Nirma's Karsanbhai tops Gujarat's wealth list

AHMEDABAD: Real-life David, Nirma''s Karsanbhai Patel, who shook Goliath Hindustan Lever in a corporate soap opera, has emerged as Gujarat''s richest industrialist with a kitty of Rs 2,260 crore — the stake he owns in the company.
This is a unique achievement for a first-generation entrepreneur that Karsanbhai is, in a state where business dynasties have amassed wealth over generations.Today, his 77.36% stake in Nirma has made him the richest Gujarat-based businessman. Recently, he has shown interest in acquiring the sick Core Healthcare''s business to make an entry into the pharma sector.
Karsanbhai''s challenger is Cadila Healthcare''s Pankaj Patel who comes a close second with Rs 2,026 crore. It has been a meteoric rise for Pankaj Patel, with various acquisitions in India and abroad. With a turnover of over Rs 1,000 crore, Cadila Healthcare has emerged as the largest pharmaceutical company in the state.
The group was formed after the split between his father Ramanbhai Patel and IA Modi of Cadila Pharmaceuticals.
While Ramanbhai, a first-generation entrepreneur, adopted a policy of steady growth through the organic route, Pankaj Patel has accelerated growth through acquisitions. After buying a pharma company in France, he is scouting for more acquisitions in Europe. As acquisitions are costly in the US, he has set up a couple of subsidiaries there.
Torrent''s Sudhir Mehta comes third with Rs 1,360 crore, after adding up the worth of his six group companies.
Mehta''s father, UN Mehta, established the Torrent group through the pharma venture. Later, the group took control AEC and SEC from the state government and emerged as a major player the power sector.
The Lalbhais of Arvind and top exporter and port developer Gautam Adani come next. The Lalbhai family''s stake in Arvind Mills is Rs 837 crore and its holding in Atul Ltd and Arvind Products would add another Rs 140 crore.
A few years ago, Arvind Mills, the second largest denim maker in the world, was down in the dumps. Huge debts and a crash in denim prices globally had soaked the company''s balance sheet in red ink. But a corporate debt restructuring package by the lenders enabled a turnaround.
The Adani brothers, Gautam and Rajesh, who were in the diamond business, started Adani Exports 20 years ago and have now transformed it into the largest export house in the country. They are worth Rs 803 crore, based on their 60% stake in Adani Exports. But their stakes in unlisted companies like Adani Wilmar, Adani Port (Mundra), Gujarat Adani Energy and Mundra SEZ are likely to be much more.
There are a number of Gujaratis, especially in the diamond industry, whose wealth sparkles more than that of those mentioned above. But as they have no listed companies, it is very difficult to estimate their wealth. Even amongst the listed entities, the estimated wealth is only the notional value the promoters'' equity holding and does not include other types of assets and investments they own.