Nandlal Rungta and Mukund Rungta, founders of Mines Limited (RML), have made their debut on Fortune India’s list of the top 100 billionaires, securing the 61st position with a combined estimated wealth of ₹40,000 crore.
The brothers’ entry underscores the scale of wealth built by the Rungta family in India’s mining and metals industry. Their fortune also puts them in the same conversation as some of the country’s biggest names in natural resources, including chairman Anil Agarwal.
According to Forbes, Agarwal has a net worth of ₹59,244 crore, or $7.1 billion. His wealth is about ₹20,000 crore higher than the combined wealth attributed to the Rungta brothers.
Rungta Mines and Vedanta: Rivals in India’s mining sector
The comparison between the Rungta brothers and Agarwal reflects the competition within India’s natural resources industry. Rungta Mines and Vedanta Limited compete in areas including the auction of mineral resources such as iron ore.
The two companies have frequently participated in high-value bidding for mining leases in mineral-rich states, including Odisha and Chhattisgarh.
Vedanta’s Sesa Goa and RML are both significant players in the iron ore business. The companies are also seeking to strengthen their presence in the market and engage with major steelmakers.
From mining to integrated steel
The Rungta family’s business journey began in 1962, when the late S.R. Rungta started the S.R. Rungta Group. The group initially focused primarily on mining, including iron ore and manganese extraction.
Following their father’s death, Nandlal and Mukund took charge of the business. Their expansion gained further momentum with the involvement of Nandlal’s son, Siddharth Rungta, who is chairman of the Rungta Steel brand.
The company subsequently moved beyond mining into downstream steel production. Regulatory changes in the 2000s, which reduced the number of operational mines, also encouraged RML to pursue forward integration, expanding into subsequent stages of the production chain.
Today, the company manufactures a range of value-added products, including pellets, sponge iron, billets, TMT bars, wire rods and ductile iron (DI) pipes. Its manufacturing footprint includes plants at Chaliyama in Jharkhand and Commanda in Odisha.
Rungta Mines expands its footprint in eastern India
Rungta Mines is headquartered in Chaibasa, Jharkhand, while its registered office is in Kolkata. Its revenue has expanded sharply over the past decade, rising from a few thousand crore rupees to more than ₹13,500-15,000 crore in recent years.
The company’s growth has been supported by strong credit ratings, captive power generation and digital initiatives across its operations.
By expanding beyond its traditional mining business and building capabilities across the steel value chain, Nandlal and Mukund Rungta have grown what began as a regional mining operation into an integrated steel business.