HITTING THE FMCG JACKPOT

Promoters from the sector see a decent rise in their net worth despite a tough year.

- Urvashi Mishra

RAVI KANT JAIPURIA

WEALTH: ₹83,783 crore

ASHWIN SURYAKANT DANI

WEALTH: ₹68,080 crore

MAHENDRA CHIMANLAL CHOKSI

WEALTH: ₹52,606 crore

THEY STARTED from scratch and built enviously huge business empires. The founders-promoters of some of India’s largest fast moving consumer goods (FMCG) firms have a knack for identifying the perfect product at the perfect price, making it available at the perfect store at the perfect time, with a brand name that sounds, you guessed it right, perfect.

Post-Covid, India’s booming consumer spending is propelling the FMCG industry at a faster pace. After struggling with high inflation and fuel prices in last two years, the sector is poised for an era of growth, driven by innovation and demand for diverse, healthy and convenient products and services. This explains the presence of dozen-plus promoters of FMCG companies in Fortune India’s Rich List this year—their combined wealth exceeding ₹5.2 lakh crore—thanks to strategic investments aided by consumer data and technology.

For instance, a stellar rally in stocks of companies named after his children took promoter and chairman of RJ Corp Ravi Kant Jaipuria’s net worth to ₹83,783 crore in 2023. Rise in shares of Varun Beverages and Devyani International swelled the coffers of India’s “cola king” by ₹24,578 crore. The surge has propelled Jaipuria to the 17th spot in the list of India’s wealthiest individuals.