Forbes recently released the list of India's Richest people of 2019 on October 11 where Mukesh Ambani, the Indian business tycoon, topped the list for the 12th time in a row, Industrialist Gautam Adani took an impressive leap of eight places and took the second place. According to Forbes, Ambani had added $4.1 billion to his net worth as Jio, the three-year-old telecom unit of his Reliance Industries. Jio also became India's top mobile carrier with nearly 340 million subscribers. Gautam Adani took an interesting leap due to securing permission in June to initiate work on an Australian coal mine.
In addendum to the old faces, Forbes included six new faces this year like Byju Raveendran, the founder of a fast-rising edtech unicorn called Byju's, Manohar Lal and Madhusudan Agarwal of Haldiram Snacks and Rajesh Mehra, who owns Jaquar brand of bathroom fittings. However, according to Forbes, the net worth of nearly half of the members in the list dropped off. More than 14 members reportedly lost $1 billion or more in the previous year and nine members' rank fell. Also, the total wealth of the richest men fell by eight percent from 2018 to $452 billion. According to Forbes, the remarkable decline was due to the tech tycoon, Azim Premji giving up a huge amount of money away.
Last week Reliance Anil Dhirubhai Ambani Group (ADAG) Chairman Anil Ambani revealed that Reliance Capital would no longer be in the lending business. He was addressing the Annual General Meeting of Reliance Capital. He mentioned that the effective debt of the company would be reduced by Rs.25,000 crore. According to him, the debt resolution plans would be ready by December 2019. A week ago, the credit agency CARE had downgraded the rating of Reliance Capital to ‘CARE D’ for its long-term debt program and subordinated debt.