There are five Indian-origin business tycoons on the coveted Forbes Singapore Rich List, which was released today. There is also one new entrant in the list. They have combined assets of about USD7.33 billion (SGD9.96 billion).
Father-son duo Raj Kumar and Kishin RK have combined assets of USD2.6 billion coming out top among the Indian-origin richest businessmen in Singapore. However, they come in at the ninth position in the richest list. Both father and son are one among Singapore's leading landlords with their Royal Holdings/RB Capital property empire.
“The duo have been on a deal-making spree after a 2011 family settlement between Raj and his younger sibling Ashok Kumar Hiranandani, also a billionaire. Their prize holdings include the 442-room Holiday Inn Express at Clarke Quay and the five-star Hotel Intercontinental at Robertson Quay,” stated Forbes.
The second richest Indian-origin business magnate is Arvind Tiku, who comes at 16th place in the list. He is a Singaporean resident having assets worth USD2 billion having interests in oil and gas, property and renewable energy, held through his privately held AT Holdings.
He left India at age 18 to study mechanical engineering in Russia and worked as a commodities trader before getting into oil and gas in Kazakhstan. He owns a stake in London-listed Nostrum Oil & Gas along with steel magnate Lakshmi Mittal and Timur Kulibaev, son-in-law of Kazakhstan's president. He also invested back home in renewable energy projects across India, stated Forbes.
Ashok Kumar Hiranandani is the third Indian-origin business tycoon boasting assets of USD1.42 billion and occupying 22nd position on the Singapore’s richest person list. He is the co-founder of erstwhile Royal Brothers property group as he separated from his older brother Raj Kumar in 2011 after dividing their property empire. His Royal Group, run by son Bobby, owns such trophies as the 215-room Sofitel Singapore Sentosa Resort and the So Softel Hotel in Singapore.
BK Modi, hailing from a top Indian business clan and now a Singaporean citizen, has assets worth USD665 million. He is the chairman of Smart Group. He has a joint venture to make electric vehicles in India with China's BYD. He became a Singaporean citizen in 2012 and shifted his group's headquarters to the city-state. In 2015, he sold a 51 per cent stake in a Delhi hospital for USD52 million to rival Max Healthcare, but still owns prime land in the area.
The new entrant to the list is Saurabh Mittal, the co-founder of Indian real estate and financial services group Indiabulls. He is ranked 44th with USD650 million. He relocated to Singapore three years ago and holds stakes in several ventures – including mixed-martial arts company ONE Championship and California data analytics firm Incedo – through his private investment firm Mission Holdings. He is an engineer from the elite Indian Institute of Technology, Delhi, and a Harvard B-School graduate.
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