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India's 100 Richest 2017: Ten Up-And-Comers Who Missed The Cut
Oct 4, 2017, 08:45pm
India's 100 Richest 2017: Ten UpAnd-Comers Who Missed The Cut
Naaznee Naazneen Karmali Forbes Staff
Karmali I write about India's wealth creators.
This story appears in the October 2017 issue of Forbes Asia. Subscribe to Forbes Asia
Sridhar Vembu
This story is part of Forbes' reporting on India’s 100 Richest 2017.
See full coverage here.
With the stock market scaling new peaks, the pace at which India is churning out
billion-dollar fortunes has picked up.
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As a result the price of entry into India's top 100 keeps rising. This year, 40
fortunes worth $1 billion or more did not make the list. Here are 10 of the newest
and most interesting faces among them.
Sridhar Vembu, 49, Zoho
Net worth: $1.45 billion
Princeton engineer cofounded Zoho in 1996 with his 2 brothers and friends to
provide cloud-based business software. The privately held company, of which
Vembu, with family, owns close to 90%, competes with industry giant Salesforce.
Bajrang Lal Taparia, 83, Supreme
Industries
Net worth: $1.38 billion
Taparia and his family have close to a 50%
stake in listed Supreme Industries, one of
India’s biggest makers of plastic products,
from molded furniture to packaging. Shares
have soared in line with rising sales, which
now stand at $700 million a year.
Padam Chand Gupta, PC Jeweller
Net worth: $1.3 billion
Starting with one jewelry shop in Delhi in 2005, Gupta and his brother Balram
Garg built their firm into an 80-store nationwide chain with annual revenue of
$1.3 billion. They own 60% of the firm, which listed in 2012.
Madhu Kapur, Yes Bank
Net worth: $1.2 billion
Kapur inherited shares in Yes Bank after her husband Ashok Kapur, the bank’s
cofounder, died in the terror attacks in Mumbai in 2008. In order to protect her
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India's 100 Richest 2017: Ten Up-And-Comers Who Missed The Cut
interests, she took the bank, run by her billionaire brother-in-law Rana Kapoor
(India’s 100th-richest), and its board to court to secure her right to nominate
board directors.
Madhu Kapur has been involved in a long court battle with Yes Bank. (Dhiraj Singh/Bloomberg)
K.M. Mammen, 67, MRF
Net worth: $1.16 billion
Head of sprawling clan chairs $2.3 billion (revenue) MRF, one of India’s leading
tire makers. The company was started by his father in 1946 as a manufacturer of
toy balloons. Mammen’s son Rahul became managing director in May.
R.G. Chandramogan, 68, Hatsun Agro Product
Net worth: $1.13 billion
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R.G. Chandramogan
Chandramogan, who never went to college, started a tiny venture in 1970 to make
ice cream, which was initially sold on pushcarts. Today his listed Hatsun Agro
Product is India’s largest private dairy, procuring milk directly from 300,000
farmers daily.
Kochouseph Chittilappilly, 66, V-Guard Industries, Wonderla Holidays
Net worth: $1.11 billion
In 1977, Chittilappilly borrowed $1,500 from his father to set up a small unit to
make voltage stabilizers in Kochi in South India. He built it over four decades into
$335 million (revenue) V-Guard Industries. He expanded into amusement parks
in 2000 with Wonderla Holidays.
Sanjay Lalbhai, 63, Arvind
Net worth: $1.1 billion
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Sanjay Lalbhai, pictured in 2012. (SAM PANTHAKY/AFP/Getty Images)
India’s denim king and the fourth generation of a storied textile clan in
Ahmedabad city. His Arvind has launched several international brands in India,
such as Arrow, Tommy Hilfiger and Gap.
Anil Kumar Mittal, 65, KRBL
Net worth: $1.05 billion
With roots in cotton spinning and commodity trading, Mittal’s KRBL is the
country’s largest rice miller and exporter of basmati rice, which it sells under the
popular India Gate brand.
Tarang Jain, 55, Varroc Engineering
Net worth: $1 billion
Nephew of 2-wheeler tycoon Rahul Bajaj started his auto parts business in 1990.
His twin brother, Anurang, who features in the top 100, runs his own listed outfit.
Privately held Varroc was coined from the names of their wives.
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Additional reporting by Debojyoti Ghosh and Anuradha Raghunathan
I am the India Editor of Forbes Asia and Mumbai bureau manager of Forbes.
From Mumbai, I track the wealth of India's richest and also oversee the rich lists
for Singapore and Thailand. Earlier, I was managing editor of Business India,
among India's leading business magazines... MORE
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