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Forbes India Rich List 2023: Meet the newcomers and returnees on the list
There are three new entrants and seven returnees this year
From top left: Bajranglal Taparia of Supreme Industries, Ranjan Pai of Manipal Group, P.V. Ramprasad Reddy of Aurobindo Pharma, and Vinita and Naresh of Lupin
Three new billionaires entered the Forbes India Rich List in 2023, and seven of them made a return. The Dani family of Asian Paints are the heirs of patriarch Ashwin Dani, who died in September after a brief illness. Renuka Jagtiani, chairwoman of Landmark Group, a Dubai-headquartered retailing giant, took over after her husband, Micky Jagtiani, passed away in May this year. The third is garment exporter KP Ramasamy, founder and chairman of KPR Mill. Healthcare entrepreneur Ranjan Pai is one of the returnees who cashed out $1 billion from selling part of his stake in Manipal Health Enterprises to Singapore’s Temasek. See the full list here:
| Rank & Name | Net Worth (in $ Billion) | Change | Company |
|---|---|---|---|
| #22 Dani Family | 8 | New | Asian Paints |
| #44 Renuka Jagtiani | 4.8 | New | Landmark Group |
| #57 Shamsheer Vayalil | 3.7 | Returnee | Burjeel Holdings |
| #69 Ravi Pillai | 3.2 | Returnee | RP Group |
| #71 Bajranglal Taparia | 3.14 | Returnee | Supreme Industries |
| #78 Sunny Varkey | 2.93 | Returnee | Gems Education |
| #80 Gupta Family | 2.91 | Returnee | Lupin |
| #86 Ranjan Pai | 2.75 | Returnee | Manipal Group |
| #98 P.V. Ramprasad Reddy | 2.35 | Returnee | Aurobindo Pharma |
| #100 K.P. Ramasamy | 2.3 | New | K.P.R. Mill |
Newcomers:
1) Dani Family
Non-executive director of Asian Paints Ashwin Dani joined the paints company in 1968. He passed away in September this year. Today, the net worth of the family is Rs 67,841.77 crore. Founded in 1942, Asian Paints is now one of Asia’s biggest paint companies, and Ashwin’s son Malav sits on the company board.
2) Renuka Jagtiani
Renuka Jagtiani took over as chairperson and CEO of Landmark Group after her husband, Micky Jagtiani, passed away in May 2023. The company is best known for its homegrown brands such as clothing and footwear retailer Max, home furnishing chain Home Centre and Babyshop, which sells children’s products. It also has a thriving hospitality business, which includes Citymax, a chain of budget hotels and restaurants. Jagtiani's net worth is Rs 39,931.20 crore.
3) KP Ramasamy
One of the debutants on the list, KP Ramasamy is a farmer’s son and a college dropout. KPR has set up one of India’s largest garment export businesses. His journey began in the 70s with a Rs 8,000 loan. The company went public in 2007. His net worth is Rs 19,133.7 crore. KPR Mills produces 128 million garments annually—from sportswear to sleepwear—that end up on the clothes racks of international retailers such as H&M, Marks & Spencer and Walmart.
Returnees:
1) Shamsheer Vayalil
Founder and chairman of Burjeel Holdings, Shamsheer Vayalil was last on the list in 2019. Son-in-law of retailing billionaire MA Yusuff Ali, Vayalil's net worth improved after the October 2022 listing of his company, and today stands at Rs 30,780.30 crore.
2) Ravi Pillai
Known as a construction magnate, Ravi Pillai is the founding chairman and MD of RP Group. He began the second chapter of his entrepreneurial journey in 1978 and has built his company into a $7.8 billion behemoth. He has a net worth of Rs 26,620.80 crore.
3) Bajranglal Taparia
Bajranglal Taparia returns to the list after a gap of a year. Supreme Industries is Taparia's flagship company, making everything plastic. It has 25 factories in India and makes bathroom fittings and storage products as well.
4) Sunny Varkey
The education entrepreneur and philanthropist returns to the list after two years. The Dubai-based NRI is the founder and executive chairman of GEMS Education, the world's largest operator of K-12 schools. Varkey, a high-school dropout, started in 1980 by taking over a school founded by his parents and today has a net worth of Rs 24,374.67 crore.
Check the full list here: India's 100 Richest 2023
Check the full list here: India's 100 Richest 2023
5) Gupta Family
Desh Bandhu Gupta founded Lupin in 1968, and the multinational pharmaceutical company is now run by his daughter Vinita and son Nilesh. The company was named after a flower that thrives even in the desert. The Gupta family returns to the list after a year with a net worth of Rs 24,208.29 crore.
6) Ranjan Pai
Dr Ranjan Pai is the chairman of Manipal Education and Manipal Group, which has seven universities and 29 hospitals. He returns to the list after 2019 with a net worth of Rs 22,877.25 crore. The group was started by Pai's grandfather, who founded India's first privately owned medical school.
7) PV Ramprasad Reddy
The co-founder of Aurobindo Pharma returns to the list after 2021. He founded the company in 1986 after holding management positions in various pharma companies, and today his net worth stands at Rs 19,549.65 crore. Aurobindo specialises in making cardiovascular, anti-retroviral, gastroenterological and anti-diabetic treatment drugs.
