India, one of the world’s largest economies, has a well-known oil and gas sector full of Billionaires.
Major players like Reliance Industries and the Adani Group have established India as one of the largest refining hubs in Asia, with a total refining capacity of approximately 256.8 million metric tons per annum (MMTPA) as of early 2024.
The sector not only contributes about 2% to the national GDP but also supports millions of jobs and plays a key role in securing India’s energy future. With around 23 refineries across the country, the industry’s influence extends beyond energy, impacting transportation, industrial development, and foreign investment in the Indian economy.
The top 5 players in the industry are listed below:
1. Mukesh Ambani
Ambani is one of India’s wealthiest people globally; he is chairman and largest shareholder of the well-known “Reliance Industries.”
He is ranked 9th in the global Forbes Billionaire list with a net worth of $116 billion.
The company was initially focused on textiles but entered the oil and gas sector in the late 1990s.
Today the company is a dominant player involved in refining, petrochemicals, etc. It owns Jamnagar Refinery, one of the biggest refineries in the world. The company has also diversified into telecommunications and retail.
As of 2024, the company has a total revenue of $108.8 billion.
2. Guatam Adani
Adani is the founder and chairman of the populous Adani Group. As of 2024, he is the 17th richest man in the world, with a net worth of $84 billion.
The conglomerate, established in 1988 and one of India’s largest conglomerates, has diversified interests, including energy, oil and gas, e.t.c.
The company has, as of 2024, a total revenue of $37 billion. The Group is heavily invested in green energy initiatives, aiming to become the world’s largest renewable energy producer by 2030
3. Shashi and Ravi Ruia
The billionaire brothers are behind the famous Essar Group, whose main interests are oil and gas, refining, etc. With a combined worth of a total of $6.9 billion as of 2023, the brothers have established Essar as a key player in the global energy landscape.
Headquartered in Mumbai, the group has a presence in over 25 countries. As of 2022, the company had a total revenue of US$14 billion.
At its peak, Essar Group was among India’s largest energy conglomerates, boasting an impressive portfolio that included Essar Oil, one of the country’s largest refining companies.
However, in 2017, they sold Essar Oil to a consortium led by Russia’s Rosneft for approximately $13 billion.
While they sold the oil arm to Rosneft and partners, they remain influential in the sector through various energy investments, particularly in renewable energy projects.
4. Anil Agarwal
Through its subsidiary, Cairn Oil & Gas, Vedanta holds significant stakes in India’s oil and gas exploration and production, particularly in the Rajasthan block, which is one of the country’s largest onshore oil-producing fields.
In recent years, Vedanta has diversified into mining, iron ore, copper, and zinc, operating in South Africa, Namibia, and Zambia.
The company reported a total revenue of $17.128 billion in 2024, driven by its diversified asset base and strategic investments in energy resources.
5. Subhash Chandra
With a career that began in the 1980s, Chandra has transformed Essel Group into one of India’s most influential industrial players.
He is best known for his pioneering efforts in media with the launch of Zee TV, India’s first private satellite television channel.
As of 2019, the billionaire has a net worth of $2.5 billion.
In recent years, Chandra has ventured into the oil and gas industry, recognizing the growing demand for energy in India and the world.
His group, Essel, has a total revenue of $2.4 billion as of 2023.
Although his entrance into energy is more recent compared to others on this list, Chandra’s track record of successful ventures and his adaptability make him a key player in the sector.
