Tirupati Temple Worth Over Rs 2.5 Lakh Crore, Is Richer Than Wipro, Nestle

Tirupati Temple is worth more than Rs 2.5 Lakh Crore, Richer than Wipro, Nestle

Only about two dozen companies have a market value greater than the trust’s networth.

New Delhi:

The net worth of Tirupati’s world-famous Lord Venkateswara temple is over 2.5 lakh crore (approximately $30 billion), more than the market capitalization of IT services firm Wipro, food and beverage Nestle and state-owned oil corporation (ONGC) and Indian Oil Corporation (IOC).

Tirumala Tirupati Devasthanams, the keeper of the temple dedicated to the presiding deity of Tirupati, for the first time since its founding in 1933, has declared its net worth.

Its assets include 10.25 tons of gold deposited in the bank, 2.5 tons of gold jewelry, about Rs 16,000 crore bank deposit and 960 properties across India. All of this totals more than Rs 2.5 lakh crore.

According to stock exchange data, at current trading prices, the net worth of Tirupati temple is more than some Indian blue-chip companies.

Bengaluru-based Wipro has a market capitalization of Rs 2.14 lakh crore as of Friday, while UltraTech Cement has a market value of Rs 1.99 lakh crore.

Swiss multinational food and beverage unit Nestle India, with a market capitalization of Rs 1.96 lakh crore, is also priced below that.

State-owned Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation (IOC) also undervalued the trust of temple and power giant NTPC Ltd, the Mahindra and Mahindra automobile manufacturers and Tata Motors, the world’s largest coal producer. India Ltd, mining group Vedanta, real estate company DLF and others.

Only about two dozen companies have a market value greater than the trust’s networth.

These include billionaire Mukesh Ambani’s Reliance Industries Ltd (Rs 17.53 lakh crore), Tata Consulting Services (Rs 11.76 lakh crore), HDFC Bank (Rs 8.34 lakh crore), Infosys (6, Rs 37 lakh crore), ICICI Bank (6.31 Rs lakh crore), Hindustan Unilever Ltd (5.92 Rs lakh crore), State Bank of India (5.29 Rs lakh crore), Bharti Airtel (4, 54 Rs lakh crore) and ITC (4.38 Rs lakh crore).

Tirumala Tirupati Devasthanams (TTD) is getting richer and richer as cash and gold offerings by hill temple devotees continue to increase and fixed deposits in banks are also generating more income due to interest rates increased, a temple official said.

The assets owned by TTD include land, buildings, cash and gold deposited in the bank, which are donated to the temple by devotees.

The assignment of value to priceless antique jewels and properties including cottages and guest houses on seven hills to provide amenity to devotees may be misleading and therefore does not form part of the of the estimated joint property value, temple officials said.

The seven sprawling hills are worshiped by devotees and revered as the abode of Lord Venkateswara. In the annual budget of around Rs 3,100 for the period 2022-23 presented in February, TTD predicted more than Rs 668 as income in the form of interest on bank deposits. In addition, an income of Rs 1,000 crore has been predicted solely in the form of cash offerings – by about 2.5 crore devotees – in the hill temple.

TTD manages a large number of temples in Andhra Pradesh, Tamil Nadu, Telangana, Odisha, Haryana, Maharashtra and New Delhi.

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