Meet man who is Madhya Pradesh’s richest man with a net worth of Rs 7,100 crore leading India's largest coal importer and expanding into real estate and education.
Nine industrialists from Indore, Madhya Pradesh, have secured spots in the Hurun Rich List 2024. Leading the pack is Vinod Agarwal, the founder and Managing Director of Agarwal Coal, who is now recognized as the richest person in Madhya Pradesh. He surpassed other notable businessmen from the region, including Shyamsunder Mundhra of Ujas Energy and Dinesh Patidar of Shakti Pump, to claim this top position.
Vinod Agarwal and his family have a net worth of Rs 7,100 crore, according to the Hurun Rich List 2024. Although his national ranking dropped from 300th in 2023 to 394th in 2024, his wealth grew by ₹400 crore during the same period. He has expressed a strong vision for the future, stating his commitment to helping India become the third-largest economy in the world and transforming Indore into one of the top cities in the country.
Agarwal’s journey to success started at the young age of 15 when he began working to support his family, who lost everything during the partition of India. With over 40 years of business experience, Vinod Agarwal is known for maintaining a low profile despite his significant achievements.
Agarwal Coal, founded in 1974, started as a small coal trading business but has since grown into India's largest coal importer. The company operates across 20 ports in the country and serves more than 1,500 customers. It imports coal from various countries, including Indonesia, the USA, Australia, South Africa, and India. Their client list includes major players like the Aditya Birla Group and Tata Group, and the company’s revenue has surpassed Rs 14,000 crore, as reported by CEO Magazine.
In addition to coal, the Agarwal family has expanded into real estate and education. Vinod Agarwal’s son, Tapan Agarwal, heads Emerald Developers, the family's real estate arm. The company is currently working on delivering four million square feet of real estate. Tapan also serves as the President of Corporate and COO of Agarwal Coal’s South African Coal division.
Vinod Agarwal's philanthropic efforts include founding the Chameli Devi Group of Institutions in Indore in 2006, which provides education to over 4,500 students. The institution aims to develop innovative technocrats who can bring about positive social change.
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 "Vinod Agarwal- founder of Agarwal Coal")
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