Businessman Anil Ambani was one of the richest people in the world, with a net worth of $ 42 million a decade ago. But now it may be that soon he will be out of the list of billionaires. On Tuesday, when the business was closed on Dalal Street, the combined market capitalization of Reliance Group companies, owned by Anil Ambani, left only Rs 5,400 crore (about $ 773 million).
Anil Ambani has 75 percent stake in all the 6 companies in his group – Reliance Infrastructure, Reliance Naval and Engineering, Reliance Power, Reliance Capital, Reliance Home Finance and Reliance Communications. View the market value of the listed companies in their group, then the assets of small Anil Ambani in Ambani brothers will be less than 1 Billion Dollar.
Until recently, the mutual fund business that gave profits to the group was a major part of Reliance Nippon Life Assets Management. This Japanese company is a joint venture with Nippon Life, which was recently sold to its partner. Recently it has been valued at Rs 13,500 crore (more than $ 2 billion). This fund house is now in the process of transferring the Japanese Insurance giants.
Reliance Communications also down.
Mukesh Ambani’s younger brother Anil is facing tough challenges in all his businesses. Forbes has ranked Mukesh Ambani as the 13th richest person in the world with a net worth of $ 50 billion.
In one round, Anil had more than 60 percent stake in Reliance Communications. But now with a loan of Rs 58,000 crore, Telecom Venture is facing a Bankruptcy under the Insolvency and Bankruptcy Code. His three companies – Reliance Capital, Reliance Home Finance and Reliance Infrastructure’s auditors – have resigned. He accused the management of not cooperating and doing wrong. The group is also struggling with the allegations leveled by the auditors.
Holding company, Reliance Naval and Engineering, of the Group’s defense business has suffered losses from the past several quarters. Similarly, Power Generation Business, Reliance Power is also in losses. Reliance Power was the most popular IPO in Indian stock market history in 2008.
World’s sixth richest person in 2008
Anil Ambani’s dwindling wealth reveals that in 2008, he had assets worth $ 42 billion. Since then, their property has decreased continuously. At the end of 2008 and the beginning of 2009, his property decreased by 75 percent during the global recession. By the middle of 2009, their assets were reduced to about $ 10 billion.
It is important to note that in 2008 Anil Ambani was the sixth richest person in the world, while Mukesh remained at number five with a property of 43 billion. At present, Mukesh Ambani owns property worth $ 51 billion. According to Forbes Real-Time Net Worth Indicator, Anil’s net worth is $ 1.5 billion. This indication considers the total assets of a derivative as a scale, in which the listed companies, along with all the stakes in the unlisted companies and other assets.