Nepali-born Acharya Balkrishna, a key aide to yoga guru Baba Ramdev, has debuted in Forbes magazine’s list of richest Indians for 2016 in the 48th spot. Forbes India said the 44-year-old had a net worth of $2.5 billion as of September 2016.

Balkrishna, born Narayan Prasad Subedi in Bharuwa village, Syangja in western Nepal, holds a 97 percent stake in fast-growing consumer goods outfit Patanjali Ayurved, which he co-founded with Baba Ramdev in 2006, according to forbesindia.com.

“With revenues of $780 million, Patanjali sells everything from herbal toothpastes and cosmetics to noodles and jams,” said Forbes India, adding, “Patanjali’s profits are donated to various trusts and charities.” This is the second time Balkrishna has made it into India’s rich list in the last few weeks. In early September, Balkrishna was ranked 26th in Hurun’s India rich list for 2016, which estimated his net worth at IRs250 billion.

Balkrishna is said to have met Ramdev at a gurukul in Haryana. The two initially set up Divya Pharmacy in the 1990s. The duo then established Patanjali Ayurved as a private limited company in January 2006, subsequently converting it into a public limited company in June 2007.

“Though Ramdev holds no shares in Patanjali, he is the company’s de facto brand ambassador, while Balkrishna runs operations,” said Forbes India. At present, Balkrishna is the managing director of Patanjali Ayurved which established a branch in Nepal in 2007 known as Patanjali Ayurveda Kendra.

Balkrishna also helped Ramdev establish Patanjali Yogpeeth Ashram in Haridwar. “Balkrishna also oversees 5,000 Patanjali clinics, the Patanjali University and a yoga and Ayurveda research institute,” said Forbes India. Earlier in 2012, India’s Central Bureau of Investigation claimed Balkrishna had obtained an Indian passport by furnishing fake documents.

Ambani richest Indian for 9th year

With $22.7 billion net worth, Reliance Industries Chairman Mukesh Ambani is the richest Indian for the ninth consecutive year, American business magazine Forbes India said on Thursday.

Ambani, 59, who retains the top spot in the annual list of 100 richest Indian tycoons, saw his wealth increase to $22.7 billion from $18.9 billion last year as shares of Reliance Industries rose 21 percent over 12 months, the magazine said in a report. The oil-to-retail conglomerate launched its 4G phone service Jio early this month, offering free calls and internet data link till December 31. Dilip Shangavi of drug major Sun Pharmaceutical Industries is the second-richest Indian with $16.9 billion net worth though his personal wealth declined $1.1 billion due to its share price dropping, while London-based Hinduja brothers, with a combined network of $15 billion in 2016 as against $14.8 billion in 2015, are third. The four siblings—Srichand, Gopichand, Prakash and Ashok—head the multinational group, whose businesses spans trucks and lubricants to banking and cable

television.

IT czar Azmi Premji of Wipro slipped to fourth from third with $15-billion, while his flagship IT services company reported six percent decline in net earnings to $304 million in second quarter of this fiscal due to sluggish sakes.

The government’s infrastructure push and housing-for-all policy have turned the fortunes of cement and paint tycoons such as Benu Gopal Bangur, who features at 14 in the top 20 for the first time with $5.9 billion net worth, as shares of his Shree Cement soared.

Like Bangur, Asian Paints non-executive Vice-Chairman Ashwin Dani added $1.1 billion to his wealth to figure at 34 with $3.3-billion net worth.

Though the composition at the top of the list remains unchanged, the combined net worth of the country’s 100 wealthiest increased 10 percent to $381 billion from $345 billion in 2015. (IANS)