Four new billionaire promoters for booming auto industry in last 20 months

The Bajajs, Munjals, and Mahindras have long been automobile billionaires. But the list is rapidly expanding. A booming automobile industry has created four new billionaire promoters in the last 20 months and a fifth businessman is likely to join the league when Varroc Engineering lists next week. Based on the value of shareholding, promoters of tyremakers Madras Rubber Factory (MRF) and Balkrishna Industries, and component makers Minda Industries and Endurance Technologies are now worth over $1 billion (Rs 68.50 billion). 

Traditionally, promoters of original equipment manufacturing companies (vehicle makers) have figured in the list of automobile billionaires. However, growth of