https://sputnikglobe.com/20221107/indias-tirupati-temple-reportedly-richer-than-many-business-conglomerates-1103855843.html
India’s Tirupati Temple Reportedly Richer Than Many Business Conglomerates
India’s Tirupati Temple Reportedly Richer Than Many Business Conglomerates
Sputnik International
Assets owned by the temple include land, buildings, cash, and gold deposits in banks, given as offerings by devotees, something that helps the temple grow... 07.11.2022, Sputnik International
2022-11-07T14:01+0000
2022-11-07T14:01+0000
2023-02-14T14:08+0000
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The world-famous Lord Venkateswara Temple in Tirupati city in India’s Andhra Pradesh is richer than many business conglomerates and state-owned companies, a media report revealed on Monday.The report was based on a declaration of net worth by Tirumala Tirupati Devasthanams (TTD), keeper of the temple dedicated to Tirupati's presiding deity -- Lord Venkateswara. This is the first time since its founding in 1993 that the TTD has declared its net worth.The temple's assets include 10.25 tons of gold deposits in banks, 2.5 tons of gold jewelry, about INR 160,000 million ($1.95 billion) in bank deposits, and 960 properties across India.The assets are given as offerings to the temple by devotees. For instance, in September, a Muslim couple donated INR 10 million ($122,068) to the famous Tirupati temple. The draft was handed over by the couple to TTD Executive Officer Dharma Reddy.However, about two dozen companies, including billionaire Mukesh Ambani's Reliance Industries Ltd, Tata Consultancy Services, and HDFC Bank etc. still have higher market valuation than the temple trust’s net worth.
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India’s Tirupati Temple Reportedly Richer Than Many Business Conglomerates
14:01 GMT 07.11.2022 (Updated: 14:08 GMT 14.02.2023) Assets owned by the temple include land, buildings, cash, and gold deposits in banks, given as offerings by devotees, something that helps the temple grow richer. Meanwhile, the fixed deposits in banks generate more income due to interest rates.
The world-famous Lord Venkateswara Temple in Tirupati city in India’s Andhra Pradesh is richer than many business conglomerates and state-owned companies, a media report revealed on Monday.
The report was based on a declaration of net worth by Tirumala Tirupati Devasthanams (TTD), keeper of the temple dedicated to Tirupati's presiding deity -- Lord Venkateswara. This is the first time since its founding in 1993 that the TTD has declared its net worth.
According to the NDTV news channel, the temple’s net worth of over INR 2.5 trillion (about $30 billion) is more than the market capitalization of IT services firm Wipro, food and beverage company Nestle, and state-owned oil giants Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation (IOC).
The temple's assets include 10.25 tons of gold deposits in banks, 2.5 tons of gold jewelry, about INR 160,000 million ($1.95 billion) in bank deposits, and 960 properties across India.
The assets are given as offerings to the temple by devotees. For instance, in September, a Muslim couple donated INR 10 million ($122,068) to the famous Tirupati temple. The draft was handed over by the couple to TTD Executive Officer Dharma Reddy.
However, about two dozen companies, including billionaire Mukesh Ambani's Reliance Industries Ltd, Tata Consultancy Services, and HDFC Bank etc. still have higher market valuation than the temple trust’s net worth.
