Agarwal is the chairman and managing director of the company, which produces hydraulic mobile cranes, tower cranes, loaders, tractors, and agri-harvesters, all under ACE.
With a modest investment of just Rs 15 lakh sourced from his savings and provident fund, Agarwal initiated his entrepreneurial endeavor.
Forbes released its list of ‘World’s Billionaires’ for 2024 this week, which featured 200 Indians, up from 169 last year. Indians on the list amassed a staggering $954 billion, a 41% increase in their wealth from the previous year’s $675 billion held by 169 billionaires.
Out of the 200 Indians on the list, 25 featured on it for the first time.
A prominent name in this list is Vijay Agarwal, who established Action Construction Equipment, a company specializing in manufacturing construction equipment.
Agarwal is the chairman and managing director of the company, which produces hydraulic mobile cranes, tower cranes, loaders, tractors, and agri-harvesters, all under Ace.
The company derives nearly 70 per cent of its revenue from the cranes segment. It holds a 63 per cent share in the mobile cranes market and 60 per cent in tower cranes market domestically.
In 1995, Agarwal, an FMS alumnus, left a Rs 30,000 a month salary to set up his own crane manufacturing company.
In January in that year, Agarwal set up his business, under a tent in Faridabad, near his previous workplace.
With a modest investment of just Rs 15 lakh sourced from his savings and provident fund, Agarwal initiated his entrepreneurial endeavor.
Today, his net worth stands at an estimated $1.5 billion.
Topping this year’s list is Mukesh Ambani, chairman of Reliance Industries, with a net worth of $116 billion. An increase of 39.76 per cent to $83 billion last year makes him the first Asian to break into the $100 billion club.
Ambani retained his position as the ninth richest person in the world and both India’s and Asia’s richest person.
Gautam Adani, chairman of the Adani Group, is the second richest Indian, with a net worth of $84 billion.
The richest woman in India is Savitri Jindal, now the fourth richest Indian, up from sixth a year ago. She has a net worth of $33.5 billion.
Among the debutants include Naresh Trehan (managing director of Medanta), Ramesh Kunhikannan (managing director of Kaynes Technology), and Renuka Jagtiani (chief executive officer of Landmark Group).
