The mother son duo is ranked 93rd in its recent 2009 Forbes India rich list.
According to the list, Ms. Murkumbi along with her son Narendra Murkumbi, has a net worth of $490 million.
#93 Vidya and Narendra Murkumbi
Net Worth: $490 million
Marital Status: Widow, 2 children/Married, 2 children
Low profile mother-son pair run Shree Renuka Sugars, among country’s fastest growing sugar companies. Its sugar refining capacity of 4,000 tonnes per day is India’s largest. Got started when they bought a money-losing sugar mill in 1998. Paid for it with loans and by persuading sugarcane farmers in the area where the mill was located to buy shares in the company. Thereafter, they acquired other ailing sugar refineries and turned them around. Currently own three refineries. Took company public in 2005. Recently bought a Brazilian sugar company for $82 million. Also produce ethanol and power from bagasse, a by-product of sugar. Mother Vidya lives in Belgaum near the sugar mill. Son Narendra lives in Mumbai.
According to Forbes, India is now home to as many as 52 billionaires, nearly double from 27 last November and just shy of a record of 54 in 2007 at the peak of stock market boom.
The India’s richest list is topped by industrialist Mukesh Ambani who has a staggering wealth of $32 billion. Steel tycoon Lakshmi Mittal and Anil Ambani, cornered the second and third position with a fortune of $30 billion and $17.5 billion respectively, the magazine said.
It feels great to see a Belgaumite in India’s Rich List, India we have many more to come in that list.