It's Berger Vs Asian Paints, Havells Vs Polycab on the Forbes India Rich List 2023
In 2023, the net wealth of the Dhingra brothers totals $8.2 billion, a shade higher than the Dani family's at $8 billion, while Polycab India's Inder Jaisinghani has risen up 28 spots to rank 32
Dhingras of Berger Paints overtake Asian Paints’ Dani family
For the Dhingra brothers of Berger Paints, it has been a stunning rise. A decade ago, they were worth $1.2 billion and were ranked 53 in the 2013 edition of the Forbes India Rich List. In 2023, the brothers’ net wealth totals $8.2 billion, which is a shade higher than the Dani family's at $8 billion. The Danis are one of the three promoter families of Asian Paints. Their holdings are now held by brothers Jalaj and Malav after the death of patriarch Ashwin Dani in September 2023. To be sure, Asian Paints is still the much larger of the two, and the total promoter wealth at Asian Paints accounts for $19 billion, with Mahendra Choksi worth $6.2 billion and the Vakil family worth $5.3 billion.
A large part of the outperformance of the Dhingra brothers, who bought Berger Paints in 1991 from Vijay Mallya, has been on account of its superior growth. In the last decade, its stock price has compounded by 24 percent a year, taking its market cap to Rs 65,000 crore. Meanwhile, Asian Paints has moved up 21 percent a year to Rs 3,00,000. Both sets of founders will be keenly watching for competition from Grasim, which plans to enter the market in 2024.
Polycab India’s Inder Jaisinghani becomes one of the big gainers this year and comes neck and neck with Havells India’s Anil Rai Gupta
In November 2021, Polycab India’s Inder Jaisinghani made his debut on the Forbes India Rich List at rank 57, with a net worth of $3.6 billion. On this year’s list, the chairman and MD of India's largest wire and cable maker has risen 28 spots up to rank 32. Jaisinghani is one of the biggest gainers on the list, whose wealth is up the most in percentage terms as the company benefited from increasing electrification and nearly doubled his family’s fortune to $6.4 billion.
Last Updated :
October 13, 23 03:56:38 PM IST