Choksi is a shareholder and former director of Asian Paints, the largest paints maker in India. The Mumbai-based company manufactures decorative paints, varnishes, enamels and synthetic resins. It has customers in more than 60 countries and reported revenue of more than $2.9 billion in the year to March 31, 2021
Mahendra Choksi & family's net worth of $5.43B can buy ...
... and is equivalent to ...
The majority of Choksi's wealth derives from a 16% stake in publicly traded Asian Paints. The Mumbai-based company is India's biggest paint maker and has customers in more than 60 countries, according to its website.
The shares are held by a promoter group, which includes holding companies, trusts and family members, according to a December 2021 BSE filing. Less than 1% of shares held by the group are pledged and removed from the calculation.
The value of the cash investments is based on an analysis of dividends, insider transactions, taxes and market performance.
Media representatives for Asian Paints did not respond to emails requesting comment on the net worth calculation.
Mahendra is the son of Chimanlal Choksi, one of the four founders of Asian Paint in 1942.
Born and raised in Mumbai, he's the younger brother of Aswhin Choksi, the former chairman of Asian Paints who passed away in 2018.
Mahendra joined the board of Asian Paints in 1992 and resigned as a director in 2018, citing his age. His son Manish was appointed as the company's non-executive vice chairman.