4 Hyderabad billionaires on Forbes list; here’s how they made it

Hyderabad: Hyderabad is making international headlines with the presence of four billionaires from the city on the Forbes ‘India’s 100 Richest’ list for 2023.

Pharmaceutical gains

Securing the 33rd position on the roster is Murali Divi and family, with a staggering net worth of $6.3 billion. The founder of Divi’s Laboratories, Murali Divi, a US-trained scientist, established the company 33 years ago as a drug research firm. Today, it stands as a global leader in the supply of active pharmaceutical ingredients, engaging in custom manufacturing for pharmaceutical giants and venturing into the production of nutraceuticals.

Creating infrastructure

PP Reddy and PV Krishna Reddy clinched the 54th position with a net worth of $4.05 billion. PP Reddy, who came from an agricultural background, founded Megha Engineering Enterprises in 1989. Initially focused on constructing small pipes, the company swiftly expanded into monumental infrastructure projects, including dams, natural gas distribution networks, power plants, and roads. Renamed Megha Engineering & Infrastructures in 2006, the company, led by PV Krishna Reddy since 1991, completed India’s largest lift irrigation project valued at $14 billion in Telangana. Forbes acknowledged the success of Olectra Greentech, a subsidiary leveraging technology from China’s BYD, with an order book exceeding 3,000 buses.

International laboratories

The Reddy Family, associated with Dr Reddy’s Laboratories, secured the 75th position with a net worth of $3 billion. Founded in 1984 by the late K Anji Reddy, the company focuses on producing pharmaceutical ingredients and generics, garnering a significant portion of its revenue from North America and more than a fourth from India.

More pharma gains

PV Ramprasad Reddy claimed the 98th spot on the Forbes list, boasting a net worth of $2.35 billion. Serving on the board of Aurobindo Pharma, co-founded in 1986, PV Ramprasad Reddy contributes to the production of drugs addressing various ailments, including diabetes and cardiac issues. Aurobindo Pharma received approval in September 2023 to launch the cancer drug Revlimid in India, further solidifying its global presence.