India's 40 Richest

Methodology: Unlike our annual billionaires list, this ranking has been broadened to include family fortunes. For instance, Tulsi Tanti's billion fortune represents his family's entire stake in Suzlon Energy, not his personal stake that's reflected in the billionaire rankings. Net worths were calculated using Nov. 3 market prices and exchange rates. Privately held companies are valued by comparing them to similar publicly traded companies. Indian nonresidents such as Lakshmi Mittal are included as long as they still hold Indian citizenship. This ranking, unlike the forbes billionaires list, includes family fortunes.

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1. Mukesh Ambani

Makes debut as India's richest, despite fact that net worth fell $28.2 billion in past year as stock price of petrochemicals flagship Reliance Industries tanked. Unfazed, Mukesh upped Reliance stake, paying $3.4 billion to convert 120 million preferential warrants into shares, at a premium to stock price. Legal spat with estranged brother Anil over gas supply agreement still unresolved.

2. Lakshmi Mittal

Stock of world's largest steel outfit, ArcelorMittal, which he heads, spiraled to 4-year lows amid falling steel prices. In November announced plans to cut output, reduce debt. Mittal joined Goldman Sachs board in June. Has stakes in Indiabulls, RAB Capital.

3. Anil Ambani

Plans to merge his Reliance Communications with South Africa's MTN in what would have been India's largest-ever overseas deal were scuttled in July after brother Mukesh threatened to sue, claiming he had right of first refusal. Stock stumbled 48% since. Married to a onetime Bollywood actress, Anil has Hollywood ambitions: His Reliance Entertainment is investing $500 million in a new studio venture with Steven Spielberg's DreamWorks.

4. Sunil Mittal

Runs Bharti Group whose Bharti Airtel is country's largest mobile phone operator. In May backed out of deal to take over South Africa's MTN, opening door for Anil Ambani's failed bid. Launched Airtel Digital TV, a direct-to-home digital television service. Joint venture with Wal-Mart expected to open its first store next year. Funding soccer academy.

5. Kushal Pal Singh

Real estate baron and DLF chairman lost $27.2 billion in past year. Attempt to boost share price through share buyback was unsuccessful as were its plans to list its real estate investment trust in Singapore. Company paid $40 million in February to sponsor new cricket league for 5 years.

6. Shashi & Ravi Ruia

Brothers' Essar Group's most valuable asset is 33% stake in mobile phone operator Vodafone Essar, India's third largest. Also own 8% in rival telecom firm BPL Mobile. Lost out to Russian firm Severstal in bid for steelmaker Esmark this year. Other holdings in shipping, oil, construction, power.

7. Azim Premji

Longtime head of $4.9 billion (revenues) Bangalore outsourcing giant Wipro, handed over operations to 2 co-chief executives in April. Remains chairman. Hit by global economic slowdown, stock is down 44% in past year.

8. Kumar Birla

Head of Aditya Birla Group, commodities conglomerate inherited from father, with operations in 25 countries. His telecom outfit bought 50% of mobile operator Spice Communications. In October a rights issue by its aluminum maker Hindalco unraveled as its stock price plunged to alltime low.

9. Adi Godrej

Third generation head of Godrej Group, a consumer products conglomerate which makes locks, soaps, mosquito repellants, furniture and foods. In major image makeover, group logo was changed for the first time since it was founded 111 years ago. Following the easing of decades-old land ownership restrictions, Godrej has outlined ambitious plans to develop family's 3,500 acre estate in suburban Mumbai. Son Pirojsha, a Columbia grad, works in property arm.

10. Gautam Adani

Dropped out of college to start a trading outfit 20 years ago. Now his Adani Enterprises has interests in edible oils, power, infrastructure. Owns Mundra Port, India's largest in private sector. Fishermen recently took Adani to court over special economic zone he's building on western coast; court ruled in his favor. Plans to list power subsidiary are delayed.

11. Dilip Shangvi

Runs Sun Pharmaceutical Industries, India's most valuable drug-maker, which he founded twenty five years ago. Got traction and a presence in Europe and the US, through 13 acquisitions in as many years. Company's 2007 bid to acquire Israel's Taro Pharmaceutical Industries, a generic drugs maker, for $454 million and assumption of debt, is stuck in court over Taro's attempt, backed by stakeholder Franklin Templeton, to reverse the deal.

12. Savitri Jindal

Nonexecutive chair of conglomerate O.P. Jindal Group, named after her late husband. In bid to secure supplies for its steel plants, group acquired iron ore mines in Chile, Bolivia. Won oil-exploration blocks in Peru. Four sons run the operations. Son Navin is a member of parliament.

13. Malvinder & Shivinder Singh

In surprising move, brothers agreed to sell their 34% stake in generics maker Ranbaxy Laboratories, founded by their grandfather, to Japan's Daiichi Sankyo for $2 billion. Malvinder remains chairman and chief executive of Ranbaxy. Stock trading 74% below deal price, partly due to U.S. ban of 30 Ranbaxy drugs after discovery that 2 factories don't meet FDA standards. Group has retained former New York City mayor Rudy Giuliani to help resolve FDA matter.

14. Anil Agarwal

Chairs London-listed Vedanta Resources, metals, mining group with bulk of assets in India. Agreed to buy bankrupt U.S. copper miner Asarco for $2.6 billion in May; deal called off in October, after it tried to renegotiate price. Abandoned plans to restructure Vedanta into 3 units after investors protested.

15. Shiv Nadar

His $5 billion (sales) HCL Group, which he cofounded in 1976, is on acquisition streak. Outbid Infosys Technologies to snatch London-listed consulting firm Axon Group, for $700 million. Hosting annual customer event in Florida this month where 500 guests will hear Al Gore's keynote address.

16. Micky Jagtiani

College dropout drove a taxi in London before moving to Bahrain and taking over his deceased family's baby products shop. Over the years his Landmark Group moved to Dubai and expanded into fashion, electronics, furniture and budget hotels in Middle East and Southeast Asia. Owns stake in Saks. Sponsors Indian charities, including orphanage in Chennai.

17. Indu Jain

Chairs media giant Bennett, Coleman & Co. run by sons Samir and Vineet. Group's holdings include daily newspaper, the Times of India; television channels Times Now and Zoom. In June acquired U.K.'s Virgin Radio for $105 million, renaming it Absolute Radio.

18. Cyrus Poonawalla

Runs Serum Institute of India, one of world's largest makers of children's vaccines, started on family's stud farm in 1966; exports to 140 countries. Recently acquired minority stakes in biotech outfit Orchid Chemicals and rival vaccinemaker Panacea Biotech.

19. Uday Kotak

Shares of his Kotak Mahindra Bank sank 71% this year. Goldman Sachs' longtime partner until 2006 when he bought them out.

20. Chandru Raheja

Split from siblings in 1996 to run own privately held real estate group, K. Raheja Corp.; portfolio includes offices, malls, IT parks, hotels. Inked partnership with logistics firm ProLogis in April to build warehouses.

21. G.M. Rao

Former jute trader, heads GMR Infrastructure. His newly built airport terminal at Hyderabad was inaugurated by Congress Party President Sonia Gandhi in March. With partners, is constructing new terminals in Delhi and Istanbul. Paid $930 million for 50% stake in Dutch utility InterGen.

22. Vivek Burman

With siblings, inherited stake in Dabur, maker of herbal consumer products founded by great-grandfather. Handed reins to nephew Anand last year. Family sold their 65% stake in Dabur Pharma to Germany's Fresenius in April. Son Mohit is part owner of cricket team Kings XI Punjab.

23. Anurag Dixit

Joined PartyGaming at age 25 and designed the software for its successful PartyPoker, allowing live gambling over the Web. Left the company and sold a chunk of shares in 2006, the year U.S. government banned Internet betting.

24. Kalanithi Maran

His Sun TV Network is country's biggest regional broadcaster with 20 channels. Also owns 45 FM radio stations, newspapers, magazines. Launched Sun Direct, a direct-to-home satellite TV service provider, this year in partnership with Malaysia's Astro.

25. Venugopal Dhoot

Converted small inheritance into $4 billion (sales) Videocon, India's leading consumer electronics maker. Has interests in retail, oil, power; announced plans to expand into semiconductor manufacturing. Negotiating to sell part of its stake in telecom firm Datacom Solutions.

26. Yusuf Hamied

Built drugmaker Cipla, which he and brother inherited from father, into a leading maker of cut-price generics, earning nickname of "drug pirate." Claims 30% of world's 2 million HIV patients being treated are on Cipla's medicines. Has homes in London, Mauritius, Marbella and Mumbai.

27. Ramesh Chandra

His property firm, Unitech, has been battered by nation's real estate slowdown. Shares halved in one day in October on rumors that it was on verge of default. Chandra called for stock regulators to investigate. Group sold 60% of telecom arm Unitech Wireless to Norway's Telenor for $1.2 billion.

28. Suhbash Chandra

His Essel Group owns Hindi TV broadcaster Zee Entertainment, with 500 million viewers in 167 countries; son Punit named Zee's chief executive in August. Subhash's brothers run Zee News and Dish TV. Other businesses include online gaming, amusement parks. Launched Indian Cricket League.

29. N.R. Narayan Murthy

Nonexecutive chairman of outsourcing firm, Infosys Technologies, is only one of 6 cofounders to make top 40. Stock of company, which gets 62% of its $3.4 billion in sales from North America, is down 28% in past year. Awarded the Padma Vibhushan, India's second-highest civilian honor.

30. Rajan Raheja

Cousin of Chandru Raheja (no. 20), inherited family's real estate outfit. His Rajan Raheja Group now makes cement, automotive batteries, floor tiles. His Outlook Publishing launched Indian edition of People magazine.

31. Brijmohan Lall Munjal

Patriarch of Hero Group, which he and his brothers founded. Its Hero Honda, 25-year-old joint venture with Honda Motors run by son Pawan, is India's largest motorcycle maker. In April launched $1.1 billion joint venture with Daimler to make trucks for Indian market. Despite market slowdown, company posted 30% higher sales in last quarter.

32. Baba Kalyani

Heads Bharat Forge, world's second-largest forgings maker. Has leading share of Indian market for auto components; makes forgings for aerospace industry. Struck joint venture with state-owned NTPC to make equipment for power plants.

33. Tulsi Tanti

Wind knocked out of Tanti and his wind firm, Suzlon Energy, amid reports over poor quality of its wind turbine blades, some of which cracked. Company made $25 million provision to fix faulty blades. Firm's efforts to up its stake in German wind power firm Repower may be in jeopardy.

34. Jaiprakash Gaur

Founder of conglomerate Jaypee Group. His son Manoj chairs listed Jaiprakash Associates. Expanding in thermal power; bought power company from Kumar Birla in May. Building India's first Formula One race track near Delhi.

35. Niranjan Hiranandani

His Hiranandani Constructions caters to multinationals and India's burgeoning middle class. Notable tenants of its suburban Mumbai township include Nomura Securities, which took over space from Lehman Brothers. Also has foothold in Middle East where firm is building a 90-story tower.

36. Murali Divi

Youngest of 13, trained pharmacist partnered with pharma tycoon Anji Reddy. Started his Divi's Laboratories in 1990 and later moved into making off-patent bulk drugs for big pharma companies to use in drug discovery programs. Recently started making nutraceuticals. Does yoga every day.

37. Hemant Shah

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Son of a Bollywood film producer, got engineering degree and went into construction with brother. Listed his Akruti City in 2006. Is Partnering with Singh's (No. 5) DLF in several projects, including an IT park in Pune.

38. Gracias Saldanha

Former drug company executive started Glenmark Pharmaceuticals in 1977. Firm sells generic drugs in 95 countries. Its research labs churned out new drug candidates for osteoarthritis, diabetes and multiple sclerosis, now licensed to big pharma firms for development. Stock fell recently when Eli Lilly suspended trials of a pain molecule it was jointly developing with Glenmark.

39. Anand Jain

Mukesh Ambani's school buddy and onetime vice chairman of Reliance Capital. Shares in his Jai Corp. fell 85% in past year.

40. Rahul Bajaj

Chairman of 82-year-old Bajaj Group. Son Rajiv at helm of $2 billion (sales) Bajaj Auto, country's second-largest motorcycle maker. Partnering with Renault-Nissan to make a small, low-cost car. Cousins run other group companies with interests in electrical appliances, engineering, steel.