Anil Ambani, once the sixth richest person globally, experienced a dramatic fall from grace. His younger brother, Mukesh Ambani, now holds the title of India’s richest man. This contrasts sharply with the trajectory of Anil, who inherited half of the Reliance fortune and initially saw his wealth surpass his brother’s. Anil’s rapid ascent was fueled by the listing of Reliance Power, which made history as the largest initial public offering in India at that time. However, a series of controversies and poor investment decisions, including a USD 2 billion investment in a deal with South African company MTN that ultimately collapsed, led to his downfall.
Financial scandals, substantial loans from Chinese banks, and the competitive entry of Mukesh Ambani’s Jio devastated Anil’s telecom business. Over a decade, Anil’s net worth plummeted from USD 42 billion to just USD 1.7 billion, while his companies amassed a consolidated debt of over Rs 40,000 crore. In 2020, Anil declared bankruptcy and disclosed that he had to sell his family’s jewellery to pay legal fees.
Amid these challenges, Anil Ambani’s sons, Jai Anmol Ambani and Anshul Ambani, are making significant efforts to revive their father’s business empire. With Reliance Capital gaining operational success and Reliance Infrastructure lightening its debt load, Anil is devising a plan with his sons to ensure the company’s recovery. Their primary objectives are to reduce debt and stimulate business growth.
Jai Anmol has independently built a business valued at Rs 2,000 crore through persistent effort. He and his brother Anshul are actively involved in revitalizing the business through their venture, LimeLight. Their strategy encompasses debt reduction, increased investments, and business expansion. Under Anil’s guidance, Reliance Power aims to become debt-free by the end of FY25. Progress is underway, with substantial debt restructuring agreements recently made with ICICI, DBS Bank, and Axis Bank. Additionally, Reliance Power secured a ₹132 crore deal with JSW Renewables to sell a 45-megawatt wind power project in Maharashtra, enhancing investor confidence. The company plans to raise $350 million (Rs 3,000 crore) through Foreign Currency Convertible Bonds (FCCBs) to further reduce debt and launch new ventures.
Reliance Infrastructure will establish four new companies focusing on manufacturing deals related to fuel transportation and vehicle equipment, aiming to capitalize on sectors with increasing demand.
