Anil Ambani Net Worth: $0
Category: Richest Business › Richest Billionaires
Net Worth: $0
Birthdate: June 4, 1959 (64 years old)
Birthplace: Mumbai, India
Gender: Male
Profession: Businessperson
Nationality: India
What is Anil Ambani’s Net Worth?
Anil Ambani is an Indian businessman, investor, and philanthropist with a net worth of $0. Ambani is best known as the owner, chairman, and CEO of the conglomerate Reliance Group, formed in 2006 after the demerger of Reliance Industries. Once one of India’s richest individuals with a multi-billion-dollar net worth, Anil’s fortune has drastically dwindled. In a February 2020 court filing, Ambani claimed 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.”
At the time, a judge ordered him to set aside $100 million in a court account while he was being sued over a $700 million debt owed to several state-controlled Chinese banks.
Anil Ambani’s older brother, Mukesh Ambani, owns a rival company and is the richest man in India with a net worth exceeding $80 billion. Their father, Dhirubhai Ambani, who grew up poor and worked as a gas station attendant in Yemen, eventually built an empire. Dhirubhai passed away in 2002 without a will, leading to a bitter feud between the brothers until their mother brokered a truce in 2005. Mukesh took control of the refining and petrochemical businesses, while Anil took control of financial services and power generation units, which proved to be less valuable over time.
In 2009, Anil invested $825 million into Steven Spielberg’s DreamWorks Studios, helping produce the Academy Award-winning film “Lincoln” in 2012. Anil is also a significant Bollywood movie producer, owning more than 44 FM radio stations, animation studios, and several movie theaters in India. Politically, he served in the upper house of the Parliament of India from Uttar Pradesh as an Independent MP from 2004 to 2006.
Early Life and Education
Anil Ambani was born on June 4, 1959, in what was then Bombay, India, to Gujarati parents Kokilaben and Dhirubhai, the latter a legendary textile entrepreneur who founded Reliance Industries. He has an older brother Mukesh and two sisters, Nina and Deepti. For his higher education, Anil attended Kishinchand Chellaram College, earning a Bachelor of Science degree. He later moved to the United States to attend the Wharton School of the University of Pennsylvania, where he obtained his Master of Business Administration degree in 1983.
Reliance Group
Following his father’s death in 2002, there was uncertainty about who would inherit Reliance Industries due to the absence of a clear succession plan. This led to tensions between Anil and his brother Mukesh. Their mother intervened and divided the family business between the two brothers. In 2006, the brothers demerged Reliance Industries, resulting in the creation of Reliance Group, with Anil becoming the owner, chairman, CEO, and managing director. He also gained control of subsidiaries such as Reliance Infocomm, Reliance Energy, and Reliance Capital. Notably, he managed India’s largest IPO when he took Reliance Energy, later renamed Reliance Power, public in early 2008. Anil also acquired a majority stake in Adlabs Films, later renamed Reliance MediaWorks, and contributed to several Steven Spielberg film productions.
Business Legal Issues
Anil Ambani has faced numerous legal issues connected to Reliance Group and his fortune. In early 2019, a court in Mumbai held him in criminal contempt for non-payment of debt that Reliance Communications owed to Swedish gear maker Ericsson. Anil had to be bailed out by his brother to avoid jail time. About a year later, he was ordered to pay $716 million to three Chinese banks. However, he declared himself bankrupt in a UK court, a claim met with skepticism. In late 2021, Anil and his brother Mukesh were named in the Pandora Papers for possessing secret offshore accounts. The following year, Anil was accused by the Income Tax Department of tax evasion.
Political Career
Anil Ambani served in the Rajya Sabha, the upper house of the bicameral Parliament of India from Uttar Pradesh, between 2004 and 2006 as an Independent MP.
Honors and Awards
For his business career, Anil has received various honors, including Businessman of the Year for 1997 by Business India magazine and the First Wharton Indian Alumni Award by the Wharton India Economic Forum. He also received the Entrepreneur of the Decade Award from the Bombay Management Association and the Platts Global Energy Award for CEO of the Year for 2004.
Personal Life
In 1991, Anil married actress Tina Munim, despite facing initial resistance from his family. The couple has two sons, Jai Anmol and Jai Anshul. Anil is known for his philanthropic efforts, including a £15 million donation to London’s Great Ormond Street Hospital to fund the Mittal Children’s Medical Centre. He also founded the LNM Institute of Information Technology and co-founded the Usha Lakshmi Mittal Institute of Management in New Delhi.