anil ambani yacht

There are, however, limits to customization. Classification societies in different countries lay down specifications for marine vehicles which have to be adhered to. The European Union, for instance, has a recreational craft directive (RCD) for boats between 2.5 and 24 metres. These relate not only to the engine but also the interiors - locations of bedrooms and bathrooms cannot be arbitrarily changed as this might affect weight distribution of the vehicle. "We have to meet RCD norms," says Gautama Dutta, Director, Marine Solutions. Still, cabins can be merged to make them bigger or a salon or bar added, if the customers asks. Indian customers, company sources added, were primarily interested in the appearance of the yacht rather than technicalities.

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Anil ambani's bought his wife a rs 400-cr yacht as a gift.

Close on the heels of his brother Mukesh Ambani gifting a Rs 250 crore corporate jet to his wife Nita last year, Anil Ambani has bought a super luxury yacht for wife Tina, pegged at around Rs 400 crore.

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Income Tax Appellate Tribunal reprieve for Anil Ambani in yacht customs duty case

NEW DELHI: Failed industrialist Anil Ambani got a much-needed reprieve from the Income Tax Appellate Tribunal (ITAT) when it rejected a tax department plea that accused Anil Ambani of claiming a deduction on customs duty paid on a yacht used for personal purpose.

The tax department had raised the tax demand after it claimed that customs duty paid on the yacht could not be treated as business expenditure as the same was used for personal purposes of Anil Ambani and his family.

However, the Mumbai bench of the ITAT rejected the tax department's plea saying that the yacht was purchased by Anil Ambani's company Reliance Transport and Travels Pvt Ltd, and that the same is used for business purposes.

FROM OUR ARCHIVES | Anil Ambani resigns as director of Reliance Power, Reliance Infrastructure

The tribunal also noted that revenue from operations of the yacht was reported as business income and the same was accepted by the tax department in all the years. The appellate tribunal thus agreed that Anil Ambani's company in the course of its business hired the yacht for the use of its business and to provide services to other entities and companies.

The case pertains to assessment year 2013-14. Reliance Transport and Travels had debited Rs 32.12 crore as customs duty, out of which Rs 26.49 crore was claimed as business expenditure paid for the yacht.

Companies can deduct business expenditure from taxable revenue thus bringing down their tax liabilities. Often the tax department rejects business expenditures claims of companies, and this is one of the major reasons for a large number of tax litigation.

The tax department had also contended that the customs duty was paid in 2009 and not in the assessment year 2013-14. However, the appellate tribunal rejected the contention of the tax department saying that the said duty was only crystallised in AY2013-14 after determination by Customs and Excise Settlement Commission.

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‘Anil Ambani firm smuggled in yacht’

The customs department has alleged that Anil Dhirubhai Ambani Group (ADAG) company Ammolite Holdings has violated the Customs Act by “smuggling in” a luxurious yacht, which is believed to be a gift by Anil to his wife.

“The imported luxury yacht ‘Tian’ was imported in contravention of Section 111(m) of the Customs Act, hence is liable for confiscation,” Assistant Commissioner of Customs SR Vichare stated in reply to a petition filed by Ammolite Holdings challenging seizure of the yacht.

The court has given time to ADAG until on Friday to reply to the allegation.

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Anil Ambani vs Chinese banks: court case exposes stunning decline

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Benjamin Parkin in Mumbai

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

In March 2013, Bollywood was abuzz as Steven Spielberg came to town. At a glitzy gala to celebrate his visit to Mumbai, the world’s most famous film-maker mingled with a star-studded crowd and chatted on stage with legendary Indian actor Amitabh Bachchan.

Seated at a table alongside the two was the party’s host, the man who made the visit possible: Mr Spielberg’s business partner and “dear friend” Anil Ambani , then one of the world’s richest men.

The event cemented the reputation of Mr Ambani, the younger son of a corporate dynasty, as one of 21st-century India’s most glamorous tycoons. His foray into entertainment , including a tie-up with Mr Spielberg’s DreamWorks, added flamboyance to a business empire centred on telecommunications, power and finance. In 2008, Forbes named Mr Ambani as the world’s sixth-richest man with a fortune of more than $40bn.

Yet in the intervening years, Mr Ambani has endured one of the most stunning reversals of fortune in recent corporate history. The extent of this decline has now been laid bare through a legal case in London which reaches a crucial stage this week, as a trio of Chinese banks pursue him for some $700m in unpaid loans they allege he personally guaranteed.

The case prompted Mr Ambani to make the extraordinary claim last month that his net worth had plummeted to zero after many of his investments soured and his flagship telecoms business, Reliance Communications or RCom , went bankrupt.

But his creditors — Industrial and Commercial Bank of China, the world’s largest bank by assets, China Development Bank and Export-Import Bank of China — allege that Mr Ambani, whose older brother Mukesh is now India’s richest person, continues to enjoy access to vast wealth. Not only does this include interests in companies around the world, they say, but an apartment building in exclusive south Mumbai, a private jet, a yacht worth tens of millions of dollars and a $3m fleet of cars.

A judge has given Mr Ambani, who denies that he personally guaranteed the loans, until March 20 to pay $100m into court ahead of a trial. If a payment is not made, Mr Ambani’s defence can be struck out.

“Mr Ambani has, and continues to have, a very lavish lifestyle,” Mr Justice Waksman said in a February judgment. “I just do not accept that his own available assets are as limited or as negative as he says . . . He clearly has more assets and/or income than he is letting on.” Mr Ambani is appealing the order, saying the assets in question are not owned by him and that he has no funds at his disposal.

Mr Ambani is among the most high profile of a generation of Indian tycoons who rode a wave of booming economic growth over the past decade, tapping easy credit to fuel labyrinthine, infrastructure-heavy conglomerates.

But as India’s economy slowed, many of those bets soured. That has left the banks and other lenders that financed the group of industrialists, who are known locally as “promoters”, struggling to recoup billions of dollars worth of unpaid debts.

The dangers of this cycle became apparent this month when private Indian lender Yes Bank , which had exposure to Mr Ambani’s companies, was taken over by the central bank amid fears that it would not survive — sending shockwaves through the financial system. Reliance Group said it is committed to repaying its debts to Yes Bank.

The perceived lack of accountability for the industrialists who sit atop these crumbling groups has fuelled resentment at a time when India is suffering its most severe slowdown in years.

“This is a very open secret that in India, the business goes bankrupt but the businessmen never go bankrupt. Their lifestyles never get affected,” says one former executive at an Indian financial group. “In a good year, it goes unnoticed. Because the economy is in a downturn . . . they are being pushed into a corner.”

Mr Ambani spent some of his early years in tenement housing in an unremarkable Mumbai neighbourhood, a far cry from the gilded life he would go on to enjoy.

His late father Dhirubhai Ambani was one of 20th-century India’s most celebrated rags-to-riches success stories, rising from petrol-pump attendant to lead a polyester-manufacturing empire.

Mukesh and Anil first burst into public view in 2002 after Dhirubhai died without leaving a will, setting up a years-long dispute between the two brothers that drew comparisons with Bollywood family dramas and even the Sanskrit epic The Mahabharata , in which two branches of a family go to war with each other.

The brothers divided their father’s businesses in 2005. While Mukesh took the oil products business under the Reliance Industries brand, Anil wrapped telecommunications and power into his Reliance Group.

The spat continued, with Anil accusing Mukesh of reneging on a gas-supply deal and, separately in 2008, suing his brother for alleged defamation. In the same year, Mukesh used his first right of refusal under the terms of the divorce to scupper a deal that would have seen Anil’s RCom merge with South African MTN to create a transcontinental mobile phone giant.

This is a very open secret that in India, the business goes bankrupt but the businessmen never go bankrupt. In a good year, it goes unnoticed. [But] Because the economy is in a downturn . . . they are being pushed into a corner Former Indian financial executive

Anil told shareholders in 2009 that Reliance Industries “has tried every trick in the book, and apparently several outside the book, to back out of its solemn, legal and contractual obligations. It is plain and simple corporate greed.” Reliance Industries declined to comment.

But their paths followed sharply different trajectories. Anil’s investments in power and infrastructure suffered, while RCom lost market share to rivals before being hammered by a newcomer into the sector: none other than his elder brother.

Mukesh’s new mobile operator Reliance Jio, backed with tens of billions of dollars in investment, started a price war in 2016 that eroded revenues to a point where the number of private providers fell from around a dozen to three today. RCom quit the mobile sector in 2017, entering bankruptcy proceedings with around $7bn in debts last year after a deal to sell its assets to Jio fell through. In 2019, Forbes named Mukesh as India’s richest man with a net worth of $50bn.

By contrast Anil’s lawyers told the High Court in February that Reliance Innoventures, the holding company owned by him and his family, had a net asset value of negative $412m at the end of 2019.

“These stories are a combination of hubris and misfortune,” says Saurabh Mukherjea, founder of Marcellus Investment Managers in Mumbai. “India was a red-hot roaring economy, and it’s no longer a red-hot roaring economy. As the tide has receded these promoters have been left stranded.”

As China Inc traversed the globe in search of returns over the past decade, India’s nascent mobile sector seemed a promising place to park.

By loaning money to telecommunications tycoons, China’s state banks could help fund the purchase of equipment from the likes of Huawei and ZTE, aiding national champions while simultaneously tapping the credit market.

Against this backdrop, ICBC, CDB and Exim in 2012 agreed to loan RCom almost $1bn. With foreign currency debt obligations due in March of 2012, Anil Ambani dispatched a senior RCom executive to Hong Kong in February on his behalf to sign off on the deal with the Chinese banks. The banks allege the deal included a personal guarantee making Mr Ambani responsible for the debt under English law.

RCom had by 2018 defaulted on the repayments, prompting the banks to sue Mr Ambani in an English court last year. But Mr Ambani says he had no knowledge that, when he gave his lieutenant power of attorney to sign on his behalf, it would be used for anything more than a non-binding “comfort letter” assuring the banks that the debt would be repaid.

Citing correspondence placed before the court detailing the negotiations, Mr Ambani’s lawyers argue there is no evidence that Mr Ambani ever authorised anyone to make a guarantee.

Justice Waksman was critical in his assessment of Mr Ambani’s defence, observing that it would amount to “serious dishonesty” and deception by his executives without an obvious motive.

“I consider that Mr Ambani’s evidence is inexplicably incomplete, implausible and highly unlikely,” the judge said in a December ruling. “I think it is highly probable that at trial his defence will be shown to be opportunistic and false.”

The judge also said in February Mr Ambani had been “caught out on a lie” for suggesting he would not give a personal guarantee of such nature, after it was revealed in court filings that he had already done so to the State Bank of India.

Reliance Group did not respond to a request for comment on the judge’s view that Mr Ambani lied. The company said in December that “Mr Ambani is confident that his position would be fully vindicated once all the facts and the entire evidence is before the court”.

The Chinese banks called the case “a straightforward debt claim to recover outstanding loans made to RCom in good faith and secured by a binding personal guarantee given by Mr Ambani, which he has refused to honour. We remain very confident.”

The banks’ lawyers alleged in court filings from February that Mr Ambani is not being transparent about his wealth, calling his pleas of poverty “a yet further opportunistic attempt to evade his financial obligations”.

They point, for example, to the yacht reportedly bought as a gift for his wife Tina, a former Bollywood star. Mr Ambani also continues to live across two floors of SeaWind, an apartment building with a roof-top helipad into which his father Dhirubhai moved the family in the late 1980s.

Mr Ambani’s lawyers told the court he does not own the building but is allowed to live there rent-free. He said the yacht was purchased for $20m instead of the $56m price suggested by the banks, denied it was a gift and said it is owned by a company whose value is already factored in to Reliance Innoventures’ negative net value.

The banks accuse Mr Ambani of moving assets beyond their reach, pointing to a decision to sell a stake in a London Stock Exchange-listed company as proceedings in the High Court were ongoing.

In court filings they also cited PwC’s decision to resign in June 2019 as auditor of Reliance Capital, one of the group companies. In its resignation letter, PwC said it had not received a satisfactory response from the company when it flagged certain allegedly irregular transactions.

The banks alleged in their filings that PwC’s decision to resign “on the grounds of concerns about improper diversion of funds” serves “to cast further doubt on the reliability of the picture presented” by Mr Ambani.

But Mr Ambani’s lawyers told the court that the UK stake was sold to cover other debt obligations, adding that the banks’ case contains “errors and misapprehensions”.

Reliance Capital has denied the suggestion that consultants PwC uncovered evidence of impropriety, saying at the time that PwC’s observations were “completely baseless and unjustified . . . There is no question of ‘diversion’.”

Prime Minister Narendra Modi has sought to put an end to the era of crony capitalism that he said flourished under his predecessors, giving authorities and creditors broader powers to pursue indebted promoters.

But the prime minister has simultaneously cultivated close ties with industrialists including Mr Ambani, fuelling controversies of its own. The pair were at the centre of an international outcry over allegations levelled by India’s opposition Congress party, and repeated by former French president François Hollande in 2018, that the Indian government helped Mr Ambani’s defence business secure a deal to build fighter jets with France’s Dassault.

Mr Ambani criticised “the complete falsity of the wild, baseless and politically motivated allegations levelled against Reliance Group and me personally”. The government and Dassault have also denied wrongdoing.

Pressure on Mr Ambani has nonetheless mounted as his fortune plunged. He faced three months in jail last year after India’s Supreme Court found him guilty of contempt of court for delaying a $77m payment to RCom creditor Ericsson, the Swedish telecoms group.

That payment was ultimately made by Mukesh , prompting speculation that the two brothers had put their disputes behind them. Anil at the time expressed his “sincere and heartfelt thanks” to his elder brother, though he has since denied that it was anything more than a corporate transaction between the two conglomerates.

The biggest shift in the balance of power away from the promoters has been thanks to the 2016 bankruptcy code, India’s first, which wrests control of companies from industrialists if they are unable to repay debts.

But the system has nonetheless been beset by delays and messy legal battles have limited recoveries. While on paper cases should be resolved in under a year, many have dragged out far longer as founders fight to reclaim businesses.

“The big challenge that we as a nation are currently grappling with is to get these assets back on stream, make them productive again,” says Ananda Bhoumik, managing director of India Ratings and Research. “It’s a work in progress.”

The young bankruptcy code’s next big test will be none other than RCom. This month RCom’s creditors approved a resolution plan that would clear the way for Mukesh’s Reliance Jio to buy its core mobile assets for about Rs47bn ($636m), people familiar with the matter said, with another investor buying remaining assets including spectrum and real estate.

If approved by an Indian court, it could help the Chinese banks recover a chunk of the dues they are currently pursuing in London.

Yet Abizer Diwanji, India financial services head at EY, says lenders still face an uphill struggle in their efforts to pursue the Indian tycoons they once bankrolled. Enforcing personal guarantees, for one, “is unprecedented”, he says. “We’re not there yet.”

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Tina Ambani to buy 100m luxury yacht for Rs200 crore

Mumbai: Tina Ambani, wife of billionaire Anil Ambani, who leads the Reliance Anil Dhirubhai Ambani Group, or R-Adag, is buying a yacht worth nearly Rs200 crore ($46.8 million).

The former Bollywood actor has chosen a 100m-long yacht that can host at least 20 people besides the crew, said a person familiar with the development. She has also applied for membership at the 161-year-old, Mumbai-based Royal Bombay Yacht Club, or RBYC.

An email Mint sent to the executive assistant of Tina Ambani remained unanswered and an R-Adag spokesperson said he could not comment.

“She had applied for a membership some time back," said RBYC secretary Suresh Kumar. “We are processing her request and she will get a membership shortly. However, I am not aware about her yacht-buying plans."

An RBYC membership enables an individual or company to enjoy various sailing and training programmes the club undertakes. The club also offers maintenance support and anchor space.

Ambani’s yacht is “special." “She is looking at a larger version of a luxury boat that can be used for long cruises with multiple cabins and plush interiors," said the same person who did not wish to be identified.

Going by the technical specifications revealed by this person, Ambani’s yacht will be like Mallya’s 95m Indian Empress, which is powered by three 10,000hp engines.

Incidentally, Anil Ambani’s estranged elder brother and chairman of India’s largest private company Reliance Industries Ltd, Mukesh Ambani, had gifted his wife Nita Ambani a luxurious Airbus 319 corporate jet worth nearly Rs250 crore last year.

Last week, Forbes magazine named Tina Ambani as one of the 10 billionaires’ wives who have impressive independent credentials. In 2004, she founded the Harmony for Silvers Foundation, a non-government organization that works towards improving the life of old people.

The Harmony Interactive Centre, operating since May 2004, provides an opportunity for senior citizens or “silvers" to interact with their peers in a space of their own and also aims at educating the general public about issues the elderly face.

Her husband, Anil Ambani, is the sixth wealthiest person in the world and founder of R-Adag that has a net worth of Rs55,000 crore.

“I cannot comment on Tina Ambani buying a super yacht. If it is a super yacht, it will be an exceptional buy," said Shakeel Kudrolli, managing director of Acquasail Pvt. Ltd that represents Chantiers Beneteau SA, a leading yacht company.

“But I can only say that India is increasingly catching up with the US and Europe when it comes to buying specialized yachts. It is not uncommon that high networth individuals buying yachts after owning other premium products such as a BMW and other pricy possessions," he said.

Kudrolli, who has been into sailing for the past 35 years and launched the part ownership concept in yachts, said that companies are buying more sophisticated sports-cum-leisure boats to offer special hospitality to their premium customers instead of taking them to conventional five-star hotels.

“Some of the corporations are buying yachts for meetings and leisure activities for internal teams, while some are using sailing as team-building exercise," he said.

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From Salman Khan To Mukesh Ambani, Richest Indians Who Own A Luxury Yacht

  the super ritzy lives of india’s filthy rich  .

By Mashable India

21 July 2022

Salman Khan

  one of the top entertainers in the industry, salman khan’s net worth is estimated at $310 million. he is known for his fleet of cars and bikes besides being invested in a plethora of business and philanthropy.    , 50th birthday gift,   he gifted himself a cool luxury yacht as his 50th birthday present in 2016. the yacht can host around 10 people including the crew.   , gautam singhania,   raymond group’s boss gautam singhania’s net worth is $1.4 billion. he is one of the handful of indian industrialists who own yachts.    ,   gautam singhania bought the yacht in 2006. ashena the luxury yacht can host about 10 guests besides a crew of 8.   , anil ambani,   anil ambani would have been as rich as his brother if not for a few failed ventures and the enormous debt he got himself buried into. nonetheless the ever so flamboyant anil lives quite an enviable life.   ,   he bought tian as an anniversary gift for wife tina ambani in 2008. tian is the initial two letters of both tina and anil. the $80 million yacht can host 12 guests.    , lakshmi mittal,   steel magnate lakshmi mittal is the executive chairman of arcelormittal. the industrialist’s current net worth is about $17.8 billion.   ,   the king of steel owns a superyacht amevi, that is mostly seen in the barbados sea. the yacht was bought in 2007 for $125 million.   , vijay mallya,   the flamboyant king of good times will soon be prosecuted for syphoning money to the tune of thousands of crores. most of his property is attached. he owned a fleet of luxury vehicles including a yacht which was confiscated in 2018.    ,   vijay mallya’s luxury yacht ‘kalizma’ was bought for $112 million in 2006. it can entertain over 15 guests in its lavish suites.   , mukesh ambani,   the second richest indian and asian (thanks to his nemesis adani), mukesh ambani has quite a thing for the most exquisite luxury. besides owning the most expensive home in the world ‘antill’, ambani has a fleet of luxury vehicles and a superyacht.   , the floating palace,   the yacht costing us$ 100 millions comes with all the comforts of life you can imagine. decked with a helipad, guest suites, sauna, lounge bar etc. this vessel is basically a floating palace.  .

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Anil's New Year gift to Tina: Rs 400 Cr Yacht

OTHERS WITH LUXURY YACHTS: 1.        Vijay Mallya 2.        Gautam Singhania 3.        Bajaj Group 4.        Indiabulls Group 5.        Godrej Group 6.        Mahindra & Mahindra

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Meet Billionaire Owner Of The World's Most Expensive Yacht Amevi; It's Worth Rs 1,000 Crore

It's not news that the world's top billionaires own ridiculously expensive things, from luxury cars to opulent houses and private jets. We have all witnessed that the ultra-rich have a penchant for all things luxury.

But the world's most expensive yacht, the Amevi superyacht, can put even the most extravagant things. And it is owned by none other than the steel magnate Lakshmi Mittal.  Here's all about Amevi.

All about  superyacht  Amevi

Mittal owns a 262-metre Amevi superyacht worth around Rs 1,000 crore. The yacht has a swimming pool, gymnasium, spa and cinema hall. Amevi features a magnificent sky lounge, offering panoramic views and a large terrace to get to the sun decks. It also features a massage room, salon, helipad, and stabilised pool table.

The Amevi superyacht was built in 2007 by Oceanco, a shipyard based in the Netherlands and designed by Nuvolari Lenard. Oceanco is a team of experts who merge the expertise of old-world Dutch craftsmanship with cutting-edge technology to create unparalleled masterpieces.  

Renowned luxury yacht designer Alberto Pinto has designed the interiors of Amevi. It accommodates 16 guests in its 8 VIP rooms and can carry over 20 crew members.

The owner's suite on the upper deck features a cut above the rest with a full-beam design. It also includes a lounge and private outdoor space with two jacuzzis.

The yacht has twin MTU 16V 595 TE70 engines with a total power of 9,100 HP (6,800 kW). The yacht reaches a maximum speed of 18.5 knots or 34.3 kmph, with a cruising speed of around 14 knots or 26 kmph.

Ranked the 7th richest Indian globally, Mittal has embarked on voyages to India, Spain, Gibraltar, and Norway aboard his lavish yacht.

Most expensive yachts by Indian billionaires

Other prominent Indian billionaires who possess yachts include Mukesh Ambani, Anil Ambani, Adi Godrej and Gautam Singhania, among others.

Mukesh Ambani, Asia's richest man, reportedly owns an ultra-luxury yacht shaped like a horseshoe, boasting a mind-boggling cost of $100 million. Stretching an impressive 58 meters, the yacht is replete with luxurious amenities, including private suites, a spa, a 25-meter swimming pool, and a lounge bar.

Not to be outdone, his younger brother Anil Ambani, accompanied by his wife Tina Ambani, also purchased a yacht named TIAN, though the exact cost, rumoured to be around Rs 200 crore, remains undisclosed.

Former billionaire Vijay Mallya once used to own a yacht named the Empress of India, which he had bought for an undisclosed amount in 2006. Mallya said in 2018 that the 95-metre yacht was sold for 43.5 million.

For more on news and current affairs from around the world, please visit  Indiatimes News.

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Meet the Ambanis, who live in a $1 billion skyscraper and mingle with royals and Bollywood stars

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Mukesh Ambani is worth $111 billion, according to the Bloomberg Billionaires Index.

The world's 11th-richest person is the chairman and majority owner of Reliance Industries.

The Ambanis live in a 27-story skyscraper in Mumbai thought to have cost $1 billion to construct.

Mukesh Ambani, the richest person in India and 11th-richest person in the world, is kicking off pre-wedding celebrations for his son Anant in Gujarat this weekend.

Mukesh Ambani is worth $111 billion per the Bloomberg Billionaires Index.

He's the owner and chairman of Reliance Industries, a massive conglomerate that includes telecom arm Jio Platforms, which has been thriving due to a "flurry" of  investments  in recent years, per Fortune. The Ambanis made headlines in 2018 for throwing one of the most lavish wedding celebrations ever for Isha Ambani and Anand Piramal. It included a private Beyoncé concert and celebrity guests including Priyanka Chopra and Nick Jonas , Hillary Clinton , and Arianna Huffington . This week the family is staging an extravagant 3-day pre-wedding celebration for Anant, Mukesh Ambani's youngest son. Tech heavyweights such as Bill Gates and Mark Zuckerberg are among the 1,200 guests attending the festivities, The Guardian reported . A performance by Rihanna is expected to kick off the first day of celebrations, per Reuters.  The star-studded list of invitees also includes Alphabet CEO Sundar Pichai and Samsung Electronics' executive chair, Jay Y. Lee, The Times of India reported.

The Ambani family home in Mumbai is a 27-story skyscraper that cost an estimated $1 billion to build.

Here's a look at the Ambani family's fortune, relationships, friends, and lavish lifestyles.

The Ambani family in India has been called Asia's richest family by Forbes.

The family patriarch, Mukesh Ambani, has an estimated net worth of $111 billion , making him the 11th-richest person in the world, according to Bloomberg.

The Indian family's massive wealth began with Dhirubhai Ambani , who founded Reliance Industries to manufacture fabrics and textiles.

Source : Bloomberg ,  Fortune

Reliance Industries is now a Fortune 500 company worth $240 billion, and one of the most valuable companies in India.

Dhirubhai died in 2002 at age 69 without a will, leaving his company to be run by both of his sons: Mukesh and his younger brother, Anil.

Source : Bloomberg

A bitter succession battle between the two brothers followed their father's death and resulted in a rivalrous relationship between Mukesh and Anil.

Ultimately, Mukesh was left in charge of the majority of Reliance.

In 2005, the brothers split the company in a deal negotiated by their mother, and Mukesh was left with control of the oil, gas, petrochemicals, and refining operations of the business.

Anil took over construction , telecommunications, asset management, entertainment and power generation businesses.

Today, 66-year-old Mukesh Ambani is worth an estimated $111 billion as the chairman and largest shareholder of Reliance Industries.

Ambani surpassed Alibaba Group founder Jack Ma in July 2018 to become the richest man in Asia after a thriving year for his company.

But in early 2020, Ambani's wealth ranking dropped down slightly below Ma's.

Anil Ambani, 64, is chairman of Reliance Group but has only a fraction of his older brother's wealth.

Bloomberg reported that 2018 saw Anil's businesses suffer from "legal and liquidity challenges."

Indian media reported in September 2018 that Anil's "cash-strapped" Reliance Communications will quit the telecom business and turn to real estate.

In early 2020, Anil told a UK court that his net worth was in fact "zero" and that he was bankrupt.

Anil is married to Tina Ambani, a former Bollywood actress ...

Source : The National

... and they have two sons. Anmol Ambani works within his father's company and was named a director of Reliance Capital in 2016.

Source: Reliance Capital

Anil's younger son Anshul joined the family business as a management trainee in 2019.

Source : The Hindu Business Line

Mukesh Ambani is married to Nita Ambani.

Source : Forbes

Nita is the chair of Reliance Foundation, the company's charity organization.

She's also involved with the company's sports ventures as well as marketing and branding strategy for Reliance Jio Infocomm, Reliance's mobile network operator.

Nita and Mukesh have three children, the youngest being 28-year-old Anant Ambani, who has started taking part in some of his father's company's events and meetings.

Then there are 32-year-old twins Isha and Akash Ambani.

Source:  Forbes

Akash is a board member at Reliance Jio. Both he and his twin sister studied at Ivy League universities in the US, Akash at Brown University ...

Akash is married to his high school sweetheart, Shloka Mehta, the daughter of a well-known diamond merchant. Mehta reportedly studied at Princeton University and the London School of Economics.

Source : Forbes, South China Morning Post

They were married in Mumbai in March 2019. Google CEO Sundar Pichai, former British prime minister Tony Blair, and actress Priyanka Chopra were reportedly among the guests.

Source : Forbes, India Today, Straits Times

Akash's twin sister, Isha, is on the board of India's largest retailer, Reliance Retail, and is a co-director for the telecoms arm Jio.

Source : Business Insider

She previously spent a stint working at management consulting firm McKinsey in New York.

Source : India Times

Isha married Anand Piramal, now 34, heir to a real estate and pharmaceutical business, in December 2018, following several lavish pre-wedding events.

Source:  Business Insider

Other pre-wedding festivities were held in the western Indian city of Udaipur.

These celebrations included a private concert by Beyoncé, who reportedly sang "Crazy in Love," "Naughty Girl," and "Perfect" at the Oberoi Udaivilas hotel in Udaipur.

The wedding ceremony itself was held at the Ambani family home in Mumbai.

An estimated 600 guests attended the extravagant wedding, which cost an estimated $100 million by some reports. A Reliance spokesman, however, said it cost no more than $15 million.

Vintage cars carried guests during the wedding procession.

Brothers Akash and Anant rode in on horseback.

The celebration included dance performances and sightings of many high-profile guests ...

... including former Secretary of State and presidential candidate Hillary Clinton with her longtime aide, Huma Abedin ...

... actor Priyanka Chopra and her husband, Nick Jonas ...

... and Bollywood star Shah Rukh Khan.

The wedding venue was the Ambani family home in Mumbai: a 27-story luxury skyscraper that cost an estimated $1 billion to build. It's called Antilia after a mythical Atlantic island.

Antilia includes swimming pools, ballrooms, a garden that spans three floors, six floors of parking, three helipads, and it can withstand a magnitude 8 earthquake. A staff of 600 people runs the home.

Source :  Business Insider

It's estimated to be one of the world's most expensive properties, second to Buckingham Palace. In this photo, trees surrounding the skyscraper are decorated for Isha's wedding.

Isha reportedly moved out of the family home following her wedding.

Source : Reuters

She and her new husband moved into a bungalow in Mumbai called Gulita.

The Ambani family has long mingled with high-profile global figures, including Prince Charles and Camilla, the Duchess of Cornwall ...

... former British Prime Minister David Cameron ...

... Indian Prime Minister Narendra Modi ...

... former US president Barack Obama ...

... and former Secretary of State, Hillary Clinton. The Clintons and the Ambanis have reportedly known each other for nearly 20 years.

Source : The Guardian

Ambani's fortune grew by $16.1 billion in 2019, with his net worth reaching about $60 billion in January 2020.

But most of that was wiped out in the first four months of 2020, per Bloomberg's Billionaires Index , due to massive fluctuations in the stock market because of the coronavirus pandemic.

But Ambani's companies have since rebounded after a "flurry" investments, particularly in the telecom arm, Jio Platforms.

Jio has grown to become one of India's biggest mobile carriers, with 388 million subscribers, according to Forbes.

In April 2020, Facebook announced it was investing $5.7 billion in Jio, making Mark Zuckerberg's social media giant the largest minority shareholder in Ambani's telecom service.

"This investment underscores our commitment to India , and our excitement for the dramatic transformation that Jio has spurred in the country," Facebook said in a statement. "In less than four years, Jio has brought more than 388 million people online, fueling the creation of innovative new enterprises and connecting people in new ways."

In July 2020, Jio Platforms launched JioMeet, a video conferencing service that is seen as a rival to Zoom and Google Meet.

JioMeet offers unlimited free group calls with up to 100 participants, and unlike Zoom, it doesn't impose a short time limit on free calls, per TechCrunch. A free call can last for up to 24 hours.

The company did not say whether JioMeet would be available for users outside of India.

In June 2020, Ambani became the first Asian man to break into the ranks of the world's 10 richest people, Fortune reported.

The next-richest Asian is Chinese businessman Pony Ma, who's worth $52 billion.

Mukesh Ambani's three children are involved in the family business in some capacity, but Ambani's succession plan for the company is "unclear," according to Bloomberg. Only time will tell who will take over the $100 billion company.

Anant Ambani and Radhika Merchant are set to marry in July 2024 after they got engaged in a Gol Dhana ceremony in Mumbai last January

Rihanna is expected to perform at the pre-wedding celebration in Gujarat on March 1

Source:  Reuters

Read the original article on Business Insider

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Friends or competitors? Anant Ambani on relationship with older siblings

During his interaction, Anant Ambani provided insights into his family dynamics, shedding light on his relationships with his siblings, his father Mukesh Ambani, and the weight of the legacy he bears on his shoulders.

Listen to Story

• Anant Ambani spoke about the bonding he shares with his siblings Anant and Isha
• He said there was no competition between him and his elder brother and sister
• Anant Ambani is set to marry Radhika Merchant in July this year

Anant Ambani, the youngest heir to Mukesh Ambani's Reliance Industries, said that he shares an exceptional bond with his siblings, Anant Ambani and Isha Ambani, calling them his 'advisors'. Anant also said that there is no competition between him and his elder brother and sister as he would like to follow their advice all through his life.

As the excitement builds around his upcoming pre-wedding celebrations, Anant Ambani engaged in an exclusive conversation with India Today's News Director, Rahul Kanwal, on the special episode of 'Jab We Met'.

Speaking about his bonding with siblings Akash Ambani and Isha Ambani, Anant said that he considers them his advisors.

When asked about the fall-out between the earlier generation of the Ambanis (Mukesh and Anil), Anant Ambani said that he would not face the same fate, as there's too much love between him and his siblings.

"They are both older than me. I am their Hanuman, my brother is my Ram and my sister is like a mother figure to me. They have both always protected me. We have no differences or competition between us. We are stuck together by Feviquick," Anant said with a laugh.

Furthermore, Anant candidly addressed comparisons with his grandfather, Dhirubhai Ambani, stating that being likened to him was a significant compliment. He said he doesn't feel he has reached that level but is merely following in his grandfather's footsteps, considering it his duty to carry forward a rich legacy and serve the country.

Responding to a question of whether he feels the pressure of belonging to the Ambani dynasty, Anant smiled and replied, "No pressure at all. Whatever I will do, it will be from my heart, and whatever God wills would eventually happen. You cannot plan your destiny. I just follow my father's vision, as that would only help me grow."

Anant also talked about his relationship with his father, Mukesh Ambani, describing him more as a friend than a strict father figure. He emphasised the crucial role of his father's support in enabling him to achieve his endeavors.

"He is not strict at all. Like any traditional Gujarat family, we have a lot of respect for him. I could manage to build all this only because of his support," Anant said.

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Anil Ambani's journey from $42 billion net worth to claiming poverty

In 2008, Anil Ambani was at his peak with a net worth of $42 billion, according to Forbes.

By 2011, his net worth collapsed 4-fold to $8.8 billion after the 2G scandal broke and the Central Bureau of Investigation’s (CBI) enquiry into his involvement with Swan Telecom.

In 2013, Anil Ambani’s net worth fell by another $3 billion to $5.2 billion as Reliance Power lost steam.

By 2016, his worth halved to $2.5 billion after many of its companies ran into debt and operational troubles. Reliance Power was selling its assets and Reliance Communications was unable to compete against the top reigning telecom companies and was losing consumers.

By the time 2018 rolled around, Anil Ambani’s net worth saw a slight bump to $2.8 billion.

However, in 2019, Reliance Communications had to file for bankruptcy. The Supreme Court ordered Anil Ambani to pay up or head to jail. His elder brother, Mukesh Ambani - who is Asia’s richest man, bailed him out by paying up ₹4.5 billion.

Last year, Ambani dropped out of the billionaires club with reports claiming that his net worth is around $500 million. But, Forbes data still shows his net worth to be $1.7 billion.

Thanki claims that Ambani’s fleet of luxury cars is worth $3 million (₹21.4 crore).

Thanki also points out that Ambani’s luxury yacht named Tian is worth $56 million (₹400 crore).

Source: Luxury Topics

“It remains unclear how he is funding his $700,000 (₹5 crore) legal fees in these proceedings,” said Banki Thanki QC, the lead counsel for the Chinese banks.

Justice Waksman was also critical of Ambani’s statements. “He clearly has more assets or income than he is letting on,” said the judge.

“It would be absurd if Mukesh said he could not afford to lend the money given the size of his fortune. This is an extremely wealthy family who have helped each other in the past. I don’t accept his own available assets are as limited as he says,” he added.

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Reliance Group Chairman Anil Ambani with wife, sons arrive in Jamnagar for Anant-Radhika’s pre-wedding festivities

Posted: 1 March 2024 | Last updated: 1 March 2024

Jamnagar (Gujarat), March 01 (ANI): Reliance Group Chairman Anil Ambani and his wife Tina Ambani arrived in Gujarat’s Jamnagar on March 01. Anil Ambani’s sons Jai Anmol Ambani with his wife Khrisha Shah and Jai Anshul Ambani also arrived at the event. They came to attend the 3-day pre-wedding celebrations of Anant Ambani and Radhika Merchant. Reliance Chairman Mukesh Ambani's youngest son, Anant Ambani, is set to tie the knot with Industrialist Viren Merchant’s daughter, Radhika Merchant.

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Your travel specialist on: how to relax on a yacht charter in the caribbean, it's a great idea for a destination wedding, family reunion, corporate incentive award or group get-together.

Susan C. Schena , Patch Staff

By MAUREEN JONES (Star Patcher)

If you want a really luxurious experience, why not have a three night yachting voyage next Spring and charter a truly magnificent Sea Dream yacht for 112 of your closest friends and family. The yacht would be all yours, even if you take less people, with an award-winning crew of 95. What a great idea for a destination wedding, family reunion, corporate incentive award, or group get together.

You get gourmet meals, wine with lunch and dinner, open bar with select premium brands, gratuities, use of water toys, mountain bikes, fitness center, golf simulator, extensive CD and DVD library and Sea Dream’s famous Champagne and Caviar splash. The golf simulator features 30 different courses, which allows you to play a round of golf while at sea. Clubs are provided.

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The water sports are all complimentary and include personal watercraft, laser sailboats, Hobie Cat catamarans, glass bottom kayaks, banana boat, tube, wake boards and water skis, snorkeling gear, zodiac rides, floating islands and trampoline, and paddle boards.

The spa provides treatments for body, face, hair and nails. There are complimentary daily Tai Chi and Yoga sessions which can be held on deck or shore side on a beach.

You can enjoy trying all the water sports, or just relax on board and visit the library with 1000 books to enjoy. You can play Lady Luck in the casino, or dance the night away at the Top of the Yacht bar.

This yacht is only available for charter for the dates of March 26-29, 2016.

You can also take a 7, 10 or 13 day cruise in various parts of the world, with the Mediterranean being a very popular choice May through October.

This beautiful yachting voyage in March would be from St. Thomas to St. Thomas offering five different itinerary choices with stops at the smaller islands off Puerto Rico (Culebrita or Vieques) St. Barts, French West Indies, or Tortola, and Norman Islands in the British Virgin Islands. Regardless of the voyage itinerary you choose, Sea Dream will feature their marvelous signature “Champagne and Caviar Splash” BBQ and private beach party on Jost Van Dyke, in the British Virgin Islands.

Visit our site and read about the five different options for a voyage.

Regardless of whether you have been on a cruise before, or a luxury cruise, until you have sailed on a Sea Dream yacht you have not experienced what luxury yachting can be like. These two twin mega luxury yachts, Sea Dream 1 and Sea Dream 11 have won multiple awards since they were launched in 2001. This is yachting at its best, enjoy the difference.

Maureen Jones

Other columns from Maureen:

• Your Travel Specialist On: Tasting Thailand
• Your Travel Specialist On: Classic Cuba
• Your Travel Specialist On: Highlights Of England
• Your Travel Specialist On: Vienna, Austria
• Your Travel Specialist On: Sip and Savor Australia

Maureen Jones is president of All Horizons Travel at 160 Main Street, Los Altos. Members of her staff are experts in business travel, cruises, and all types of leisure.

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