Balkrishan Goenka
REAL TIME NET WORTH — as of 5/10/17
$1.48 B
Textile billionaire Balkrishan Goenka’s fortune took a beating last August when customers such as American retailers Target, J.C Penney, Wal-Mart and and Bed, Bath & Beyond ended their relationship with his Welspun India because the company used inferior cotton for making Egyptian cotton bedsheets. While the stock has recovered somewhat, Welspun, run by his wife Dipali, still has lawsuits pending against it in U.S.courts over the false labelling. He also owns stakes in pipe manufacturer Welspun Corp and a privately-held steel outfit. Spurning his family’s trading business, Goenka borrowed $100,000 from his father, took a bank loan and started Welspun in 1985 to make polyester yarn. Expanded into home linen, focusing on the export market and got a break when Wal-Mart gave him a $1 million order for towels in1998.
Source:
1. forbes