The ambitious Ambani may lose his position in Billionaire club
Anil Ambani is the youngest sibling of the charismatic entrepreneur and owner of the world’s most expensive private residence “Antilia”, Mukesh Ambani – who was listed in TIME magazine’s list of most influential people for the year 2019.
Anil used to be the world’s 6th richest person a decade ago. However, since 2008, Anil Ambani started losing his position over a span of 10 years. His net worth in 2008 was $42 billion and right now, he is worth about $1.5 billion (according to Forbes). Meanwhile, other reports suggest that he is already out of billionaire club.
Anil Ambani is the chairman of Reliance Communications, a telecom company which started going through bankruptcy since earlier this year. Chinese lenders, including China Development Bank, have demanded at least $2.1 billion from Anil Ambani’s Reliance Communications.
The businessman heads “Reliance Group” – which includes Reliance Infrastructure, Reliance Naval & Engineering, Reliance Power, Reliance Capital, Reliance Home Finance and Reliance Communications and he holds less than 75% stakes in each of them.
As the reasons behind the unfavourable results, Sanjiv Bhasin, Executive VP, Markets and Corporate Affairs at IIFL Securities said: “It is a common story of greed and fear. Reliance Communication suffered because of overleverage, and not getting out at the right time. Other group companies had to bear the brunt…”.
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