Indian business owners have been among the worst hit this year
Notable among the tycoons who lost the billionaire title were Vijay Mallya (UB Group), Ramesh Chandra (Unitech), Sameer Gehlaut (Indiabulls), Tulsi Tanti (Suzlon) and Jignesh Shah (MCX). Tough economic conditions in their respective sectors have led to this predicament. The only gainers were the Singh Brothers – Malvinder Mohan and Shivinder Mohan of Ranbaxy – whose net worth increased over the past year (currently at $2.6 billion). The sale of 34% stake in Ranbaxy, enabled them to add $550 million to their net worth.
The correction in the personal fortunes of these ‘once-a-billionaires’ has also lead to China displacing India as the Asian country with highest number of billionaires (28 tycoons) in 2009. However, the combined value of Indian billionaires stands at $107 billion, double their Chinese counterparts, which is a humbling $44 billion. Small mercy though. For, with experts opining that the current fiscal will be equally challenging for Indian business tycoons, considering the setback that equities witnessed in 2008 and the continued risk aversion amongst investors; it would be an uphill task for this year’s survivors to hold on to their positions for another year. And an even more challenging task for dropouts is to devise a comeback strategy to regain a position in the Forbes World Billionaires 2010. They will have to really come up with something dramatic to enthuse the stock markets.
The correction in the personal fortunes of these ‘once-a-billionaires’ has also lead to China displacing India as the Asian country with highest number of billionaires (28 tycoons) in 2009. However, the combined value of Indian billionaires stands at $107 billion, double their Chinese counterparts, which is a humbling $44 billion. Small mercy though. For, with experts opining that the current fiscal will be equally challenging for Indian business tycoons, considering the setback that equities witnessed in 2008 and the continued risk aversion amongst investors; it would be an uphill task for this year’s survivors to hold on to their positions for another year. And an even more challenging task for dropouts is to devise a comeback strategy to regain a position in the Forbes World Billionaires 2010. They will have to really come up with something dramatic to enthuse the stock markets.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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