn to the ListweAL th ($b L n )weAL th ($b L n )Mukesh AmbaniGautam Acharya AdanibalkrishnaAzim premjiLakshmi Mittal12.13.43.51.91.516.95.85.12.82.2-4.8-2.4-1.6-0.9-0.7181614121086420top doLLAr Losersdilip shanghvishashi & ravi ruiaGupta familyMurali divireddy familywealth in 2016Changewealth in 2017051038116.622.76.32.515202530354015.34.74.141916.51512.5top doLLAr GAiners42017 rAnk( See page 51) #weALth (i ndexed to 100)

december 29, 2017 forbes india | 43share of The Top TWenTYbiLLionaires bY CaTegorYhalf of the dozen members whose wealth eroded this year are pharma tycoons, but pharmaceuticals is still the most dominant sector in the listthe top 20 billionaires accounted for 70 percent of the wealth on the list in 2009. this share has steadily eroded to 52 percent in 2017LooKing baCK hisToriCaL WeaLTh200920102011201220132014201520162017Average RankmuKesh ambani1111111111azim premJi4333433423.2hinduJa broThers---9664335.2LaKshmi miTTaL2222258643.7paLLonJi misTrY-1294545556.1Pallonji Mistry and three of the four Hinduja brothers are not Indian citizens and were not considered in the Rich Lists initially. However, they were included in 2010 and 2012 respectively, due to their business ties to the countryfour of the top five billionaires have bigger fortunes than in 2009, when the first rich List was publishedhow the ranks and fortunes of this year’s top five billionaires have drifted through the yearsMukesh AmbaniAzim premjihinduja brothersLakshmi Mittalpallonji Mistryw e AL th ($ b L n )0 510200920102011201220132014201520162017152025303540323014.96.916818.43816.519CaTegories no of biLLionairespharmaceuticals 15diversified12real estate6Consumer goods5software5paints4retail4Media3Motorcycles3Auto parts3Others40Wealth of top 20Wealth of next 80w e AL th ($ b L n )010020030040050060020092010201120122013201420152016201770Share of top 20 (%)6665626258555252hisToriCaL ranK

44 | forbes india december 29, 2017Richest IndIans 100 TheRank 2017NameWealth in 2017 ($ bln)Change in wealth from 2016 (%)Change Appear-in rank from 2016ances since 20091Mukesh Ambani3867.4092Azim Premji1926.7293Hinduja brothers18.421.1064Lakshmi Mittal16.532295Pallonji Mistry1615.1086Godrej family14.214.5197Shiv Nadar13.619.3198Kumar Birla12.643.2199Dilip Shanghvi12.1-28.4-7910Gautam Adani1174.63911Uday Kotak10.526.50912Radhakishan Damani9.3Returnee Returnee313Cyrus Poonawalla8.93.5-3914Sunil Mittal8.325.8-2915Bajaj family840.42916Savitri Jindal7.541.53917Vikram Lal7.2444618Benu Gopal Bangur6.611.9-4919Acharya Balkrishna6.5516229220Burman family6.511.1-5921Subhash Chandra67.1-3922Pankaj Patel5.931.11923Vivek Chaand Sehgal5.8562.58624Kushal Pal Singh5.718.8-2925Nusli Wadia5.6NewNew126Ajay Piramal5.2609927MA Yusuff Ali525-2528Madhukar Parekh4.7521.8-2529Kalanithi Maran4.5556.911930Pawan Munjal4.523.3-1231Kapil & Rahul Bhatia4.431.32732Micky Jagtiani4.3-2.3-8933Harsh Mariwala4.215.4-3934BR Shetty3.955.413635Ravi Pillai3.822.63536Mangal Prabhat Lodha3.7582.920837Kuldip & Gurbachan Singh Dhingra3.70-9538Karsanbhai Patel3.660.714639Ashwin Dani3.56.1-5940Gupta family3.45-32.4-20941Shashi & Ravi Ruia3.4-41.4-25942Sudhir & Samir Mehta3.35-13-15943Samprada Singh3.322.2-1544Anil Agarwal3.27219945Anil Ambani3.15-7.4-13946PV Ramprasad Reddy3.14-0.3-9647Baba Kalyani3.1339.14948Vinod & Anil Rai Gupta3.1123.4-2349Sameer Gehlaut3.110037550Hasmukh Chudgar3.0569.416351Jain family3-6.3-15952Ashwin Choksi2.9511.3-9953Rajan Raheja2.913.7-8954Rakesh Jhunjhunwala2.827.3-1955Kishore Biyani2.75Returnee Returnee456Abhay Vakil2.7110.6-7957Chandru Raheja2.712.5-7958MG George Muthoot2.6739.11559Abhay Firodia2.6550.611560Yusuf Hamied2.620.8-16961Rajesh Mehta2.638.30762Vijay Chauhan2.5-16.7-23563Amalgamations group family2.4818.1-8464Jai Hari & Yadu Hari Dalmia2.4563.324265Sunny Varkey2.426.3-5566Murugappa family2.38407867Rajendra Agarwal2.317.9-9468Harsh Goenka2.2836.57769Sunil Vaswani2.2512.5-12370Jitendra Virwani2.232.56671Leena Tewari2.1934.48372Kiran Mazumdar-Shaw2.1618-7873Sanjiv Goenka242.918774Lachhman Das Mittal1.9811.2-6675Murli Dhar & Bimal Gyanchandani1.96Returnee Returnee476Mofatraj Munot1.958.9-9877Murali Divi1.94-30.7-36978Ramesh Juneja1.9211.6-6579Anurang Jain1.91NewNew180Ranjan Pai1.912.4-6681Vikas Oberoi1.87298882Ravi Jaipuria1.8417.21583Salil Singhal1.8310.9-6384NR Narayana Murthy1.82-2.7-22985Nirav Modi1.83.4-14586Rajju Shroff1.7740.513387Sunder Genomal1.7529.66388Dinesh Nandwana1.72NewNew189Nandan Nilekani1.715.6-9990Radhe Shyam Agarwal1.645.1-6690Radhe Shyam Goenka1.645.1-6692Senapathy Gopalakrishnan1.610-11993Satish Mehta1.60-11294Shamsheer Vayalil1.5723.64295Shyam & Hari Bhartia1.5624.85996Anand Mahindra1.548.5-6797Reddy family1.53-28.8-43998Arvind Poddar1.48NewNew199Vijay Shekhar Sharma1.47NewNew1100Rana Kapoor1.46NewNew1THE 100 RICHEST INDIANSIn a first, two fintech entrepreneurs find spots at ranks 88 and 99



democratised data will help unleash the next phase of economic growth, believes mukesh ambani, and he is pulling out all the stops to make this digital-age currency affordable and available to every indianBy Aveek DAttA & HAricHAnDAn ArAkAliDial Data for DisruptionRichest IndIans 100 The[p r o f i l e s]mukesh ambani

manufacturing petroleum products.At the same forum, Ambani also said it was only four years ago that he “truly understood the true meaning of the term exponential”, adding, “I believe we are on the verge of exponential change, where we have the opportunity to solve large problems in a short span of time.” Few would have imagined how the key themes of Ambani’s talk—data and exponential change—could come together to change the paradigm of India’s telecommunications industry and alter the way in which Indians consume data. Yet, over the last one year—since Reliance Jio Infocomm (Jio), RIL’s broadband wireless and digital services company commenced operations—that is exactly what has happened. It took Jio a while to get to this point. RIL announced its foray into telecom in 2010 after it acquired Infotel Broadband, a company that had won pan-India wireless airwaves through a government auction. The next six years were spent building and testing a greenfield ecosystem using the latest technology, including partners, vendors, and an infrastructure network comprising optic fibre cables and transmission towers. The ambitious project, on which the oil-to-yarn and retail conglomerate has spent close to `2 lakh crore, had its fair share of naysayers along the way as well. Some doubted whether diversification away from the core oil refining, marketing and petrochemicals business was prudent; others questioned whether the world’s first all-IP (internet protocol) network over VoLTE (voice over LTE) that Jio was building would work, since there was no global precedence of the same. But those speculations have been put to rest as Jio has managed to build a ground-up 4G (fourth generation mobile telephony) network with 138.6 million subscribers consuming 1.25 billion GB of data a month and 2.67 billion minutes of voice calls a day—among the highest in the world—since it started commercial services in September 2016. Despite the fact that RIL’s fledgling telecom venture is yet to report a profit (on a net, full-year basis), the value that investors foresee accruing to the company from this business is evident. In the last one year (till October 24, 2017), RIL’s share prices have soared by as much as 79 percent to 947 per share. It is little surprise `then that not only is Ambani the richest person on the 2017 Forbes India Rich List with a personal net worth of $38 billion, he is also the highest gainer of wealth in absolute dollar terms, adding a staggering $15.3 billion to his net worth. Much of this gain in Ambani’s wealth, which is also a reflection of the rise in RIL’s market value, has been on account of the value investors have ascribed to Jio. “Mukesh Ambani is doing for India’s poor what Steve Jobs did for America’s rich,” remarked one commentator last July after Ambani unveiled the cut-price JioPhone. The new telco on the block has not only redefined the rules of the game—by drastically reducing the cost of data and offering voice calls for free—but has also shaken up the telecom sector. Owing to Jio’s competitive onslaught and the incumbents’ response, the volume of data consumed in the country has grown nine times to 4.3 billion GB in the April-June quarter, says analyst Rohit Chordia, in a Kotak Institutional Equities research report dated October 4. Further proof that most of the new mobile data consumption in the country is happening in the high-speed band is evident in the fact that 40 percent of the data subscriber base is on a LTE (4G) network, accounting for 80 percent of the data consumption in the Mukesh AMbAnichairman, reliance industries ltdAge: 60Rank in the Rich Listnet Worth: $38 billionsignificant business Development Last Year: unveiling the Jiophone: a feature phone that will effectively cost users nothing, apart from a refundable deposit of `1,500 and a monthly tariff of 153`The Way Forward: realising his vision of making high-speed and low-cost data accessible to all indians through Jio, and growing the new company’s rev-enues and profitabilityAt A glAnce1D ata is the new oil: When Mukesh Ambani, chairman of Reliance Industries Ltd (RIL), made that statement at the Nasscom India Leadership Forum in February 2017, what he meant was that, simply put, data has the same power to fuel human capabilities which oil has had over the last five decades. He should know: Ambani is, after all, the leader of India’s largest company by turnover, which has generated billions of dollars in wealth over the years by refining crude and Jio has 138.6 million subscribers consuming 1.25 billion gB of data a month currentlydecember 29, 2017 forbes india | 47

country, the Kotak report states. The quantum of increase in data consumption in the country has also gone hand-in-hand with a steep fall in the cost of such data. According to industry estimates, the average cost of a GB of data post Jio’s launch has fallen to 50, from a minimum `of 250 earlier. The result is that `Indians are hooked on to their data-driven smartphones like never before. “Jio has brought about a seismic shift in India. As we look at the data coming from our audience of mCent (a web browser) users, we are seeing Jio subscribers consume upwards of five times more data than other users on other operators,” says Nathan Eagle, founder and CEO of Jana, a Boston-based company that sells data to global customers in exchange for them consenting to view ads. “Much of this content comes from the recent adoption of mobile video and local language content. Even the major television networks in India are now making original content for their OTT platforms.” Sceptics had also argued that Jio’s services would stay popular as long as they remained free, and that volumes would drop as soon as the telco started charging for its services. These concerns have proven to be unfounded as well. Jio launched its free services in September 2016 and moved to a paid regime in April this year. Despite that, Jio reported a robust net subscriber addition figure of over 15 million as recently as in the September quarter (up from 13 million in the April quarter), with a market share of around 10 percent. An IIFL Institutional Equities research report dated October 16 estimates around 75 percent of Jio’s overall subscriber base has migrated to paid services. Jio also said that it had realised an average revenue per user (ARPU) of 156.4 in the September `quarter, and the steady stream of subscribers witnessed by the carrier has encouraged it to even hike its tariffs for some of its plans. A JM Financial report dated October 23 estimated Jio’s ARPU to further increase to 165 in FY20. Despite the `competitiveness with which Jio has priced its products, its reported ARPU in the second quarter of fiscal 2018 is similar to that of India’s largest telco Bharti Airtel, which reported an ARPU of 154 in the first quarter `of fiscal 2018 (its second quarter earnings numbers weren’t public at the time of writing this story). Even Jio’s reported revenue and profitability numbers for the September quarter (the first for which it has disclosed these figures) have pleasantly surprised the Street. Jio reported a standalone revenue from operations of 6,147 crore, a `standalone Ebitda (earnings before interest, tax, depreciation and amortisation) of 1,443 crore, with `an Ebitda margin of 23.5 percent. Jio’s earnings statement stated that a positive operating profit in the first quarter of commercial operations was the function of “tremendous uptake by subscribers and cost advantages generated through the use of efficient 4G technology”. “The strong financial results of Jio demonstrates the robust business model of Jio and the significant efficiencies that the company has built through its investments in the latest 4G technology and right business strategy,” Ambani said in the earnings statement. “As always, the group has demonstrated excellence in execution, vision and commercial acumen.” The IIFL report cited earlier said that Jio’s performance in the second quarter of fiscal 2018 was a “beat” on expectations, leading the brokerage to revise Jio’s estimated enterprise value to $40 billion from $26 billion earlier. “We also think appearances matter, and regardless of accounting conventions used, Jio’s bright numbers have diluted the predatory pricing arguments incumbents have been using against Jio,” analysts GV Giri and Balaji Subramanian said in the IIFL report. Tarun Pathak, associate director with the Indian arm of Counterpoint Technology Market Research, a Hong Kong-based consultancy, says that not charging customers for their services from the word go was a “masterstroke”. “They knew that there would be bottlenecks to begin with. They’ve waited to see how their networks would support all the services,” says Pathak. “Gradually, they have shifted consumers from free to pay and have used the time to improve the quality of services as well.” But providing high-speed and affordable connectivity is just a part of Ambani’s larger game plan. As Jayant Kolla, partner at Convergence Catalyst, a Bengaluru-based telecom and internet consultancy firm, says: “Jio won’t be happy with just providing the pipe. I believe their bigger objective and vision is to become a digital services and internet company.” Indeed, Jio has been investing heavily and stitching partnerships for various data-led, value-added services across categories like content and entertainment, financial services and health care. Kolla says Jio has the opportunity to build, what he calls, a “Jio Internet” for India, in a bid to hold on to the consumers’ attention as 48 | forbes india december 29, 2017 the average cost of a gB of data has now fallen to 50 from `a minimum of 250 earlier`Richest IndIans 100 The

much as possible. In doing so, Jio may well replicate what large technology giants like Facebook and Google have achieved around the world. The other consequence of Jio’s aggressive market approach has been a consolidation in the Indian telecom market, where only the survival of the fittest is possible. The financials of several incumbents like Bharti Airtel, Idea Cellular and Vodafone India have come under pressure, as these telcos sought to protect their turf against Jio by dropping prices. It’s not just the end-consumer who has been the beneficiary of low-cost data. Lawyers and investment bankers, who have been helping telecom firms stitch up all kinds of deals, have also benefited from it. For instance, Vodafone and Idea Cellular have agreed to merge operations (the deal is yet to be consummated); and Tata Teleservices has decided to hive off its wireless business on a no-cash, no-debt basis to Bharti Airtel. Also, Reliance Communications and Aircel had proposed an amalgamation of their wireless services business, but that deal fell through due to regulatory and legal hurdles. As Eagle of Jana puts it, the competition in most telecom circles has now become a three-way contest between Jio, Airtel and Vodafone-Idea, versus the nine or 10 telcos battling it out in each region earlier. There are indications that the trend of declining tariffs in the Indian telecom sector may have bottomed out and, going forward, the competition will be on quality of services. Ambani had also pointed out: Why should high-quality wireless connectivity and value-added services only be the purview of the more affluent Indians who can afford the latest in smartphone technology? With the aim of truly democratising data and helping people at the bottom of the pyramid realise its benefits, Jio announced its next major transformational offering in July when it unveiled the JioPhone: A feature phone that will effectively cost users nothing, apart from a refundable deposit of `1,500 and a monthly tariff of 153. `This voice-enabled phone can not only make calls and send messages, but also access a library of wide-ranging content and be used as a mirroring device to watch videos on TV, using a specially designed cable. The product, which has been designed in India, is meant for the over 500 million telecom users that don’t have access to smartphones yet. An HSBC Global Research report states that 6 million units of this phone have already been pre-booked. “It stands out as a differentiated product in the feature phone segment as it scores relatively better on data functionalities and voice commands,” say analysts Rajiv Sharma and Darpan Thakkar in their research report. “For first-time data users unable to afford a smartphone, representing around 60 percent of the overall wireless market, this is a viable option.” With the kind of start that Jio has managed, in just over a year since its launch, Ambani appears well on his way to be the harbinger of the exponential change he referred to. (Reliance Industries is the owner of Network 18, the publisher of Forbes India)mukesh ambani (extreme right) with wife nita (to his right) and children (from left) akash, anant and ishadecember 29, 2017 forbes india | 49

[p r o f i l e s]anil agarwalAnil Agarwal, founder and chairman of Vedanta Resources, promised his late grandfather that he would pledge 75 percent of his wealth to philanthropyRichest IndIans 100 The