Reliance Industries, the country’s greatest business success story since the 1980s, will be split once again. The companies were split in 2005 between brothers Mukesh and Anil Ambani. While media-shy Mukesh made fortunes, flamboyant Anil braved bankruptcy. Now Mukesh Ambani, Asia’s richest man, is going to distribute billions of his wealth, companies among his children.
Mukesh Ambani has three children: Isha, Anant and Akash. Ambani currently owns more than 1,000 companies worldwide. Now everyone is looking at who will be the successor of these companies. Mukesh Ambani has a net worth of $ 94 billion. So their corporate empire is $ 208 billion.
As a parallel, the Walton family of Wal-Mart, the world’s largest market company, has divided its assets. Mukesh Ambani is paying attention to this division. Because the 64-year-old Ambani now wants to share his wealth, companies between his three children and his wife.
Mukesh Ambani will have to do a great job of dividing such huge wealth among his three heirs, a senior official working with Reliance Industries said. Currently, the group has shares of Nita Ambani, Isha Ambani, Akash Ambani and Anant Ambani. Ambani’s wealth has increased tremendously in the last 10 years also due to investor confidence, the source said.
Mukesh Ambani has not yet made a decision, nor has he considered relinquishing his chairmanship or responsibility towards Reliance. But he is bringing his children into the limelight, the source said. Even the industrialist had given a hint to that effect while addressing Reliance shareholders in June. He said that Akash, Isha (age 30) and Anant (26) would start playing different roles in the company from now on. This means that Mukesh Ambani has started proposing to continue his empire.
Reliance was founded by Dhirubhai Ambani in 1973. This company has become such a big empire. But in 2002, there was a dispute over who was the successor of the empire. The companies finally split in 2005 between Anil Ambani and Mukesh Ambani.
The announcement of a power generation project sparked controversy. The two brothers had been working together before. Anil announced the project without any discussion with Mukesh Ambani. This upset Mukesh and the argument started. Everything was being done with the signature of both of them. But Anil refused to sign the financial statement. This is followed by a dispute over the distribution of wealth.