Mukesh Ambani to Gautam Adani – how 6 of India’s most crazy rich entrepreneurs made their billions

Jul 22 , 2021

Gautam Adani, Mukesh Ambani and Lakshmi Mittal. Photos: SCMP, AFP, @mukesh.ambaniii/Instagram

Although India has been hit tragically hard by the Covid-19 pandemic, the rich have somehow still come out on top, with Forbes reporting the total number of billionaires in the country rising from 102 to 140 since last year, based on the 12 months up to April.

Between them, the three crazy richest Indians – Mukesh Ambani, Gautam Adani and Shiv Nadar – added a combined US$100 billion to their collective net worth.

So how did they make all that money? From telecoms to vaccines to banking, these businessmen sure know how to rake in the dough. (All net worths are quoted from Forbes’ real-time rankings and are correct at the time of writing.)

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Mukesh Ambani: US$79.9 billion

Mukesh Ambani, chairman and managing director of Reliance Industries, arrives to address the company’s annual general meeting in Mumbai in 2018. Photo: Reuters

Mukesh Ambani is not only India’s richest person, he often makes the top 10 list of richest people in the world. His company, Reliance Industries Limited, has interests in petrochemicals, oil, gas, telecoms and retail, while Reliance Jio, the telecoms arm of the company, is one of India’s largest telecoms networks. Reliance was started by Ambani’s role model father, Dhirubhai.

Tina, Anil, Nita and Mukesh Ambani. Photo: @tinaambaniofficial/Instagram

Although there was strife between Mukesh and his brother Anil over control of the company when Dhirubhai died in 2002, Reliance remains a family business with Mukesh’s children Akash, Isha and Anant all involved in the running of the business. Mukesh and Anil have since apparently made peace.

The Ambanis are known for their lavish lifestyle and have become a global obsession in India. Their house, Antilia, is worth an estimated US$1 billion, and is one of the most expensive residential properties in the world. The family are known to host extravagant parties at the house attended by their celeb pals and politician friends.

Gautam Adani: US$55.6 billion

Gautam Adani’s wealth has surged over the past year. Photo: @moneycontrolcom/Twitter

Adani started off as a commodities trader in the late 1980s and now controls seven airports and almost a quarter of India’s air traffic, according to The Economic Times. Today his major source of wealth though is from power generation, renewable energy and transmission (and, if you’re interested, here’s how he spends it).

The Adani Group boss acquired a majority stake in Mumbai International Airport, the country’s second busiest airport, in September 2020, according to Forbes. He also made a substantial profit after selling 20 per cent of his firm, Adani Green Energy, to French energy giant Total in January.

Gautam Adani sold 20 per cent of Adani Green Energy to French energy giant Total earlier this year. Photo: @gautam_adani/Twitter

But something of a showdown may be brewing. During the Reliance Industries Limited AGM, on June 24, Ambani said his own company would be focusing on “going green”. Meanwhile, NDTV reported that Ambani has invested US$10 billion into renewable energy projects – a move that is expected to drive a bidding war between himself and Adani, putting the top two richest men in India against each other.

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Shiv Nadar: US$23.9 billion

Tech mogul Shiv Nadar. Photo: @biotheses/Instagram

After founding the company more than four decades earlier, tech mogul Shiv Nadar stepped down as chairman of HCL Technologies in July 2020 – having established one of the largest software services exporters in the world with strong presence in over 45 counties, according to Business Insider. The position was handed to his daughter, Roshni Nadar Malhotra.

The Economic Times reports that Nadar is one of India’s top art collectors and has established two museums in Delhi. His philanthropic work is well known, with the Shivnadar Foundation focusing on education and rebuilding communities and villages in need.

Lakshmi Mittal: US$17.7 billion

Steel magnate Lakshmi Mittal. Photo: AFP

Lakshmi Mittal stepped down as CEO of ArcelorMittal in February 2021; his son, Aditya, now controls the business, while Mittal remains the executive chairman. Business Insider has reported on how Mittal’s reputation for turning poor steel producing companies into profitable ventures has gained him the respect of the business community.

Earlier this year, The Financial Times described Mittal as the former “undisputed king of steel for more than a decade”. While he’s no longer in charge of the world’s largest steel producer, he told the same publication in January the company was focusing on growth in emerging markets. Mittal is said to have a close relationship with Mukesh Ambani and attended Isha Ambani’s star-studded wedding in 2018.

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Uday Kotak: US$14.1 billion

“India’s richest banker”, Uday Kotak. Photo: @zeebusinessofficial/Instagram

Forbes refers to Kotak as “India’s richest banker”, with the banking and financial services company he founded, Kotak Mahindra Bank, being in the country’s top four in the private sector.

According to Indian newspaper ThePrint, Kotak once aspired to be a professional cricket player, but after getting hit in the head with a ball and having emergency surgery at 20 years old, Kotak changed his life path. He worked in his family’s cotton trading business for a time, completed an MBA and started his banking career at age 26.

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Cyrus Poonawalla: US$13.7 billion

Cyrus Poonawalla founded the Serum Institute of India. Photo: @quotesbayz/Instagram

The Serum Institute of India founded by Cyrus Poonawalla is the world’s largest producer of vaccines, according to Forbes, putting it at the front of India’s fight against the Covid-19 pandemic. Poonawalla’s institute is also the largest producer of measles, influenza and polio inoculations, Business Insider reports.

Despite this, the moneyed Poonawalla family has been heavily criticised after they left India in May at the height of the pandemic. Critics blasted them and the government for not supplying enough vaccines to Indians, saying the family left India in its time of need.

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Millionaires and billionaires

Mukesh Ambani’s high-rolling family might already be filling your newsfeed, but have you heard of these other outrageously rich Indian tycoons?
There’s tech boss Shiv Nadar and biotech billionaire Cyrus Poonawalla – whose Serum Institute of India has led the global Covid-19 vaccine production