Business

Indian entrepreneur becomes billionaire amid COVID-19

Indian entrepreneur

There are businessmen who just lost billions during the pandemic but then there are other entrepreneurs as well who became billionaires during the ongoing coronavirus pandemic. Indian entrepreneur Arun Bharat Ram, chairman of SRF Ltd. became a billionaire amid the pandemic, thanks to the surging share price of his SRF limited company.

That’s what happened when a chemical tycoon from India Arun Bharat Ram a scion of the Delhi based business group that possesses the erstwhile Shri Ram Group of companies has become a billionaire and all due to the increase of price in shares of his Indian listed SRF limited company according to foreign media.

The SRF value in stock of the Indian entrepreneur rose by up to 63% since the last week of March when the government imposed countrywide lockdown in an attempt to control the spread of coronavirus. After the increase in the stock price, the net worth has also risen to $1.1 billion.

The Shri Ram Company makes chemicals which are used in refrigerants and chemical that are the raw materials for insecticide and for the pharmaceutical industry. Another unit of the parent ciompany makes textiles for industry use which also includes fabrics that are used in tires, tarpaulins, and belts. There is another division that worked to make chemicals used in the films for food packaging FMCG such as chips, biscuits and chocolates. SRF made $92 million on revenue of $1.1 billion till the closing of financial year.

The increase in demand from the market came when there was coronavirus pandemic that stimulated the majority of the business to reconsider their supply chain who are totally depending on the Chinese market. Indian companies and different investors expecting that Indian companies use the time frame and increase the market share so that clients can have a low cost alternative.

Image source link
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top