A clarification

MUMBAI: Dilip Shanghvi, the 59-year-old promoter of Sun Pharma, appears to have overtaken Mukesh Ambani (57) of Reliance Industries Ltd (RIL) as the richest Indian if one goes by the promoter holdings in the listed companies of the two groups.At Thursday's close of trading on BSE, the Gujarat-born and Kolkata-educated Shanghvi, by virtue of his over 63% holding in three group companies — Sun Pharma, Sun Pharma Advanced Research and Ranbaxy Labs — is worth about Rs 1.46 lakh crore ($23.42 billion at an exchange rate of 62.34 to the dollar).In comparison, Ambani, through his 45% holdings in two group companies — RIL and Reliance Industrial Infrastructure — was worth Rs 1.32 lakh crore ($21.2 billion), according to data compiled by TOI from the Bombay Stock Exchange (BSE).If one adds the 23% stake in wind energy major Suzlon, that Shanghvi and his family is in the process of acquiring, his wealth would be nearly Rs 1.48 lakh crore ($23.7 billion).However, Bloomberg's Billionaire Index still ranks the RIL boss as the richest Indian and 33rd globally with a net worth of $21.9 billion, and Sanghvi as the second richest (and 39th globally) at $19.7 billion.In the last one year the Sun Pharma stock has gained 50% to become the most valued pharmaceuticals company in India and one of the top five in the world. As a result Shanghvi, who started the company in 1982 with a seed capital of Rs 10,000, has become the richest drug maker in the world.His fortunes were also boosted by his acquisition of Ranbaxy Labs from its Japanese owners and sharp gains in Sun Pharma Advanced Research, the group drug R&D arm that was hived off as a separate company from the group's flagship a few years ago.In the last one month, while the Sun Pharma stock has gained about 5% to its current price of Rs 918, Sun Pharma Advanced Research jumped 50% to Rs 374. Ranbaxy too has gained about 10% to Rs 709 to add to Sanghvi's wealth at a fast clip.During the same period, RIL has gained about 3% while Reliance Industrial Infra has fallen marginally.According to the Hurun India rich list published last year, Ambani held on to his position as the richest man in India with a fortune of Rs 1.65 lakh crore, up 37% from last year. Shangvi shot up to No 2, overtaking L N Mittal for the first time, after seeing his wealth grow 43% to Rs 1.29 lakh crore.With reference to the TOI report `By market value, Sun Pharma's Shanghvi is richest Indian' published on February 20, Sun Pharma has clarified that its acquisition of Ranbaxy is still awaiting approval from the Punjab & Haryana high court. Besides, it's in the process of divesting seven products as mandated by the Competition Commission of India. Post acquisition, Sun Pharma will hold 54% in Ranbaxy, and not 63%.