43
VINOD & ANIL RAI GUPTA
$3.49 BILLION S
HAVELLS INDIA AGE: 73, 49
44
ASHWIN DANI
$3.45 BILLION
ASIAN PAINTS AGE: 75
45
KARSANBHAI PATEL
$3.35 BILLION
NIRMA AGE: 74
46
SAMPRADA SINGH
$3.3 BILLION
ALKEM LABORATORIES AGE: 92
47
P.P. REDDY
$3.1 BILLION Ì
MEGHA ENGINEERING & INFRA-
STRUCTURE AGE: 61
48
CHANDRU RAHEJA
$3 BILLION S
K. RAHEJA CORP. AGE: 78
49
SHASHI & RAVI RUIA
$2.9 BILLION T
ESSAR GROUP AGE: 74, 69
50
P.V. RAMPRASAD REDDY
$2.8 BILLION T
AUROBINDO PHARMA AGE: 60
51
CHOKSI FAMILY
$2.78 BILLION
ASIAN PAINTS
52
MANGAL PRABHAT LODHA
$2.77 BILLION T
LODHA GROUP AGE: 62
53
MURALI DIVI
$2.76 BILLION S
DIVI’S LABORATORIES AGE: 67
54
YUSUF HAMIED
$2.75 BILLION
CIPLA AGE: 82
55
RAMESH JUNEJA
$2.71 BILLION S
MANKIND PHARMA AGE: 63
56
VIJAY CHAUHAN
$2.7 BILLION
PARLE PRODUCTS AGE: 82
57
BABA KALYANI
$2.68 BILLION T
BHARAT FORGE AGE: 69THE LIST
SUP MORE THAN 10% TDOWN MORE THAN 10%
ÌNEW TO LIST^3 RETURNEEIndia’s stagnant real estate market is astir with the prospect of imminent action. Bangalore developer Virwani’s Embassy
Property Development, together with private equity firm Blackstone, will soon be listing India’s first-ever REIT. The
oering is expected to raise close to $728 million. Their jointly owned Embassy Oice Parks is among the country’s largest
commercial property portfolios, with 33 million square feet of oices and hotels. It has a roster of multinational tenants such
as Google, IBM and Warburg Pincus. Virwani’s son Karan is WeWork’s partner in India.
M.M. MURUGAPPAN:
SWEET AND LOWER
South India’s storied Murugappa
group saw a change at the top when
M.M. Murugappan, 62, took charge as
executive chairman in February. He
succeeded his cousin A. Vellayan, who
stepped down from the 118-year-old,
$5 billion (revenue) conglomerate after
turning 65. Murugappan, who used to
be vice chairman and in charge of the
engineering business, has vowed to
focus on profitability and cash flows.
With nine listed companies, the group
saw an uptick in its financial services
units, but its sugar arm, EID Parry, was
hammered by the global sugar glut. A
chemical engineer with a degree from
the University of Michigan, Murugappan
has a board seat at No. 88 Anand
Mahindra’s auto conglomerate.
OCTOBER 2018 FORBES ASIA | 77JITENDRA VIRWANI: REIT HEAT