Forbes India on Thursday released its list of 100 wealthiest Indians in 2023, with the combined wealth of these billionaires being $799 billion, a touch lower than last year’s $800 billion. While Mukesh Ambani, who came second in 2022, pushed then-topper Gautam Adani to no. 2, this year’s biggest gainer is Polycab India’s Inder Jaisinghani, who nearly doubled his net worth in 12 months.
As per Forbes India, Jaisinghani’s current net worth is $6.4 billion, a staggering 91% rise from $3.35 billion in 2022. Unsurprisingly, his rank jumped as well; he is ranked 32 as against 60 last year, moving 28 places.
All you need to know about Inder Jaisinghani:
(1.) Forbes India noted that the huge rise in his wealth is because his company benefitted from increasing electrification. Headquartered in Mumbai, Polycab India was incorporated in January 1996 and manufactures and sells wires and cables, electric fans, LED lighting and luminaires, switches and switchgear, solar products, etc.
(2.) The billionaire, 70, started the company in 1986 with his brothers, and as a trading firm. He was appointed as its Chairman and Director in December 1997 and, in August 2019, reappointed as Chairman and Managing Director.
(3.) In 1968, at the age of 15, he had to drop out of school to help Girdhari, his elder brother, in taking over the family business after their father’s demise. The brothers were later joined by the two younger siblings, Ramesh and Ajay.
(4.) In 2008, Polycab received a major boost as the International Finance Corporation, World Bank’s private equity arm, picked up a stake in the company.
(5.) Finally, in October 2021, Jaisinghani entered the Forbes India rich list for the first time. He made his debut ranked 57, with a net worth of $3.6 billion.