• Saturday, April 20, 2024

Business

Meet Renuka Jagtiani, India’s latest billionaire in Forbes 2024 list

The chairwoman of the Middle East-based Landmark group has a net worth of $4.8 billion.

Landmark Group CEO Renuka Jagtiani (Picture: Landmark Group website)

By: Shubham Ghosh

INDIA welcomed as many as 25 new billionaires in 2024 and among them is Renuka Jagtiani, chairwoman Landmark Group, an e-commerce conglomerate based in Dubai, UAE, and founded by her late husband Micky Jagtiani. She has a net worth of $4.8 billion (£3.8 billion), according to a new report from Forbes.

Forbes on Tuesday (2) released its latest ‘World’s Billionaires List’ that features 200 Indians, 31 more from the count last year.

These Indians together possess wealth worth $954 billion (£759 billion), marking a 41 per cent rise from $657 billion (£523 billion) seen in 2023. Mukesh Ambani, chairman of Reliance Industries, topped the list with a net worth of $116 billion (£92.2 billion). He is also the richest man in Asia and the ninth-richest individual globally. France’s Bernard Arnault and his family were at the top position, with a net worth of $233 billion (£185.3 billion).

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The Forbes list also identifies 2,781 billionaires worldwide, collectively valued at $14.2 trillion (£11.2 trillion). The surge in global wealth has led to 265 new billionaires this year, 115 more than 150 in 2023, according to the report.

For Renuka Jagtiani, going up the steps in the business sector is not something new. She has earned many recognition for her leadership in the past, including the Outstanding Asian Business Woman of the Year Award in 2007 at the Asian Business Awards Middle East. In 2012, she was picked as the Businesswoman of the Year at the Gulf Business Industry Awards.

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Two years later, she was conferred Entrepreneur of the World Year award by the World Entrepreneurship Forum. In 2015, she received the Strategic Leader of the Year crown at the Indian CEO Awards. In 2017, she was inducted into the ‘Hall of Fame’ at the World Retail Congress.

An alumnus from the University of Mumbai, Jagtiani joined the Landmark Group in 1993 and led its corporate strategy and played a key role in setting up the company’s India business, which currently has more than 900 stores.

She has not only inherited the billions from her late husband but also successfully carried forward his legacy. Micky Jagtiani, who died in May last year, had established the Landmark Group in the 1970s with a single store in Bahrain and made forays into businesses such as electronics, fashion, furniture and budget hotels. The company currently has more than 2,000 stores across 21 nations.

Three of the Jagtianis’ children — Aarti, Nisha and Rahul — are currently serving as group directors at Landmark.

As head of her company, Renuka Jigtiani oversees more than 50,000 employees.

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