L.N. Mittal stays Forbes No.1; Mukesh widens lead on Anil

L.N. Mittal stays Forbes No.1; Mukesh widens lead on Anil

New Delhi: Billionaire Mukesh Ambani has extended his lead over younger brother Anil as the second-richest Indian, after his Reliance Industries Ltd more than doubled in value as the stock market surged to a record.

Mukesh’s net worth soared to $49 billion (Rs1.9 trillion), ahead of Anil’s $45 billion, ‘Forbes’ magazine said on its website. ArcelorMittal chief executive Lakshmi Mittal held on to the top spot with $51 billion, in a list that showed the four wealthiest Indians have more money than the 40 richest Chinese. Mukesh and Anil, who split Reliance group in 2005 in a deal brokered by their mother, are vying to become India’s richest tycoons, venturing into oil exploration, media and supermarkets. Mittal’s wealth surged a year after creating the world’s biggest steel maker, while Kushal Pal Singh rose to fourth after his DLF Ltd completed India’s biggest initial share sale.

The four richest people in India are worth $180 billion, ‘Forbes’ said. The worth of India’s 40 richest people more than doubled to $351 billion, making them the wealthiest such group in Asia. Mukesh Ambani added $30.5 billion, making him the year’s biggest gainer, while the wealth of Anil Ambani rose $30.2 billion, ‘Forbes’ stated.

Reliance Industries, operator of the world’s third largest oil refinery, accounted for a quarter of the rise in index points of the benchmark Bombay Stock Exchange Sensitive Index this year. The Mukesh Ambani-controlled company’s stock has more than doubled, outperforming the Sensex’s 44% advance. Company spokesman Tushar Pania declined to comment on Mukesh Ambani’s net worth.

Anand Jain, Mukesh Ambani’s friend since childhood, entered the list for the first time with a net worth of $4 billion. His Jai Corp. has risen more than seven-fold this year as it helps develop special economic zones for Reliance Industries near Mumbai.

The share rally also helped Rakesh Wadhawan, whose company Housing Development & Infrastructure Ltd listed in July, joins the list for the first time.