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FM Nirmala Sitharaman says Air India, BPCL to be sold by March 2020



New Delhi: Finance Minister Nirmala Sitharaman on Saturday said that the central government is looking to wrap up the sale of state-run companies Air India and Bharat Petroleum Corporation (BPCL) by March next year.

Sitharaman said that the sale has been strategically decided upon after being aborted a year ago due to lukewarm responses. Many investors have shown interest to purchase the two loss-making companies and it could help meet the government’s disinvestment target of Rs 1 lakh crore in the current fiscal year, she said in an interview.

“We are moving on both with the expectation that we can complete them this year. The ground realities will play out,” Sitharaman stated while speaking to The Times of India.

Earlier this month, Air India chairman Ashwani Lohani, in an open letter to Air India employees, had said that the divestment may enable the airline’s sustainability.

For Air India, there is a “lot of interest” among investors, Ms Sitharaman said.

Recently, the cabinet approved changes in the process of disinvestment where the prospective bidders will be heard in roadshows before the expressions of interest (EoIs) are floated so that concerns of the prospective buyers are addressed.

Last year, the government had floated the Expression of Interest (EoI) for Air India to offload a 76 per cent stake and management control in the airline but it did not get a single bidder. The government currently owns 100 per cent equity of Air India.


Mukesh Ambani tops in Hurun India Rich list 2020,Let’s see other 10 billionaires.



The Hurun India list is a compilation of the richest individuals in the country having a wealth of Rs 1,000 crore or more as on August 31, 2020. In the 2020 edition, the list has 828 Indians.

“The IIFL Wealth Hurun India Rich List is a barometer of the Indian economy, helping us understand which industries have gone up, innovated or gone down. The stories of these entrepreneurs tell the stories of India’s modern businesses,” Anas Rahman Junaid, MD and Chief Researcher, Hurun India, said commenting on the launch.

Reliance Industries MD and chairman Mukesh Ambani continues to be the richest Indian for the ninth consecutive year on Hurun India Rich List 2020 with Rs 6,58,400 crore of personal wealth. Ambani is the only Indian to feature in the top 5 in the global rich list. Mukesh Ambani’s total wealth has surged by 73 per cent in past one year, making him Aisa’s richest individual and fourth richest man in the world.

London-based Hinduja brothers (SP Hinduja, along with his three brothers) with a joint wealth of Rs 1,43,700 crore bagged the second position on the Hurun India Rich List 2020, followed by HCL founder Shiv Nadar, who ranked third with a wealth of Rs 1,41,700 crore. While Gautam Adani and family bagged fourth spot and Wipro NSE 0.83 %’s Azim Premji at the fifth spot.

Radhakishan Damani, the founder of Avenue Supermarts, debuted in the top 10 wealthiest individuals and bagged the seventh rank in the Hurun India Rich List 2020.

Other named in the top 10 list included Other names in the Top 10 list included Cyrus S Poonawalla of Serum Institute of India, Uday Kotak of Kotak Mahindra Bank, Dilip Shanghvi of Sun Pharma and Cyrus Pallonji Mistry and Shapoorji Pallonji Mistry of Shapoorji Pallonji Group.

While 26-year-old Ritesh Agarwal of Oyo Rooms is the youngest person on the list with a wealth of Rs 4,500 crore and Dharam Pal Gulati (96) of MDH is the oldest on the list with a wealth of Rs 5,400 crore.

Nearly 5 per cent of the list (40 individuals) is comprised of women. 10 out of these 40 women are self-made. The richest woman in the list is Smita V Crishna, 69, of Godrej with Rs 32,400 crore, followed by Kiran Mazumdar-Shaw, 67, of Biocon with a wealth of Rs 31,600 crore also the richest self-made woman in India. The average age of women on the list is 61 years.

Here’re the top 10 billionaires in India, according to Hurun Rich List 2020

1: Mukesh Ambani

  • Wealth: ₹6,58,400 crore
  • Wealth change since 2019: 73%
  • Company: Reliance Industries

2: Hinduja Brothers

  • Wealth: ₹1,43,700 crore
  • Wealth change since 2019: -23%
  • Company: Hinduja

3: Shiv Nadar & family 

  • Wealth: ₹1,41,700 crore
  • Wealth change since 2019: 34%
  • Company: HCL

4: Gautam Adani & family

  • Wealth: ₹1,40,200 crore
  • Wealth change since 2019: 48%
  • Company: Adani

5: Azim Premji & family

  • Wealth: ₹1,14,400 crore
  • Wealth change since 2019: -2%
  • Company: Wipro

6: Cyrus S Poonawalla

  • Wealth: ₹94,300 crore
  • Wealth change since 2019: 6%
  • Company: Serum Institute of India

7: Radhakishan Damani & family

  • Wealth: ₹87,200 crore
  • Wealth change since 2019: 56%
  • Company: Avenue Supermarts

8: Uday Kotak

  • Wealth:₹87,000 crore
  • Wealth change since 2019: -8%
  • Company: Kotak Mahindra Bank

9: Dilip Shanghvi

  • Wealth: ₹84,000 crore
  • Wealth change since 2019: 17%
  • Company: Sun Pharmaceutical Industries

10: Cyrus Pallonji Mistry

  • Wealth: ₹70,000 crore
  • Wealth change since 2019: -9%
  • Company: Shapoorji Pallonji
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