What is Anil Ambani's Net Worth?
Anil Ambani is an Indian businessman, investor, and philanthropist who once held a multi-billion dollar net worth but currently has a net worth of $0. He is best known as the owner, chairman, and CEO of Reliance Group, established in 2006 following the demerger of the family business, Reliance Industries. Ambani was one of the richest people in India until his financial downfall, which he acknowledged in a February 2020 court filing stating his net worth was "ZERO."
"My net worth is zero after taking into account my liabilities. In summary, I do not hold any meaningful assets which can be liquidated for the purposes of these proceedings." Ambani was ordered to set aside $100 million as he faced a lawsuit over a $700 million debt owed to Chinese banks.
Ambani's older brother, Mukesh Ambani, is the richest man in India with a net worth exceeding $80 billion. Their father, Dhirubhai Ambani, built an empire from humble beginnings. Following Dhirubhai's sudden death in 2002 without a will, the brothers fought for control of the business until 2005 when their mother mediated a truce. Mukesh took over refining and petrochemical businesses, while Anil took charge of financial services and power generation units, which later proved to be less valuable.
In 2009, Anil invested $825 million into Steven Spielberg's DreamWorks Studios, contributing to the production of the Academy Award-winning movie "Lincoln" in 2012. Ambani is also a major Bollywood movie producer, owning over 44 FM radio stations, animation studios, and numerous movie theaters in India. He served as an Independent MP in the upper house of the Indian Parliament from 2004 to 2006.
Early Life and Education
Anil Ambani was born on June 4, 1959, in Bombay, India, to Gujarati parents Kokilaben and Dhirubhai Ambani. Dhirubhai was a legendary textile entrepreneur and founder of Reliance Industries. Anil grew up with his older brother Mukesh and two sisters, Nina and Deepti. He earned a Bachelor of Science degree from Kishinchand Chellaram College and then an MBA from the Wharton School of the University of Pennsylvania in 1983.
Getty
Reliance Group
After the sudden death of Dhirubhai Ambani in 2002, there was no clear succession plan for Reliance Industries, leading to tension between Anil and Mukesh. Their mother brokered a truce, dividing the business between the brothers. Anil became the head of Reliance Group, overseeing Reliance Infocomm, Reliance Energy, and Reliance Capital, and was credited with India's largest IPO for Reliance Power in 2008. He also acquired a majority stake in Adlabs Films, which became Reliance MediaWorks, contributing to several Steven Spielberg films.
Business Legal Issues
Ambani has faced numerous legal issues related to his business ventures. In early 2019, he was held in criminal contempt by a Mumbai court for non-payment of debt to Ericsson, which led to being bailed out by his brother Mukesh. A year later, he was ordered to pay $716 million to Chinese banks but claimed bankruptcy in a UK court, a claim met with skepticism. In late 2021, Anil and Mukesh Ambani were named in the Pandora Papers for possessing secret offshore accounts, and in 2022, Anil was accused of tax evasion by the Income Tax Department.
Political Career
Between 2004 and 2006, Anil Ambani served as an Independent MP in the Rajya Sabha, the upper house of the Indian Parliament, representing Uttar Pradesh.
Honors and Awards
Ambani has received many accolades for his business achievements. He was named Businessman of the Year 1997 by Business India magazine and received the First Wharton Indian Alumni Award from the Wharton India Economic Forum. Other honors include the Entrepreneur of the Decade Award from the Bombay Management Association and the Platts Global Energy CEO of the Year Award for 2004.
Personal Life
In 1991, Anil Ambani married actress Tina Munim, despite initial resistance from his family. They have a successful marriage and are parents to two sons, Jai Anmol and Jai Anshul.
