Forbes India — November 17, 2017

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 reddy

Gautam adani

vinita and nilesh Gupta

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16 | forbes india december 29, 2017

SHASHI 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

10 0

The Richest

IndIans