India, Jan. 29 -- Filippo Ghirelli, a Monaco-based Italian businessman, built a large part of his billion-dollar empire by investing in India, Forbes reported. According to the outlet, he initially made a small fortune in Italy and North Africa but lost it all in Egypt. Undeterred, he later returned to Italy and founded a firm that works to reduce energy costs for large corporations. However, His net worth increased to an estimated $1.5 billion after he closed a deal in India in 2023. He invested and picked a 25% stake in India's second-largest oil refinery, Nayara Energy. Singapore-based Trafigura and Russia's state-owned oil company Rosneft first bought the refinery in 2017.

Ghirelli first expressed interest in Trafigura's stake in 202...