62 People from Telangana and Andhra Make 'India's Richest' List

62 People from Telangana and Andhra Make 'India's Richest' List

Among the 828 individuals across India who featured in the IIFL Wealth Hurun India Rich List 2020 (a compilation of Indian individuals with a wealth of Rs 1,000 crore or more), 62 of them hail from the Telugu states of Telangana and Andhra Pradesh, according to IIFL Wealth

From AP and Telangana, Chigurupati Krishna Prasad of Granules India and C Sathyanarayana of Laurus Labs gained wealth by 218% and 210% in 2020 respectively, thereby becoming two of the top five wealth gainers in India.

C Sathyanarayana who previously worked for companies such as Ranbaxy and Matrix Labs, founded Laurus Labs in 2005. “In 2015, with an investment of INR 450 Cr, Laurus entered the formulations business and over the least three years, the company reported a 165 times growth in revenue to INR 825 Cr,” Hurun report says.

Chigurupati Krishna Prasad’s pharma company, Granules India has made new product additions in the Active Pharma Ingredients segment, and has had a 257% increase in its share price this year. 

The number of USD billionaires from AP and Telangana increased from five to nine this year, according to the report.TNM