Anil Ambani may be out of billionaire club

Anil Ambani may be out of billionaire club

Mumbai, Jun 19: Businessman Anil Ambani, who a little over a decade ago was one of the richest persons in the world with a net worth of about $42 billion, may not be a billionaire any more. At Tuesday’s close of trading on Dalal Street, the combined market capitalisation of all of Anil Ambani-controlled Reliance Group companies was nearly Rs 5,400 crore, or about $773 million.
Ambani holds less than 75% stake in each of the six companies in his group — Reliance Infrastructure, Reliance Naval & Engineering, Reliance Power, Reliance Capital, Reliance Home Finance and the now-defunct Reliance Communications. Going by the market value of listed companies in his group, the younger of the two famous Ambani brothers would be worth much less than the billion-dollar mark.
Till recently, the group had a large stake in a profitable mutual fund business — Reliance Nippon Life Assets Management — a joint venture with Japanese life insurance major Nippon Life, which has been sold to its partner recently. Currently valued at nearly Rs 13,500 crore, or a little over $2 billion, the fund house is in the process of being transferred to the Japanese insurance major.
Anil, the younger brother of Mukesh who is listed as the 13th richest man in the world + with a net worth of $50 billion by Forbes, has been going through several challenges in almost all his businesses.
At one point of time, Anil held over 60% in Reliance Communications, the telecom venture which is currently going through the bankruptcy process under the Insolvency and Bankruptcy Code, with its total debt at nearly Rs 58,000 crore.