Savitri Jindal Overtakes Lakshmi Mittal as Seventh Richest Indian Billionaire

Savitri Devi Jindal, India’s wealthiest woman and Chairperson Emeritus of JSW Steel, has seen a remarkable 35% increase in her net worth, surpassing the world-renowned steel magnate, Lakshmi Mittal, in wealth. With a net worth of $18.7 billion, Savitri Jindal now holds the seventh position among India’s billionaires, surpassing Lakshmi Mittal’s net worth of $17.2 billion. This substantial rise in her net worth has elevated her ranking by three positions since the beginning of the year.

While a significant portion of her wealth is attributed to JSW Steel, her holdings in JSW Energy and Jindal Steel & Power contribute substantially, standing at $4.2 billion and $3.0 billion, respectively. Notably, JSW Energy’s stock has surged by 46% in 2023, followed by Jindal Steel & Power, which has seen a 17% increase between January and now. However, JSW Steel’s shares have experienced a slight dip after a 26% surge from March to August 2023.

Savitri Jindal’s impressive wealth accumulation this year ranks her second only to Cyrus Poonawalla, who saw his net worth grow by $4.9 billion in the same period. Poonawalla serves as the chairman of the Serum Institute of India, the world’s largest vaccine manufacturer.

In contrast, ArcelorMittal, with the majority of Lakshmi Mittal’s fortune tied to its fate, has experienced a year of decline, with its stock falling 8% in 2023 after an 18% drop in 2022 due to shrinking margins and lower volumes. Mittal’s stake in ArcelorMittal stood at nearly $8 billion as of Tuesday, according to the Bloomberg Billionaires Index.

Additionally, JSW Infrastructure, the latest addition to the group, achieved a market valuation surpassing $4 billion shortly after its listing.

Re-reported from the article originally published in The CNBC Tv 18