[UNLISTED]

EDITORIAL

STREET SMART
The market’s incessant rise has encouraged companies to raise funds from the public

URGE TO SPLURGE
Have money, will spend seems to be the motto of the elite

A CHECK ON PAY
Who got the biggest raises? Which company was most generous?

BILLIONAIRE CLUB
A definitive list of India Inc’s richest

HIGHEST PAY PACKETS
List of the best paymasters

METHODOLOGY AND INDEX
How we estimated wealth and earnings of billionaires

BILLIONAIRE CLUB 2006
BILLIONAIRE CLUB 2005

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Shakers but not market movers

While the stock market has played a major role in creating billionaires this year, a few didn’t have to tap it to get the numbers. Joydeep Ghosh raises a toast to the unlisted ones

Rumour has it that the associations of beedi makers in Andhra Pradesh, vegetable oil makers in Gujarat and toddy tappers in Kerala are flush with so much cash that they are capable of lending to their respective governments. Some say, they actually do so. While there is no way one can put any number to their revenues, the figures talked about range from over Rs 5,000 to Rs 25,000 crore a year.

Sachin TendulkarSince most of them cannot be named as there is nothing official about it, we take the safer route by looking at different professions and sectors and then, identify the leaders who haven't yet listed in the stock markets.

That leads us to among many others a bare foot painter, an elusive investment banker, and a soft spoken cricketer. M F Hussain, Vallabh Bhansali and Sachin Tendulkar have nothing in common. But what brings them together in this list is the fact that they are all billionaires. And while UB group Chairman Vijay Mallya can flaunt his yacht, even Tendulkar drives a Ferrari.

Vallabh BhansaliIn a year when many billionaires were created because they unlocked their companies’ wealth by going for initial public offerings (IPOs), a few of them are still yet to play the listing game. Take for instance, DLF's K P Singh who, post-IPO, is among the richest Indians. But if one looks at people in the same industry, we have the K Raheja group, a huge brand name, but still unlisted.

Then there are the Hiranandani brothers Niranjan and Surender, who are aggressively expanding in Chennai after launching a large number of projects in Mumbai and Thane. Both the groups have picked up over $300 million (over Rs 1,200 crore) through the alternative investment market (AIM) in the UK and that too, for only a few projects.

Investor Shivanand Mankekar has a personal wealth of almost Rs 350 crore while Rakesh Jhunjhunwala is worth Rs 2500 crore
 

In financial services, Motilal Oswal’s IPO has made both partners Raamdeo Agarwal and Motilal Oswal billionaires, with a net worth of Rs 800 crore each at the time of listing, and the number is increasing every day. Others who can join this list include the likes of Vallabh Bhansali and Nimesh Shah of Enam, with the latter being valued at over Rs 179 crore just based on his holding of over one per cent in various companies. Then, there is investor Shivanand Mankekar and family who are almost at Rs 350 crore. But the cake goes to the king of bulls, Rakesh Jhunjhunwala whose net worth is almost Rs 2,500 crore.

Continued on next page

Business Standard December 2007