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Competition hots up for second richest Indian spot

That the richest Indian Mukesh Ambani has firmly secured his position with a wealth of over USD 55 billion has thrown open an exciting race for the second richest spot, now occupied by his younger brother Anil.

Robust economic growth which has been fuelling the surge in stock markets and in turn inflating the wealth of the rich has made real estate entrepreneur DLF Chairman K P Singh a nagging threat to Anil’s position.

Singh, who owns shares worth Rs 1,34,257 crore (USD 33.5 billion) in his company that is soon to be inducted in the benchmark Sensex, is only about rs 8,000 crore away from elbowing Anil.

Even better, Bharti group chairman Sunil Bharti Mittal too is in the race for who settles second.

Mittal’s net worth as of today, based on the closing of his group’s flagship firm Bharti Airtel, is rs 1,01,712.5 crore. The distance could be easily bridged if the Bharti Airtel continues its present rally.

The scrip appreciated by 3 per cent on the Bombay Stock Exchange to close at rs 1,071.95, whereas that of DLF settled up by 3.1 per cent at rs 892.

While Reliance Industries (Mukesh Ambani) is a major contributor to the present rally in the stock market along with firms in Anil Dhirubhai Ambani Group, DLF and Bharti too have been aiding the surge.

The stock market benchmark Sensex today closed at a new peak of 18,658.25 points on expectations of robust corporate earnings.

With agency inputs

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October 11, 2007 | Filed Under Business

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