Bloomberg Billionaires Index

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#283 Prakash Lohia $5.88B

Random fact: Born in India, he obtained his Indonesian citizenship in 1984.

Overview

Lohia is the chairman of Indorama Corp., the world's largest maker of synthetic disposable gloves. The Singapore-based holding company of the Indorama Group has investments in textiles, polyesters and industrial chemicals. Indorama Ventures, an affiliated company that trades publicly in Bangkok, reported revenue of $7.2 billion in 2016.

As of Oct. 17, 2017:
Last change +$58.1M (+1.0%)
YTD change +$1.64B (+38.8%)
Industry Industrial
Biggest asset IVL TB Equity
Citizenship Indonesia
Age 65
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Prakash Lohia's net worth of $5.88B 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
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Lohia's fortune is derived from Indorama Corp., a Singapore-based holding company of the Indorama Group with business interests in textiles, polyesters and industrial chemicals. Indorama Corp. is the world's largest producr of synthetic disposable gloves, according to its website.

Through Indorama Corp., he owns 65 percent of Nigeria-based Indorama Eleme Petrochemicals. The closely held business is valued using the average enterprise value-to-Ebitda multiple of four publicly traded peer companies: LyondellBasell Industries, Petronas Chemicals, LG Chem and PTT Global Chemical.

Lohia also owns stakes in publicly traded companies, including 33 percent of Indorama Ventures and 27 percent of polyester company Indorama Synthetics. Indorama Ventures is a chemicals company that has 70 production sites in 24 countries and reported revenue of $7.2 billion in 2016, according to the company's website.

In Malaysia, he owns closely held disposable glove maker YTY Industry. That business is valued using the average price-to-earnings multiple of three publicly traded peer companies: Hartalega, Top Glove and Kossan Rubber.

Vishnu Swaroop Baldwa, Indorama Corp.'s managing director, confirmed the billionaire's holdings in July 2017.

Biography

Birthdate: 8/11/1952
Family: Married, 2 children
Education: 1971, Bachelor's Degree, Commerce, University of Delhi

Born in Kolkata, India, in 1952, Lohia and his family moved to Indonesia when he was 22. He and his father set up Indorama's first factory that produced cotton-spun yarns for textiles in the town of Purwakarta, in West Java. He obtained his Indonesian citizenship in 1984. Lohia expanded the business by venturing into the petrochemical industry and making acquisitions and investments, including in Indorama Ventures, the world’s largest producer of polyester and polyethylene terephthalate, a plastic resin used in a myriad of consumer products from toothbrushes to bottles.

In 2006, Indorama acquired Eleme Petrochemicals, which was a division of state-owned Nigerian National Petroleum. He revived the plant and returned it to profit two years later. When some Indian engineers working for Eleme Petrochemicals were kidnapped and held hostage by rebels in Nigeria in 2007, Lohia flew there and secured the safe release of his employees.

The billionaire, who lives in London, is married to the younger sister of billionaire Lakshmi Mittal. His only son, Amit Lohia, joined Indorama Corp. in 1996, a year after obtaining his finance degree from University of Pennsylvania’s Wharton School. The younger Lohia, who is based in Singapore, is managing director of the holding company and has led some of the group's projects and acquisitions.

Milestones
  • 1952 Lohia is born in Kolkata, India.
  • 1971 Receives commerce degree from University of Delhi.
  • 1974 Son, Amit Lohia, is born in India.
  • 1976 Starts Indorama Synthetics with his father, M.L. Lohia.
  • 1984 Obtains Indonesian citizenship.
  • 1994 Establishes Indorama Ventures in Thailand.
  • 1995 Gets into petrochemicals by setting up a PET resin plant in Thailand.
  • 1996 Amit Lohia, joins Indorama Corp.
  • 1997 Enters the polyester business with the purchase of a plant in Thailand.
  • 2006 Indorama acquires Nigeria-based Eleme Petrochemicals.