DLF CHIEF WORLD’S RICHEST PROPERTY TYCOON - These Indians make us Proud - Indian Real Estate Forum

Pinnacle · 07-03-08

Forty- seven years ago, Captain Kushal Pal Singh quit the Army, after serving for nine years in The Deccan Horse, to join his father- in- law Raghvender Singh’s company, Delhi Land & Finance. The man who studied aeronautical engineering in Britain has soared to become the world’s “ richest real estate baron” and is ranked No. 8 by Forbes magazine in its much- anticipated 2008 list of billionaires. The 76- year- old, who lords over 748 million square feet in developable area in 32 cities, which is twice the area of Lakshadweep, has risen 52 notches and added Rs 80,000 crore to his net worth in 2007. He was No. 60 on the Forbes list last year and his net worth was Rs 40,000 crore.

Today, the world’s eighth richest man is worth Rs 120,000 crore. That is thanks mainly to DLF’s highly successful IPO which put just 10 per cent of the company’s holding on the market and yet mopped up over Rs 10,000 crore last year. About twice the size of India’s previous biggest, the IPO netted Singh and members of his family, who together hold 87 per cent of DLF, about Rs 90,000 crore.

Last year the DLF chief was visibly embarrassed when the media sought him out after the mega IPO and he had become India’s third richest man. The reaction was no different today. The spokesperson for his company said, “ Singh is too embarrassed to answer any question on his wealth. His focus is on real estate development. Personal questions on wealth are not his cup of tea.”

UK- based steel tycoon Lakshmi Mittal and the Ambani brothers are the other Indian citizens giving the 14- handicap golfer company among the world’s top 10 billionaires. But none has shown such remarkable growth as the man who counts GE’s former boss Jack Welch and Monaco’s late ruler, Prince Rainier, among his friends.

Singh’s DLF, now managed day- to- day by son Rajiv, will add 34 shopping arcades to the group’s present tally of 10 in the next four years. It will also own 25,000 hotel rooms, most of them in partnership with Hilton International (the company has also bought a stake in upscale Aman Resorts), in the next seven years.

And these are not idle predictions of a company that has yet to earn its spurs. Last year, DLF’s profits grew by 1,000 per cent to touch Rs 1,880 crore. DLF’s next move will be a joint venture with Prudential and airport development with Fraport Ag, owner and operator of Frankfurt Airport.

The hunger for land acquisition has been the strongest in Singh. Over the last year, the land bank has increased from 10,000 acres to 13,000 acres. Singh has mentioned how he would love to acquire the whole of Connaught Place and give it a modern makeover.

It has been a long journey since the time Singh went from house to house in Gurgaon to purchase 3,200 acres of dusty, barren land. That was in the early 1980s.

His father- in- law had developed 22 South Delhi neighbourhoods — including Hauz Khas, South Extension and Greater Kailash — but by the time Singh joined Delhi Land & Finance, the land market had been frozen by the government. He launched a company that tied up with two US firms to make electric motors and automotive batteries. The joint venture flopped, but Singh says it exposed him to US management techniques

07-03-08	#1
Pinnacle Member Join Date: Nov 2006 Location: Mumbai, India Posts: 260 My Mood: Thanks: 0 Thanked 3 Times in 3 Posts	DLF CHIEF WORLD’S RICHEST PROPERTY TYCOON - These Indians make us Proud Forty- seven years ago, Captain Kushal Pal Singh quit the Army, after serving for nine years in The Deccan Horse, to join his father- in- law Raghvender Singh’s company, Delhi Land & Finance. The man who studied aeronautical engineering in Britain has soared to become the world’s “ richest real estate baron” and is ranked No. 8 by Forbes magazine in its much- anticipated 2008 list of billionaires. The 76- year- old, who lords over 748 million square feet in developable area in 32 cities, which is twice the area of Lakshadweep, has risen 52 notches and added Rs 80,000 crore to his net worth in 2007. He was No. 60 on the Forbes list last year and his net worth was Rs 40,000 crore. Today, the world’s eighth richest man is worth Rs 120,000 crore. That is thanks mainly to DLF’s highly successful IPO which put just 10 per cent of the company’s holding on the market and yet mopped up over Rs 10,000 crore last year. About twice the size of India’s previous biggest, the IPO netted Singh and members of his family, who together hold 87 per cent of DLF, about Rs 90,000 crore. Last year the DLF chief was visibly embarrassed when the media sought him out after the mega IPO and he had become India’s third richest man. The reaction was no different today. The spokesperson for his company said, “ Singh is too embarrassed to answer any question on his wealth. His focus is on real estate development. Personal questions on wealth are not his cup of tea.” UK- based steel tycoon Lakshmi Mittal and the Ambani brothers are the other Indian citizens giving the 14- handicap golfer company among the world’s top 10 billionaires. But none has shown such remarkable growth as the man who counts GE’s former boss Jack Welch and Monaco’s late ruler, Prince Rainier, among his friends. Singh’s DLF, now managed day- to- day by son Rajiv, will add 34 shopping arcades to the group’s present tally of 10 in the next four years. It will also own 25,000 hotel rooms, most of them in partnership with Hilton International (the company has also bought a stake in upscale Aman Resorts), in the next seven years. And these are not idle predictions of a company that has yet to earn its spurs. Last year, DLF’s profits grew by 1,000 per cent to touch Rs 1,880 crore. DLF’s next move will be a joint venture with Prudential and airport development with Fraport Ag, owner and operator of Frankfurt Airport. The hunger for land acquisition has been the strongest in Singh. Over the last year, the land bank has increased from 10,000 acres to 13,000 acres. Singh has mentioned how he would love to acquire the whole of Connaught Place and give it a modern makeover. It has been a long journey since the time Singh went from house to house in Gurgaon to purchase 3,200 acres of dusty, barren land. That was in the early 1980s. His father- in- law had developed 22 South Delhi neighbourhoods — including Hauz Khas, South Extension and Greater Kailash — but by the time Singh joined Delhi Land & Finance, the land market had been frozen by the government. He launched a company that tied up with two US firms to make electric motors and automotive batteries. The joint venture flopped, but Singh says it exposed him to US management techniques __________________ Ram

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