Indians in Forbes' richest list in S'pore
The almost unknown people enter richie-rich club with their rags-to-riches stories being recognised by magazine.india Updated: Aug 27, 2006 12:47 IST
Steel tycoon Lakshmi Mittal and cola queen Indra Nooyi might have made it to the top, but others like Murli Kewalram Chanrai, Mustaq Ahmad, Sudhir Gupta and Kartar Singh Thakral are also making waves on foreign shores.
The four Indian expats--almost unknown as compared to Mittals and Nooyis, have made it to Singapore's richie-rich club with their rags-to-riches stories recognised by US magazine Forbes.
Chanrai, head of the three billion dollars Kewalram Chanrai Group; Ahmad, owner of Mustafa Centre in Little India; Gupta, a tyre tycoon; and Thakral, who is into textiles and IT peripherals figure in the first ever richest 40 list of the island nation compiled by Forbes in its Asia September edition.
Murli Kewalram Chanrai, aged 83 and the highest-ranked individual among the four, has been placed at seventh position with a net worth of 880 million dollars (over Rs 4,000 crore). His Kewalram Chanrai Group is held privately by overseas Indian family trusts and is part of the 150-year-old Chanrai empire.
From a humble beginning in trading business in India and Nigeria in 1860, the family business has grown into a conglomerate with business spanning across textiles, commodities, international trade, IT and real estate with more than 12,000 employees in over 45 countries.
The company's Singapore Stock Exchange listed subsidiary, Olam International, is the world's largest trader of cashews and second-largest trader of cocoa. Olam's customers include global giants like Nestle and Cadbury Shweppes.