NEW DELHI: Radhakrishna Damani, founder of Avenue Supermarts, has made a debut in the list of top ten wealthiest individuals in India, according to the IIFL Wealth Hurun India Rich List 2020. With a wealth of Rs 87,200 crore, Damani is now the sixth richest and has seen his wealth increase 56 per cent when compared to 2019. Since its IPO in 2017, Avenue Supermarts’ share price has increased by more than 250 per cent and his rank in the list rose 23 places.
The IIFL Wealth Hurun India Rich List is a barometer of the Indian economy that helps us understand which industries have gone up, innovated or gone down. This year, the list added a record 162 faces from 31 industries and from 50 cities.
Other notable entrants include Ashok Soota and Lachhman Das Mittal. Backed by the stellar IPO of Happiest Minds, the 77-year old Soota broke into the list with wealth totalling Rs 3,700 crore. “Reasonably high valuation multiples that defied the economic slowdown and Covid-19 crisis, is triggering more Indian companies to initiate IPOs, resulting in further wealth creation”, Rahman added.
LIC agent turned entrepreneur Das who founded Sonalika Tractors ranked 164th with a wealth of Rs 7,700 crore. It has grown to become India’s third largest tractor manufacturer. The cumulative wealth of Indian billionaires now stands at Rs 60 lakh crore, up 20 per cent from 2019.
“A 28 per cent of the upswing in wealth on the list has been bestowed by Mukesh Ambani, bespeaking his meteoric success post diversifying from oil to telecom and retail,” Rahman added. With a 73 per cent increase in his wealth in the past year to Rs 6.58 lakh crore, Reliance Industries chairman Ambani has topped the list ninth year on the trot. He has gained Rs 90 crore per hour since the lockdown imposed in March, it added. Besides, nearly 5 per cent (40 people) of the list comprises women. Smita V Crishna, the third-generation heir of the Godrej clan, has been named the richest woman with a wealth of Rs 32,400 crore.