The Indian rich list is changing thanks to the progressive Indian economy and recent stock market boom. Top Indian newspapers like Times of India, Hindustan Times, Business Standard are reporting that Mukesh Ambani is now the richest Indian and replaces Azim Premji of Wipro who has long held this title. Mukesh Ambani is the chairman and managing director of Reliance Industries Limited, India’s largest private sector company.
They say surging share prices of Reliance Industries Limited has led it to surpass ONGC as India’s largest corporate house with highest market capitalization among listed entities taking Mukesh Ambani’s net worth based on his shareholding in group companies to a record high.
While the “who is the richest Indian” fortunes are determined to a large extent by the stock market, Lakshmi Mittal may still be the richest one, though he is based outside India. Earlier Forbes 40 Richest Indians list released in December 2005 had found that Laksmi Mittal, the steel tycoon was the richest Indian, followed by Azim Premji of Wipro and Mukesh Ambani of Reliance Industries. Even the Forbes World’s Richest Billionaires 2006 lists Lakshmi Mittal as fifth richest person in the world. Well it seems Lakshmi Mittal might still be the richest global Indian.