Surpassing Mukesh Ambani, Dilip Shanghvi becomes richest Indian
Pharma tycoon Dilip Shanghvi on Wednesday surpassed Mukesh Ambani as the world's richest Indian with a net worth of $21.5 billion, two days after the RIL chief was ranked India's wealthiest.business Updated: Mar 05, 2015 17:47 IST
Pharma tycoon Dilip Shanghvi on Wednesday surpassed Mukesh Ambani as the world's richest Indian with a net worth of $21.5 billion, two days after the Reliance Industries chief was ranked India's wealthiest.
As per a 'real time' update from business magazine Forbes, known for its annual rich list, Sun Pharma Group's Shanghvi was ranked richest Indian, followed by Mukesh Ambani and tech czar Azim Premji at second and third positions, respectively, among Indians.
The reason for Mukesh Ambani losing his numero uno status was a fall in oil prices, with his net worth being $20.4 billion.
On the global rich list, Shanghvi moved up to 37th position, while Ambani slipped to 43rd position.
Earlier on Monday, Forbes had released its annual Rich List for 2015, wherein Mukesh Ambani was ranked 39th- highest among Indians, while Shanghvi was at 44th place. Premji was ranked 48th on that list, from which he has moved up one place now.
A surge in the shares of Shanghvi's Sun Pharmaceutical Industries on Wednesday helped his wealth count rise to the top spot on Forbes' real time tracker.
Shanghvi's business profile has rocketed after he bought out troubled pharma peer Ranbaxy Laboratories last year from Japanese giant Daiichi Sankyo for $3.2 billion.
The buyout surprised Indian markets but the acquisition has been caught in a legal tangle and is yet to be completed.
The fortunes of Reliance Industries and Mukesh Ambani, who lives in a 27-floor home worth at least a billion dollars in Mumbai, have been hit as falling global crude prices dented the firm's major revenue sources from petrochemicals and refining.
The Annual Rich List had put Mukesh Ambani's wealth at $21 billion, based on share prices and exchange rates as on February 13. Ambani has been ranked as richest Indian for eight consecutive years now on the Forbes' annual rich lists, even as his ranking has come down sharply from among top-ten positions globally earlier.