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LEADERSHIP QUOTE OF THE DAY (23 May 2012): You gain STRENGTH| COURAGE AND CONFIDENCE by every experience in which you really stop to look fear in the face. You must do the thing you think you cannot do. - Eleanor Roosevelt

SUCCESS

Welcome The World's Latest Billionaire

Ajay Kalsi is 49 and founder and chief executive of London-listed oil and gas outfit Indus Gas.

Ranked 38th on the Forbes List is wealth is estimated at $1.39 billion.

He is currently building a new wave pool for his daughter who is fond of swimming. The pool is about the size of four Olympic pools!

The new entrant to India's Rich List is known for his non-conformist ways.

Kalsi truly hit the big league in January this year, when he raised Rs. 1,164 crore by selling about 30 percent of his stake in Indus Gas to investors on the London Stock Exchange’s Alternate Investment Market, where the company is listed for the past three years. Kalsi and his wife still own about 70 percent of the company. But the stake sale has brought the publicity-shy entrepreneur into the public eye.

Indus has been able to move quickly to start production, and gas from the field has already been sold to Rajasthan state electricity board’s Ramgarh plant. It is in the middle of a huge development phase drilling more wells to increase production, largely through hydro-fracturing. The company ended last year (April 2010 to March 2011) with a net loss of $2.42 million, though it made marginal operating profits of close to $1 million.

Kalsi has put in close to $200 million in the exploration and development of the block. Returns are expected to start flowing in as more wells go onstream in the next few years.

Kalsi comes from a business family originally from Kanpur, and had inherited his father’s footwear and minerals trading enterprise. Focus Energy, the Indian arm of Indus Gas, is better known in India by its earlier name Phoenix Overseas, which had significant interests in Russia.

Kalsi has an M.Phil in Economics from Cambridge University and a B.Sc from the London School of Economics. He has built a portfolio of companies that include commodity trading, real estate and Business Process Outsourcing (BPO). Over the years, he expanded his oil and gas activity to four fields, two of which are near the Pakistan border.

Kalsi’s grasp of the oil and gas business is astounding. He was able to produce gas even when many thought it was not possible.

Read more here.

Tag: Forbes Business

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