The rule to become a billionaire is to expand their business and venture into different spaces rather than settling at one. But this idea doesn’t work sometimes, and there are instances where several billionaires declared bankruptcy. Today’s story is about a billionaire who also declared bankruptcy for one of his businesses, but that doesn’t affect his billionaire tag. Nusli Wadia is the chairman of the Wadia Group. He declared bankruptcy for his budget airline – Go First – in 2023.
This major setback didn’t affect Nusli’s billionaire status as his business is diversified. Notably, the Wadia Group is involved in several businesses such as FMCG, textiles, and real estate industries, among others. The group also includes major companies such as Britannia Industries and Bombay Dyeing.
Nusli Wadia, born in 1944 into the esteemed Wadia family, carries forward a significant heritage of business acumen and creativity. His father, Neville Wadia, was a prominent industrialist and philanthropist who laid the foundations for Nusli’s future endeavours. Additionally, Nusli’s mother is the granddaughter of Muhammad Ali Jinnah, the first Prime Minister of Pakistan.
According to Forbes’ billionaires list, the net worth of Nusli Wadia is USD 5 billion or Rs 43894 crore net worth.
In September of this year, he sold a 10-acre plot in Mumbai for over $130 million (approximately Rs 1,141 crore). Additionally, his son Ness Wadia is a co-owner of the Kings XI Punjab IPL team. Indian media often labels Wadia as a corporate samurai due to his involvement in several legal disputes, including one with his former associate Ratan Tata and the Tata Group. In 2016, Ratan Tata removed him from the boards of three Tata companies. Wadia, along with his two sons, are the direct and only surviving descendants (on his maternal side) of Muhammad Ali Jinnah, the founder of Pakistan.
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