Dhirubhai Ambani was an Indian business tycoon who founded Reliance Industries in Mumbai with his cousin. Dhirubhai has been among the select few to be figured in the Sunday Times list of top 50 businessmen in Asia. His life has often been referred to as a true "rags to riches" story. Ambani took his company public in 1977, and by 2007 the combined fortune of the family was $60 billion, making the Ambani's the second richest family in the world. Ambani died on July 6, 2002.
reliance industries:
Reliance Industries Limited (RIL) (BSE: 500325, NSE: RELIANCE, LSE: RIGD) is an Indian conglomerate company headquartered inMumbai, Maharashtra, India. The company operates in three segments: petrochemicals, refining and oil & gas. Its other segments include textile, retail business, special economic zone (SEZ) development and telecom / broadband business
July 2002: Dhirubhai Ambani dies:
Dhirubhai Ambani, the founder of Reliance Industries died in 2002 after suffering a massive stroke.The patriarchhadn't left a will and his elder son Mukesh Ambani became chairman and managing director of Reliance Industries Ltd while his younger son, Anil Ambani was made vice-chairman.Mukesh reportedly tried to oust Anil from the board.
India's richest man
Mukesh & Anil Ambani:
Ambani's death sparked a feud for control which
ultimately lead to the split of the Reliance Group.Their mother brokered a
demerger in 2005, which gave Mukesh control of oil and gas, petrochemicals,
refining and manufacturing while Anil took reign over electricity, telecoms and
financial services.Since the split, the brothers have feuded via press
conferences, meetings with the ministers, letters to the Prime Minister,
interviews to news channels and dragging each other to court.
The private rift
between the brothers becomes public:
November 2004 an interview with CNBC TV18 Mukesh
Ambani admitted that the brothers disagreed on the running of the Ambani Group. He said: "Well, there are
issues which are ownership issues. These are in the private domain, but as far
as Reliance is concerned it is a very-very strong professional company."At the time the Ambanis had a 46.67% stake in Reliance Industries Ltd, the public
13.48%, and foreign institutional investors 22.85%.
Equal Distribution of Reliance Group’s Worth:
When it came to feuding Ambani
brothers, Kokilaben had no other option but to move forward with the latter
case scenario of dividing equally the fortunes of the humungous empire of the Reliance Group which was built under the leadership
of late Dhirubhai Ambani.
August 2010: Anil says the feud has been resolved:
"We have parted on avery cordial note and
investors should have no fear whatsoever. This is a one-way street...it's a car
with no reverse gear... I look at it simply as an issue that needed to be
resolved and it has been resolved. It's a new beginning for me and going
forward. I am sure Mukesh will do extremely well."
India's richest man
Mukesh & Anil Ambani:
Ambani's death sparked a feud for control which
ultimately lead to the split of the Reliance Group.Their mother brokered a
demerger in 2005, which gave Mukesh control of oil and gas, petrochemicals,
refining and manufacturing while Anil took reign over electricity, telecoms and
financial services.Since the split, the brothers have feuded via press
conferences, meetings with the ministers, letters to the Prime Minister,
interviews to news channels and dragging each other to court.
The private rift
between the brothers becomes public:
November 2004 an interview with CNBC TV18 Mukesh Ambani admitted that the brothers disagreed on the running of the Ambani Group. He said: "Well, there are issues which are ownership issues. These are in the private domain, but as far as Reliance is concerned it is a very-very strong professional company."At the time the Ambanis had a 46.67% stake in Reliance Industries Ltd, the public 13.48%, and foreign institutional investors 22.85%.
Equal Distribution of Reliance Group’s Worth:
When it came to feuding Ambani
brothers, Kokilaben had no other option but to move forward with the latter
case scenario of dividing equally the fortunes of the humungous empire of the Reliance Group which was built under the leadership
of late Dhirubhai Ambani.
In
June 2005, Mukesh and Anil Ambani signed a MoU to reorganize Reliance
Industries, in order to take over reins of different assets and
businesses of the group under their individual domain.
The most significant
aspect of the MoU was that RIL promised to supply 28 million cubic meters of gas for 17 years
at $2.34 mmBtu to Anil Ambani’s RNRL. However, the MoU came
under dispute subsequently in 2007 on government setting up a price of $4.20
mmBtu for gas contracts in the KG Basin fields.
August 2010: Anil says the feud has been resolved:
"We have parted on avery cordial note and
investors should have no fear whatsoever. This is a one-way street...it's a car
with no reverse gear... I look at it simply as an issue that needed to be
resolved and it has been resolved. It's a new beginning for me and going
forward. I am sure Mukesh will do extremely well."
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