Archive for the ‘Indian Billionaires’ Category

Indians crowd richest young Asians list

September 5, 2008

Six Indians, including Ranbaxy’s Malvinder and Shivinder Singh, real estate firm Oberoi Constructions’ Vikas Oberoi and online gambling entity PartyGaming’s founder Anurag Dikshit have made it to the Forbes‘ list of 15 youngest Asian billionaires.

 The other two Indians in the list are Suzlon Energy’s Girish Tanti and Indiabulls’ Sameer Gehlaut.

 Pointing out that Asia is home to the world’s fastest growing population of the wealthy, Forbes said India is keeping pace in the money race.

 “The country’s millionaires jumped 23 per cent last year. The billionaire count soared to 53 from 36 the previous year,” the business magazine said.

 India, which boasts a competitive demographic advantage of young population, is represented by six people under 40 with a cumulative worth of $8.3 billion in the Forbes‘ list released on Wednesday.

 China has topped the list with eight representations, with a combined net worth of $20 billion.

 Among the Indian representatives, the Forbes citation for Malvinder and Shivinder Singh reads that they “control generic drug maker Ranbaxy Laboratories, founded by their grandfather. Malvinder is chief executive of Ranbaxy. Shivinder runs Indian hospital chain Fortis Healthcare, which went public in 2007.”

 Vikas Oberoi is the second richest young Indian worth $1.7 billion. In 1998 he took control of Oberoi Constructions, started by his father, Ranvir. Morgan Stanley paid $152 million last year for stake in the company.

 Anurag Dikshit, with net worth of $1.6 billion, spearheaded the development of technology that helped in the launch of online poker boom. He cofounded PartyGaming, which owns PartyPoker.com, with a college roommate.

 PartyPoker stock is off its 2005 high, since US lawmakers cracked down on online gaming, but Dikshit still has plenty of chips, Forbes said.

 Worth $1.3 billion, Girish Tanti is co-founder of Suzlon Energy, the world’s most valuable wind power company. With 12 per cent holding in Suzlon, he looks after international business and human resources divisions.

 Sameer Gehlaut, with a net worth of $1.2 billion, is India’s youngest self-made billionaire. He started online brokerage Indiabulls in 1999, a company he still heads.

 The list of youngest Asian billionaires is topped by Yang Huiyan of China with a net worth of $7.4 billion. She received a 58 per cent stake in real estate developer Country Garden from its founder, her father, Yeung Kwok Keung. She’s now China’s richest woman.

Courtesy :- IBN Live

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Anil ambani’s dream ends, talks with MTN called off

July 19, 2008

Anil Ambani’s Reliance Communications (Rcom) and South African telecom giant MTN on Friday announced they were calling off talks aimed at creating a $66 billion telecom group.

“The two sides were unable to conclude the transaction due to certain regulatory issues,” said a RCOM spokesperson in a statement.

MTN and Reliance Communications started exclusive talks on May 26 and the deadline was extended to July 21.

The extension, announced on July 10, came after a claim on shares in RCom by Mukesh Ambani, estranged brother of RCom chief Anil Ambani, and a sharp drop in share prices created obstacles to completing a deal by the original deadline of July 8.

A deal would have created a $66 billion emerging markets telecom group with operations in about two dozen countries and around 120 million subscribers. When the talks began, MTN had a market capitalisation of $38 billion and Reliance Communications was worth $28 billion, but a sharp slide in markets has eroded valuations.

Mukesh’s Reliance Industries Ltd (RIL) last month wrote to MTN saying that it has right of first refusal over a sale of controlling stake in RCom. Effectively, what Mukesh’s group has said was that any sale of a controlling stake in Reliance Communications to anyone but Reliance Industries was illegal.

MTN in a statement to Johannesburg Stock Exchange said, “With regard to exclusive negotiations relating to a potential business combination between MTN and RCOM, owing to certain regulatory issues, the parties are unable to conclude a transaction. Accordingly, it has been mutually decided to allow the exclusivity agreement to lapse.”

RIL was not immediately available for comments.

THE BIG DEAL

A history of RCom, MTN talks.

  • May 13: Bharti says in exploratory talks with MTN
  • May 16: Bharti- MTN reach ‘in-principle’ agreement and a term sheet initiated between two lead bankers
  • May 21: MTN board meets to consider term sheet. MTN proposes alternate model where Bharti becomes its subsidiary
  • May 24: Bharti announces that talks with MTN have been called off
  • May 26: RCOM and MTN enter into 45-exclusivity perod for talks to combine both telcos
  • June 14: Mukesh Ambani’s Reliance Industries (RIL) entrs fray — claims the first right of refusal in case of sale or change of management of of RCOM
  • July 3: RIL calls RCOM for mutual conciliatory talks before initiating formal arbitration
  • July 7: RIL says no RCOM representative had turned up for a meeting with RIL
  • July 7: RCOM invies RIL to meet in the week beginning July 14 “to clarify any doubts” on the deal structure being discussed with MTN
  • July 8: 45-day exclusivity period ends
  • July 9: RCOM -MTN decide to extend exclusivity period till July 21
  • July 17: RIL starts arbitration proceedings against RCOM
  • July 18: RCOM and MTN allow exclusivity period to lapse; end talks

Courtesy :- IBN Live