mukesh ambani replaces mittal - richest indian

Mukesh Ambani has replaced steel magnate Lakshmi Niwas Mittal as the richest Indian in the world, according to the latest Forbes annual rich list for the country.

UK resident Lakshmi Mittal, dropped 30.5 billion dollar amid plunging steel prices and slipped to No. 2.

Mukesh Ambani, who oversees petrochemicals giant Reliance Industries, grabs the top spot for the first time, despite losing 28.2 billion dollar in the past year. His estranged brother, Anil, ranked third, is the biggest dollar loser, down 32.5 billion dollar, Forbes said.

Telecom czar Sunil Mittal and realtor K P Singh are ranked fourth and fifth with net worth of 7.9 billion dollar and 7.8 billion dollar, respectively.