Ist gulf-based Indian hits forbes' super-rich list

Dubai, Mar 31 (UNI) An Omani citizen of Indian origin has for the first time bagged the much coveted place on the Forbes' magazine prestigious 2007 super-wealthy list.

With an estimated networth at 1.3 billion dollars PNC Menon, 58, was ranked 754 in the list of 946 richest people on the planet.

Menon got a berth along with 39 billionaires in the West Asia and North African region who boast a combined wealth of over 150 billion dollars.

A self-made business man and a college drop-out from Kerala, Menon hails from Moolamcode in Vadakkumcherry in Kerala and migrated to Oman in 1976 and started an interior decoration business in partnership.

Getting attracted to the opportunities available in the Indian real estate market, he started Sobha Developers (named after his wife) in Bangalore in 1995.

The company was listed on the Bombay Stock Exchange in December 2006, making Menon a billionaire with a whooping 87 per cent stake in the company.

It is for the first time that Oman has got a berth with Menon advancing into the list by floating 'Sobha Developers' last December on the Bombay Stock Exchange.

Menon, who is planning to set up an IT park in Kochi, has constructed a number of such parks in Bangalore and elsewhere.

UNI