5. Dilip Shanghvi

$9.2 billion

Source: Pharmaceuticals

Age: 57. Married, 2 children

Residence: Mumbai

Shanghvi enters top 5 ranks for the first time as shares of his 1982 founded Sun Pharmaceutical Industries gained nearly 50 percent in past year, hitting a record high in October. It is the country’s most valuable drug maker.

In August, Sun said it would spin off its domestic formulations business, sparking a rumour that it may be considering a stake sale to big pharma; company denied it. Former chief executive of Israeli generics maker Teva Pharmaceutical replaced Shanghvi, who is still managing director, as group’s chairman in May.

Fast facts

He has invested in a new power venture. Son Aalok, who studied molecular biology at University of Michigan, is in charge of international marketing.

4. Pallonji Mistry

$9.8 billion

Source: Diversified

Age: 83. Married, 4 children

Residence: Mumbai

He is an Irish citizen and heads the construction giant Shapoorji Pallonji Group. He handed over the chairman’s responsibility of group to older son Shapoor in June. Younger son Cyrus will replace Indian business legend Ratan Tata as chairman of Tata Sons when Tata retires in December. Mistry’s family has long been the biggest shareholder in Tata Sons with an 18.4 percent stake, but this will be the first time a family member will be in charge. Family’s fortune is up $2.2 billion this year, after new disclosures on holdings.

Fast facts

Son Shapoor, a horse racing enthusiast, owns a stud farm in Pune that his dad gave him as a birthday gift many years ago.