Ponguleti Srinivas Reddy's son Harsha is richest youngster from Hyderabad: Hurun Report
As per the list, Hyderabad took the third spot in the number of Indian billionaires
By Sri Lakshmi Muttevi Published on 29 Aug 2024 11:41 AM GMT
Hyderabad: Congress minister Ponguleti Srinivas Reddy’s son Ponguleti Harsha has emerged as the youngest from Hyderabad to be featured on the Hurun India Rich List in 2024.
The 30-year-old who owns Raghava Constructions clocked wealth of Rs 1,300 crores, standing sixth among the top 10 youngest billionaires. This year’s Hurun list featured 10 persons born in the 90s.
As per the list, Hyderabad took the third spot in the number of Indian billionaires.
What is the controversy around Harsha’s wealth?
Harsha has been under the Customs department’s lens which led to them issuing a summons to him in connection with the purchase of two luxury watches worth Rs 1.7 crores allegedly smuggled from Hong Kong via Singapore. The watches were seized from Mohammed Mubeen, an alleged courier and a dealer of luxury watches, who returned from Singapore on February 5.
India has witnessed an unprecedented surge in wealth creation with a new billionaire emerging every five days in 2023. The country’s billionaire count has crossed the 300 mark for the first time, reaching a record 334, a 29 per cent increase from last year.
Hyderabad beats Bengaluru to come third
According to the 2024 Hurun India Rich List released on Thursday, Hyderabad has emerged as the city with the third-highest number of billionaires in India.
With 17 entrants to the Hurun list, Hyderabad has bested Bengaluru for the first time to feature in the third spot on the rich list, with Mumbai, which leads with 386 individuals, and New Delhi with 217 persons, taking the top two positions respectively in terms of new additions.
The list, which featured Indians having a net worth of over Rs 1,000 crores, grew by 220 individuals to 1,539 people in 2024. The cumulative wealth has seen a 46 per cent jump in the year.
Telangana holds the fifth position in the country for the number of billionaires, showcasing its growing economic power.
Who is on the list from Telangana?
1. C Venkateswar Reddy of Aparna Constructions is among the top 10 biggest gainers with 277 per cent wealth growth.
2. Murali Divi and family, founders of Divi’s Laboratories, are the fourth richest among pharmaceutical industrialists in India, with a wealth of Rs 76,100 crores. Murali Divi has the 26th rank in the country and is number 1 in Hyderabad.
3. P Pichi Reddy of Megha Engineering (MEIL) is the richest in the construction and engineering sector with a wealth of Rs 54,800 crores.
4. PV Krishna Reddy of MEIL with Rs 52,700 crores, GM Rao of GMR Group with Rs 36,300 crores, PV Ramprasad Reddy of Aurobindo Pharma with Rs 35,100 crores, Bandi Prasad Reddy of the Hetero Group with Rs 29,900 crores, and Prathap Reddy of Apollo Hospitals with Rs 28,400 crores are among the top 100 richest individuals in the country.
