Noronha, the wealthiest manager and professional CEO in India, saw his wealth grow by 12 percent in the last year.
Known as India’s wealthiest non-promoter CEO, Ignatius Navil Noronha is among the few individuals who became billionaires without owning or founding any business. In fact, Noronha is the brain behind the rise of the retail giant promoted by legendary investor Radhakishan Damani.
Noronha, the wealthiest manager and professional CEO in India, saw his wealth grow by 12 percent in the last year as per the most recent IIFL Wealth Hurun India Rich List. Despite not being a business owner, he is richer than several tycoons and almost all celebrities in the country with an estimated net worth of Rs 6,500 crore.
Noronha is the long-serving CEO of Avenue Supermarts, the company behind the innovative supermarket chain DMart. The listed firm run by Noronha has a market cap of over Rs 2,36,800 crore. DMart's rise, propelled by Noronha's strategy, has made Damani the retail king of India and one of the country's richest men with net worth of over Rs 1,34,200 crore
Noronha has to his name the credit for several industry firsts, including upping the standards in the FMCG sector. He is known as a top CEO who is a visionary and strategic genius. An innovative 48-hour supplier payment policy that changed the game was his brainchild. He took Avenue Supermarts to a blockbuster IPO in 2017.
Despite gathering massive fortune and being one of the most respected corporate minds in the country, Noronha is known to be humble, diligent and keeps a low profile. Noronha recently bought a lavish Mumbai apartment, one of the biggest deals in the city, for Rs 70 crore. The Bandra (East) property reportedly has a 10-vehicle garage. Apart from his significant stake in the listed firm, Noronha took home a whopping salary of Rs 4.5 crore last year.
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 "Meet the man who became a billionaire without founding any business, net worth is Rs 6500 crore")
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