In hot pursuit of elder brother Mukesh Ambani in the wealth race, Anil Ambani has entered the exclusive trillionaire club with personal riches of over Rs 1,00,000 crore
The latest Ambani-sibling fight has now become a political battle.
With the listing of Reliance Power, the market cap of Anil Ambani group aggregated to Rs 307,112 crore (Rs 3,071.12 billion), almost Rs 100,000 crore (Rs 1,000 billion) below expectations of Rs 400,000 crore (Rs 4,000 billion) capitalisation.
The wedding saw the entire family come together, dance and bless the newly wed couple.
The ADA Group's recent decision to sell a stake in Reliance Communications and merge its telecom tower business with GTL Infra will help it reduce a mounting debt burden.
Nita and Mukesh Ambani's youngest son Anant got engaged to Radhika Merchant on January 19, and the occasion called for a celebration on a grand scale.
*Everyone* turned up when Nita and Mukesh Ambani invited them to their home Antilia in south Mumbai for Ganesh Chaturthi.
She looked after him for 11 years.
The celebrations continued with the mehendi ceremony for Radhika Merchant and Anant Ambani.
The Bombay High Court on Monday asked Mukesh Ambani-led Reliance Industries and Anil Ambani group firm Reliance Natural Resources Ltd to renegotiate within four months, a Gas Supply Master Agreement (GSMA) between them saying it has to be a "bankable" pact.
The Ambani brothers, Mukesh and Anil, came together on Thursday to raise the issue of stalled projects plaguing India Inc and implored the Maharashtra government and the Centre to make Mumbai, India's financial capital, an easier place for business and investments. "Several projects are stuck for many years in Mumbai and we would like to know how the government intends to improve the financing and execution of projects, including those relating to infrastructure and education which have been in limbo for long and are affecting the growth of the city," Reliance Industries Ltd (RIL) Chairman Mukesh Ambani told Finance Minister Arun Jaitley. Seated on the same table was his brother, apart from Tata Group Chairman Cyrus Mistry and State Bank of India (SBI) Chairman Arundhati Bhattacharya. Jaitley was addressing the Mumbai Next MMR Transformation conclave, organised by the Maharashtra government and Mumbai First here, through video conference. In his reply, Jaitley said the government was exploring several options of infrastructure financing in India and that a number of international bodies were ready to fund infrastructure development projects. He added the government was keenly considering these funding sources. While praising Maharashtra Chief Minister Devendra Fadnavis for honesty, Jaitley also had a word of advice. Apart from being honest, the government had to be decisive, he said. On his part, Reliance Group Chairman Anil Ambani told the chief minister about his experience of decisions being delayed due to an indecisive bureaucracy and the need to protect officials who wanted to take quick decisions. "Through the past many years, we have faced a number of obstacles in decision-making," he said, adding he was speaking as someone who had lived and invested in Mumbai. Fadnavis responded by saying he would bring about a transparent process to ring-fence officials. Both the Ambani brothers have announced a number of infrastructure projects in and around Mumbai, including a world-class convention centre in Bandra Kurla Complex by RIL, but very few have actually fructified. RIL's special economic zone project failed to take off due to land acquisition problems in Raigarh, while a second SEZ near Mumbai is stuck due to lack of clarity in SEZ norms. The first phase of the Mumbai Metro, set up by Anil Ambani's Reliance Infrastructure, was marred by cost overruns and run-ins with the government over fares. Subsequently, the company withdrew from the second and larger phase, citing inordinate delay. Anil Ambani also withdrew from Mumbai's sea link project on the same grounds. The brothers had also bid for a trans-harbour sea link between Navi Mumbai and Mumbai under the Congress-Nationalist Congress Party government, but their bid was rejected. Reliance Infrastructure is also the power supplier to more than half of this city. Participating in the conclave, some of India Inc's leading bankers said making Mumbai a financial hub would take at least a decade. SBI's Bhattacharya said the Indian currency should be made fully convertible and facilities should be created for it. "However, for this, the economy needs to look up and that will happen only in the next 7-10 years, not immediately," she added. Sunil Kaushal, Chief Executive Officer of Standard Chartered, India, pitched for strong infrastructure to support development. "We will take a long time to develop into a global financial centre. We need to solve transport bottlenecks in Mumbai and have lifestyle facilities for people working in and around these areas," he said.
According to one calculation, Reliance Power IPO is likely to gain close to $27 billion for Anil Ambani, which when combined with the existing market capitalisation of his companies will work out to be close to $75 billion!
Why Nita and Mukesh Ambani hosted Radhika Merchant's arangetram.
Ambani-owned Reliance Energy is likely to bid for potential gas bearing blocks on offer under NELP-VI
The Ambanis are ranked 31 ahead of the likes of global soft drink giant PepsiCo CEO Indra Nooyi and music-to-airlines conglomerate Virgin Group's founder Richard Branson.
Unresolved succession plans and informal ownership structures are fuelling bitter family fights across India's corporate boardrooms.
RIL, ADAG cancel 2006 non-compete agreements, hope to work in harmony
The guests have started coming in.
The network sharing agreement is the start of a new era of partnership between the brothers. More deals on sharing towers and intra-city fibre network are likely.
It was a proud evening for Shah Rukh Khan, as elder son Aryan Khan shone under the spotlight for his first ever premiere.
A sharp erosion in his wealth and a long-running sibling rivalry notwithstanding, Indian billionaire Anil Ambani has retained his position in the list of the world's 100 most powerful people, but is down 30 places since last year, while his brother Mukesh has made a total exit.
Guests trouped out of Arpita Khan's party and into Mukesh Ambani's, on the other side of Mumbai.
In the midst of a renewed feud between the Ambani brothers, the younger sibling Anil called on Finance Minister P Chidambaram on Monday.
Several film folk paid their last respects to Sanjay Khan's wife Zarine Khan, as she passed into the ages on November 7. The funeral was held at the Juhu crematorium in northwest Mumbai.
Two brothers have begun collaborating in certain businesses.
The star-studded, pre-wedding festivities of Radhika Merchant and Anant Ambani spilled over to Day 3, as celebs continued to have a grand time in Jamnagar.
Film folk mourned Zarine Khan and condoled with her family at her prayer service on November 10 at Mumbai's JW Marriott hotel.
Six months after an infrastructure deal with brother Anil Ambani, Mukesh Ambani has now joined hands with Sunil Mittal.
In another twist to the feud between the Ambani brothers, the younger sibling Anil's Group is understood to have filed a defamation suit for a whopping Rs 10,000 crore (Rs 100 billion) against elder Mukesh Ambani for remarks purported to have been made by him in an interview with the New York Times several weeks ago.
Three weeks after the Supreme Court judgement, the brothers Ambani have formally decided to create an overall environment of harmony, co-operation and collaboration.
The long-drawn dispute between the two Ambani brothers took another turn on Sunday, with both Mukesh Ambani and Anil Ambani saying all disagreements can be sorted in a cordial and conciliatory manner.
Anil Ambani group company Reliance Communications Infrastructure Ltd has moved the Supreme Court seeking to recover more than Rs 58 crore (Rs 580 million) of outstanding loan from a Mukesh Ambani group firm.
She's living her best days as the newest Ambani bride-to-be.
Mukesh Ambani has resigned from the board of his group's telecom arm, Reliance Jio and handed over the reins of the company to elder son Akash, a step seen as succession planning by the 65-year old billionaire. In a stock exchange filing, Reliance Jio Infocomm said the company's board at a meeting on June 27, "approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company." This comes after his father resigned with effect from close of working hours on June 27, it said.
