Thursday, December 7, 2023

TS, AP mega-rich own Rs 5.25 lakh crore

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PNS | Hyderabad

The cumulative wealth of the rich in Andhra Pradesh and Telangana stands at Rs 5,25,700 crore. With a wealth of Rs 55,700 crore Murali Divi and family of Divi’s Laboratories are at the top and with Rs 37,300 crore P. Pitchi Reddy of Megha Engineering & Infrastructures follows them. PV Krishna Reddy of Megha Engineering occupies the next slot.

Hurun Report India and 360 ONE Wealth unveiled the 2023 edition of ‘360 ONE Wealth Hurun India Rich List 2023’ – a compilation of the wealthiest individuals in India having a wealth of INR 1,000 crore or more.

The Hurun Report India and 360 ONE Wealth launched an analysis of the richest from Andhra Pradesh and Telangana in the 360 ONE Wealth Hurun India Rich List 2023. Wealth calculations are as of August 30, 2023. The cumulative wealth of individuals in the AP & Telangana list registered a 33% increase compared to last year.

With five names, Medha Servo Drives contributes INR 5,700 crore. Mahima Datla & family is the richest woman to feature on the list. 87 people who hail from Hyderabad feature in the list as well. Hyderabad is the preferred city of residence by 83% of the individuals from AP & TS who figure in the list.

Speaking about the India Rich List, Shaji Kumar Devakar, the Executive Director, 360 ONE Wealth, said, “We are thrilled to witness the remarkable growth of wealth in Andhra Pradesh and Telangana, with 105 individuals making their mark on the list this year. The cumulative wealth of INR 5,25,700 crore reflects the economic dynamism of this region. It’s particularly noteworthy to see 12 billionaires from AP & T, including Murali Divi & Family of Divi’s Laboratories and P. Pitchi Reddy of Megha Engineering & Infrastructures, leading the charge.”

Commenting on the launch of the India Rich List, Anas Rahman Junaid, the MD and Chief Researcher, Hurun India, said, “The 360 One Wealth Hurun India Rich List 2023 for Andhra Pradesh and Telangana displays the region’s growing economic prowess. Hyderabad’s prominence as the city of choice for 83% of individuals on the list highlights its emergence as a major wealth centre. With 33 new entrants contributing INR 76,600 crore, the AP & T state rich list reflects the entrepreneurial spirit and wealth creation potential of this region.”
Andhra Pradesh and Telangana state rich list recorded 33 new entrants in 2023. These individuals contributed a cumulative wealth of INR 76,600 crore to 360 ONE Wealth Hurun India Rich List 2023 and the state list as well.

The 360 ONE Wealth Hurun India Rich List 2023 has been researched and compiled by the Hurun Research Institute for the 10th year running. The cut-off used was August 31, 2023, when the rate of exchange to the USD was INR 82.02. The list features only individuals born or raised in India irrespective of their current residence or citizenship.

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