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#360 K P Singh $4.96B

Random fact: Went from village to village in the 1980s to acquire land from farmers.

Overview

India's wealthiest property developer controls almost 75 percent of DLF, the country's largest real estate company, with his family. The former army officer is chairman of the company, which develops residential properties, offices, commercial complexes and retail sites including India's largest destination mall.

As of July 26, 2017:
Last change +$515k (+0.0%)
YTD change +$1.94B (+64.3%)
Industry Real Estate
Biggest asset DLFU IN Equity
Citizenship India
Age 85
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

K P Singh's net worth of $4.96B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
0
times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Singh's fortune is derived from his majority stake in DLF, India's largest real estate company, according to its website. Singh and his family control almost 75 percent of the Gurgaon, India-based business through holding companies, including Pansheel Investment, and directly under his name and his family members. Singh is credited with all of these shares to reflect his status as chairman. DLF's assets include Mall of India, India’s largest destination mall, according to its website.

The value of his cash investments is based on an analysis of dividends, insider transactions, taxes and market performance.

Divya Puri, a spokesman for DLF, declined to comment on Singh's net worth calculation.

Biography

Birthdate: 8/15/1931
Family: Married, 3 children
Education: Indian Military Academy, Graduated Science, Meerut College, Graduated

Singh's father-in-law, Raghvendra Singh, left his job as a civil servant and formed a company called Delhi Land & Finance Pvt. -- now DLF -- in 1946. He foresaw that the division of India into two countries a year later would spark demand for housing from refugees streaming in from regions that became Pakistan.

Raghvendra Singh suffered a setback in 1962 when the government forced closely held companies out of real estate in its effort to tame unbridled growth and create orderly cities. He called on his son-in-law, Kushal Pal Singh, to join him. "K.P." quit the army after nine years as an officer with the Deccan Horse, one of the oldest regiments of the armored corps.

The Singhs formed an electric motor venture with George Hoddy, founder of a company called Universal Electric in Owosso, Michigan. Hoddy became a mentor to K.P. Singh and helped his son, Rajiv Singh, gain admission to the Massachusetts Institute of Technology. The Singhs set up a venture with Philadelphia-based ESB Inc. called Willard India Ltd. to make car batteries in 1973.

Kushal Pal Singh was sitting on the outskirts of New Delhi in 1981 when a jeep broke down. The passenger was Rajiv Gandhi, son of then-Prime Minister Indira Gandhi. They struck up a conversation and Singh told Gandhi that his family had given up its real estate ambitions in the 1960s when the government barred private developers. He wanted to resume property purchases to create a modern suburb 17 miles south of central New Delhi, in Gurgaon. A state law that prevented companies from acquiring farmland for commercial use kept thwarting him. The prime minister's son helped Singh get a meeting with the chief minister of Haryana, who changed the law to allow farmland to be developed.

In the early 1980s, much like his father-in-law had done almost four decades earlier, Singh started acquiring land by going from village to village, talking to farmers and persuading them to sell. DLF acquired 3,500 acres in the coming years that he divided into plots and began selling to people. The billionaire's son, Rajiv, made his foray into real estate in 1987, when he oversaw construction of DLF's first office building in central New Delhi.

DLF has its headquarters in the 10-story building. As multinational corporations began arriving to take advantage of India's emerging outsourcing industry in the 1990s, Singh pitched Gurgaon as an alternative to New Delhi and attracted companies including General Electric. DLF raised $2.2 billion in June 2007, India's biggest initial share sale at the time.

Milestones
  • 1931 Kushal Pal Singh is born in Uttar Pradesh, India.
  • 1946 Father-in-law, Raghvendra Singh, sets up Delhi Land & Finance.
  • 1954 Marries Raghvendra Singh's eldest daughter, Indira.
  • 1960 Joins father-in-law in forming electric motor venture.
  • 1985 Begins development of 3,000-acre DLF City in Gurgaon.
  • 1997 General Electric opens an office in a DLF building.
  • 2007 Raises $2.2 billion in India's then-biggest initial public offering.
  • 2007 DLF buys controlling stake in Aman Resorts chain.
  • 2008 Establishes DLF Foundation.
  • 2012 Sells Aman to resort's founder Adrian Zecha for $300 million.