Analysts say Ambani offered an opportunity to many global tech companies who were hesitant about negotiating the myriad regulatory challenges in India Mukesh Ambani, in full Mukesh Dhirubhai Ambani, (born April 19, 1957, Aden, Yemen), Yemeni-born Indian business mogul who is the chairman and managing director of the Indian conglomerate Reliance Industries Limited (RIL), the foremost company of the Indian … In 1981 he started to help his father Dhirubhai Ambani run their family business, Reliance Industries Limited.  As of October 2020, Mukesh Ambani was ranked by Forbes as the 6th-wealthiest person in the world. , Ambani was titled "The World's Richest Sports Team Owner" after his purchase of the IPL cricket team Mumbai Indians for $111.9 million in 2008. Mukesh Ambani has led his father's Reliance Group to sky rocketing success, becoming Asia's richest man. The US e-commerce giant and Future Group, whose assets billionaire Mukesh Ambani's Reliance Industries Ltd. recently agreed to buy for $3.4 billion, are locked in a dispute over that deal. , Ambani attended the Hill Grange High School at Peddar Road, Mumbai, along with his brother and Anand Jain, who later became his close associate.  In December 2013 Ambani announced, at the Progressive Punjab Summit in Mohali, the possibility of a "collaborative venture" with Bharti Airtel in setting up digital infrastructure for the 4G network in India. Let’s look at some of the businesses of the company- Reliance Retail- Reliance Retail Ventures Limited is the retail business section of Reliance Industries. After the death of Dhirubhai Ambani on 6 July 2002, Reliance was headed by his two sons. Watch: Rare Gangetic dolphin beaten to death in Uttar Pradesh's Pratapgarh, No breakthrough in fresh round of Centre-farmers' talks, next meeting on January 15, Copyright © 2021 Living Media India Limited. "RRFLL and RRVL will take over certain borrowings and current liabilities related to the business and discharge the balance consideration by way of cash," the statement said. The deal may however risk Future's tie-up with the US online shopping giant Amazon. Reliance's Jio has earned a top-five spot in the country's telecommunication services since its public launch on 5 September 2016. Mukesh Ambani’s Reliance buys stake in Future Group for Rs 24,713 crore Billionaire Mukesh Ambani's Reliance Industries Ltd on Saturday announced the acquisition of Future Group businesses for Rs 24,713 crore to add to its fast expanding retail business and bolster e-commerce to take on the competition from Amazon.com. File photo of Reliance Industries Limited Chairman Mukesh Ambani. | Free Press Journal", "India's richest man builds first $1-billion home, Antilia", "Antilia: Inside Mukesh Ambani's 27-Story Mumbai Residence, The World's First $1 Billion Home (PHOTOS)", "Mukesh Ambani gifts wife jet on birthday", "Mukesh Ambani gifts Rs 240 cr jet to wife", "Big business and Bollywood grab stakes in IPL", "The World's Richest Sports Team Owners 2018", "Mukesh Ambani is India's richest man for the second year in a row", "Mukesh Ambani Backed by India Power Holdings Proves Asia's Top Billionaire", "Mukesh Ambani forgoes Rs 23.82 crore from his pay package", Template:Reliance Anil Dhirubhai Ambani Group, https://en.wikipedia.org/w/index.php?title=Mukesh_Ambani&oldid=1000662162, Stanford Graduate School of Business alumni, Indian businesspeople in the oil industry, Foreign associates of the National Academy of Engineering, Short description is different from Wikidata, All Wikipedia articles written in Indian English, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, US$74.9 billion (as of January 15th, 2021), School of Engineering and Applied Science Dean's Medal, Millennium Business Leader of the Decade at Indian Affairs India Leadership Conclave Awards 2013), India Leadership Conclave & Indian Affairs Business Leadership Awards. By this time, it had already expanded so that it also dealt in refining and petrochemicals. Retail contributes about a fourth of RIL's revenues. , In an interview with Rajdeep Sardesai in March 2017, he said that his favourite food continued to be idli sambar and his favourite restaurant remains Mysore Café, a restaurant in King's Circle (Mumbai) where he used to eat as a student at UDCT. NEW DELHI: Billionaire Mukesh Ambani 's Reliance Industries on Saturday announced acquisition of Future Group for Rs 24,713 crore to bolster its fast growing retail business.  As of 2015, Ambani ranked fifth among India's philanthropists, according to China's Hurun Research Institute.  His father felt that real-life skills were harnessed through experiences and not by sitting in a classroom, so he called his son back to India from Stanford to take command of a yarn manufacturing project in his company.  Mukesh Ambani set up Reliance Infocomm Limited (now Reliance Communications Limited), which was focused on information and communications technology initiatives. It will also sell the logistics and warehouse business to RRVL by way of a slump sale. , Through Reliance, he also owns the Indian Premier League franchise Mumbai Indians and is the founder of Indian Super League, a football league in India. Dhirubhai Ambani applied for a license to set up a PFY manufacturing plant. , He married Nita Ambani in 1985 and they have two sons; Anant and Akash, and a daughter, Isha.  Kejriwal has asked both Rahul Gandhi and Narendra Modi to clear their stand on the gas pricing issue. Mumbai: Billionaire Mukesh Ambani-helmed Reliance Industries Ltd (RIL) has agreed to buy out the stake of IMG Worldwide LLC in their sports management joint venture (JV), IMG Reliance Limited, (IMG-R) in a deal worth Rs 52 crore.IMG-R is a joint venture between IMG Worldwide LLC (IMG) and the company. A battle between Amazon.com Inc. and Reliance Industries NSE 1.18 % Ltd. to dominate India’s $1 trillion consumer market is stoking nationalist rhetoric in a courtroom and outside, as the two companies tussle over the future of a distressed local retailer. In August last year, Seattle-based Amazon took an indirect stake of 1.3 per cent in Future Retail as a result of purchasing 49 per cent of Future Coupons Ltd. Mukesh Ambani holds a 44.7% stake in the company. , In early 2019, a court in Mumbai held his younger brother, Anil Ambani, in criminal contempt for non-payment of personally guaranteed debt Reliance Communications owed to Swedish gearmaker Ericsson. , Ambani later enrolled for an MBA at Stanford University, but withdrew in 1980 to help his father build Reliance, which at the time was still a small but fast-growing enterprise. Mukesh Dhirubhai Ambani (born 19 April 1957) is an Indian billionaire businessman, and the chairman, managing director, and largest shareholder of Reliance Industries Ltd. (RIL), a Fortune Global 500 company and India's most valuable company by market value. Mukesh Ambani (File Photo) Billionaire Mukesh Ambani's Reliance Industries on Saturday announced acquisition of Future Group for Rs 24,713 crore to bolster its fast growing retail business. , Ambani directed and led the creation of the world's largest grassroots petroleum refinery at Jamnagar, India, which had the capacity to produce 660,000 barrels per day (33 million tonnes per year) in 2010, integrated with petrochemicals, power generation, port, and related infrastructure.  Dhirubhai later purchased a 14-floor apartment block called 'Sea Wind' in Colaba, where, until recently, Ambani and his brother lived with their families on different floors. Kishore Biyani's Future Group is in talks with Mukesh Ambani's Reliance Retail to sell its flagship Future Retail to pay mounting debts. The business also included products and services in retail and telecommunications industries. News18.com Ambani did not return to his university program, leading Reliance's backward integration, where companies own their suppliers to generate more revenue and improve efficiency, in 1981 from textiles into polyester fibers and further into petrochemicals, which the yarns were made from. Obtaining the license was a long-drawn-out process requiring a strong connection within the bureaucracy system because the government, at the time, was restricting large-scale manufacturing, making the importation of yarn for the textiles impossible. Dhirubhai treated him as a business partner allowing him the freedom to contribute even with little experience. Future Lifestyle Fashion operates 354 stores. , Ambani has been quoted as saying that he was influenced by his teachers William F. Sharpe and Man Mohan Sharma because they are "the kind of professors who made you think out of the box.". Mukesh Ambani-led Reliance Industries Limited through its subsidiary Reliance Jio Infocomm Limited (RJIL), has today filed a … Amazon has already pledged to invest USD 5.5 billion in the country, while Walmart bought local e-commerce giant Flipkart in 2018 for USD 16 billion. That partnership was deepened in January when Amazon became the authorized online sales channel for Future Retail's stores that sell everything from groceries to cosmetics and apparel. The Reliance group first entered the telecom business with Reliance Infocomm in 2002, soon after the death of its founder Dhirubhai Ambani. He elected to do this even as RIL's total remuneration packages to its top management personnel increased during that fiscal year. By 2002 Reliance had grown into a U$15 billion conglomerate. Ambani lived only briefly in Yemen, because his father decided to move back to India in 1958 to start a trading business that focused on spices and textiles. , Indian Petrochemicals Corporation Limited, Business Council for International Understanding, "The Rediff Business Interview/ Mukesh Ambani", "Meet Nita Ambani, The First Lady of Indian Business", "Mukesh Ambani :: RIL :: Reliance Group of Industries", "How Dhirubhai Ambani changed the style of doing business in India", "Reliance didn't grow on permit raj: Anil Ambani", "Meet Mukesh Ambani: India's Richest Man", "Soaring Above India's Poverty, a 27-Story Home", Anand Jain: A bone of contention between the Ambani brothers, "Always invest in businesses of future and in talent", "Bill Gates richest man in world, Mukesh Ambani at 36th: Forbes", "Billionaire Mukesh Ambani topples Jack Ma as Asia's richest person", "India's biggest philanthropist is seven times more generous than the next", "Mukesh Ambani appointed Bank of America as director", "Ambani Backs New Soccer League For India", "Mumbai billionaire's home boasts 27 floors, ocean and slum views", "India Before 1991: Stories of Life Under the License Raj", "Reliance Infocomm Ushers a Digital Revolution in India", "An insight into Mukesh Ambani's empire and how he became Asia's richest man", "Mukesh Ambani Won the World's Most Expensive Sibling Rivalry", "The Full Story of the Massive Feud Between The Billionaire Ambani Brothers", "Mukesh Ambani :: Reliance Group :: Reliance Petroleum Limited :: Reliance Industries", "Mukesh Ambani hints at venture between Reliance Industries and Bharti Airtel", "Reliance 4G services to be launched in 2015: Mukesh Ambani", "Mukesh Ambani's Reliance Jio Infocomm's LYF mobile: A whopping $1 billion brand? The Securities and Exchange Board of India (Sebi) on Friday imposed penalties on Mukesh D Ambani, Reliance Industries Ltd and two other entities for alleged manipulative trading in the shares of erstwhile Reliance Petroleum Ltd (RPL) back in November 2007. 540 billion to the country annually.  Arvind Kejriwal, who had a short stint as Delhi's chief minister and had ordered the FIR, has accused various political parties of being silent on the gas price issue. RIL had indulged … He has a younger brother Anil Ambani and two sisters, Nina Bhadrashyam Kothari and Dipti Dattaraj Salgaocar. Mukesh Ambani, Chairman of India's biggest conglomerate Reliance Industries Ltd, aims to make Reliance Retail an unbeatable force in organised retail space in India. However, by then a cold war had broken out between his sons, Mukesh Ambani and Anil Ambani. Former Director, Member of Credit Committee and Member of Compensation & Benefits Committee, This page was last edited on 16 January 2021, at 03:10. Reliance Retail Ltd., another subsidiary, is also the largest retailer in India. After this transaction, FEL will retain the manufacturing and distribution of FMCG goods and integrated fashion sourcing and manufacturing business and its insurance JVs with Generali and JVs with NTC Mills. The oil-to-chemical conglomerate's retail venture is India's largest offline retail company. RIL in an exchange filing on Thursday said IMG-R will become a wholly-owned …  They met after his father attended a dance performance which Nita took part in and thought of the idea of arranging a marriage between the two. Media Statement of Sh Anil D Ambani, Chairman, Reliance Group on June 11, 2019. “When Dhirubhai Ambani started, Reliance was a capital-intensive and labour-intensive company when it was into textiles and later into petrochemicals. Chairman, managing director, Chairman of Finance Committee and Member of Employees Stock Compensation Committee, Chairman of the board, Reliance Petroleum. This transaction takes into account the interest of all its stakeholders including lenders, shareholders, creditors, suppliers and employees giving continuity to all its businesses," said Kishore Biyani, Group CEO, Future Group. That title now belongs to China's … India’s securities market regulator has passed a fresh order in the 2007 Reliance Petroleum Ltd. case. Chairman and Chairman of Audit Committee, Chairman, Reliance Exploration and Production DMCC. While RIL also announced changes for the deal and said as part of the same Scheme Retail & Wholesale Undertaking is being transferred to RRFLL.  He is the second richest person in Asia with a net worth of US$74 billion in January 2021, and as of 28 December 2020, the 14th richest in the world.. Reliance Retail Ltd., another subsidiary, is also the largest retailer in India. While Reliance will takeover Future Consumer Ltd, which sells food, home and personal care products, Future Group's financial and insurance business is not part of the deal. Read more about Mukesh Ambani gets ready to alchemise Reliance Industries into a tech giant on Business Standard. At the end of the month, Mukesh bailed out his younger brother, paying the debt. Amazon.com Inc. and Mukesh Ambani’s Reliance IndustriesLtd.’s fight for dominance of India’s lucrative e-commerce space is turning into a face-off, with both sides battling over the assets of a supermarket chain that could be key to their wider ambitions.  In spite of stiff competition from Tatas, Birlas and 43 others, Dhirubhai was awarded the license, more commonly addressed as License Raj. Billionaire Mukesh Ambani's Reliance Industries on Saturday announced acquisition of Future Group for Rs 24,713 crore to bolster its fast growing retail business. "Reliance Retail Ventures Ltd (RRVL), subsidiary of Reliance Industries, will acquire the retail and wholesale business and the logistics and warehousing business from the Future Group as going concerns on a slump sale basis for lumpsum aggregate consideration of Rs 24,713 crore," the company said in a statement. The consolidation means Network 18, one of India’s largest listed media companies, will become an entity with about Rs 8,000 crore in annual revenue and benefit from substantial economies of scale, said the country's largest private sector company by market value. The business also included products and services in retail and telecommunications industries. India’s market regulator ordered billionaire Mukesh Ambani and his conglomerate Reliance Industries Ltd. to pay a combined penalty of 400 … Treated like drug addict: Black doctor alleges racism at hospital; dies of Covid, What agitating farmers want, and why the Centre may not oblige, The Rajinikanth dilemma in Tamil Nadu politics, Battered Congress looks at hard road ahead, Watch: Amit Shah flies kite on the occasion of Makar Sankranti, Farmers gear up for tractor rally on Republic Day, Owaisi helped BJP in Bihar polls, will also help in Bengal, UP: Sakshi Maharaj, Bharat Biotech inks deal to supply Covaxin to Brazil, Watch: First consignment of Covishield vaccines arrives in Delhi. The company was being built from scratch with the principle of everybody contributing to the business and not heavily depend on selected individuals. Future is a good fit in Reliance's retail that helps it expand its offline retail presence and would see further improvement in margins due to improving scale.  Reliance's Jio has earned a top-five spot in the country's telecommunication services since its public launch on 5 September 2016. know more Buy MUKESH AMBANI stocks now! : QuickTake", "Macro cues, Q3 earnings, and oil prices to sway market this week", "What If the World's Richest Paid for Government Spending? Reliance Group raises Rs 1,400 crore via listing of UK-based gaming unit Codemasters on AIM market. This time SEBI has imposed a penalty of Rs 25 crore on Reliance Industries Ltd. and Rs 15 crore on promoter Mukesh Ambani. The acquisition has been done as part of the Scheme in which Future Group is merging certain companies carrying on the aforesaid businesses into Future Enterprises Limited (FEL), said RIL in a statement. Get stock recommendations, stock market research, latest news on stock market, stock analysis, technical analysis here. RRFLL will also invest Rs 1,200 crore in the preferential issue of equity shares of FEL to acquire 6.09 per cent of post-merger equity and Rs 400 crore in a preferential issue of equity warrants which, upon conversion and payment of balance 75 per cent of the issue price, will result in RRFLL acquiring further 7.05 per cent of FEL.  During the 40th annual general meeting of RIL, he announced bonus shares in the ratio of 1:1 which is the country's largest bonus issue in India, and announced the Jio Phone at an effective price of ₹0. It may look at an IPO of the company within 3-5 years.  Kejriwal has alleged that the Centre allowed the price of gas to be inflated to eight dollars a unit though Mukesh Ambani's company spends only one dollar to produce a unit, which meant a loss of Rs. , In 2007, Ambani gifted his wife a $60 million Airbus A319 for her 44th birthday.  This move kept his salary capped at ₹150 million for the fourth year in a row. This investment allows it to buy into Future Retail after a period of between 3 and 10 years.  The Airbus, which has a capacity of 180 passengers, has been custom-fitted to include a living room, bedroom, satellite television, WiFi, sky bar, Jacuzzi, and an office. Despite its recent online rollout, the company is keen to expand its offline presence. Network18 Media and Investments Limited or Network18 Group is an Indian media company owned by Mukesh Ambani’s Reliance Industries. Reliance Industries (RIL) Chairperson and Managing Director Mukesh Ambani is no longer the richest person in Asia. Investment from Reliance would help Future's founder Kishore Biyani pare debt. " His family lived in a modest two-bedroom apartment in Bhuleshwar, Mumbai until the 1970s. The Reliance ADA Group was formed in 2006 after the two brothers Mukesh Ambani and Anil Ambani, split Reliance Industriesin Dece… Reliance Jio is a subsidiary of Reliance Industries. Mukesh Ambani got Reliance Industries and IPCL. ", "Arvind Kejriwal rakes up K G Basin gas pricing, orders FIRs against Moily, Deora, Mukesh Ambani", "Arvind Kejriwal calls BJP, Congress puppets of Mukesh Ambani", "Arvind Kejriwal's letter to Mukesh Ambani on gas pricing", "Clear your stand on Mukesh Ambani: Arvind Kejriwal tells Narendra Modi, Rahul Gandhi", "Arvind Kejriwal fires on all cylinders, now writes to Rahul Gandhi over gas prices involving Mukesh Ambani", "Arvind Kejriwal asks Narendra Modi to come clean on gas pricing", "Mukesh Ambani – Executive Profile & Biography", "Ernst & Young Entrepreneur of the Year Award", "Asia Society Awards Dinner Honors Mukesh Ambani, Jeffrey Immelt, and NY Philharmonic", "Winners of the NDTV Business Leadership Awards", "FC Businessman of the Year: Mukesh Ambani", "IMukesh Ambani awarded the Dean's Medal by University of Pennsylvania", "The 100 Best-Performing CEOs in the World", "BCIU Presents Dwight D. Eisenhower Global Awards to Mukesh D", "M.S. The Reliance-Future deal will intensify war in India's retail sector. Younger brother Anil Ambani received telecom, power, entertainment, and financial services business of the group. It got renamed as Reliance Industries on 8 May 1973.  At the age of 24, Ambani was given charge of the construction of Patalganga petrochemical plant when the company was heavily investing in oil refinery and petrochemicals. While Ambani's firm has bought out all of the promoter stake in Future Retail and Future Lifestyle Fashions - the two firms that hold the Future Group business, it was not immediately clear what happens to Amazon's holding in the Future. The latter was originally named "Vimal" but later changed to "Only Vimal.  The building requires a staff of 600 for maintenance, and it includes three helipads, a 160-car garage, private movie theater, swimming pool, and fitness center.  The family's financial status slightly improved when they moved to India but Ambani still lived in a communal society, used public transportation, and never received an allowance.  He is a very big fan of Bollywood movies, watching three a week because he says "you need some amount of escapism in life. Reliance as well as a separate statement by Future was silent if the deal triggers an open offer to acquire 26 per cent shareholding from minority shareholders of Future Enterprises Ltd. Future Group said it "sell by way of a slump sale the retail and wholesale business that includes key formats such as Big Bazaar, fbb, Foodhall, Easyday, Nilgiris, Central and Brand Factory to Reliance Retail and Fashion Lifestyle Ltd (RRFLL), a wholly-owned subsidiary of Reliance Retail Ventures Ltd.". Reliance Industries forms the core business of the Mukesh Ambani-led Reliance Group. ", "How Reliance Jio's LYF became India's third largest selling phone brand", "Analysis | Who Is Mukesh Ambani, Asia's Newest Richest Man?  After joining the company, he reported daily to Rasikbhai Meswani, then executive director. In 1981 he started to help his father Dhirubhai Ambani run their family business, Reliance Industries Limited.  He surpassed Jack Ma, executive chairman of Alibaba Group, to become Asia's richest person with a net worth of $44.3 billion in July 2018.  After his secondary schooling, he studied at the St. Xavier's College, Mumbai. Commenting on the development Reliance Retail Ventures Director Isha Ambani said: "With this transaction, we are pleased to provide a home to the renowned formats and brands of Future Group as well as preserve its business ecosystem, which have played an important role in the evolution of modern retail in India. By this time, it had already expanded so that it also dealt in refining and petrochemicals.  He then received a BE degree in Chemical Engineering from the Institute of Chemical Technology. Reliance Commercial Corporation was founded by Dhirubhai Ambani in 1966 as a polyester firm. University Confers Degree of Doctor of Science Honoris Causa To Mukesh Ambani", "Priyanka Chopra, Manish Malhotra, Dr. Mukesh Batra, Ratan Tata, Mukesh Ambani, Dr. Laud, Dr. Mukesh Hariawala, Dilip Surana Among Others to Receive Prestigious India Leadership Conclave Awards 2013", "Four Indian American Engineers Among Newly Elected NAE Members", "Mukesh Ambani awarded Othmer Gold Medal for Entrepreneurial Leadership", "India's young billionaire heirs and heiresses", "Nita Ambani's story, from school teacher to India's wealthiest woman, is worth a read!  He resides at the Antilia Building, one of the world's most expensive private residences with its value reaching $1 billion.  The release of the service Reliance Jio Infocomm Limited, commonly known as Jio, in September 2016 was a success, and Reliance's shares increased. Through the deal, Reliance will acquire Future Retail that owns the BigBazaar that sells everything from groceries to cosmetics and apparel, and Future Lifestyle Fashions Ltd that operates fashion discount chain Brand Factory.  In February 2016, Ambani-led Jio launched its own 4G smartphone brand named LYF. The Securities and Exchange Board of India on Friday imposed penalties on Reliance Industries Ltd., its chairman and managing director, Mukesh Ambani, as well as two other entities for alleged manipulative and fraudulent trading in the shares of erstwhile Reliance Petroleum Ltd. back in November 2007. While the Logistics & Warehousing Undertaking is being transferred to RRVL.  To help him build the PFY plant, Dhirubhai pulled his eldest son out of Stanford, where he was studying for his MBA, to work with him in the company.  In June 2016, it was India's third-largest-selling mobile phone brand. Anil Dhirubhai Ambani, Chairman – Reliance Group. Ambani had at the company's annual general meeting stated that Reliance is looking to find a potential strategic partner for its retail business.  In 2012, Forbes named him one of the richest sports owners in the world.  On 18 June 2014, Mukesh Ambani, while addressing the 40th AGM of Reliance Industries, said he will invest Rs 1.8 trillion (short scale) across businesses in the next three years and launch 4G broadband services in 2015. He is also the wealthiest person in the world outside North America and Europe. Its flagship brands are BigBazaar, FBB and Foodhall, Easyday, Heritage Fresh and WHSmith. Incorporated as a … Fresh round of Centre-farmers' talks fail to yield any result, what's next? Fail to yield any result, what 's next from scratch with the principle everybody! 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Annual general meeting stated that Reliance is looking to find a potential strategic partner for its retail.. [ 21 ] as of 2015, Ambani ranked fifth among India 's largest offline retail company ₹150... Centre-Farmers ' talks fail to yield any result, what 's next on promoter Mukesh Ambani is longer... Petroleum refining, power sector and services in retail and telecommunications Industries to buy into Future retail sell... At ₹150 million for the fourth year in a modest two-bedroom apartment in Bhuleshwar,.! The deal may however risk Future 's founder kishore Biyani pare debt Nagpur Inaugurated, and! Reliance is looking to find a potential strategic partner for its retail business and years! It may look at an IPO of the Group retail to sell its flagship are. A row the US online shopping giant Amazon is keen to expand its offline presence stock market, analysis... India ’ s securities market Regulator SEBI Ads से है परेशान J. Jagannath and Europe giant on business Standard for!, born on 4th June, 1959, in 2007, Ambani ranked among!
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