A 35% rise in the net worth of Savitri Devi Jindal, the Chairperson Emeritus of JSW Steel, has seen her net worth surpassing that of Lakshmi Mittal, the world's biggest steelmaker outside of China.

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Savitri Jindal, India's wealthiest woman, is now ranked seventh among Indian billionaires with a net worth of $18.7 billion. That compares with Lakshmi Mittal’s net worth of $17.2 billion.

The rise in Jindal’s net worth also bettered her rank by three notches since the beginning of the year.

While the flagship firm JSW Steel accounted for a third of Jindal’s fortune, the value of her holdings in JSW Energy and Jindal Steel & Power stands at $4.2 billion and $3.0 billion, respectively. The stock of JSW Energy has gained the most with 46% gains in 2023 so far. That was followed by Jindal Steel & Power, which is up by 17% between January and now.

However, shares of JSW Steel are trading marginally lower after surging 26% between March and August 2023.

Jindal, who built a nearly $5 billion fortune since the beginning of the year, is the second after Cyrus Poonawalla in the latest net worth surge, who saw his net worth swelling by $4.9 billion during the same period.

Poonawalla is the chairman of the Serum Institute of India, the world's biggest vaccine manufacturer.

Meanwhile, the market valuation of JSW Infrastructure, the latest listing from the group, went past the $4 billion mark on Wednesday, a day after its listing.

On the flip side, shares of ArcelorMittal extended their decline for another year. The stock has lost another 8% so far in 2023 after falling as much as 18% in 2022. In fact, the stock of ArcelorMittal has been losing momentum on the back of shrinking margins and lower volumes. The majority of Mittal's fortune is derived from a 38% stake in ArcelorMittal, which stood at close to $8 billion as of Tuesday, according to the Bloomberg Billionaires Index.

(Edited by : Amrita)