Now, Anil richer than Mukesh
Consolidation of telecom companies has made Anil Ambani richer than his elder brother, reports Suman Layak.india Updated: Mar 13, 2006 01:39 IST
The big bang merger and consolidation of Anil Ambani's telecom companies has made him richer than brother Mukesh.
The merger, announced on Sunday, raises Anil's stake in Reliance Communication Ventures Ltd (RCoVL) to 63 per cent. This stake, at Friday's price of the share at Rs 301, comes to Rs 38,430 crore, which is more than Mukesh's net worth of Rs 37,825 crore ($8.5 billion) as per the Forbes list.
Add to that, Anil's holding in Reliance Capital, Reliance Energy and Reliance Natural Resources, and he emerges with a conservatively estimated net worth of Rs 45,000 crore ($10 billion).
In its listing released last week, Forbes pegged Anil's net worth at just over Rs 25,000 crore. However, that seems to have been before the RCoVL listing. Now, Anil is third in the list of richest Indians, behind NRI steel magnate Laxmi Mittal ($23.5 billion) and Wipro's Azim Premji ($13.3 billion).
Sunday's board meeting approved the merger of Reliance Infocomm into RCoVL. Through a share swap, Reliance Telecom and Reliance Communication Infrastructure will become 100 per cent subsidiaries of RCoVL soon. Also, Flag Telecom, a 100 per cent subsidiary of Infocomm, will now be a 100 per cent subsidiary of RCoVL.
In a statement, Anil said this move was a "milestone in our endeavour to create the most valuable India-based global communications services company."