Cyrus Poonawalla, an Indian industrialist who is among the wealthiest in the country, has been eagerly waiting to take possession of a luxury house worth Rs 750 crore that he purchased in 2015. However, due to an ongoing legal battle over the property’s ownership, he has not yet been granted permission to use the house.
Cyrus Poonawalla, one of India’s wealthiest industrialists, purchased Mumbai’s Lincoln House for Rs 750 crore in 2015. However, due to a dispute over the property’s land ownership, the government temporarily halted the deal. Despite having paid the amount, Poonawalla has been unable to use the house, which is situated on the shores of the Arabian Sea. The property was bought from the US government, but the Maharashtra state and defense ministry asserts that the land belongs to them. The Central government has suspended the land sale ever since.
Poonawalla recently stated in an interview that the Central government hasn’t provided any reason for halting the deal. He alleged that the government is unwilling to allow 120 million dollars to go to the United States and described it as a political and socialist decision.
The palace was constructed in 1938 by the rulers of Wankaner. Later, in 1957, the palace was leased to the US for a period of 999 years. After almost six decades, in 2014, it was put up for sale. The following year, the family purchased it with a desire to use it as a weekend retreat.
Who is Cyrus Poonawalla?
Cyrus Poonawalla, the son of a horse breeder, established the Serum Institute of India in 1966. Today, it is the world’s largest vaccine manufacturer by doses. The company’s CEO is his son, Adar Poonawalla, and they produced AstraZeneca and Oxford University’s Covishield vaccine.
Poonawalla obtained his bachelor’s and doctoral degrees from Pune University, where he was later awarded an honorary degree. He was ranked fourth on Forbes’ list of the richest Indians in 2022.
His father’s name was Soli Poonawala, and his wife, Villoo Poonwalla, passed away in 2010. Poonawalla’s daughter-in-law, Natasha Poonawala, is a businesswoman and international fashion icon.
According to Forbes, Poonawalla’s net worth is 22.5 billion dollars, which is around Rs 1,85,000 crore.