India's Richest 2019: Auto Parts Billionaire Seeks Acquisitions Amid Global Slump [Forbes]
SUMITOMO ELEC INDUS ADR (SMTOY)
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Source: Forbes
India's Richest 2019: Auto Parts Billionaire Seeks Acquisitions Amid Global Slump Kamran Jebreili /AP/Forbes india This story is part of Forbes' coverage of India’s Richest 2019. See the full list here India’s automotive tycoons are bearing the brunt of the biggest global industry slump since the financial crisis of 2008. About a tenth of the top 100 richest Indians draw their fortunes from this sector. Vivek Chaand Sehgal, founder of Delhi-based auto parts maker Motherson Sumi, is one of the hardest hit. Shares of his Motherson Sumi Systems dropped 61% over the past year, knocking Sehgal’s net worth down 55% to $2.45 billion. Sehgal, who controls just over a third of the company, fell to No. 52 from No. 21 in 2018. After posting record annual sales and profits in the five years through March 31, Motherson Sumi’s earnings are faltering. Net profit dropped 25% to 3.3 billion rupees ($48 million) in the three months ended June 30 despite a 14% increase in sales to 167 billion rupees ami
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