How Anil Ambani’s empire falls: The journey from arsh to floor is probably called it, as has Anil Ambani, the head of Reliance Group. Today, 11 years ago, Anil Ambani, the sixth richest man in the world, today says that he does not have a penny to pay his debt. One by one, their companies are proving to be defaulters in repaying debt. Shares of companies have fallen by 90%. On the other hand his brother Mukesh Ambani is the richest person in India and Asia.
The controversy had started only after the death of his father Dhirubhai: Founder Dhirubhai Ambani died in 2002 after the liberalization era saw the group taking Reliance Industries to new heights. It is said that since then there was a rift between the two brothers and eventually the business was split between the two. In 2007, Anil had assets of 45 billion and Mukesh Ambani’s assets of about $ 49 billion.
Mukesh got petroleum and Anil got the telecom business: between the two got divided under the supervision of mother Kokilaben, while Mukesh got the share of traditional business like petroleum companies and Anil Ambani was given important companies in the telecom sector. At that time the telecom sector was emerging and it was believed that in the future Anil Ambani could deposit coins in the business, but his hopes were not fulfilled.
Shock from failure of several deals including Aircel: Anil Ambani had 66 per cent of the total assets in Reliance Communications. But, he could not advance this company with the changing times. In 2010, a Rs 50,000 deal with Reliance Communication’s GTL Infra was suspended. Nevertheless, Ambani continued to invest in 3G, under-sea cable and network expansion. Subsequently, in 2017, the company’s merger deal with Aircel also failed. On the one hand, the company continued to invest heavily in CDMA’s 2G and 3G technology, but announced a sudden exit in 2018 with the arrival of 4G. Due to this, Anil Ambani’s company lost about 8 crore customers in one stroke.