The 41 Billion-Dollar Wealth Gap Between Anil And Mukesh Ambani
Anil said that his relationship with his brother Mukesh is of “great personal But the charmer that she is, Tina answered all questions, and very. Industry watchers said that the writing was on the wall way back in , when the Ambani brothers announced that they will share a fibre optic. Anil Ambani, on Tuesday at the Reliance Capital annual general About a year back, Ambanis had a better warmth in their relations than today he explained while responding to shareholder questions at the AGM of RCom.
Reuters So much water has flowed under the bridge for the Ambanis in the last one year. Anil Ambani, on Tuesday at the Reliance Capital annual general meeting AGMtermed falling wireless telephony rates as "creative destruction" and not a "disruptive factor" and said that he would fight the attempts to thwart Reliance Communications' revival strategy.
He warned that the consolidation in the telecom industry would lead to a drastic reduction of choice for Indians. Who is thwarting RCom's revival plans? The game changer in the telecom industry was his elder brother Mukesh Ambani 's Reliance Jio in the last one year. The incumbents - Airtel, Vodafone and Idea - were fighting Jio with tooth and nail, deeply cutting down their margins.
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The cut throat competition has burdened them at one side when debts were accumulating at the other. Its true that the entire industry has been in the doldrums, not only RCom, in the last one year. Anil Ambani with wife Tina Ambani in Bought in as part of his bet on defence as the next engine of growth, the warship and submarine maker has proven hard to turn around.
Anil Ambani and Mukesh Ambani at an Reliance Industries meeting during the peak of their feud in InMukesh got control of the flagship oil refining and petrochemicals, while Anil got the newer businesses such as power generation and financial services.
It plans to be debt-free by next year, Anil said at a briefing in August. Mukesh is gearing up for an even bigger gamble.
Ambani vs Ambani: When brothers broke up - Business News
Reliance Jio is said to be their brainchild. Still, the media spotlight has been on Mukesh and his wife Nita, head of the Reliance Foundation, for a very different reason. The group's profitable financial services firm Reliance Capital Ltd. Major firms in Anil Ambani group have all seen their shares slump But the biggest challenge for Anil's empire came from his brother's business.
Last month, Rcom sold itskilometer fiber-optic network for 30 billion rupees as part of a disposal that will see it divest of almost all of its wireless assets and exit from the mobile phone business. The buyer was Mukesh's Jio. RCom "was the crown jewel given away to Anil Ambani after the family businesses split," said Bhasin. Bloomberg News is currently defending litigation brought by Anil Ambani and Reliance Communications in connection with previous Bloomberg reporting.
The sale of RCom assets to Jio brings the saga of the two brothers full circle and sets the stage for the next chapter in the story of one of India's great business dynasties. Anil is gradually unwinding RCom's debts and refocusing the firm toward real estate. This month he told investors that a property development in Navi Mumbai, a planned city across the bay from India's financial capital, will create billion rupees in value for investors.
Ambani vs Ambani: When brothers broke up
Late Coming "It may be a late coming but at least he is not running away," said Bhasin, who remains bullish on the group's infrastructure, finance and power businesses. Mukesh is gearing up for an even bigger gamble. In July he announced plans for an e-commerce foray that would marry the group's telecom and retail business to take on global rivals Amazon. While the news helped boost shares of Mukesh's Reliance Industries since the announcement, some investors are sounding a note of caution about another ambitious expansion.
Reliance Industries' total debt has risen in the past five years and non-core investments have shown muted returns on capital. A verdict by India's top court last month barred non-government use of a national biometric database that telecom operators including Jio had been using to sign up customers.