1 GROHE HURUN INDIA REAL ESTATE RICH LIST 2017 DELHI BASED TYCOON KUSHAL PAL SINGH (86) OF DLF IS THE REAL ESTATE KING OF INDIA KUSHAL PAL SINGH TOPS THE LIST WITH A WEALTH OF INR 23,460 CRORE, FOLLOWED BY MUMBAI BASED MANGAL PRABHAT LODHA FROM LODHA GROUP WITH WEALTH INR 18,610 CRORE AND BENGALURU BASED JITENDRA VIRWANI FROM EMBASSY PROPERTY DEVELOPMENTS WITH A WEALTH INR OF 16,700 CRORE SMITHA V CRISHNA (66), OF GODREJ PROPERTIES IS THE RICHEST WOMAN WITH A FORTUNE OF INR 2,210 CRORE 3 CITIES, MUMBAI, NEW DELHI AND BENGALURU ARE HOME TO 74% OF THE GROHE HURUN INDIA REAL ESTATE RICH LIST MUMBAI, DELHI AND BENGALURU ARE THE TOP CITIES IN GROHE HURUN INDIA REAL ESTATE RICH LIST AND HURUN INDIA RICH LIST 35 INDIVIDUALS IN REAL ESTATE LIST ALSO FEATURED IN HURUN INDIA RICH LIST 6 BILLIONAIRES IN GROHE HURUN INDIA REAL ESTATE RICH LIST 2017 THE MENDA FAMILY, OWNS AND RUNS THE MOST VALUABLE COMMERCIAL SPACE DEVELOPER IN SOUTH INDIA, RMZ CORP VALUED AT INR 19,230 CRORE AVERAGE WEALTH OF GROHE HURUN INDIA REAL ESTATE RICH LIST 2017 IS INR 1,969 CRORE 60% OF THE LIST IS FIRST GENERATION ENTREPRENEURS 62% IN THE LIST ARE RESIDENTIAL DEVELOPERS, THE REST ARE COMMERCIAL, HOSPITALITY AND RETAIL REAL ESTATE DEVELOPERS AVERAGE AGE 56. THE TOP 10’S AVERAGE AGE IS 60. THE YOUNGEST IS KUNAL MENDA (23) WITH A NETWORTH OF INR 660 CRORE AND THE OLDEST IS PRITHVI RAJ SINGH OBEROI (88) OF EAST INDIA HOTELS WITH A NETWORTH OF INR 3,120 CRORE 7 UNDER 40 AND 4 INDIVIDUALS ABOVE 80 MUMBAI, THE MOST PREFERRED CITY FOR HEADQUARTERS PHILANTHROPISTS: AJAY PIRAMAL AND MA YUSUFF ALI ALSO FEATURED IN HURUN INDIA PHILANTHROPY LIST 2017 BY DONATING INR 111 CRORE AND INR 19 CRORE RESPECTIVELY.
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GROHE HURUN INDIA REAL ESTATE RICH LIST 2017
DELHI BASED TYCOON KUSHAL PAL SINGH (86) OF DLF IS THE REAL ESTATE
KING OF INDIA
KUSHAL PAL SINGH TOPS THE LIST WITH A WEALTH OF INR 23,460 CRORE, FOLLOWED BY MUMBAI BASED MANGAL PRABHAT LODHA FROM LODHA GROUP
WITH WEALTH INR 18,610 CRORE AND BENGALURU BASED JITENDRA VIRWANI FROM EMBASSY PROPERTY DEVELOPMENTS WITH A WEALTH INR OF 16,700
CRORE SMITHA V CRISHNA (66), OF GODREJ PROPERTIES IS THE RICHEST WOMAN WITH
A FORTUNE OF INR 2,210 CRORE
3 CITIES, MUMBAI, NEW DELHI AND BENGALURU ARE HOME TO 74% OF THE GROHE HURUN INDIA REAL ESTATE RICH LIST
MUMBAI, DELHI AND BENGALURU ARE THE TOP CITIES IN
GROHE HURUN INDIA REAL ESTATE RICH LIST AND HURUN INDIA RICH LIST
35 INDIVIDUALS IN REAL ESTATE LIST ALSO FEATURED IN HURUN INDIA RICH
LIST
6 BILLIONAIRES IN GROHE HURUN INDIA REAL ESTATE RICH LIST 2017
THE MENDA FAMILY, OWNS AND RUNS THE MOST VALUABLE COMMERCIAL SPACE DEVELOPER IN SOUTH INDIA, RMZ CORP VALUED AT INR 19,230 CRORE
AVERAGE WEALTH OF GROHE HURUN INDIA REAL ESTATE RICH LIST 2017 IS INR
1,969 CRORE
60% OF THE LIST IS FIRST GENERATION ENTREPRENEURS
62% IN THE LIST ARE RESIDENTIAL DEVELOPERS, THE REST ARE COMMERCIAL, HOSPITALITY AND RETAIL REAL ESTATE DEVELOPERS
AVERAGE AGE 56. THE TOP 10’S AVERAGE AGE IS 60. THE YOUNGEST IS KUNAL
MENDA (23) WITH A NETWORTH OF INR 660 CRORE AND THE OLDEST IS PRITHVI
RAJ SINGH OBEROI (88) OF EAST INDIA HOTELS WITH A NETWORTH OF INR 3,120
CRORE
7 UNDER 40 AND 4 INDIVIDUALS ABOVE 80
MUMBAI, THE MOST PREFERRED CITY FOR HEADQUARTERS
PHILANTHROPISTS: AJAY PIRAMAL AND MA YUSUFF ALI ALSO FEATURED IN
HURUN INDIA PHILANTHROPY LIST 2017 BY DONATING INR 111 CRORE AND INR 19 CRORE RESPECTIVELY.
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LEADING AUTHORITY ON INDIA’S WEALTH RELEASES GROHE HURUN INDIA REAL ESTATE RICH LIST 2017 (5th October 2017, Mumbai, India) Hurun Report today released the GROHE Hurun
India Real Estate Rich List 2017 is the list of richest real estate entrepreneurs in India.
This is the first time a serious attempt has been made to understand about the real
estate entrepreneurs and to highlight their achievement through rich list as a medium.
“With a growing middle class population, it is imperative that India produces respectable
brands in real estate in the next few years. GROHE, a leader in premium sanitary fitting is
committed to bringing world class technology and design to consumers, and these key
developers are the powerful movers and shakers of the industry who appreciate and
acknowledge the best world has to offer. We are delighted to be in association with them
as this allows GROHE to create a platform for bringing world class solutions to the Indian
consumers via the developer community’, says Anas Rahman Junaid MD and Chief
Researcher, Hurun Report India.
“The growth in India’s middle class is driving strong demand for quality houses, which real estate brands have an opportunity to fulfill. I am delighted to partner with the Hurun Report India, India’s leading research house, to connect with consumers through their platform promoting respected real estate brands and entrepreneurs in India”, says Shubhajit Sen, Country Head, GROHE India. THE 2017 GROHE HURUN INDIA REAL ESTATE RICH LIST, other insights
Among self-made entrepreneurs in the list, Kushal Pal Singh tops the list
followed by Mangal Prabhat Lodha and Jitendra Virwani
With 38 individuals, Mumbai is the preferred city followed by New Delhi and
Bengaluru with 19 and 17 individuals respectively.
“The top 5 cities accounts for 86% of top 100 real estate rich-listers in India. Majority of
real estate developers are discreet, so for every entrepreneur who we have found, we
may have missed 2. Real estate holdings are rather scattered in India and there is a
good chance that we may have missed associated companies/ subsidiaries in certain
cases” says Anas Rahman Junaid, Managing Director and Chief Researcher, Hurun
Report India,
“The cut off of INR 300 crore is surprisingly low for a big country like India.” says Rupert
Hoogewerf, Chairman and Chief Researcher, Hurun Report Global.
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Table 1: Top 10 in GROHE HURUN INDIA REAL ESTATE RICH LIST 2017
Rank Name Net Worth INR Crore Main Company Age City of Residence
4 Yusuffali MA 12,180 Line investment and Property
61 Abu Dhabi
5 Vikas Oberoi 11,040 Oberoi Realty 47 Mumbai
6 Chandru Lachmandas Raheja
10,440 K Raheja Corp 77 Mumbai
7 Atul Ruia 5,160 Phoenix Mills 46 Mumbai
8 Sameer Gehlaut & family
5,050 Indiabulls Real Estate
43 Mumbai
9 Ajay Piramal 3,640 Piramal Realty 62 Mumbai
10 Surendra Hiranandani 3,350 Hiranandani Group
62 Singapore
10 Niranjan Hiranandani 3,350 Hiranandani Group
67 Mumbai
Source: Hurun Research Institute 2017 Kushal Pal Singh, 87, the wealthiest real estate baron in India, tops the list with a
fortune of INR 23,460 crore .The owner of Delhi Land and Finance (DLF) is one of the
largest real estate developers, who is a pioneer in developing Gurugram the leading
Financial and Industrial Hub in the country. The only real estate company that garnered
the largest IPO and developed 27 million square feet till date. He was conferred the
Padma Bhushan one of the highest civilian award in the country.
Mangal Prabhat Lodha, 61, with a net worth of INR 18,610 crore is the second richest
person in GROHE Hurun India Real Estate Rich List. He laid the foundation of the Lodha
Group. Lodha group is currently developing One Grosvenor Square, which is a premier
property and home to the former Canadian embassy. MP Lodha is currently serving as
the Member of Legislative Assembly.
Jitendra Virwani, 51, is considered the South India’s largest office space landlord with
a fortune of INR 16,700 crore. He is currently the chairman of the Embassy group and
has been a pioneer in building industrial parks and warehousing spaces. He owns the
Stone Hill International School, one of India’s largest private owned academies. He is
also a member of the equestrian federation of India.
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Yusuffali MA, 61, manages his real estate investments in mall and hospitalities sectors
through Line Investment and Property (LIP), his real estate flagship company. LIP
currently manages more than 8.6m square feet of retail space across GCC and India
which will grow to encompass 12m square feet with the upcoming new projects by end
of 2018.He is the first Asian to be elected to the Abu Dhabi chamber of Commerce and
Industry. He has recently purchased site of the original Scotland Yard police station in
London to construct a five star hotel.
Vikas Oberoi, 47, a Harvard Alumnus who runs the Oberoi Realty, has a wealth of INR
11,040 crore. He took over the reins of the company started by his father Ranvir Oberoi.
His corporate strategy and diversification plan has seen a massive growth for Oberoi
Realty in nine folds with a net profit of 40 percent. Under his guidance the firm has 22
million square feet in progress and brands such as Ritz Carlton.
Chandru Lachmandas Raheja, 77, heads the privately held commercial developer in
Mumbai with a fortune of INR 10,440 crore. K Raheja Corp has portfolio of completely
leased 20 million sq ft office spaces across Mumbai, Navi Mumbai, Hyderabad and
Pune. K Raheja Corp developed the first organised suburban business park, Mindspace,
in Mumbai’s Malad suburb.
Atul Ruia, 46, the Textile tycoon who started the mall chains under the Phoenix brand
which attracts 12 million shoppers every year has a wealth of INR 5,160 crore. He was
educated at the Wharton school of finance. He is known for taking high risk in the market
for large investments. He was instrumental in setting the High Street Phoenix in Mumbai
by rebuilding over the family mill.
Sameer Gehlaut, 43, founder of Indiabulls Group is an alumni of IIT Delhi, who has
wealth amounting to INR 5,050 crore. Indiabulls is one of the top dividend paying firms
and a AAA rated company. Indiabulls Group is the third largest real estate company and
has delivered a record of 4.7 million square feet under Mr Gehlaut’s guidance.
Ajay Piramal, 62, a Harvard Alumnus who leads the Piramal Group, has a wealth of INR
3,640 crore. He evolved the textile business to conglomerate with diversified business
interest. His corporate strategy and diversification plan has seen a massive growth for
Piramal Realty. Under his leadership the firm has over 10 million square feet developed.
The Piramal Realty developed India’s first mall, Crossroads, at South Mumbai.
Niranjan Hiranandani and Surendra Hiranandani established the Hiranandani group
in the late 1970s by. The Mumbai-based developer has presence across commercial,
residential, hospitality and education segments. The group is one of the early
developer’s to undertake township development projects, such as Hiranandani Gardens
in Powai and Hiranandani Meadows and Hiranandani Estate in Thane.
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The Richest Real Estate families
Indian Real Estate is primarily run by families. The families with highest number of entrants in GROHE Hurun India Real Estate Rich List 2017 is listed below
Richest Family Company Name No. of individuals City
Menda Family RMZ Corp 6 Bengaluru
Godrej Family Godrej Properties 5 Mumbai
Gupta Family Ashiana Housing 3 New Delhi
Razack Family Prestige Estate Projects 3 Bengaluru
Source: Hurun Research Institute 2017 Where they live.
By state, Maharashtra tops the list with 38 real estate entrepreneurs in the list,
followed by Delhi with 19 individuals and Karnataka with 17 individuals.
Table 2: GROHE Hurun India Real Estate Rich List 2017 by State
Rank State No of Individuals Richest Individual Net Worth INR Crore
1 Maharashtra 39 Mangal Prabhat Lodha 18,610
2 Delhi 19 Kushal Pal Singh & family 23,460
3 Karnataka 17 Jitendra Virwani 16,700
4 West Bengal 8 Harsh Vardhan Neotia & family 780
5 Tamil Nadu 4 M Arun Kumar, K R Anerudan 620
6 Telangana 2 S Subrahmanyam Reddy, C Venkateswara Reddy
670
7 Haryana 2 Sunil Satija, Dharmendra Bhandari
670
7 Kerala 2 KV Abdul Azeez & family 670
9 Punjab 1 Kulwant Singh & family 580
9 Gujarat 1 Dipakbhai kumar Govindbhai Patel & family
350
9 Rajasthan 1 Nand Kishore Gupta & family 350
Source: Hurun Research Institute 2017
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Housing Price Index
RBI Housing price index indicates that demonetization has a positive impact on housing
prices. Housing price index rose 10% for the 9 months ended on September 2017
compared to marginal growth rate of 3% in FY 16. All major cities have recorded a price
increase after demonetization except Jaipur where the prices are 3% below the pre
demonetization level. Lucknow, Chennai and Ahmedabad recorded post demonetization
housing price rise of 30%, 20% and 17% respectively.
“Based on a survey with the real estate agents in and around India, one could expect
the house price to go up in the short term and a possible correction in 5 years especially
in small cities. This is supported by inventory overhang and possible long term effects of
the current GDP slow down.” says Anas Rahman Junaid, MD and Chief Researcher,
Hurun Report India.
Source: RBI Data, Hurun Research Institute 2017
107 134 161 181 212 219 240
26%
20%
12%
18%
3%
10%
0%
5%
10%
15%
20%
25%
30%
0
50
100
150
200
250
300
FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 Q3FY 17
Housing Price Index Value Annual Growth Rate (%)
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Leverage in GROHE Hurun India Real Estate Rich List 2017 84% of companies in GROHE Hurun India Real Estate List 2017 are leveraged. More
than half of the companies have a debt to equity ratio of less than 100%, indicating the
strength of their balance sheet and their scale up potential. This analysis also validates
the stable rating received by these companies from rating agencies such as CRISIL,
ICRA, CARE and Brickwork. The companies with a lower debt to equity ratio has higher
valuation compared to their overleveraged peers in the List.
Chart: GROHE Hurun India Real Estate Rich List 2017, Percentage of companies in the list (Y axis) versus Debt to Equity Ratio (X axis)
Source: Ministry of Corporate Affairs, Company Data
54% 30% 16%0%
10%
20%
30%
40%
50%
60%
>100% 100% -200% <200%
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Richest in each city
By city, Mumbai leads with 38 individuals, followed by New Delhi with 19. Mangal
Prabhat Lodha from Lodha Group is the richest real estate entrepreneur in Mumbai.
Table 3: GROHE Hurun India Real Estate Rich List 2017 by City
Rank City No. of individuals
Richest Individual Net Worth INR Crore
1 Mumbai 38 Mangal Prabhat Lodha 18,610
2 New Delhi 19 Kushal Pal Singh & family 23,190
3 Bengaluru 17 Jitendra Virwani 16,700
4 Kolkata 8 Harsh Vardhan Neotia & family 750
5 Chennai 4 M Arun Kumar, K R Anerudan 600
6 Hyderabad 2 S Subrahmanyam Reddy, C Venkateswara Reddy
Sameer Gehlaut & family 5,050 Indiabulls Real Estate
Ajay Piramal 3,640 Piramal Realty
Niranjan Hiranandani 3,350 Hiranandani
Surendra Hiranandani 3,350 Hiranandani
Kamal Khetan & family 3,200 Sunteck Realty
Prithvi Raj Singh Oberoi 3,120 East India Hotels
Rohtas Goel 2,890 Omaxe
PNC Menon 2,710 Sobha
Raj Menda 2,660 RMZ Corp
Manoj Menda 2,660 RMZ Corp
Irfan Razack 2,620 Prestige Estate Projects
Rezwan Razack 2,620 Prestige Estate Projects
Noaman Razack 2,620 Prestige Estate Projects
Adi Godrej 2,210 Godrej Properties
Jamshyd Godrej 2,210 Godrej Properties
Nadir Godrej 2,210 Godrej Properties
Rishad Naoroji 2,210 Godrej Properties
Smitha V Crishna 2,210 Godrej Properties
Mofatraj Pukhraj Munot 1,730 Kalpataru
MR Jaishankar 1,460 Brigade Group
Ravi Puravankara 1,420 Puravankara
Neetu Menda 1,320 RMZ Corp
Anupama Menda 1,320 RMZ Corp
Bikramjit Ahluwalia family 1,300 Ahluwalia Contracts
Ashok Sarin & Anil Sarin 1,140 Anant Raj
Rajesh Anirudha Patil & Family 1,120 Kolte-Patil Developers
Rakesh Wadhawan & family 980 HDIL
Manoj Gaur 930 Gaursons India
Source: Hurun Research Institute 2017
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Sales Comparison
Most of the valuation has been conducted effecting valuation multiples on reported sales figures. Chart below depicts the percentage of companies in various sales bracket. 14 companies in list registered a sales of more than INR 2,000 crore and around 35 companies registered a sales of more than INR 1,000 crore. “A further drop in repo rate would result in cheaper loans/ EMIs. Heightened accountability due to RERA and potential benefits transfer to customers due to GST input credits will improve not only developers’ sentiments and credibility but also the buying capability of the customers”, says Anas Rahman Junaid, MD and Chief Researcher, Hurun Report India. Chart: GROHE Hurun India Real Estate Rich List 2017, the chart depicts the sales range of various companies in the list. (All figures in INR crore)
Source: Hurun Research Institute 2017
43%
22% 21%
14%
<500 500-1000 1000-2000 > 2000
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Credit worthiness of companies in GROHE Hurun India Real Estate Rich List
2017 Only 76% of companies are credit rated - ICRA (18%), CRISIL (17%) and Brickwork (16%). 99% of rated companies in GROHE Hurun India Real Estate Rich List 2017 have a stable credit, rating reaffirms the quality of business listed . For three companies in the list, ratings have been withdrawn by the respective agencies.
Table 14: Top 5 Real Estate Companies by market capitalization in GROHE
Hurun India Real Estate Rich List 2017
No: Company
Market
Capitalization (INR Crore)
Promoter
Head Quarter
Primary Sector
1 DLF
29,258 Kushal Pal Singh
New Delhi Commercial
2 Oberoi Realty
14,377 Vikas Oberoi
Mumbai Residential
3 Godrej Properties
13,402 Godrej Family
Mumbai Residential
4 Indiabulls Real Estate
10,485
Sameer Gehlaut & family
Mumbai Residential
5 Prestige Estate Projects
10,218
Irfan Razack & family
Bengaluru Commercial
Source: Hurun Research Institute 2017
The real estate business communities
The top 100 real estate barons are more than 40% from the Baniya community and
another 2% from the Parsi community. The Baniyas are considered the mercantile
community in India consisting of the Marwaris, Gujaratis and Sindhis, followed by the
Parsis who have been major traders from the early independence days and the rest from
the Non Baniya community.
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Methodology
The GROHE Hurun India Real Estate Rich List 2017 is a snapshot of wealth as on 30
September 2017. This is a sub list of Hurun India Rich List 2017. We have tried to limit
the valuation to primary ownership in Indian real estate businesses registered in
Ministry of Corporate Affairs, however there could be outliers. For instance, Godrej
group is a diversified conglomerate with diverse business interest and Adi Godrej has a
valuation of INR 37,800 crore in Hurun India Rich List 2017. However, in the GROHE
Hurun India Real Estate Rich List 2017, we have considered the valuation of Godrej
Properties for Adi Godrej, which would translate to INR 2,210 crore.
Valuing the wealth of India’s richest is as much an art as it is a science. Sure, we have
missed some, but we believe the GROHE Hurun India Real Estate Rich List 2017 to be
the most serious attempt to identify India’s top entrepreneurs and to measure value of
their holdings in the respective real estate businesses. Our team of researchers have
cross checked information with entrepreneurs, industry experts, journalists, bankers,
and regulators, government filings, as well as previous years’ databases. For non-
listed companies our valuation was based on a comparison with their listed equivalents
using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to
Sales, EV to EBITDA and also other methodologies including Discounted Cash Flow,
and so on. We have not included undeveloped land holdings in our list.
This year, we have split out siblings; so, for companies like Godrej Properties we have
split the net worth across five individuals.
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GROHE Hurun India Real Estate Rich List 2017 – TOP 100
Rank Name Wealth
INR Cr Company
City of
Residence Age Primary Sector
1 Kushal Pal Singh 23,460 DLF New Delhi 86 Commercial
99 Hemant M. Shah & family 310 Hubtown Mumbai 64 Residential
99 Vyomesh M. Shah & family 310 Hubtown Mumbai 57 Residential
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About GROHE
GROHE is the world’s leading provider of sanitary fittings and a global brand, dedicated to providing innovative water products. For many decades, GROHE has been committed to the brand values of technology, quality, design and sustainability that all illustrate GROHE’s commitment to creating exceptional experiences and to delivering “Pure Freude an Wasser”. With its engineering, innovation and design activities firmly anchored in Germany, GROHE products bear the badge of quality “Made in Germany”, ultimately strengthening the customers’ confidence in the brand. All plants of the GROHE manufacturing network make use of high-precision production engineering to ensure compliance with consistently high GROHE standards. This way GROHE ensures that its products live up to the most uncompromising demands in terms of workmanship and functionality. Over the past ten years alone, the success of GROHE has been confirmed by more than 280 design and innovation awards as well as several top rankings as one of “Germany’s most sustainable major companies”. Numerous high-profile projects around the globe are fitted with GROHE products, testifying to architects, designers and developers preference for the brand. GROHE is part of the LIXIL Group Corporation, a publicly listed company on the Tokyo Stock Exchange. LIXIL is the global market leader in the sanitary ware industry, managing a broad portfolio of well-known household brands such as GROHE, American Standard, and INAX. It is also Japan’s leading provider of housing and building materials, products and services.
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About Hurun Report India Voice of Indian Entrepreneurship
Hurun Report is a leading luxury publishing and events group established in London in 1999 and strongly present in US, UK, China and India, widely recognised world over for its comprehensive evaluation of the world’s wealthiest individuals across the globe. Hurun Report Inc. has three main platforms: Hurun Research Institute, Hurun Digital Media and Hurun Conferences and Luxury Summits. Through each platform, Hurun targets entrepreneurs and high net worth individuals. Hurun Report India commenced its operations in 2012 and has been bringing to light stories of successful and emerging Indian entrepreneurs ever since and felicitating them at a bouquet of Hurun events hosted pan India. Hurun Report India’s flagship properties include the India Rich List, the Hurun India Real Estate list, the ground-breaking India Philanthropy list and the Hurun Global Rich List. A testament to the comprehensive nature of our list is the presence and association of numerous billionaires in each of our events in UK, China and as well as India –
- Sir Richard Charles Nicholas Branson, Mr. Wang Jianlin, Mr. Jack Ma (AliBaba), Mr. Lei Jun (Xiaomi), Mr. Li Yanhong (Baidu)
- Dr. Cyrus Poonawalla, Mr. Samprada Singh, Mr. Adi Godrej, Mr. Kuldip Singh Dhingra, Mr. Anand Burman, Mr. Kris Gopalakrishnan, Mr. Rajesh Mehta, Mr Divyank Turakhia, Mr. Abhishek Lodha, Mr. Yusuff Ali, Mr. Kochouseph Chittilappilly, Mr. Joy Alukkas, Mr. T.S. Kalyanaraman to name a few.
For further information, see www.hurunindia.net; www.hurun.net For media inquiries, please contact: Hurun Report India Anish Zachariah Mobile: +91 9702062671 Email: [email protected]