AMBANI

Reliance was among the first Indian companies to tap into the equity market, and Dhirubhai became a beloved figure among investors. This IPO was a landmark event in Indian corporate history, laying the foundation for Reliance’s future expansion.

In the early 1980s, it was revealed in the Indian Parliament that a foreign investor had, between 1982 and 1983, injected 220 million Rupees into Reliance (about 20 million Pounds at the time). Curiously, these investments were routed via companies with strange names—like Crocodile, Lota, and Fiasco—all registered in the Isle of Man, a notorious British tax haven.

In early June 2024, a luxurious cruise ship filled with heirs of high society docked in Genoa, Italy, with music blaring until dawn. This lively stop was part of a Mediterranean tour that included Palermo, Rome, and Cannes (France), all leading up to the most extravagant and expensive wedding in history.

With an estimated cost of 139 million Euros, the cruise was just one event leading up to the wedding of Anant Ambani, son of India’s wealthiest man, Mukesh Ambani, and Radhika Merchant, the daughter of another affluent industrialist. The Ambani family only recently joined the ranks of the global elite, having risen from humble beginnings in the Indian suburbs less than a century ago.

Dhirubhai, the patriarch of the Ambani family, was born in 1932 in the small village of Chorwad in Gujarat. His early life was marked by modesty and hardship. As a boy, he sold bhajias (chickpea fritters) to pilgrims from a street stall. But it was his move to Yemen at the age of 16, as a poor immigrant, that laid the foundation for his future empire. In the Arabian country, he began working at a gas station. There, he learned the intricacies of trade, gaining valuable insights that would later propel him to success.

At the time, Yemen—rich in millennia of history—was a relatively prosperous country, not the impoverished, war-torn nation devastated by civil war and piracy it would later become. The young Indian then moved to Aden, where he became a clerk at A. Besse & Co., a renowned textile emporium founded by French businessman Antoine Besse. There, Dhirubhai learned about the import-export business, the importance of efficient logistics, and the dynamics of commodity trading.

After 10 years in Yemen, still in his twenties, he returned to India armed with those insights and a vision to build a business empire. He co-founded a company called “Majin” with his second Cousin Champaklal Damani, who had lived with him in Yemen. They initially focused on importing polyester and exporting spices. After a few years, due to business disagreements, the two cousins parted ways and Ambani founded his own business: Reliance Commercial Corporation.

By the 1970s, he had shifted focus to textiles and established the brand “Vimal,” which became a household name in India. In 1977, while Hollywood was releasing Star Wars, a sci-fi film that would change pop culture forever, 40-year-old Ambani launched the public offering of Reliance Industries. Listing a company on the stock market—something as futuristic as Star Wars to many Indians at the time—proved to be a game-changer.

The 1980s and 1990s were years of rapid expansion for Reliance Industries. Under Dhirubhai’s leadership, the company diversified into petrochemicals, refining, and eventually oil and gas exploration—returning, in a way, to its roots. Reliance also found itself at the centre of a major stock battle. Ahead of a rights issue, a group of stockbrokers from Calcutta—nicknamed the “Bear Cartel”—began short-selling Reliance shares. In response, other brokers known as the “Friends of Reliance” began buying up those shorted shares on the Bombay Stock Exchange.

The turmoil was so extreme that the Exchange had to close for three business days. It was later revealed that Mr. Ambani had lent shares to the very cartel that shorted them—earning substantial profits from the speculation.

Following the Stock Wars, many in India questioned how a former yarn trader had orchestrated such a sophisticated financial strategy. Finance Minister Pranab Mukherjee disclosed in Parliament those significant foreign investments in Reliance had been routed through offshore companies—registered in the Isle of Man, a British tax haven.

A Bank of India investigation found no wrongdoing. In the years that followed, the construction of the Patalganga plant marked Reliance’s entry into the petrochemicals sector. The Jamnagar refinery, inaugurated in 1999, would become one of the world’s largest—until Saudi Aramco entered the scene.

Dhirubhai’s vision went beyond business. He prioritized building infrastructure and developed a nationwide supply chain that ensured smooth logistics for raw materials and finished goods, boosting Reliance’s efficiency and profits. Today, Reliance reports $120 billion in revenues and around $10 billion in net income.

In 1986, Ambani suffered a severe stroke that paralyzed one of his hands. Following this near-death experience, he decided to hand over control of Reliance to his sons, Mukesh and Anil. As often happens between the heirs, the two brothers did not get along well.

Sixteen years later, in June 2002, Ambani was rushed to Breach Candy Hospital in Mumbai after suffering another stroke. He fell into a coma and died a week later. India mourned the loss of its most prominent industrialist.

Two years later, Mukesh publicly admitted to having differences with his brother Anil over the ownership of Reliance—a polite way of acknowledging a deep and difficult family rift. The group was split: Mukesh took control of Reliance Industries Limited, while Anil was given control of the Reliance Anil Dhirubhai Ambani Group (ADAG).

Dhirubhai had democratized the stock market by encouraging ordinary Indians to invest in Reliance. This created a massive base of loyal shareholders personally invested in the company’s success. By the time of his death, Dhirubhai had transformed Reliance into a conglomerate with interests in textiles, petrochemicals, and telecommunications.

Dhirubhai’s untimely death in 2002 marked the end of an era. Initially, the brothers tried to continue their father’s legacy together, but the attempt failed.

Mukesh, who had attended the prestigious Stanford University but left to join his father at Reliance, took control of the petrochemical, refining, and oil and gas exploration divisions. Known for his strategic acumen and bold vision, Mukesh led Reliance into new sectors, expanding into telecommunications, retail, and digital services, thereby transforming it into a diversified global conglomerate.

He did not neglect the family's core business: the Jamnagar refinery was further expanded and reclaimed its title as the largest in the world. This move not only solidified Reliance’s global leadership in petrochemicals but also provided strong cash flow to invest in other ventures.

Anil, on the other hand, took over ADAG, which operated in financial services, entertainment, and infrastructure. His group was plagued by financial difficulties and a series of setbacks.

Mukesh’s most significant achievement came in 2016 with the launch of Jio, Reliance’s telecom arm. The company revolutionized the Indian telecommunications sector by offering free voice calls and extremely affordable data plans. This bold move forced competitors to slash prices and triggered a digital revolution across India.

Within a few years, Jio amassed over 400 million subscribers, becoming the largest mobile operator in India and one of the largest in the world. Mukesh’s vision for Jio extended beyond telecom—it aimed to build a complete digital ecosystem. By investing heavily in fiber optics and 4G infrastructure, Jio delivered unmatched internet speed and connectivity, bringing millions of Indians online for the first time.

Reliance Industries is now a cornerstone of the Indian economy. It is the country’s largest private employer, providing over 200,000 jobs and contributing significantly to India’s GDP.

Mukesh is married to Nita, a former schoolteacher who is now a prominent philanthropist. The couple has three children: Akash, Isha, and Anant—the latter being the groom in the extravagant 2024 wedding.

In the heart of Mumbai, among the city's bustling streets and towering skyscrapers, stands Antilia, a striking symbol of wealth. This 27-storey skyscraper is one of the most expensive private residences in the world, valued at over 1 billion dollars.

Designed by the architectural firm Perkins & Will, Antilia features a wide range of luxurious amenities: multiple swimming pools, a health spa, a ballroom, a 50-seat movie theatre, and even a snow room.

Its construction sparked controversy. Critics pointed to the stark contrast between the opulence of Antilia and the widespread poverty in parts of Mumbai. Nonetheless, Antilia remains a tangible symbol of India’s economic ascent—and of the Ambani dynasty’s place at its peak.