Business
Mukesh Ambani’s wealth witnessed ‘V-shaped’ recovery at Rs 90 crore per hour since lockdown
Asia’s richest man Mukesh Amban’s wealth grew by an eye-popping Rs 90 crore per hour since “March lockdown”, according to IIFL Wealth Hurun India Rich List 2020. At a time when all economic activity had come to a screeching halt, Reliance Industries Chairman was busy tending a beeline of investors willing to pour billions of dollars into his conglomerate’s tech play – Jio Platforms.
Since ‘March lockdown’ Ambani’s wealth fortune went up by Rs 2.78 lakh crore to Rs 6.6 lakh crore making Ambani retail his numero uno position on the list for 9th year running.
With a wealth of Rs 6,58,400 crore, the promoter of India’s biggest company by market-capitalisation (m-cap), continues to be the richest man of the country. At the beginning of the Covid-19 pandemic, Ambani’s wealth dropped by 28% to Rs 3,50,000 crore and then backed by a series of fundraising and strategic investment from Facebook, Google and other marquee investors into Jio and Reliance Retail, his valuation registered a “V-shaped recovery” and increased by 85% in just months. Despite the ongoing pandemic, RIL’s m-cap crossed Rs 10 lakh Cr and registered a 73% increase in Mukesh Ambani’s wealth.
This swing in the billionaire’s wealth is primarily due to fluctuations in the stock market.
“Ambani’s wealth is now bigger than the combined wealth of the next 5 in the list”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.
According to the list, there are 179 dollar billionaires in India, which is up 3 times since Hurun India started in 2013. The percentage of self-made entrepreneurs is up at 64% from 54% five years ago while 90% of the businesses on the list are family-run, Hurun said.
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.jpg "Amitabh Bachchan said that being at the pre-wedding party for Anant Ambani and Radhika Merchant was “a never seen before experience.”")
.jpg "Now that the Ambani Jamnagar chaos has passed, celebs are returning to Mumbai. View their photos straight out of the airport.")
Business
Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise
%20(3).jpg "Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise")
Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.
Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.
Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.
Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.
The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.
BCCI’s tribute
Additionally, the BCCI issued a statement about his demise.
“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.
His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.
Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.
Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.
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