2024-08-18 09:52:34
New Delhi: You must have heard the names of foreign cars like BMW, Rolls-Royce and Mercedes Benz. These cars are so expensive that buying them is like a dream for the common man. You will be surprised to know that the engine of these foreign cars is not made by any foreign company, but by the Indian company Force Motors. The same Force Motors which makes vehicles like vans, pickup trucks, SUVs etc. The chairman of the company is Abhay Firodia. 79-year-old Abhay Firodia is also far ahead in terms of wealth. Force Motors was founded by Abhay Firodia’s late father Navalmal Firodia in the year 1958. In the year 1975, Abhay took over the responsibility of the company. Born in Maharashtra, Abhay Firodia completed his schooling from Gwalior, Madhya Pradesh. After taking over the company, he was the Managing Director (MD) of the firm till 2009, after which he decided to hand over the business to his son Prasanna. He is now handling the post of Chairman of the company.
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The majority of wealth comes from investments
Firodia has a large stake in Bajaj Auto and other Bajaj Group companies. So most of his wealth comes from this investment. Currently, the market cap of Force Motors is around Rs 11 thousand crore. Force Motors was earlier known as Bajaj Tempo which reflects its joint venture origin with the Bajaj family. It was founded in 1958 by his late father Navalmal Firodia, who separated from the Bajaj family in 1968 after a quarrel.
How much is Abhay Firodia’s net worth?
According to Forbes, Abhay Firodia’s wealth is $4.6 billion (about Rs 39 thousand crores). He is ranked 715th in the list of the richest people in the world. On the other hand, if we talk about Forbes’ list of India’s richest people, then he is at number 66. This list is based on the year 2023. Along with being the chairman of Force Motors, he is also the head of auto parts firm Jai Hind Industries.
Such is the situation of Force Motors
The price of one share of Force Motors is currently Rs 8290. On Friday, it saw a rise of 1.85%. In the last 6 months, the company has given a profit of 45 percent to the investors. At the same time, the return of one year is about 137 percent. That is, the company has more than doubled the money of the investors in a year. Force Motors had recently presented the results of the first quarter of the current financial year. In this, the company has made a profit of 69 percent on a quarterly basis.