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Reliance

October 13, 2014

India’s largest privately held company is introducing the third generation into the fold, with twins Isha and Akash Ambani joining the board of two of Reliance Industries’ subsidiaries.

India’s largest privately held company is introducing the third generation into the fold, with twins Isha and Akash Ambani joining the board of two of Reliance Industries’ subsidiaries.

Their father Mukesh Ambani is chief executive of the family-controlled business, which had revenues of $75 billion (€59 billion) in the last financial year.

The 23-year-old twins will each become directors of Reliance Jio Infocomm and Reliance Retail Ventures.

May 24, 2012

No charges have been filed against the Ambani family, which controls Reliance Group, despite the decision by a British authority to ban a former UBS banker for setting up an illegal vehicle for the Indian family.

No charges have been filed against the Ambani family, which controls Reliance Group, despite the decision by a British authority to ban a former UBS banker for setting up an illegal vehicle for the Indian family.

A statement from Reliance Group, headed by Anil Ambani, said the family members were “neither party to the proceedings, nor represented therein”.

November 3, 2011

The ongoing feud between India's Ambani brothers may be coming to an end, as Mukesh and Anil are reportedly discussing a cooperation agreement in the telecommunications sector, raising speculations that they may reunite the family business founded by their late father Dhirubhai Ambani.

The ongoing feud between India's Ambani brothers may be coming to an end, as Mukesh and Anil are reportedly discussing a cooperation agreement in the telecommunications sector, raising speculations that they may reunite the family business founded by their late father Dhirubhai Ambani.

March 17, 2011

Chairman of family-controlled Reliance Industries, Mukesh Ambani, has been named a director at Bank of America Corporation, the first family business head to join the board.

Chairman of family-controlled Reliance Industries, Mukesh Ambani, has been named a director at Bank of America Corporation, the first family business head to join the board.

The Bank of America said in a statement on 16 March that Ambani will stand for election to the board at the bank’s annual meeting of shareholders next month. When appointed, the second-generation head of India’s biggest conglomerate will become the first non-US citizen to sit on the bank’s board.

February 21, 2011

Reliance Communications, India’s second-largest telecommunications company, saw its shares fall by almost 50% over the last year, and further dropped by nearly 7% last week amid corruption accusations.

Shares of the family-controlled telecommunications group, headed by second-generation Anil Ambani, had been one of the worst performers in India’s stock exchange last year, and had slipped from Rs 800 (€13) to Rs 93 (€1.5).

This fall in value of the flagship company adds more worry for Ambani, who is in the middle of a federal investigation by India’s anti-corruption body. He has been accused of selling mobile phone licenses to companies at a low price, which allegedly cost the Indian government around $39 billion.

August 31, 2010

Mukesh Ambani’s Reliance Industries has continued its diversification drive with the purchase of a minority stake in family-run luxury hotel group Oberoi.

Mukesh Ambani's Reliance Industries has continued its diversification drive with the purchase of a minority stake in family-run luxury hotel group Oberoi.

Reliance Industries Investment and Holding Private Limited, a wholly owned subsidiary of Reliance Industries, has acquired a 14.12% stake in Oberoi subsidiary EIH for $217 million.

In a statement, Reliance said it had decided to make an investment as "the Oberoi family had developed Oberoi Hotels into a premier international brand".

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