Mukesh Ambani beats brother Anil on India's rich list

Billionaire Mukesh Ambani extended his lead over younger brother Anil as the second-richest Indian, as his Reliance Industries Ltd benefited the most from a record stock market rally.

Mukesh's net worth more than doubled to $49 billion, ahead of Reliance Communications Ltd Chairman Anil's $45 billion, Forbes magazine said on its website. ArcelorMittal Chief Executive Lakshmi Mittal, who holds an Indian passport and lives in London, held on to the top spot with $51 billion.

The fastest pace of economic growth in six decades is spurring consumption and investment in the nation of 1.1 billion people.

The four richest people in India are worth $180 billion, Forbes said. The worth of the country's 40 richest people more than doubled to $351 billion, making them the wealthiest such group in Asia.

Mukesh, 50, added $30.5 billion to his wealth, making him the year's biggest gainer, Forbes said.

The worth of Anil, 48, who split with Mukesh in 2005, jumped $30.2 billion, Forbes said.

Reliance Industries, operator of the world's third-largest oil refinery, accounted for a quarter of the rise in index points of the benchmark Sensitive Index this year.

The stock has more than doubled, outperforming the Sensex's 44 percent advance.

Gains for Reliance Industries have also helped companies with links to the Mumbai-based group.

Anand Jain, Mukesh Ambani's friend since childhood, entered the list for the first time with a net worth of $4 billion.

His Jai Corp has risen more than sevenfold this year as it helps develop special economic zones for Reliance Industries near the commercial capital Mumbai.

Bloomberg News

(China Daily 11/16/2007 page16)