After the death of the patriarch, Dhirubhai Ambani, in 2002, his elder son Mukesh Ambani has secured the top spot in the Reliance group. The Reliance group has stolen a march over the Tata group as India’s biggest business empire with total group sales of about $25 billion.
Reliance makes up about 4% of India’s GDP, dominating the country’s resources, petrochemicals, polymer, plastic and communication industries. The Reliance group had a major success when gas and oil were struck in the Andhra coast. One of the gas finds was declared as the most significant in a decade.
Ambani has emerged as the richest Indian with assets totalling over $51 billion. Kuwaitis are now seeking collaboration with the Ambani group for search of oil and natural gas. His brother Anil Ambani had launched an I.P.O. of Reliance Power, which was sold out in 60 seconds in Jan 2008.
Image Caption:i.ytimg.com
ADVERTISEMENTS:
The feud of the Ambani brothers has been making headlines and at stake is the full exploitation of vast oil and natural gas discoveries of the country on the East Coast. The two brothers have diversified into almost every economic activity and contribute a significant portion of the country’s total GDP.
Mukesh Ambani is rated as amongst the 10 richest persons in the world, he controls largest green field oil refineries in the world with capacity of almost 60 million tons annually at Jamnagar.
He is also bidding for the Ultra Mega Super Thermal Power Plants in various parts of the country including one at Sasan. Mukesh had a one to one meeting with Mr. Haloyama when the latter visited India in Dec 2009. Feud between the two brothers has reached the Supreme Court. He was criticised by The Shivsena for his remarks that Mumbai belongs to all Indians.