Mukesh Ambani tops IIFL Hurun Rich List

New Delhi: Mukesh Ambani, Chairman of India’s most valued firm Reliance Industries, continues to top the IIFL Wealth Hurun India Rich List 2020 for the ninth consecutive year, with a total wealth of Rs 6.58 lakh crore.

His total wealth has surged by 73 per cent in the last 12 months, propelling him to become the richest individual in Asia and fourth richest person in the world.

Indians with more than Rs 1,000 crore wealth cross the 828-mark in the 2020 edition of the rich list.

London-based Hinduja brothers (SP Hinduja, along with his three brothers) with a joint wealth of Rs 1.43 lakh crore bagged the second position. HCL Founder Shiv Nadar with a wealth of Rs 1.41 lakh crore ranked third, followed by Gautam Adani and family at fourth spot and Azim Premji at fifth spot.

Radhakishan Damani, the founder of Avenue Supermarts, debuted in the top 10 wealthiest individuals ranking in the IIFL Wealth Hurun India Rich List 2020.

“Assuming that for every one Hurun rich lister we have found, we have probably missed two, it is likely that India today has 2,000 individuals with Rs 1,000 crore,” continued Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

All three of Udaan founders became the highest gainers in terms of wealth as compared to the 2019 edition — with an increase of 274 per cent in each of their wealth.

The richest woman in the list is Smita V Crishna, of Godrej with Rs 32,400 crore, followed by Kiran Mazumdar-Shaw, of Biocon with a wealth of Rs 31,600 crore.

General Atlantic to invest Rs 3,675 crore in Reliance Retail

Mumbai: Reliance Industries Limited announced that global growth equity firm General Atlantic will invest Rs 3,675 crore into its subsidiary Reliance Retail Ventures Limited to pick up 0.84 per cent equity stake in the company.

This investment values Reliance Retail at a pre-money equity value of Rs 4.285 lakh crore, a company statement said.

This marks the second investment by General Atlantic in a subsidiary of Reliance Industries, following a Rs 6,598.38 crore investment in Jio Platforms announced earlier this year.

Disney Parks to fire 28,000 US employees

Los Angeles: Disney Parks is letting go of 28,000 US employees due to the impact of the ongoing pandemic on Disneyland and Walt Disney World.

Two-thirds of these employees are part-time workers.

Disney Parks chairman Josh D’Amaro wrote a letter to employees, saying that this was “the only feasible option we have” due to the Covid-19 pandemic forcing the parks to limit capacity and the ongoing closure of Disneyland in Anaheim, California, reports

He added in another statement that the state of California’s “unwillingness to lift restrictions that would allow Disneyland to reopen” worsened the situation.

Disneyland has remained shut since mid-March. Walt Disney World in Orlando, which also closed in March, reopened in mid-July with safety measures as well as reduced visitor capacity.

About 67 per cent of the cuts will impact part-time workers, affect Disney staff across executive, salaried and hourly positions.

Image courtesy of (File photo)

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