Business History, Growth of Influence and Wealth
In 1998, Janardhana Reddy's finance company, Ennoble India Savings, collapsed, leaving unpaid debts of over Rs. 200 crores. However, by 2008, he and his wife declared assets of Rs. 115 crores. The Reddy brothers obtained their first lease for an iron mine in 2004 when the Indian National Congress party led the government in Karnataka state. Since then, their rise has been meteoric, driven by soaring commodity prices, primarily due to demand for iron ore from China.
Read more about this topic: G. Janardhana Reddy
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