Tag: Mukesh Ambani

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INDIA 2024 India News Politics

‘My family works for Rae Bareli, Modi for Adani, Ambani’

Gandhi took a jibe at PM Modi, saying if the “BJP can make 22 billionaires in the country, his party can make crores of lakhpatis”….reports Asian Lite News

In his inaugural election meeting in Rae Bareli, Congress leader Rahul Gandhi emphasised his family’s longstanding commitment to serving the constituency, contrasting it with what he portrayed as Prime Minister Narendra Modi’s alignment with corporate interests.

Gandhi underscored his personal connection to Rae Bareli, citing his family’s legacy of dedicated service to its people, while lambasting the Modi government for allegedly favouring top industrialists with massive loan waivers equivalent to decades of funds allocated under the MGNREGA program.

Gandhi also took a jibe at PM Modi, saying if the “BJP can make 22 billionaires in the country, his party can make crores of lakhpatis”.

He also expressed confidence in his party’s victory in the ongoing Lok Sabha election and said Narendra Modi won’t become Prime Minister on June 4.

Addressing a public meeting in Uttar Pradesh’s Raebareli, Congress leader Rahul Gandhi said, “Earlier Narendra Modi used to talk about crossing 400, now he is not even talking about crossing 150. You should write this down… Narendra Modi will not become the Prime Minister of this country on 4 June.”

“If they can make 22 billionaires, we can make crores of ‘lakhpatis’. On June 4, a list of all the poor in India will be made, the name of a woman from each family will be selected and Rs 1 lakh will be credited to the bank account of that woman, each year..,’ he added.

He accused PM Modi of imposing the Agniveer scheme on the country.

“PM Narendra Modi and his office have imposed the Agniveer scheme on the country. He wants the money that goes as pension and in the canteen facilities of Jawan to go to Adani in the form of defence contracts,” he said.

He also accused Prime Minister Modi of creating two categories of ‘shaheed’ in the military.

“PM Narendra Modi has made two types of Jawans. One is the son of a poor, Dalit, minorities and the other is from a rich family. He has given a new name to the son of the poor, Agniveer, who won’t be getting any facilities like pension, canteen…but, if you are a senior officer or one amongst the four, you’ll get all those things. In the military, they have created ‘two-India’, two types of ‘shaheed’,” he said.

The Congress, on May 3, announced Rahul as a candidate from Raebareli and loyalist KL Sharma from Amethi, keeping Priyanka as well as Vadra out of the electoral contest. Sharma is pitted against Union Minister Smriti Irani, who trounced Rahul in the 2019 Lok Sabha elections.

The Amethi seat has been represented by Rahul since 2004, and he remained a member of Parliament from the constituency until 2019. His father and former Prime Minister Rajiv Gandhi, too, was an elected member of Amethi in the Lower House from 1981 till his death in 1991.

Sonia Gandhi contested and won Amethi in 1999 before passing the baton on to Rahul in 2004. Before Sonia, former Prime Minister Indira Gandhi had won from Raebareli thrice.

Rae Bareli constituency goes to the polls on May 20 in the fifth phase.

In the 2019 Lok Sabha Elections, Congress leader Sonia Gandhi won the constituency, bagging 5,34,918 votes. Her closest rival, Dinesh Pratap Singh, put up a formidable challenge, gathering 3,67,740 votes.

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Business Economy India News

‘Reliance to Spearhead Gujarat’s Growth’

Mukesh Ambani emphasised that Reliance is committed to helping Gujarat become a global leader in sustainable Green Growth…reports Asian Lite News

Reliance will continue to play a leading role in Gujarat’s growth story with significant investments in the next 10 years, Chairman and Managing Director of Reliance Industries Limited (RIL) Mukesh Ambani said on Wednesday at the 10th Vibrant Gujarat Summit 2024 in Ahmedabad.

Ambani said specifically, Reliance will contribute to making Gujarat a global leader in Green Growth.

“We will help Gujarat’s target to meet half of its energy needs through renewable energy by the year 2030.For this, we have started building the Dhirubhai Ambani Green Energy Giga Complex over 5,000 acres in Jamnagar.

“This will generate a large number of green jobs and enable production of green products and materials and will make Gujarat a leading exporter of Green Products. And we are ready to commission this in the second half of 2024 itself,” he added.

Reliance Jio completed the fastest rollout of 5G infrastructure anywhere in the world.

“Today Gujarat is fully 5G enabled – something that most of the world does not yet have. This will make Gujarat a Global Leader in Digital Data Platforms and AI Adoption. 5G-enabled AI revolution will make Gujarat’s economy more productive, more efficient and more globally competitive,” Ambani said.

“Besides generating millions of new employment opportunities, it will produce AI enabled Doctors, AI enabled Teachers and AI enabled Farming, which will revolutionise Healthcare, Education and Agricultural productivity in the State of Gujarat.”

Ambani further said that Reliance’s Retail will further accelerate its mission to bring quality products to consumers and simultaneously empower lakhs of kisans and small merchants.

Reliance will make Gujarat a pioneer in New Materials and the Circular Economy, he said, adding that as a first step, Reliance is setting up India’s first and world-class Carbon Fibre facility at Hazira.

He also said that Prime Minister Narendra Modi has announced that India will bid for 2036 Olympics.

“In preparation for that, Reliance and Reliance Foundation will join forces with several other partners in Gujarat to improve education, sports and skills infrastructure that will nurture the champions of tomorrow in various Olympics sports.

“Today, let me declare yet again: Reliance was, is, and will always remain a Gujarati company. Each of Reliance’s business is striving to fulfil the dreams of my seven crore fellow Gujaratis,” he added.

“Reliance has invested over $150 billion (Rs 12 lakh crore) in creating world-class assets and capacities across India in the last 10 years. Of this, more than one third has been invested in Gujarat alone.”

Ambani further said the Vibrant Gujarat Summit is the most prestigious investor summit in the world today.

“No other summit of this kind has continued for 20 long years — and going from strength to strength. This is a tribute to our Prime Minister Shri Narendrabhai Modi’s vision and consistency.

When foreigners think of New India, they think of a New Gujarat. How did this transformation happen? Because of one leader. Our beloved leader who has emerged as the greatest global leader of our times. And he is Shri Narendrabhai Modi, the most successful Prime Minister in India’s history,” Ambani said.

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Ambani Outlines Compelling Future for Reliance

Amidst the growing family of Reliance, Mukesh Ambani emphasized the enduring essence of being “Dhirubhai’s Family” and pledged to uphold the timeless family values instilled by the founder…reports Asian Lite News

In a speech at the Reliance Family Day celebration, Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited, shared his reflections on the legacy of the company’s founding chairman, Dhirubhai Ambani, and outlined a compelling vision for Reliance’s future.

Mukesh Ambani began by expressing gratitude and extending a warm evening greeting to the vast Reliance family assembled to celebrate Dhirubhai Ambani’s birthday.

Amidst the growing family of Reliance, Mukesh Ambani emphasized the enduring essence of being “Dhirubhai’s Family” and pledged to uphold the timeless family values instilled by the founder.

Highlighting Reliance’s core values encapsulated in the WE CARE philosophy–Integrity, Excellence, Empathy, Cooperation, and a commitment to a better tomorrow–Ambani underscored their significance.

Ambani said, “Today, the domestic and global environments for business are changing very fast. There is simply no room for complacency. Reliance was never complacent in the past, and Reliance will never be complacent in future. We are known for disrupting the market through constant innovation and reinvention. We have shown the courage to set the bar high, and the ability to jump even higher to create new records. This is how Reliance has achieved perennial growth”.

“WE CARE for the Planet and Humanity; WE CARE for our Mother India and every single Indian,” he affirmed, setting the tone for the evening.

Reflecting on his more than two decades at the helm of Reliance, Ambani expressed pride in leading the company and acknowledged the immense talent within the organization. Describing Reliance employees as an “army of immensely talented individuals,” he credited them with working wonders daily, contributing to the company’s success.

Ambani said, “As India races ahead to become the world’s third-largest economy, an unprecedented opportunity awaits Reliance. Reliance can …. and Reliance will … grow to be among the Top 10 business conglomerates of the world. We must always provide extreme value to our customers. We must unfailingly exceed their expectations, through collaboration and systems improvement”.

“You are my perpetual Recharge Battery,” Ambani stated, acknowledging the team’s role in renewing his enthusiasm, boosting his energy, and reaffirming the purpose set by the founder.

Addressing the dynamic and evolving business landscape, Ambani stressed that there is no room for complacency. Reliance, he declared, has a history of disrupting markets through constant innovation and reinvention.

“We have shown the courage to set the bar high and the ability to jump even higher to create new records,” he affirmed, reiterating Reliance’s commitment to perpetual growth and its motto, “Growth is Life.”

Ambani said, “Trust is that hard-won intangible asset that transforms commerce into culture. Trust elevates a momentary business transaction to an enduring heart-to-heart relationship. Through all our businesses, and through the rapidly expanding activities of Reliance Foundation, let us make Reliance No. 1 corporate on the parameter of Customer Love and Community Trust”.

With India poised to become the world’s third-largest economy, Ambani outlined Reliance’s unprecedented opportunity to be among the top 10 global conglomerates. He outlined three key focus areas.

Ambani emphasized providing extreme value to customers, exceeding their expectations, and creating products and services that set new benchmarks.

Building on Dhirubhai’s teachings, Ambani stressed the importance of continuously winning the trust of the communities Reliance operates in, transforming commerce into culture.

Ambani urged continuous enhancement of competencies and capabilities at all levels, ensuring exponential growth and contributing to India’s inclusive prosperity.

As the year drew to a close, Ambani shared three key messages for the upcoming year, summarizing them as “Three Consolidations”.

Amabani said, “Let me summarise them as Three Consolidations- let us consolidate Reliance’s place among Global Leaders in Digital Data Platforms and AI Adoption, let us consolidate Reliance’s place among Global Leaders in Talent Enrichment, let us consolidate Reliance’s place among Global Leaders in Institutional Culture”.

“In the Era of Digital Platforms, data has become a new Factor of Production along with Talent and Money. We need to be at the forefront of using data, with AI as an enabler for achieving a quantum jump in productivity and efficiency”, said Ambani.

He added, “All our growth engines of Reliance – Digital Services, Green and Bio-Energy, Retail and Consumer Brands, O2C & Materials business, and Health and Life Sciences — will have to complete this transformation by the time we meet next year”.

Ambani envisioned consolidating Reliance’s position among global leaders in these domains, leveraging data and AI for enhanced decision-making and efficiency across all business sectors.

He stressed the importance of building talent, skillsets, and competencies at all levels, making Reliance’s talent pool among the best globally.

Institutional Culture: Ambani expressed pride in Reliance’s culture and emphasized the need to work with a “Founder’s Mindset,” encouraging a culture of trust, empowerment, and mentorship, especially among the younger generation.

Ambani concluded his speech by urging everyone to take a pledge never to stop dreaming, believing in those dreams, and chasing them with positivity, discipline, resolve, confidence, hard work, and mutual support.

He emphasized Reliance’s forward-facing approach, unburdened by the past, and encouraged the family to build on the tradition of making Reliance a happy, caring, and super-creative family.

As the year transitioned from 2023 to 2024, Mukesh Ambani, joined by his family, extended warm wishes for a glorious and happy new year to the entire Reliance family.

The speech left a sense of optimism, ambition, and unity as Reliance looks ahead to new milestones and achievements in the coming year. (ANI)

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Ambani Back On Top In Rich List

Ambani was ranked at the top with a wealth of Rs 808,800 crore with 2 per cent appreciation over the previous year….reports Asian Lite News

Billionaire Mukesh Ambani, Chairman, Reliance Industries Ltd, has reclaimed the top spot as the richest Indian after a year, as per the ‘360 One Wealth Hurun India Rich List 2023’.

Ambani was ranked at the top with a wealth of Rs 808,800 crore with 2 per cent appreciation over the previous year.

Industrialist Gautam Adani, despite a 57 per cent erosion in wealth, was ranked second in the list with a wealth of Rs 474,800 crore.

Last year, Adani was ahead of Ambani by Rs 3 lakh crore and in 2023, the latter is ahead of the former by Rs 3.3 lakh crore.

The top two industrialists are followed by vaccine maker Cyrus S. Poonawalla (Rs 278,500 crore), HCL Group’s Shiv Nadar (Rs 228,900 crore), Hinduja Group’s Gopichand Hinduja (Rs 176,500 crore) and Sun Pharmaceuticals’ Dilip Shanghvi (Rs 164,300 crore).

According to the report, the Rs 1,000 crore rich individuals’ club went up by 216 to 1,319.

The cumulative wealth of India’s rich list stood at Rs 109 lakh crore, more than the combined gross domestic product (GDP) of Singapore, the UAE and Saudi Arabia.

The youngest rich Indian title went to 20-year-old Kaivalya Vohra, the Founder of Zepto.

On the other hand, 94 year old Mahendra Ratilal Mehta, Founder, Precision Wires India, made his maiden entry into the rich list in 2023.

According to the list, 84 startup founders with a cumulative wealth of Rs 423,600 crore with an average age of 41 years figure in the 2023 rankings.

Radha Vembu (50) of Zoho became the richest self-made woman in the 2023 list, overtaking Falguni Nayar.

Tamil Nadu’s hosiery town Tiruppur debuted in the top 20 cities producing the most number of entrants with 328 individuals.

As regards the number of followers on the social media platform X, Tata Group’s Ratan Tata has the largest number of followers at 12.6 million and is followed by Mahindra & Mahindra Group’s Anand Mahindra with 10.8 million followers.

Byju’s Founder Out

Byju Raveendran, founder and CEO of the troubled edtech company Byju’s, did not find a place in the Hurun India rich list of 2023 on the back of a series of investor markdowns.

The development comes months after investors, including US-based BlackRock and Prosus, drastically reduced the firm’s valuation.

In last year’s list, Raveendran’s personal wealth was estimated at $3.3 billion.

The largest non-founder shareholder of Byju’s, Prosus, reduced the value of its stake in the edtech company in June this year.

According to Prosus, the value of its 9.6 per cent stake in Byju’s was lowered to approximately $493 million in the financial year ending March of this year, indicating a decreased valuation of $5.1 billion.

Investment management firm BlackRock cut the valuation of the edtech firm by around 62 per cent.

Additionally, members of Prosus, Peak XV Partners, and the Chan Zuckerberg Initiative resigned from Byju’s board of directors.

Meanwhile, two profitable and bootstrapped Indian startups, Zoho and Zerodha, were included in the 2023 list.

With a net worth of Rs 36,000 crore, Radha Vembu, the product manager of Zoho Mail and the owner of a majority stake in Zoho Corporation, the company where her brother Sridhar Vembu serves as CEO, came in at position 40 on the list.

Following her closely were the Zerodha founders — Nithin Kamath and Nikhil Kamath, who were ranked 42 and 81, respectively, with net worths of Rs 35,300 crore and Rs 23,100 crore.

Kaivalya Vohra, co-founder of Zepto, who is 20 years old, was the youngest one on the list.

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Business

Mukesh Ambani 9th wealthiest in the world

For the third consecutive year, Ambani retained the wealthiest Asian title….reports Asian Lite News

Despite an erosion of 20 per cent or $21 billion in wealth, Reliance Industries’ Chairman and Managing Director Mukesh Ambani continues to be at the top 10 wealthiest individuals in the world with a wealth of $82 billion, states the 2023 M3M Hurun Global Rich List.

For the third consecutive year, Ambani retained the wealthiest Asian title.

With a 35 per cent decrease or $28 billion in wealth to $53 billion, Gautam Adani & family, of Adani Group slipped to 23rd rank in the world’s wealthiest from the last year’s second rank.

Adani also lost the second richest Asian title in 2023.

A report in January by US short-seller Hindenburg led to Adani seeing his wealth down by more than 60 per cent from his peak.

Last year, it was said that Adani topped the list by adding Rs 1,600 crore per day over 2022.

The other Indian billionaires who figure in the world’s top 50 richest are: Cyrus Poonawalla (global rank 46, wealth $27 billion), and Shiv Nadar and family (rank 50, $26 billion).

Interestingly, barring Poonawalla whose wealth went up by 4 per cent, the wealth of all other Indian billionaires in the global top 100 wealthiest had seen an erosion.

In stark contrast to the 2022 M3M Hurun Global Rich List, India is at the top of the league table when it comes to wealth depletion.

When countries such as China and the US had 178 and 123 billionaires, respectively, who lost more than $1 billion, India has 41 billionaires who lost more than a billion-dollar YoY in 2023 M3M Hurun Global Rich List.

In terms of number of billionaires who have added $1 billion or more over the last year, India occupies sixth rank in the list.

India added 16 billionaires and occupies the third spot, comfortably ahead of Italy which added 9 billionaires in this year’s list.

The richest new entrant from India, Rekha Rakesh Jhunjhunwala & family, tops the list of top 16 new Indian entrants in 2023 M3M Hurun Global Rich List.

Over the last 5 years, Indian billionaires in 2023 M3M Hurun Global Rich List added circa $360 billion to their cumulative wealth – equivalent to Hong Kong’s GDP.

“M3M Hurun Global Rich List 2023 tells the story of the current global economy through the eyes of the entrepreneurs,” said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

“At a critical point in history, when India’s GDP is poised to double by the end of the decade, we are excited about celebrating and benchmarking wealth creation in India with the rest of the world,” said Pankaj Bansal, Director, M3M India.

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Mukesh Ambani steps down from Reliance Jio

The company also said the Board “noted the resignation of Mukesh Ambani as Director of the company effective from close of working hours on June 27″…reports Asian Lite News

Mukesh Ambani has resigned as a Director in Reliance Jio Infocomm Limited with the company’s Board on Tuesday approving his elder son Akash Ambani’s appointment as the Chairman.

In regulatory filing, Reliance Jio, the telecom arm of the Reliance group, said the Board of Directors at its meeting held on Monday “approved the appointment of Akash Ambani, Non-executive Director, as the Chairman of the Board of Directors of the company”.

The company also said the Board “noted the resignation of Mukesh Ambani as Director of the company effective from close of working hours on June 27”.

The Board also approved the appointment of Pankaj Mohan Pawar as the Managing Director for a period of five years commencing from June 27, subject to shareholders’ approval.

The company also said the Board approved the appointment of Raminder Singh Gujral and K.V. Chowdary as Additional Directors, designated as Independent Directors, for a period of five years commencing from June 27, subject to shareholders’ approval.

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Business Environment

Mukesh Ambani: Climate crisis is an existential crisis for the Earth

The climate crisis is an existential crisis for the Earth, and the entire world must overcome this crisis with the highest level of cooperation and partnership, he said…reports Asian Lite News

India will lead this transition from fossil fuels to Green and Clean Energy and become a major resource of Solar and Hydrogen Energy in the coming decades, Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited (RIL) said.

“It’s an opportunity worth seizing as we march from the 75th anniversary of India’s Independence to its Centenary in 2047,” Ambani said during a conversation with R.A. Mashelkar, President, Pune International Centre, as part of the Asia Economic Dialogue 2022.

The climate crisis is an existential crisis for the Earth, and the entire world must overcome this crisis with the highest level of cooperation and partnership, he said.

The world must make a rapid transition from old energy to new energy, which is necessary for mankind’s larger transition from an industrial revolution to an ecological or earth friendly revolution, Ambani said.

“Our young and super-talented entrepreneurs will make India a Green Energy Superpower in the next 20 years, in the same that India became an IT Superpower in the last 20 years.”

Reliance is deeply committed to playing the leading role in creating India’s Green Economy with large-scale generation of green employment opportunities, he added.

Ambani said for the next 2-3 decades, India’s dependence on coal and imported oil will continue.

“But, we must have a plan to eliminate that in the next 2-3 decades. Hence, in the near and medium term, we will have to follow low -carbon, and bo-carbon strategies of development.

“I believe that India will be among the fastest growing large economy and our energy needs are going to double in next couple of decades.

“India will overtake the European Union as the world’s third-largest economy. In my view, by sometime around 2030-2032.

“I foresee at least 20-30 new Indian companies in the energy and tech space which will grow as big as Reliance, if not bigger, in the next 10-20 years,” Ambani added.

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