Tirupati’s world famous Lord Venkateswara temple’s net worth of over Rs 2.5 lakh crore (about USD 30 billion) is more than the market capitalisation of IT services firm Wipro, food and beverage company Nestle and state-owned oil giants ONGC and IOC, reported PTI.
At the close of trading on Friday, Wipro had a market capitalisation of Rs 2.14 lakh crore, while the figure for UltraTech Cement was 1.99 lakh crore. The temple conglomerate’s net worth is also more than several state-owned firms such as the Oil and Natural Gas Corporation and NTPC Limited.
Swiss multinational food and drink major Nestle’s India unit, with a market cap of Rs 1.96 lakh crore, too was valued below it.
Tirumala Tirupati Devasthanams Executive Officer AV Dharma Reddy said that in the past three years, bank fixed deposit investments of the conglomerate have increased by Rs 2,900 crore.
The assets owned by Tirumala Tirupati Devasthanams (TTD) include land parcels, buildings, cash and gold deposits in the banks, given as offerings to the temple by devotees.