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Reliance's energy

December 13, 2006
With a wealth estimated at $18.50 billion, Mukesh Ambani, chairman and managing director, Reliance Industries, has replaced Azim Premji as the second richest Indian.

The family feud between the Ambani brothers has only made them wealthier. After the split in the business, Mukesh's fortune rose by $11.5 billion, while younger brother Anil's wealth increased by $9.3 billion.

The Reliance Group, founded by their legendary father Dhirubhai H Ambani, is India's largest business house with total revenues of over Rs 99,000 crore ($22.6 billion). The group's activities now span exploration and production of oil and gas, refining and marketing, petrochemicals, textiles, financial services, insurance and power.

Mukesh, who will turn 50 on April 19 next year, joined Reliance in 1981 and initiated its backward integration from textiles into polyester fibres and further into petrochemicals.

He led the creation of the world's largest grassroots petroleum refinery at Jamnagar, integrated with petrochemicals, power generation, port and related infrastructure, at an investment of Rs 25,000 crore ($6 billion).

Mukesh has now made an foray into retailing and has opened 11 stores in Hyderabad. Branded Reliance Fresh, they are part of a $5 billion project planned for more than 780 cities and 6,000 rural towns in India over the next five years.

How can the richest Indians help India? Tell us!

Image: Reliance Chairman Mukesh Ambani with fellow tycoons at a meeting convened by Finance Minister P Chidambaram.

Photograph: Ranjan Basu/Saab Press
Also read: Mukesh Ambani's great gamble

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