While there may be just 2 years’ age difference between them, Mukesh Ambani’s fortune far outweighs Anil’s. Mukesh Ambani is the richest man in Asia with a wealth of over $50 billion.
Meanwhile the younger Anil – who was the world’s sixth richest person in 2008, with a reported net worth of US$42 billion – may not even be a billionaire any more, according to recent reports. In March, Forbes assessed 60-year-old Anil’s wealth to be a comparatively sleight US$1.7 billion, but following tumultuous trading, in May Bloomberg reported Anil’s holdings in companies to have plunged to about US$120 million.
Their business ties have led to plenty of feuds over the years and their rivalry has been termed as a ‘sibling rivalry’.
It started with the death of Dhirubhai Ambani
In 2002, their father died and the non-existence of a will created complications. This led to the brothers fighting over a sizeable portion of the fortune and the corporate holdings.
Finally their mother Kokilaben brokered an agreement between the brothers, demerging Reliance Industries. Mukesh took over the oil and chemical portion and Anil took over electricity and telecom.
The brothers continued to disagree from time to time. Anil sued Mukesh for defamation when he criticised Anil in The New York Times.
Anil also repeatedly blamed Mukesh for Reliance’s unpopular decisions, going so far as to take out an ad in The Times of India that criticised his brother for raising gas prices. This culminated in a 2010 case between the brothers that went to the Supreme Court of India. Once again, Kolilaben came to the rescue and brokered a non-compete clause between the siblings so their business disagreements could cool down.
Anil’s fortunes plunged, but their relationship might be improving
Anil’s fortunes have continued to decline over the years. It is partly due to the massive success of Reliance Jio, Mukesh’s affordable mobile network that has put most competitors out of business, including his brother. Anil’s Reliance Communications lost its value and was bought by Jio in 2017.
Anil was going to go to jail if he did not pay his debt to Swedish mobile firm Ericsson but Mukesh paid his debt for him and saved his brother. Anil said, “My sincere and heartfelt thanks to my respected elder brother, Mukesh, and Nita, for standing by me during these trying times.”
So after nearly two decades of strained relations between the brothers, Mukesh came through for his younger brother. It’s proof that family always comes first, even for two fierce business rivals.
