#adani wealth

[publictaknews]

Adani's $58 billion wiped out in 6 days vs Bankman-Fried's wealth loss

Nearly $58 billion has been wiped off Gautam Adani’s fortune in six days, a feat that has very few parallels in history. According to Bloomberg Billionaires Index, Adani’s collapse is 3 times more than ‘Crypto King’ Sam Bankman-Fried’s loss of $16 billion in less than a week. The CEO of FTX lost all his wealth after the collapse of the crypto exchange. Adani is set to become the world’s…

[elektroskopik]

Billionaire on pace to become world’s first trillionaire by 2027, report says

Informa Connect Academy’s finding about the boss of electric carmaker Tesla, private rocket company SpaceX and social media platform X (formerly Twitter) stems from the fact that Musk’s wealth has been growing at an average annual rate of 110%. He was also the world’s richest person, with $251bn, according to the Bloomberg Billionaires Index, as the academy’s 2024 Trillion Dollar Club report began circulating Friday.

The academy’s analysis suggested business conglomerate founder Gautam Adani of India would become the second to achieve trillionaire status. That would reportedly happen in 2028 if his annual growth rate remains at 123%.

Jensen Huang, the chief executive officer of the tech firm Nvidia, and Prajogo Pangestu, the Indonesian energy and mining mogul, could also become trillionaires in 2028 if their trajectories hold. Bernard Arnault, the LVMH Moët Hennessy Louis Vuitton boss and the world’s third-richest person with about $200bn, is on track to eclipse a trillion dollars in 2030 – the same year as Mark Zuckerberg, the CEO of Meta.

[kitty-lemon]

"XYZ person has Salman bhoi's backing, That's why no one messes with them" " ABC person has Karan Johar's backing, That's why they are so successful" " Modi has Adani and Ambani backing him in his elections"

Bitch mujhe bhi kisi powerful and rich person ki backing chahiye because generation wealth and connections to hai nahi faltu success keliye. Mujhe aur mehnat nahi karni 😭😭😭

[sageglobalresponse]

Full list of Forbes’ 25 world billionaires in 2023

American business magazine, Forbes, in its 2023 list of 25 richest people in the world, featured Bernard Arnault on the No. 1 spot, followed by Twitter Chief Executive Officer, Elon Musk.

In its previous list in 2022, Musk was on the No. 1 spot.

Forbes described the drop of Musk from the top spot as ” this year’s second-biggest loser”, adding that “Elon Musk, had it worse.”

For Jeff Bezos, fortune knocked him from number. 2 in the world in 2022 to No. 3 this year as Amazon shares crashed by 38 per cent.

So This Happened (202) Reviews Lagos Bizman’s Arraignment Over Wife’s Death, Others | Punch

Musk lost his title of the world’s richest person after his pricey purchase of Twitter, which he funded in part by the sale of Tesla shares, helping to spook investors. Musk, who is worth $39 billion less than a year ago, is now No. 2.

For Jeff Bezos, fortune knocked him from number. 2 in the world in 2022 to No. 3 this year as Amazon shares crashed by 38 per cent.

Also, among the top 25, two billionaires — Zhang Yiming, Changpeng Zhao lost their spots and were unable to make it on the list for this year.

Yiming, the founder of Tik Tok-parent Bytedance, dropped one place, from No. 25 to No. 26, as his embattled company has taken a haircut from investors while Zhao, Binance founder, known as CZ, fell from No. 19 last year all the way to No. 167 amid the crypto winter.

Below are the list of Forbes 25 richest people in the world in 2023 with their net worth

1. Bernard Arnault & family

(Net worth: $211 Billion | Source of Wealth: LVMH | Age: 74 | Citizenship: France)

2. Elon Musk

(Net worth: $180 Billion | Source of Wealth: Tesla, SpaceX | Age: 51 | Citizenship: U.S.)

3. Jeff Bezos

(Net worth: $114 Billion | Source of Wealth: Amazon | Age: 59 | Citizenship: U.S.)

4. Larry Ellison

(Net worth: $107 Billion | Source of Wealth: Oracle | Age: 78 | Citizenship: U.S.)

5. Warren Buffett

(Net worth: $106 Billion | Source of Wealth: Berkshire Hathaway | Age: 92 | Citizenship: U.S.)

6. Bill Gates

(Net worth: $104 Billion | Source of Wealth: Microsoft | Age: 67 | Citizenship: U.S.)

7. Michael Bloomberg

(Net worth: $94.5 Billion | Source of Wealth: Bloomberg LP | Age:81

8. Carlos Slim Helú & family

(Net worth: $93 Billion | Source of Wealth: Telecom | Age: 83 | Citizenship: Mexico)

9. Mukesh Ambani

(Net worth: $83.4 Billion | Source of Wealth: Diversified| Age: 65 | Citizenship: India)

10. Steve Ballmer

(Net worth: $80.7 Billion | Source of Wealth: Microsoft | Age: 67 | Citizenship: U.S.)

11. Françoise Bettencourt Meyers & family

(Net worth: $80.5 Billion | Source of Wealth: L’Oréal | Age: 69 | Citizenship: France)

12. Larry Page

(Net worth: $79.2 Billion | Source of Wealth: Google | Age: 50 | Citizenship: U.S.)

13. Amancio Ortega

(Net worth: $77.3 Billion | Source of Wealth: Zara | Age: 87 | Citizenship: Spain)

14. Sergey Brin

(Net worth: $76 Billion | Source of Wealth: Google | Age: 49 | Citizenship: U.S.)

15. Zhong Shanshan

(Net worth: $68 Billion | Source of Wealth: Beverages, pharmaceuticals | Age: 68 | Citizenship: China)

16. Mark Zuckerberg

(Net worth: $64.4 Billion | Source of Wealth: Facebook | Age: 38 | Citizenship: U.S.)

17. Charles Koch

(Net worth: $59 Billion | Source of Wealth: Koch Industries | Age: 87 | Citizenship: U.S.)

18. Julia Koch & family

(Net worth: $59 Billion | Source of Wealth: Koch Industries | Age: 60 | Citizenship: U.S.)

19. Jim Walton

(Net worth: $58.8 Billion | Source of Wealth: Walmart | Age: 74 | Citizenship: U.S.)

20. Rob Walton

(Net worth: $57.6 Billion | Source of Wealth: Walmart | Age: 78 | Citizenship: U.S.)

21. Alice Walton

(Net worth: $56.7 Billion | Source of Wealth: Walmart | Age: 73 | Citizenship: U.S.)

22. David Thomson & family

(Net worth: $54.4 Billion | Source of Wealth: Media | Age: 65 | Citizenship: Canada)

23. Michael Dell

(Net worth: $50.1 Billion | Source of Wealth: Dell Technologies | Age: 58 | Citizenship: U.S.)

24. Gautam Adani

(Net worth: $47.2 Billion | Source of Wealth: Infrastructure, commodities | Age: 60 | Citizenship: India)

25. Phil Knight & family

(Net worth: $45.1 Billion | Source of Wealth: Nike | Age: 85 | Citizenship: U.S.)

[mariacallous]

In January, after New York-based short seller Hindenburg Research released a report accusing Adani Group of accounting fraud and stock manipulation, the Indian conglomerate defended itself by appealing to nationalism. “This is … a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India,” the group said in a 413-page response refuting the allegations.

It is no surprise that Adani Group tied itself to India’s “growth story.” The industrial empire of Gautam Adani, the group’s founder, has been key to Prime Minister Narendra Modi’s vision for India, which centers on big infrastructure projects as drivers of growth. In turn, Adani’s support for Modi’s nation-building plans, from airports to green hydrogen plants, has propelled his conglomerate’s meteoric rise. From 2014 to December 2022, Adani Group’s market capitalization soared from $6.5 billion to more than $223 billion.

Hindenburg’s report triggered a sudden reversal, however. The value of Adani Group’s publicly traded stocks soon fell by more than half—a rout that has continued a month after the report’s release. Modi has chosen to remain quiet about the affair, even as it has raised serious questions about India’s economy.

If Adani Group seeks refuge from criticism by tying its success to that of India’s, then the converse must also be reckoned with: The collapse of its shares represents a stress test for India’s growth project. It has cast doubt on whether Modi’s strategy of propping up a few favored corporate titans can translate into lasting results on the ground. And, beyond that, whether Modi’s India can deliver on hopes that it could become a driver of global economic growth, as China was for the past three decades.

Modi’s rise has long been intertwined with that of Adani’s. As chief minister of Gujarat from 2001 to 2014, Modi made his name through his so-called Gujarat model of development, with its large infrastructure projects, such as dams, extensive highways, and solar power plants. Adani was critical not just to constructing many of these projects but also to bringing big business around to the idea of Modi as a potential prime minister. After Modi was elected in 2014, he flew from Gujarat to his new home of New Delhi in Adani’s private jet.

As Modi became India’s most popular leader since the republic’s first prime minister, Jawaharlal Nehru, Adani’s business interests expanded. His conglomerate partnered with the government on critical infrastructure projects within India and, increasingly, abroad. Since Modi entered office, Adani’s net worth increased by more than 5,000 percent to $150 billion in September 2022, making him Asia’s richest man before the scandal. His wealth came largely on the back of winning government contracts; expanding into strategic sectors, such as clean energy and defense; and building critical infrastructure projects. For instance, Adani Group secured seven out of the eight airports that the Indian government leased out to private companies. These kinds of contracts, in turn, led to more interest in Adani Group stock from investors.

The government has undoubtedly placed its trust in Adani, but the Hindenburg report could be a stumbling block in Modi’s plans to ensure that India remains the world’s fastest-growing major economy. After the brutal stock rout, the group called off a $2.5 billion share sale and had to delay its expansion plans. A margin call followed, leading Adani to prepay a $1.1 billion loan. Meanwhile, French energy giant TotalEnergies has put on hold a $4 billion investment in an Adani Group green hydrogen project.

Over his tenure, Modi has been unwilling or unable to push through structural reform that would allow more companies to enter new sectors without significant risk-taking. He therefore has no option but to depend on national champions, such as Adani. But even among Indian billionaires, Adani is unique. Very few businesspeople enjoy the government’s confidence, can navigate dizzying state regulation, and, most of all, are willing to risk enormous amounts of capital.

In 2015, Credit Suisse published its House of Debt report, which examined the precarious debt levels of 10 prominent Indian business groups with a significant presence in various infrastructure sectors. Out of the 10 groups, many have ended up in bankruptcy courts in recent years, while others have pursued debt consolidation plans. Only one group—the Adani conglomerate—has continued to borrow and invest at a breathtaking pace.

The Economist has estimated that the combined revenues of companies controlled by Adani and fellow tycoon Mukesh Ambani, chair of India’s Reliance Industries, are equivalent to 4 percent of India’s GDP. Firms controlled by the pair also account for nearly a quarter of the capital spending of all publicly traded non-financial firms.

While many analysts fret over whether Adani Group is too big to fail, the more pertinent question is whether Adani has been too integral to the Indian economic project to fail.

Modi now faces a difficult dilemma. On the one hand, he relies heavily on large infrastructure development delivered by India’s billionaires. For example, Adani plans to develop massive renewable energy projects—and without them, India would find it challenging to fulfill its commitment to meet 50 percent of its energy requirements with renewables by 2030.

On the other hand, if Modi continues to protect Adani—as India’s opposition has alleged—by not addressing Hindenburg’s allegations, he runs the risk of undermining the credibility of India’s corporate governance and, by extension, its growth narrative.

Although India’s financial regulatory institutions are far from perfect, India has an established history of investigating and punishing financial fraud. The Adani Group scandal, however, has cast doubt on the ability of these institutions—such as the Securities and Exchange Board of India (SEBI), the country’s capital markets regulator—to operate independently.

It’s worth asking whether the Adani saga could have been anticipated, investigated, and defused long before Hindenburg came along if watchdogs had done their job.

Consider, for instance, a puzzling question that Hindenburg has sought to address: What explains the mind-boggling rise in the price of many Adani Group stocks? The price-to-earnings ratio of Adani Enterprises, the conglomerate’s flagship entity, went from 37.6 to 343.9 in just two years. But as experts have pointed out, growth of that nature is typically seen in companies in the technology sector, not brick-and-mortar industries.

There could be innocuous explanations, but the fact that the company’s board of directors didn’t examine the issue publicly opened the door for worrying allegations put forth by Hindenburg. In particular, the short seller has alleged that Adani Group’s stocks are being inflated by the conglomerate itself through secretive offshore entities.

This brings us to the question of what India’s stock market and banking regulators were doing. Long before Hindenburg came along, news outlets had pointed to the existence of three Mauritius-based funds that appeared to only invest in Adani Group companies and whose ultimate ownership was opaque. Why weren’t these funds forced to furnish details of their ownership structure at any point in the last few years and nip allegations of “round-tripping” in the bud?

In addition, SEBI continued to sign off on the conglomerate’s fundraising proposals even though the Indian government disclosed in Parliament in 2021 that SEBI had begun a probe to investigate some Adani Group companies over “non-compliance of rules.” It’s unclear what the scope of the SEBI investigation was and whether it has concluded.

For years, India’s beleaguered political opposition has accused regulatory authorities of corruption and raised allegations of crony capitalism, specifically pointing to Adani. But given the opposition’s lack of specific allegations made against SEBI, it seems more likely that the economy and stock market’s overseers are simply indifferent and plagued by inertia. Regardless, these accusations, and the Adani Group controversy, have not hurt Modi’s popularity, thanks in part to his administration’s tight control over the mainstream media.

Yet there may be consequences that stem from outside of India’s borders. It’s possible that global investors will become less bullish on India if they think that Indian business empires won’t be able to build necessary infrastructure or be reined in by domestic regulatory systems. Overseas partnerships and joint ventures could face headwinds as well, just as the Adani-TotalEnergies partnership has.

A fair, independent, and transparent probe into the allegations against Adani Group could ease these fears. Modi has so far ignored demands for one made by opposition political parties. But continuing to do so could very well be damaging to the long-term economic interests of India, and the world, even if it does not hurt Modi politically in the short term.

[amarsikkha]

Top 10 Richest Person in India

India is home to a diverse and rapidly growing economy, which has given rise to numerous billionaires. In this article, we will explore the top 10 richest individuals in India, their sources of wealth, and their contributions to the economy. Understanding these magnates not only provides insight into India’s economic landscape but also highlights the entrepreneurial spirit driving the nation forward.

1. Mukesh Ambani

Net Worth: Approximately $100 billion (as of 2023) Source of Wealth: Reliance Industries

Mukesh Ambani is the Chairman and Managing Director of Reliance Industries Limited (RIL), a conglomerate with interests in petrochemicals, telecommunications, and retail. Under his leadership, RIL has expanded its reach globally, making significant investments in digital services through Jio Platforms. Ambani's innovative strategies have positioned him as one of the most influential business leaders in the world.

Contributions to Economy

Ambani’s initiatives, especially in telecommunications, have revolutionized how millions of Indians access the internet, fostering a digital economy that supports various sectors, from education to e-commerce.

2. Gautam Adani

Net Worth: Approximately $75 billion Source of Wealth: Adani Group

Gautam Adani, the founder and chairman of the Adani Group, has interests ranging from energy to logistics and agriculture. His rise to wealth has been meteoric, largely driven by India's infrastructure boom and the need for renewable energy solutions. The Adani Group is a key player in coal mining, solar power, and port operations, which are vital for India's economic growth.

Contributions to Economy

Adani’s commitment to renewable energy has made him a significant contributor to India’s sustainability goals. His investments in solar energy projects are positioning India as a leader in renewable energy production.

[financialninja]

If you ask questions about stock market to your friends, family, you will see most of them will say investing in stock market is like gambling. They believe there's no logic behind stock price movement. They think stock market is for high iq people & only highly intelligent people can make profit out of it. They are wrong. if you look at history you will see almost all billionaires made their fortune indirectly or directly from stock market. Warren buffet Bill gates Larry page Mark Zuckerberg Elon musk Rakesh Jhunjhunwala Gautam Adani all made their fortune by listing their company on stock market. One of them created wealth from direct stock investing.welcome to this series of shorts where I will explain stock market. You will become pro if you are noob at the end of series. so if you haven't subscribed then subscribe & hit the notification icon.

[drishtidarshan]

World's First Trillionaire Elon Musk followed by Gautam Adani in 2028: Report

According to a recent report by Informa Connect Academy, Elon Musk is on track to become the world’s first trillionaire by 2027. This achievement is due to his remarkable wealth growth, which has grown at an average annual rate of 110%. Musk is currently the richest person in the world, with a net worth of $237 billion, as reported by the Bloomberg Billionaires Index.  Elon Musk’s move towards…

[arjasrikanth]

*Gautam Adani's* remarkable journey from a *rejected college* applicant to a global *business titan* is a captivating tale of resilience, vision, and the triumph of the human spirit.

Despite facing the setback of having his application to *Jai Hind College in Mumbai* rejected, he refused to let this define him, instead using it as a catalyst to embark on an *extraordinary entrepreneurial journey* .

Adani's ability to bounce back, build one of India's largest *business conglomerates* , and later be *invited as the college's chief guest* on Teacher's Day this year, underscores his determination, adaptability, and entrepreneurial drive.

His story inspires others to *overcome obstacles* with the right mindset, passion, and perseverance, showing that setbacks can be opportunities for growth and *reinvention* .

Adani's story transcends the mere creation of *wealth and employment, as he has built a $220* billion empire that stands as a testament to the boundless potential within, demonstrating how life's adversities can be transformed into *stepping stones* to greatness through the audacity to dream big and forge *one's own path* , ultimately reminding us that the hallmarks of true success are *resilience, vision, and the determination to overcome obstacles.*

http://arjasrikanth.in/2024/09/08/rejected-by-college-accepted-by-fortune-one-man-turned-a-no-into-a-220-billion-yes/

[startupcircle]

The Top 100 Richest People in India: A Glimpse into the Nation's Wealthiest

India, a country known for its diverse economy and vibrant entrepreneurial spirit, boasts an impressive list of billionaires who have achieved remarkable success across various industries. The top 100 richest people in India represent the pinnacle of wealth and influence in the country. This blog provides an overview of these individuals, exploring their sources of wealth, their impact on the economy, and the key factors behind their success.

1. Understanding the Wealth Landscape in India

India's economy has undergone significant transformation in recent decades, driven by rapid industrialization, technological advancement, and a burgeoning middle class. This economic growth has created opportunities for entrepreneurs and business leaders to amass substantial wealth. The top 100 richest people in India are a testament to the country's economic dynamism and the success of its business leaders.

These individuals have built their fortunes in various sectors, including technology, pharmaceuticals, retail, real estate, and manufacturing. Their success stories offer valuable insights into the factors that contribute to wealth creation in a rapidly evolving market.

2. Key Figures Among the Top 100 Richest People in India

Here are some notable figures from the top 100 richest people in India list:

Mukesh Ambani: Chairman and largest shareholder of Reliance Industries, Mukesh Ambani is often at the top of India's wealth rankings. Reliance Industries, a conglomerate with interests in petrochemicals, refining, telecommunications, and retail, has been a major driver of his wealth.

Gautam Adani: Founder and chairman of the Adani Group, Gautam Adani has seen significant growth in his wealth due to the expansion of his conglomerate's interests in ports, logistics, power, and infrastructure.

Shiv Nadar: The founder of HCL Technologies, one of India's largest IT services companies, Shiv Nadar has made a significant impact on the technology sector. His wealth is closely tied to the success of HCL and his investments in various other ventures.

Ratan Tata: Though officially retired, Ratan Tata remains an influential figure in Indian business. As the former chairman of the Tata Group, his legacy and investments continue to contribute to his substantial wealth.

Cyrus Poonawalla: Founder of the Serum Institute of India, Cyrus Poonawalla has made his mark in the pharmaceutical industry. The Serum Institute is one of the world's largest producers of vaccines, significantly contributing to his net worth.

3. Sources of Wealth

The wealth of the top 100 richest people in India comes from a variety of sources, reflecting the country's diverse economic landscape:

Technology: The technology sector has produced several billionaires in India, with individuals like Shiv Nadar and Azim Premji (founder of Wipro) leading the way. The rapid growth of the IT and software services industry has played a crucial role in their wealth accumulation.

Real Estate: The real estate sector has also been a major source of wealth. Entrepreneurs like Mangal Prabhat Lodha and the Raheja family have built substantial fortunes through their investments in residential and commercial properties.

Pharmaceuticals: The pharmaceutical industry has been a significant driver of wealth for individuals like Cyrus Poonawalla and Dilip Shanghvi (founder of Sun Pharmaceutical). India's status as a global leader in generic drug manufacturing has contributed to their financial success.

Retail: Retail entrepreneurs like Mukesh Ambani and Kumar Mangalam Birla have achieved substantial wealth through their investments in retail chains and consumer goods.

Manufacturing and Industry: Manufacturing and industrial conglomerates, such as those led by the Adani Group and the Tata Group, have been instrumental in the wealth creation of their leaders. Investments in sectors like energy, infrastructure, and metals have contributed to their financial success.

4. Factors Behind Their Success

The success of the top 100 richest people in India can be attributed to several key factors:

Entrepreneurial Vision: Many of these individuals started with a vision and a willingness to take risks. Their ability to identify opportunities and innovate within their industries has been a critical factor in their success.

Strategic Investments: Successful investments in high-growth sectors, such as technology, pharmaceuticals, and real estate, have contributed significantly to their wealth. Strategic diversification and expansion have also played a role.

Adaptability: The ability to adapt to changing market conditions and evolving consumer preferences has been crucial. Entrepreneurs who have embraced technological advancements and shifting economic trends have been able to sustain and grow their wealth.

Leadership and Management: Effective leadership and management skills have been essential for building and sustaining successful businesses. Many of these individuals are known for their hands-on approach and commitment to their companies.

5. The Impact of Wealth on Indian Society

The wealth of the top 100 richest people in India has far-reaching implications for the country's economy and society:

Economic Growth: The investments and business ventures of these individuals contribute to economic growth and job creation. Their enterprises span various sectors, driving innovation and development.

Philanthropy: Many of these billionaires are involved in philanthropic activities, supporting causes such as education, healthcare, and social welfare. Their contributions help address social challenges and improve the quality of life for many.

Influence on Policy: The financial success of these individuals gives them significant influence over economic and policy matters. Their perspectives and interests can shape business regulations and development policies.

6. Challenges and Future Outlook

While the success of the top 100 richest people in India is noteworthy, they also face challenges:

Economic Uncertainty: Economic fluctuations and market volatility can impact their wealth. Adapting to changing economic conditions and global trends is crucial for maintaining their financial success.

Regulatory Changes: Changes in regulations and government policies can affect their businesses. Navigating these changes while staying compliant is a continuous challenge.

Global Competition: The global business landscape is increasingly competitive. Staying ahead of international competitors and embracing innovation is essential for sustaining success.

Despite these challenges, the future outlook for the top 100 richest people in India remains positive. Continued economic growth, technological advancements, and evolving consumer trends present opportunities for further wealth creation and impact.

Conclusion

The top 100 richest people in India are emblematic of the country's economic prowess and entrepreneurial spirit. Their diverse sources of wealth, visionary leadership, and strategic investments have positioned them at the forefront of global wealth rankings. As India continues to grow and evolve, these individuals will play a crucial role in shaping the nation's economic landscape and contributing to its future success. Their stories of success and influence offer valuable lessons for aspiring entrepreneurs and business leaders, highlighting the potential for innovation and growth in one of the world's most dynamic economies.

[freepressjournals]

FMS Summer Placements 2024: 289 Students Placed with Average Stipend of Rs 2.96 Lakh

The Faculty of Management Studies (FMS) has concluded its summer placements for the batch of 2023–25, achieving remarkable success. Out of 304 offers made by 101 participating companies, a total of 289 students have been successfully placed.

According to data released by FMS, the average stipend for the top 10 percent of students stands at Rs 4.22 lakh, Rs 4.03 lakh for the top 25 percent, and Rs 3.57 lakh for the top 50 percent. Notably, there has been a consistent increase in stipend across all categories over the past three years. The average stipend for the entire batch is Rs 2.96 lakh, with the median stipend recorded at Rs 3 lakh.

Sector-wise Performance

E-commerce companies continued their strong presence in FMS placements, offering sought-after product and program management roles. Major recruiters included Adobe, Amazon, American Express, Arcesium, GE Vernova, HDFC Credila, Hindustan Unilever, Infoedge, Media.net, Microsoft, Natwest, Qualcomm, Samsung, Uber, and Zomato.

In the Sales and Marketing domain, FMCG giants remained prominent recruiters, while sectors like Pharmaceuticals, Consumer Electronics, Retail, E-Commerce, Industrial Goods, and Automobiles also offered lucrative roles. Top recruiters encompassed Apollo, Asian Paints, AstraZeneca, Bridgestone, Cipla, Coca-Cola, Dabur, Diageo, Disney HCCB, ITC, L’Oréal, Mondelez, Nestle, NPCI, Perfetti Van Melle, Pernod Ricard, Pidilite, Puma, Reckitt, Tata Play, and VI.

The finance sector witnessed placements in various roles including Investment Banking, Corporate Finance, Corporate Banking, and Wealth Management. Leading recruiters in this domain included American Express, Axis Bank, Bank of America, Bharti Enterprises, Citi, Goldman Sachs, HDFC, JPMC, Morgan Stanley, SMBC, White Oak, and Yes Bank.

Consulting, General Management, and Strategy roles were filled by companies such as Aditya Birla Fashion, Accenture Strategy, Adani, Airtel, Bain & Company, BCG, Capgemini, Deloitte, EY Parthenon, JSW, Kearney, KPMG, Mahindra Group, McKinsey & Co., PWC, Reliance, Renew Power, and TAS.

The successful summer placements at FMS underscore its reputation as a premier management institution, providing students with diverse opportunities across sectors. As the academic year progresses, students can look forward to leveraging their summer experiences to excel in their respective fields.

[krishnadudhat]

Top 10 richest person in india of 2024

Get more information, please click the link - https://shurtitalks.com/top-10-richest-person-in-india-of-2024/

As India’s economy experiences exponential growth, one might frequently wonder about the implications. A record number of Indians, totaling 200, have made it to Forbes' 2024 World's Billionaires list.

To probably no one's surprise, Mukesh Ambani tops the list, followed by eminent personalities such as Gautam Adani and Shiv Nadar. In this post, we bring you a list of the top 10 richest people in India courtesy of Forbes' Real-Time Billionaires rankings, which keep an eye out for billionaires globally. And this information provided corresponds to data collected on March 8, 2024.

1. Mukesh ambani

Mr. Mukesh Ambani, the Managing Director and Chairman of Reliance Industries, stands as India's wealthiest individual. According to Forbes, Reliance Industries reports a revenue of over Rs 9.03 lakh crore ($109.4 billion). The conglomerate is engaged in diverse sectors including petrochemicals, oil and gas, retail, telecom, and more. Ambani's three children, Akash, Anant, and Isha, actively participate in managing various divisions of the conglomerate.

Check for more information about Reliance Industries

2. Gautam Adani

Gautam Shantilal Adani, an Indian billionaire industrialist, is renowned as the founder and chairman of the Adani Group, a multinational conglomerate involved in port operations and development within India. The Adani Foundation, established by Gautam Adani in 1996, has his wife, Priti Adani, serving as its chairperson. The group's business interests encompass various sectors, including ports, airports, power generation, and transmission, as well as green energy. Adani is recognized as India's largest airport operator and also controls Gujarat's Mundra Port, the country's largest.

Check for more information about Adani Group

3. Shiv Nadar

Shiv Nadar, the owner of the HCL group, boasts an esteemed clientele including Cisco, Microsoft, and Boeing. Recognizing his significant contributions to the IT industry, the Indian government honored Mr. Nadar with the Padma Bhushan, India's esteemed third-highest civilian award, in 2008. Mr. Nadar is highly regarded as a philanthropist, having donated Rs 2,042 crore in late 2023.

Check for more information about Founder of HCL Enterprise

4. Savitri Jindal & family

Savitri Jindal, an Indian politician and entrepreneur, holds the esteemed position of emeritus chair at the O.P. Jindal Group, with her four sons, Prithviraj, Sajjan, Ratan, and Naveen Jindal, managing the various divisions of the business. Additionally, JSW Sports, the sports division of the JSW Group, operates within this conglomerate that spans India, the USA, South America, Europe, and Africa. Its objective is to actively contribute to the development of a vibrant sports ecosystem in India. Savitri Jindal stands as the wealthiest woman in India.

Check for more information about Jindal Steel Power

5. Dilip Shanghvi

Dilip Shanghvi stands as a prominent Indian business tycoon, heralded as the visionary behind Sun Pharmaceutical Industries, which became the first Indian pharmaceutical company to achieve a $5 billion valuation. He steered Sun's growth trajectory through a string of acquisitions, notably the landmark 2014 acquisition of the scandal-marred rival Ranbaxy Laboratories for $4 billion.

Check for more information about Sun Pharmaceuticals

6. Cyrus Poonawalla

Cyrus Poonawalla, a prominent figure in vaccine development in India, is the primary beneficiary of the expanding sales and earnings resulting from his ownership of the privately held Serum Institute of India. And assisting him in its management is his son, Adar. The institute, headquartered in Pune, holds the prestigious title of being the world's largest vaccine manufacturer. The recent increase in Cyrus Poonawalla’s wealth can largely be attributed to the widespread utilization of the Covid-19 vaccines developed by the SII.

Check for more information about Serum Institute of India

7. Kushal Pal Singh

Kushal Pal Singh, a property baron, serves as the chairman emeritus of DLF, which stands as India's biggest listed real estate firm by market cap. Singh, an army veteran, commenced his journey with DLF, a company initiated by his father-in-law, in 1961. He held the position of chairman for over five decades.

Check for more information about DLF Limited

8. Kumar Birla

Renowned as a leading figure in the commodities sector, Kumar Birla assumes leadership of the Aditya Birla Group. In addition to its involvement in aluminum and cement sectors, the conglomerate also offers financial services. Birla previously held the position of non-executive chairman of Vodafone Idea, a telecommunications company, but resigned in 2021 amidst mounting debts. As of 2024, the company has appointed Birla as a non-executive director.

In a recent development, Birla's children, Ananya and Aryaman, have joined the boards of his flagship companies. Birla anticipates their infusion of fresh ideas, passion, and energy into the business.

Check for more information about Hindalco Industries

9. Radhakishan Shivkishan Damani

Radhakishan Shivkishan Damani, an Indian entrepreneur and distinguished investor, is celebrated as the architect behind Avenue Supermarts Limited, overseeing the operations of over 300 DMart stores across India. Moreover, he exerts authority over his investment endeavors through Bright Star Investments Limited, his corporate vehicle.

Check for more information about Avenue Supermarts Limited

10. Lakshmi Mittal

Lakshmi Mittal, the present Chairman and CEO of ArcelorMittal, holds the esteemed position as the leading global steel manufacturer. In 2019, ArcelorMittal, in partnership with Nippon Steel, successfully completed the acquisition of Essar Steel for $5.9 billion. Prior to this, Essar Steel was under the ownership of Shashi and Ravi Ruia. In 2021, Mittal transitioned the CEO role to his son, Aditya Mittal, while retaining his position as the executive chairman of ArcelorMittal. The recent invasion of Ukraine by Russia prompted ArcelorMittal to halt production at its Kryvyi Rih facility in Ukraine.

Check for more information about ArcelorMittal

https://shurtitalks.com/

[mariacallous]

A staggering sell-off of the stocks of Indian conglomerate Adani Group was sparked last week by a report released by Hindenburg Research that raised questions about the group’s debt levels and use of tax havens. The Adani Group’s stocks declined more than 50 percent in the aftermath of the report’s publication, and those declines have had a massive effect on the wealth of the company’s namesake, Gautam Adani, who had previously been the world’s third-richest person and Asia’s richest overall. The Adani Group has denied the allegations, saying they have “no basis.” But the controversy has focused attention on the group’s central role in the Indian economy and its founder’s close relationship with Indian Prime Minister Narendra Modi.

What accounts for Adani’s rise in the first place? What is the basis for his close relationship with Modi? And what role does the Adani Group play in the Indian economy? Those are a few of the questions that came up in my recent conversation with FP economics columnist Adam Tooze on the podcast we co-host, Ones and Tooze. What follows is an excerpt, edited for length and clarity.

For the full conversation, look for Ones and Tooze wherever you get your podcasts.

Cameron Abadi: Adani has a pretty impressive rags-to-riches story. What were the key turning points on his path to great wealth?

Adam Tooze: It’s a fascinating story. He’s born in 1962, as India’s demographic boom is cresting. And not in a poor family by any means but to a small businessman, a small trading family. He initially embarked on an undistinguished career in school and then headed to commercial college but then dropped out. And in 1978, he entered the diamond trade, which is large in the province of Gujarat, and then sets himself up as a sort of export-import trader. And from the ‘90s onwards, he embarks on the infrastructure projects— management of ports, the construction of railway systems—which will make him famous, indeed legendary. So it’s the story not really of a kind of business genius who has some technological, gee-whiz idea that conquers the world. It isn’t a story of the magnificent technical excellence of Indian IT services, for instance. It’s a more classic story of the accumulation of capital by means of trade, trading on margins, basically, and then a shift into infrastructure.

And this is where the key element in the Adani story comes in, which is politics and the politics of connections and clientelism. And that’s really the decisive moment in his career where, you know, after the ghastly pogroms against the Muslim population of Gujarat in 2002, when Modi is under massive pressure, Adani solidarizes himself with Modi against, at the time, the prevailing mood of Indian business opinion. He in fact breaks ranks and forms his own industrial association, or business association, and on that basis really forms this lasting connection to Modi that is really the distinguishing feature of his business enterprise.

And that’s what has enabled this utterly explosive growth. I mean, this was a still moderately sized business in the ‘90s and the early 2000s, which has now become absolutely a globally scaled enterprise and the foundation for huge wealth for Adani and his family.

CA: What exactly links Adani and Modi’s [Bharatiya Janata Party] BJP party on an ideological level? Do they share a vision for what kind of country India should be? Or is this relationship an expression of a kind of material division of labor—Adani as the economic arm of the Indian state under the BJP in service of further economic development?

AT: I think the key phrase is nation-building—both words in that hyphenated term. So national projects aiming for truly comprehensive scale, which—when you’re dealing with a subcontinental state like India with a population that India has—is a gigantic undertaking.

So for the Adani Group to establish itself the way it has as the key power producer in the private sector, absolutely key player in port infrastructure on the national scale, and absolutely key player in airports—air mobility being key in a country the size of India—now moving into a new position in cement, this is creating a national economy out of the relatively decentralized provincial structures, which until a remarkably recent date dominated the Indian economy. And for the second element—the building part of nation-building—delivery is the absolutely key thing because if there’s one problem the Indian state machine has, it is the capacity to deliver. They have a chronic problem. There is no shortage of brilliant minds that can conceive of wonderful plans but actually implementing policy down to the village level and across the entirety of this vast country, that’s a huge challenge.

And I think it’s the combination of those two elements that really has forged the almost mythic relationship between Modi on the one hand and these two big business groups: [Indian businessman Mukesh] Ambani on the one hand and Adani on the other—both from Gujarat. And I think that’s another element that you could say was also a kind of ideological narrative, which is the talk of the Gujarat model. To put it crudely, you might say it was a sort of Indian Thatcherism or an Indian neoliberalism. It was a break, as in the case of [former British Prime Minister Margaret] Thatcher, driven from within the government machine, in this case in the province of Gujarat, against the rather top-down, state-directed model inherited from the Nehruvian period of early independence, the 1940s to 1950s, where India toyed with socialist, social-democratic planning models. And this is replaced in the ‘90s and the 2000s by this Gujarat model, which is a kind of open embrace of a productive powerhouse relationship between big business interests and government.

CA: Could you summarize the allegations against Adani from Hindenburg Research—and what does this episode reveals about the role played by short sellers like Hindenburg Research in the global capitalist economy?

AT: First, we can’t stress strongly enough, the Adani Group vigorously disputes the allegations. But the allegation is that through a network of essentially family-linked holding companies held to a considerable extent outside India, the Adani Group dramatically inflated the value of its stock. So around about 75 percent of Adani shares are held by other businesses, according to Hindenburg Group, which are in a sense simply postbox entities situated in offshore places like Mauritius, for instance, which drive up the stock value of the Adani Group. And the significance of that is not only that it brings paper gains for the holdings of the key members of the family, but much more importantly, what it enables them to do is to leverage those high stock values, to get bank loans and to get credit, which then turns into real purchasing power with which you can then launch large investment projects, buy out rivals, and actually reshape India’s political economy.

Now the Hindenburg group in pursuing this case is, in a sense, involved in playing a game in India that it has played elsewhere. They’re an interesting, very small research outfit that specializes in doing—I’m not sure I would call them regulators. It’s a little bit more like private investigator kind of work. They seize on a cause. They then decide that a company is massively overvalued. They do their homework. They then take short positions and through the force of their research attempt, as it were, to drive the value of the firm down, which generates large profits on their short positions.

The sophisticated Indian response, I think, is that there’s really an element of culture clash here. There aren’t many players in the Indian financial markets who imagine that the value of the Adani Group is determined in a conventionally free and fair way because people aren’t naive about the way in which India’s political economy operates. And so the sophisticated rationale for what’s going on in India is that Indian financial investors know that this is part of the Adani Group’s business plan. And with the backing that they enjoy in political circles, they are not just too big to fail but essentially identified with the Modi-ite project. So long as that is hegemonic in Indian politics, these businesses cannot fail. So there is in fact very little risk that you won’t get paid back. And to that extent, no harm, no foul.

But what actually is happening is that India’s economy is becoming progressively more and more distorted by this self-sustaining linkage between high market valuations, large credit, and deep political connections constituting a too-big-to-fail kind of juggernaut that can’t be stopped. And the negative consequence of that is not in terms of an investor protection case—if you’re on this train, you’re probably going to be fine. The real issue is what it does to the Indian economy and what it does, by implication, also to Indian society.

CA: What does Adani reveal about the role of the super wealthy in countries at India’s stage of development? Does Adani act as an engine of domestic development through reinvestments in the country or through philanthropy? Or is it instead that he takes his money out of the country and insulates himself from the Indian economy?

AT: What’s really interesting is that this is not, I think, as far as we’re able to assess anyway, a Russian-style model. I mean, this is an immensely wealthy family. They will have property in many parts of the world. But this is not a model like the Russian oligarch one, where you pump oil and gas in Russia, you sell it for dollars, and then you stash those dollars in a Swiss bank account. That is the kind of classic model of truly offshore oligarchic finance that is draining resources from a country. And as far as we’re able to assess, the Adani Group is using offshore money to sustain and double down on their positions in India. The purpose is to raise more credit so as to be able to do more investment in India. So this is not an instance, I think, of a group that is operating primarily in an extractive mode.

The Adanis have also become very heavily involved in philanthropy. For the occasion of Gautam’s 60th birthday, they launched one of the largest philanthropic initiatives that India has seen since the glory days of the Tata family. They pledged $7.7 billion in 2022—so very considerable amounts of money in the kind of league of [billionaire] Bill Gates at that stage.

CA: What does Adani’s career and his wealth tell us about the Indian economy in general? What kind of capitalist country is India exactly?

AT: If you go to Delhi and you speak to economists, that’s the question that preoccupies them. And the upside story, the one that the proponents of this system favor, is that it’s a South Korean-style, chaebol-type system where you have these very, very powerful conglomerate families like the Samsung Group. So that’s the most favorable vision, that these powerhouse private, public-private partnerships will be the drivers of an Indian industrial development or modernization like that of South Korea.

And on the darker end of the spectrum, the fear is that you could see the development of a crony capitalism that shifts ever more towards the more ominous sort of Russian development where you have quite fundamental erosion of the rule of law. The real worry, I think, is that you could see a much more fundamental degeneration of competition, of civil society control, and that is why many people regard the acquisitions by these big groups in the media space as being so worrying because one of the consequences of that is that freedom of speech is increasingly curtailed and even tenure in universities becomes problematic.

But setting all of these big sort of historical analogies aside, ultimately, the rationale and the acid test of this system will be what political scientists call output legitimacy. Can they get the job done? Are they actually going to be able to deliver on a raft of big infrastructural projects that India needs over the next decades—notably, for instance, in the renewable energy and the sustainable energy space? In the end, these corporate stories have to translate into the infrastructure that enables that more broadly based macroeconomic growth.

[smtfinmedia]

Mumbai Surpasses Beijing as Asia's Premier Billionaire Hub

Mumbai, the financial heart of India, has marked a significant milestone by surpassing Beijing as Asia's premier billionaire hub, according to the latest report from the Hurun Research Institute. With a staggering count of 92 billionaires, Mumbai has solidified its reputation as a thriving center for wealth creation, underscoring India's economic prowess on the global stage.

The "Hurun Global Rich List 2024" report highlights Mumbai's rapid ascent, labeling it as the world's fastest-growing billionaire hub. In the span of a year, Mumbai welcomed 26 new billionaires, catapulting it to third place globally and firmly establishing its status as Asia's billionaire capital. Moreover, this surge in wealth has propelled New Delhi into the top 10 billionaire cities for the first time, further emphasizing India's economic dynamism.

India's economic strength is underscored by the remarkable surge in its billionaire population. With the addition of 94 new billionaires, second only to the United States, India now boasts a total of 271 ultra-high-net-worth individuals. This surge, the highest since 2013, reflects growing confidence in the Indian economy, as noted by Rupert Hoogewerf, the institute's chairman and chief researcher.

The report sheds light on the pivotal role played by various industries in fueling India's billionaire surge. The pharmaceutical sector leads the pack with 39 billionaires, followed by automobile and auto components with 27, and chemicals with 24. Collectively, Indian billionaires hold a staggering $1 trillion, representing 7% of global billionaire wealth, underscoring the nation's significant economic impact on the world stage.

At the forefront of India's billionaire list stands Mukesh Ambani, chairman of Reliance Industries, boasting a net worth of $115 billion. Following closely is Gautam Adani, founder of the Adani Group, with assets worth $86 billion, reflecting a $33 billion increase attributed to a surge in his companies' shares.

While India's billionaire count soared, China experienced a decline, with key regions such as Hong Kong, Shenzhen, and Shanghai witnessing downturns of 20%, 19%, and 7%, respectively. This decline can be attributed to challenges in the real estate and renewable energy sectors, coupled with sluggish performance in Chinese stock markets.

The report also highlights a significant merger between India's Reliance Industries and Walt Disney, culminating in the formation of an $8.5 billion entity aimed at consolidating their television and streaming assets, with aspirations to dominate the global entertainment industry.

The list of top countries ranked by billionaire count showcases India's ascent, with the United States leading, followed by China and then India. The top 10 richest individuals globally include luminaries such as Elon Musk, Jeff Bezos, and Mukesh Ambani, with Ambani representing India's presence among the wealthiest individuals worldwide.

In terms of cities with the highest number of billionaires, Mumbai's rise is notable, securing the third position behind New York and London. The presence of Mumbai alongside established financial centers like New York and London underscores its growing importance in the global economic landscape.

In conclusion, Mumbai's emergence as Asia's premier billionaire hub signifies India's growing economic clout and underscores the city's role as a beacon of wealth creation in the region. With its vibrant business ecosystem and entrepreneurial spirit, Mumbai is poised to continue its upward trajectory, further cementing its status as a key player in the global economy.