Kushal Pal Singh, chairman of India's leading real estate developer, DLF Ltd. became a trillionaire in rupee terms - the third to do so - as DLF shares rose sharply by 4 percent on Monday, pushing its market value to about Rs. 1,14,744 crore (US$28.5 billion).
Singh's promoter holdings were valued at Rs. 1,01,250 crore ($25.31 billion) at the end of the trading session on Monday following a 4.07 percent jump in DLF's share price, which closed at Rs. 673.05 on the Bombay Stock Exchange (BSE).
Reliance Industries Ltd (RIL) chairman Mukesh Ambani and younger brother Anil Ambani are the other two trillionaries. They saw their wealth, measured in terms of their promoter holdings in various group companies, also rise to about Rs. 1,61,000 crore ($40.25 billion) and Rs. 1,05,000 crore ($26.25 billion) respectively.
Recently, DLF concluded its IPO touted at India's biggest so far - raking in $2.3 billion. Singh's present stake in DLF stands at 88.24 percent.
DLF is India's largest real estate company and owns development rights of 574 million sq. ft. real estate, of which 51 percent is in the National Capital Region (NCR) and 23 percent is in Kolkata.
Based on the present market capitalization, DLF is one of the top nine most valuable companies in India, ahead of IT bellwether Infosys Technologies and India's largest private bank, ICICI Bank.
Reliance Industries Ltd (RIL) tops the list, followed by state-owned oil producer ONGC.
India's largest private mobile services provider Bharti Airtel is at No. 3, followed by power giant NTPC, Reliance Communications and India's largest IT company TCS.