The state that produced more than Adani, Ambani: Rich business tycoons of Gujarat

Even in the year of the pandemic, India saw a great surge in the exchequer due to increase in the number of growth contributors

Gujarat is often referred as the growth engine of the Indian economy. Known for nurturing veteran traders and several indigenous entrepreneurs since the pre-independence era, the state’s contribution is often overshadowed by the Adani Ambani narrative.

A recent global survey, however, featured a list of business tycoons and billionaires produced by the state which is not confined to only Adani, Ambani. According to the IIFL Wealth Hurun Gujarat Rich List 2020, the cumulative wealth of Gujarat’s residents rose 32% to Rs 4,04,600 Cr. over 2019.

Let’s take a look at the top 4 richest individuals from Gujarat (apart from Adani ,Ambani) who thrived on their way to the top:

  1. SavjiDholakia
     Wealth: Rs 49,200 crore

Dholakia is well known for giving his employees cars, jewellery and homes worth USD 8 million (50 crore INR) as a reward for meeting the targets. He gave away 491 cars (Fiat Punto), 525 pieces of diamond jewellery, and 200 apartments as Diwali gifts to his employees.

  1. Pankaj Patel
    Wealth: Rs 33,700 crore

At the age of 8 years, Pankajbhai would go to a medical factory with Ramanbhai to witness men working on tablet machines. His visits fascinated him and drove him closer to decide his career path of becoming a pharmacist. Today, he has emerged as the pharma mogul of Cadila Healthcare, which was co-founded by his late father.

  1. Bhadresh Shah
    Wealth: Rs 11,600 crore

Bhadresh Shah is the Founder, Managing Director, and Executive Promoter of AIA Engineering. As per Forbes, AIA is the world’s second-largest manufacturer of high chromium grinding parts (by sales) for the cement, mining, and power industries.

  1. Binish, Nimish, and UrmishHasmukhChudgar

Wealth: RS 10,600 crore

The low-profile family owns and operates Intas Pharmaceuticals. According to Forbes, Intas has 15 factories in the world – 10 in India, and the rest are located in Europe and Mexico. In 2019, the pharma company launched Eleftha, an affordable drug to treat breast cancer.

Gujarat is known as the jewel of western India and the land of entrepreneurs. According to IIFL Wealth Hurun India Rich List 2020, the state boasts of several successful businessmen with 60 of them featuring in the national edition of the list!

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