Ambani family is the richest families in Asia today. One of his family members, Mukesh Ambani, is one of the richest people in Asia today.
The wealth of the conglomerate from India, started when the Reliance Industries Limited business was built by Dhirubhai Ambani. He is the father of Mukesh Ambani.
How Did Ambani’s Wealth Begin?
The late Dhirubhai Ambani was an Indian business tycoon who founded Reliance in Mumbai with his cousin in 1958. His fields include energy, petrochemicals, natural resources, textiles, retail and telecommunications.
In the mid-1960s, he developed even greater ambitions. Where he was determined to enter textile manufacturing.
The company established its first factory in 1966, in line with the establishment of Reliance Textiles Engineers Private. His Vimal brand quickly became very popular.
In 1977, he made a surprising move by conducting an initial public offering (IPO) of Reliance Textile Industries. The IPO was considered one of the largest in India at the time.
Not only that, Reliance is also one of the companies that won three titles at once in India. This giant became the most profitable company, the largest publicly traded company by market capitalization, and the largest by revenue.
Ambani’s agility in working in the Indian bureaucracy allowed him to take advantage of the country’s licensing system. For example, in 1981, Ambani was granted permission to build a factory in Patalganga that produces polyester filament yarn.
His Children Take Over The Business
On July 6, 2002, Dhirubhai Ambani died. The company was then taken over by his sons Mukesh Ambani and Anil Ambani.
Mukesh Ambani then continued Reliance’s business leap which was actually focused on the oil and petrochemical business at that time. He also became the number one richest person in India and brought his prestige skyrocketed.
On September 10, 2020, Reliance became the first Indian company to surpass US$200 billion in market capitalization. Its profit and net profit in 2020 alone reached 86.27 billion and 5.62 billion dollars, respectively.
This almost one-fold increase in his wealth was due to his policy of changing the focus of his conglomerate business from the oil and petrochemical industry to being a telecommunications technology company and retail sector. These two businesses are run through Reliance Retail Limited Investor Relations and Jio Investor Relations as revealed on the official reliance website.
Mukesh Ambani himself has managed to occupy as the richest person in Asia in just 58 days. According to Forbes World Billionaires March 2020, Mukesh Ambani’s net worth is only US$ 36.8 billion.
But now his wealth rose to US $64.1 billion. Mukesh is also included in the list of 10 richest people in the world.
Quoting Bloomberg, the Ambani family is now the richest family in Asia. They have a wealth of US $ 88.3 billion.