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Business News›Magazines›Panache›Panache People 101›Mukesh Ambani
    Mukesh Ambani

    Mukesh Ambani

    Chairman & Managing Director, Reliance Industries Limited
    Birth DetailsApril 19, 1957 | Aden, Yemen
    NationalityIndian
    LeagueBusiness Leader
    EducationChemical Engineering, Institute of Chemical Technology, Mumbai; MBA, Stanford University (dropout)
    Net Worth$56.7 billion (as of June 3, 2020)
    Mukesh Ambani Assets:

    Mukesh Ambani's Journey so far ...
    • Mukesh Ambani left his studies mid-way and returned to India in 1981 to help his father Dhirubhai Ambani with the family business
    • After taking charge, he led the company’s backward integration endeavours which started with the movement from textiles to polyester fibre manufacturing. He oversaw the development of Reliance’s first mega manufacturing plant at Patalganga (in Maharashtra)
    • In 1986, he diversified the company’s interests into petrochemicals, and later to petroleum refining and oil & gas exploration and production
    • Over the next few years, he pioneered the establishment of several world-class manufacturing facilities for Reliance Petrochemicals, increasing its manufacturing capacity from less than a million tonnes to more than 21 million tonnes per year
    • Reliance’s Jamnagar refinery (in Gujarat) -- which became the world’s largest grassroots petroleum refinery with a capacity of 6,60,000 barrels per day -- was also built under Mukesh Ambani’s leadership. Commissioned in 1999, the plant was integrated with other business subsidiaries such as petrochemicals and power generation
    • A subsequent refinery -- with a capacity of 5,80,000 barrels per day -- was built beside the Jamnagar facility, taking the overall capacity of the oil refinery to 1.24 million barrels per day and making it one of the world’s largest single-location refineries
    • Dhirubhai Ambani passed away in 2002 without having left a will in place, and by that time Reliance had spread its reach into several established as well as emerging sectors. This led to a bitter dispute between Mukesh and his younger brother Anil which ended in 2005 with the former inheriting the company’s flagship oil-refining and petrochemicals businesses
    • In October 2007, with a net worth of $63.2 billion, he surpassed Bill Gates to claim the title of the richest person in the world. Though this title didn’t last long, he has been India’s wealthiest person for a long time now
    • He bought the Indian Premier League (IPL) team Mumbai Indians for over $100 million in 2008
    • Under his leadership, RIL further ventured into various sectors. With several in-store brands and other partnerships, Reliance Retail became the largest retailer of the country in terms of revenue in 2014
    • The same year, RIL acquired Network 18 Media and Investments Ltd which has a host of news and entertainment TV channels among other media initiatives
    • He took India by storm when he introduced Jio telecom services in September 2016. Offering free calls and dirt cheap data, the network acquired 100 million customers within 170 days of its launch. By 2019, Jio had sprinted to become the country’s second-largest telecom service provider
    • On his watch, RIL’s market cap crossed the Rs 10 lakh crore mark in November 2019, making it the first Indian company to achieve the feat
    • Currently, Mukesh Ambani, along with his family, owns around 47% shares of Reliance Industries. He continues to be India’s richest person

    Before you go ...
    Last Updated: 15/02/2021

    Mukesh Ambani News

    • Reliance Industries Ltd, led by Mukesh Ambani, is estimated to have earned approximately EUR 724 million from exporting fuel refined from Russian crude to the US. Despite Western sanctions, Russia has continued generating significant revenue through taxes, with Indian and Turkish refineries playing a crucial role in processing and exporting fuels to global markets.
    • Reliance Jio has unveiled new offers for IPL season, including free 90-day JioHotstar subscriptions and high-speed internet. Customers with a Jio SIM and a Rs. 299 or above plan can watch IPL matches in 4K and enjoy a 50-day free trial of JioFiber or JioAirFiber. Existing and new customers must recharge or get a SIM between March 17-31, 2025.
    • Summary: Kim Kardashian reportedly lost a diamond at the lavish Ambani wedding celebrations, reminiscent of her infamous Bora Bora mishap. The high-profile event, attended by global celebrities, saw Kim enjoying the festivities when the alleged incident occurred. While details remain unclear, the news has sparked curiosity among fans, drawing parallels to her past jewelry-related drama.
    • Harsh Goenka shared a video of Mukesh Ambani quoting Swami Vivekananda on success. Ambani emphasised having unwavering focus on one idea for success. He advised students to be good at AI but not to abandon their own critical thinking. He also encouraged using intelligence alongside AI for progress in life.
    • Both Airtel and Jio have announced partnerships with Starlink to bring its high-speed internet services to India, a move allegedly orchestrated by PM Modi to gain favor with US President Trump through Elon Musk. The Congress has raised concerns, particularly regarding national security and control over connectivity.
    • Starlink Jio Airtel Deal: Telecom giants Airtel and Jio have signed a pact with Starlink to offer broadband internet in India, pending regulatory approval. This partnership aims to enhance high-speed internet access, especially in remote regions. Through this collaboration, all parties hope to strengthen their market presence and improve digital connectivity across the country.
    • Urvashi Rautela has become the first Indian actress to own a luxurious Rolls-Royce Cullinan, worth Rs 12 crore. Known for her roles in films like Daaku Maharaj, she also secured a spot on Instagram’s Forbes Rich list. Prominent personalities like Mukesh Ambani, Shah Rukh Khan, Vivek Oberoi, Ajay Devgn, and Allu Arjun also own this luxury SUV.
    • Ambani faces significant challenges as intensified US-India trade tensions could disrupt his $50 billion investments in retail and digital services. Potential regulatory changes, competition from Elon Musk's Starlink, and oil import pressures add to Ambani's troubles, impacting the valuation of Reliance Industries Ltd.
    • Nita and Mukesh Ambani celebrate their 40th wedding anniversary, highlighted by a nostalgic pre-wedding video of their son Anant's festivities. Nita's bridal look from 1985 is remembered for its traditional attire and jewelry, symbolizing heritage and family connections.
    • Reliance Industries (RIL) shares have plummeted by 25% from their peak in July 2024, leading to massive losses for investors. Analysts see potential in a recovery due to expected growth in retail and Jio's strong performance, though the oil and gas sector's outlook remains weak.
    • The Bombay High Court ruled that Sachin Waze was not acting in his official capacity when he planted an explosives-laden car near Mukesh Ambani's residence and conspired to kill Mansukh Hiren, negating the need for state sanction before his arrest. The court dismissed Waze's petition claiming illegal detention.
    • Jio Financial shares: The non-banking financial company, owned by billionaire Mukesh Ambani, has recovered from its 52-week low of Rs 198.60 on Monday. The stock had ended 3.3% lower on Monday at Rs 200.95 but has since reversed its losses over the past three sessions.
    • Ratan Tata, who passed away in October last year at the age of 86, will be honoured with a special Jewel of India award at the 25th ET Awards for Corporate Excellence. This award recognises his visionary leadership, impactful contributions, and significant role in advancing India's industry and global presence.
    • Jio Financial Services will acquire full ownership of Jio Payments Bank after SBI's divestment of its 17.8% stake. With the deal valued at ₹104.54 crore, the transaction awaits the Reserve Bank of India's approval and is expected to conclude within 45 days.
    • Reliance Industries' EV battery unit has requested an extension from the Indian government to set up its manufacturing plant under the PLI scheme. The delay has resulted in a penalty of 31 million rupees as of March. The scheme aims to boost local battery production to increase EV sales in India.
    • Reliance Industries share price: The percentage change figures extracted from the image are as follows: Over the past year, the value has decreased by 21.43%, while the Year-To-Date (YTD) change shows a decline of 4.14%.
    • Reliance New Energy and Rajesh Exports face penalties for failing to meet deadlines for battery cell production under an Indian government initiative aimed at reducing import dependence. Although companies like Ola Electric have made progress, global market dynamics and high investment costs have posed challenges. Reliance has shifted focus to green hydrogen amid these difficulties.
    • Isha Ambani and Anand Piramal participated in the Maha Kumbh Mela 2025, performing rituals at Triveni Sangam in Prayagraj. The festival has seen a massive influx of devotees, with attendance projected to reach 65 crore by its conclusion on Maha Shivratri.
    • Reliance Industries plans to invest ₹50,000 crore in Assam over the next five years, focusing on technology and AI readiness, chairman Mukesh Ambani announced at the 'Advantage Assam' summit. This follows an initial ₹5,000 crore commitment in 2018, which has since exceeded ₹12,000 crore. The investment will target green and nuclear energy, supply chains, and retail expansion.
    • Reliance Consumer Products Ltd (RCPL) has expanded Campa’s presence in Northeast India by opening a new bottling plant in Guwahati. The facility, developed with local partner Jericho, is one of the largest in the region and aims to supply various beverages while generating local employment opportunities.
    • Infosys has launched a 230-member Project Development Centre in Guwahati, marking Assam as an emerging tech hub. Chief Minister Himanta Biswa Sarma anticipates investments exceeding Rs 1 lakh crore from the upcoming summit, with substantial contributions to infrastructure and varied sectors such as aviation, power, and healthcare.
    • Gautam Adani, chairman of the Adani Group, has faced the second-largest wealth decline this year, losing $11.9 billion and dropping to a net worth of $66.8 billion, according to the Bloomberg Billionaires Index. Meanwhile, Elon Musk's fortune has fallen by $35.2 billion to $397.3 billion.
    • Assam is anticipating investments over Rs 1 lakh crore from the investment summit on February 25 and 26. The state government will review MoU proposals beforehand, with significant contributions expected in infrastructure and across various sectors. Notable industry leaders and ministers will participate in key sessions.
    • The Economic Times Awards for Corporate Excellence 2025 will be held on March 8 in Mumbai, honored by finance minister Nirmala Sitharaman. With industry leaders like Mukesh Ambani and Ashwini Vaishnaw in attendance, this event celebrates top achievements of India's elite business professionals.
    • The Delhi High Court division bench overturned a 2018 arbitral tribunal ruling that favored Reliance Industries in a $1.729 billion gas migration dispute with ONGC. The court found 'patent illegality' in the arbitral award and set aside the 2023 single judge's decision upholding it.
    • Mukesh Ambani, chairman of Reliance Industries, leads Asia's richest family business, per Bloomberg. Adani is not on the list due to Bloomberg's methodology focusing on dynastic wealth. President Trump's tariffs raise concerns for Asia's richest families, impacting sectors like technology and aluminum.
    • The Maha Kumbh in Prayagraj introduced 'Businessman Baba,' a former corporate leader turned ascetic. A video of his journey captivated social media. The event saw a massive turnout during Maghi Purnima, including industrialist Mukesh Ambani and family, who performed rituals and contributed to the festive spirit.
    • India risks missing the AI revolution due to its risk-averse private sector, leaving it reliant on foreign technology. Despite deep indigenous talent, the country needs more significant government support and investment in foundational AI research to compete globally.
    • Swami Chidanand Saraswati, who presided over the ritual, said the Ambani family honoured sanitation workers and boatmen with angvastras, sweets, fruits, hygiene kits, and other gifts.
    • Mukesh Ambani's Reliance Consumer Products Ltd launched a Rs 10 sports drink, Spinner, in India, collaborating with former cricketer Muttiah Muralitharan. The strategy mirrors Reliance's low-price approach used with the Campa drink, challenging established brands like Gatorade and Powerade. Ambani targets the mass market, focusing on affordable pricing to capture rising consumer classes.
    • Mukesh Ambani-led Reliance Retail has re-launched Shein in India, sparking a fast fashion war and challenging competitors like Trent's Zudio and Nykaa Fashion. Despite potential competitive pressures, experts suggest that Shein's online-first model might face challenges in supply chain establishment and unit economics.
    • Prime Minister Narendra Modi held discussions with notable figures like Amitabh Bachchan and Mukesh Ambani about the upcoming World Audio Visual and Entertainment Summit (WAVES). The summit aims to position India as a global entertainment hub, much like Davos for economic talks, with extensive support and valuable inputs from the advisory board.
    • India's beauty and personal care market, expected to reach $34 billion by 2028, is attracting major players. Industry giants like Reliance, Tata, and HUL, along with new ventures from Ananya Birla, are entering the competitive segment driven by e-commerce and rising disposable incomes.
    • Reliance chairman Mukesh Ambani announced plans to double investments in Bengal to Rs 50,000 crore over the next decade. He highlighted significant contributions to Bengal's economy, including the establishment of a cable landing station and AI data centers, and emphasized the state's growth potential and strategic importance.
    • The Bengal Global Business Summit (BGBS) 2025 kicks off with participation from 40 countries and 200 delegates. Business leaders such as Mukesh Ambani and Sajjan Jindal are expected to attend the two-day event, which aims to enhance trade relations and promote business opportunities in West Bengal.
    • Gayatri Vasudeva Yadav has been named Group Chief Marketing Officer and EVP of Strategic Initiatives at Reliance Industries Ltd. Isha Ambani announced that Yadav, joining from Peak XV Partners, will collaborate with the Chairman's Office and key executives to enhance innovation, brand impact, and customer focus. Her appointment is expected to drive the company towards greater success and growth.
    • Reliance Retail has launched an app in India to sell fashionwear under the Shein brand, reviving the Chinese brand's presence after its 2020 ban. The new platform, selling low-priced clothing made in India, represents a strategic shift as Reliance competes with other major retailers.
    • Mukesh Ambani's Reliance Industries Limited has acquired a 49% stake in the ECB's The Hundred team, Oval Invincibles, for £60.27 million, fending off competition from notable names. Reliance already owns multiple cricket franchises globally. The buying process for other team stakes continues amid some financial projection concerns by prospective buyers, but interest remains high.
    • Coca-Cola's global president John Murphy praised local competitors like Campa for doing well in India's beverage market, noting the positive impact of competition. Murphy emphasized Coca-Cola's need to remain proactive and adaptable in a growing market driven by India's young population, rising consumption, and urbanization.
    • OpenAI has requested an Indian court to dismiss a plea from a group of book publishers who claim its ChatGPT service infringes on their copyrights. The publishers argue that ChatGPT provides book summaries and extracts from unlicensed copies, but OpenAI insists it only uses publicly available data protected by fair use principles.
    • Foreign institutional ownership in Reliance Industries has fallen to decade lows after consistent selling over two years, amidst cyclical challenges in chemicals and retail. Analysts now see potential for growth, driven by retail, new energy, and Gen AI initiatives, leading to an anticipated inflection in FY26.
    • Mukesh Ambani has made public plans to build the world's largest data center in Jamnagar, Gujarat with a capacity of 3 gigawatts, tripling India's total data capacity. This move highlights Reliance Industries' shift towards becoming a deep-tech company and supports India's AI technology infrastructure needs.
    • Jeet Adani and Anant Ambani, heirs to billionaires Gautam Adani and Mukesh Ambani, are both making waves in their family businesses. While Jeet's net worth is Rs 1,000 crore, Anant’s is Rs 3 lakh crore.
    • Reliance Jamnagar Data Center: Reliance Industries, led by Mukesh Ambani, plans to construct the world’s largest data center in Jamnagar, Gujarat. This venture includes purchasing AI semiconductors from NVIDIA to build AI infra in India. Jensen Huang emphasised the importance of domestic AI production, while Ambani highlighted India’s potential owing to its robust digital connectivity.
    • As the world gathered in Washington for President-Elect Donald Trump's inauguration, Nita Ambani, Chairperson of the Reliance Foundation, attended the exclusive reception with poise and grace. Her presence not only showcased elegance but also served as a tribute to India’s rich cultural heritage.
    • Donald Trump will be inaugurated as the 47th President of the United States, with prominent Indian figures like EAM Jaishankar, Mukesh Ambani, and Sundar Pichai in attendance. Jaishankar represents PM Modi, while Indian business leaders partake in pre-swearing-in events, highlighting the influence of Indian-origin entrepreneurs in US politics and business.
    • Donald Trump is focusing on early foreign policy engagements with China and India as he begins his second presidential term. He has contacted Chinese President Xi Jinping and plans to visit India by April. This marks a shift from his previous emphasis on Europe, aiming to bolster trade relations and address regional issues with Asian giants.
    • Shares of Jio Financial Services dropped 2.8% to Rs 271.25 on BSE after reporting a flat YoY net profit of Rs 295 crore for Q3FY25. The company's revenue increased by 6% from the same quarter last year but experienced a 57% QoQ drop in net profit.
    • In 1874, Peugeot began with pepper-grinders, later expanding to bicycles and cars. Companies often experiment with unusual brand extensions, like Volkswagen’s sausages or Lamborghini’s tractors. Mukesh Ambani's mango orchard offsets refinery impact. Various brands produce unique items, like Porsche and Bentley honey. Interesting annual product opportunity includes India’s Ministry of Finance’s 'Budget Halwa' during budget season.
    • Mukesh Ambani and Nita Ambani attended a pre-inauguration celebration for US President-elect Donald Trump in Washington, D.C. The event included global business leaders and dignitaries, highlighting the international influence of Indian business figures and the growing significance of India in global economic relations.
    • US President-elect Donald Trump met with Nita Ambani and Mukesh Ambani ahead of his inauguration. Trump’s second term begins with notable foreign leaders attending the ceremony. Performers include Carrie Underwood, Lee Greenwood, and others. President Joe Biden and Vice-President Kamala Harris will attend with their spouses, but Michelle Obama will not be present.
    • Mukesh and Nita Ambani will attend President-elect Donald Trump’s inauguration in Washington, DC. They will participate in several events, including a candlelight dinner with Trump and Vice President-elect JD Vance. Other notable attendees include Elon Musk, Jeff Bezos, and Mark Zuckerberg. The event marks Trump’s return as the forty-seventh President of the United States.
    • Revenue from operations increased 7% to ₹2.43 lakh crore from ₹2.27 lakh crore in the year earlier. Consolidated ebitda increased by 7.8% to ₹48,003 crore.
    • Reliance Retail experienced a 7% sales growth in the fiscal third quarter due to festive and wedding season demand. The company improved profitability through streamlined operations and productivity enhancements. Revenue reached ₹79,595 crore, with a net profit of ₹3,458 crore. Reliance opened 779 new stores and saw strong growth across various retail categories.
    • Reliance will introduce Campa Cola in the Middle East, starting with Bahrain and expanding to countries like Oman and Saudi Arabia. This strategy aims to compete with Coca-Cola and PepsiCo, who are currently hit by a boycott of American products. Reliance also plans to explore local partnerships for bottling Campa in the region.
    • Jio Finance Ltd., owned by Mukesh Ambani, plans to enter the local currency debt market for the first time, likely in the January-March quarter. The funds will be used for onlending to industries. Despite tighter RBI regulations, Jio Finance, with its top AAA credit rating, aims to leverage favorable borrowing conditions. It also offers various financial products and services.
    • Reliance Industries shares are in focus as Morgan Stanley sets a target price of Rs 1,662, indicating 31% growth potential. The brokerage cites the improving outlook for RIL’s refining business, anticipated growth in retail profitability, and the underappreciated potential of RIL’s New Energy segment. Additionally, Jefferies and Bernstein revised their target prices, reinforcing positive sentiment.
    • Reliance Industries Share Price: RIL's current valuation is at its lowest since the COVID-19 market shock of March 2020. However, the stock lagged behind the Nifty index by 15% in the calendar year 2024, which has raised concerns among investors.
    • Anant Ambani, Director of Reliance Industries, shared his vision for enhancing Jamnagar's prestige as the city celebrates 25 years of its iconic refinery. He pledged to fulfill the dreams of Mukesh and Dhirubhai Ambani. Anant also highlighted his passion for animal welfare through Vantara, a wildlife rescue center, demonstrating Reliance's commitment to environmental conservation.
    • Reliance Industries Chairman Mukesh Ambani and his son, Anant Ambani, visited Gujarat's Dwarkadhish temple to offer prayers. A video shared on a fan page captured their arrival and exit, accompanied by security. Captioned, “Mukesh Sir and Anant visited Dwarkadhish Temple to seek blessings,” the clip quickly gained attention on social media.
    • Reliance Industries has secured $3 billion in a loan deal from 11 banks. The five-year loan includes $450 million in yen and will be used to refinance loans due in 2025. Major banks involved include Bank of America, DBS Bank, and HSBC. More banks may participate in the syndication later this quarter.
    • Nita Ambani praised the emotional ties between the Ambani family and Jamnagar at the 25th anniversary event of the Jamnagar Refinery. The city holds personal significance for the family, being linked to Kokilaben and Dhirubhai's roots and dreams. Mukesh Ambani's efforts in realizing Dhirubhai’s vision, along with the younger generation's commitment to social service, were also highlighted.
    • Isha Ambani-Piramal delivered a heartfelt address marking 25 years of the Jamnagar Refinery. She reflected on its significance, honoring the vision of her grandfather Dhirubhai Ambani and the dedication of her father Mukesh Ambani in bringing the refinery to its current stature, contributing to India's industrial and economic growth.
    • Billionaire Mukesh Ambani is preparing for Reliance Jio’s IPO, expected to raise Rs 35,000-40,000 crore, marking one of the largest IPOs in Indian history. Valued at $120 billion, the IPO is set for the second half of 2025. It will include both existing and new shares, along with a pre-IPO placement for select investors. Official confirmation is pending.
    • Reliance Industries Ltd, led by Mukesh Ambani, has invested USD 13 billion in acquisitions over the past five years, focusing on new energy, telecom, retail, and media. Recently, it bought Karkinos Healthcare for Rs 375 crore, enhancing its healthcare and diagnostic ecosystem, aligned with its shift from petrochemicals to consumer-facing verticals.
    • Private telecom operators in India face challenges in 2024 due to losing customers after tariff hikes and competition from satellite broadband players like Starlink. They invested heavily in 5G infrastructure but need to recover costs. The entry of satellite services might delay future tariff hikes and potentially trigger another price war, affecting the industry's finances.
    • Reliance Industries, owned by Mukesh Ambani, has acquired Karkinos Healthcare for Rs 375 crore to expand its health services portfolio. Karkinos focuses on technology-driven solutions for early cancer detection, partnering with hospitals, and setting up a multispecialty cancer hospital in Imphal. Prominent past investors include Tata Sons and Mayo Clinic.
    • Reliance Industries, through its subsidiary Reliance Strategic Business Ventures, has acquired oncology-focused healthcare platform Karkinos for Rs 375 crore. The acquisition aims to enhance Reliance's health services portfolio, with Karkinos providing innovative cancer detection and treatment solutions. Prominent past investors included Tata Sons and Mayo Clinic.
    • In a recent post on ‘X’, RPG Group Chairman Harsh Goenka honoured India's top business figures, attributing their success to passion and legacy. He questioned why these leaders inspire millions, citing figures like Ratan Tata, Mukesh Ambani, and Anand Mahindra. Additionally, Goenka shared his top 10 global events for 2024, with key moments like the US Presidential elections, ISRO’s moon mission, and the Paris Olympics.
    • Weddings in India have become more extravagant, with budgets seeing a significant increase from previous years. Metropolitan cities have driven a growth in demand for wedding services, and destination weddings have risen. The wedding industry's market in India is projected to reach Rs 10 lakh crore by 2025.
    • Reliance Digital Health is set to acquire a 45% stake in Health Alliance Group. The deal is worth $10 million. This investment will help create a virtual healthcare platform. The platform will expand access to care for underserved communities. The transaction will be completed in about two weeks. Reliance Industries shares are expected to react to this news.
    • Over 100 Indian CEOs and leaders, including Chief Ministers Fadnavis, Naidu, and Reddy, will join the 2025 World Economic Forum in Davos. They will discuss India's economic blueprint, global growth, and collaborative innovation in the intelligent age alongside nearly 50 heads of state.
    • At the dazzling annual day of DAIS and NMAJS, founder Nita Ambani delivered a heartfelt speech, honoring the often-overlooked support staff, including housekeeping, security, and medical teams, for their indispensable contributions in ensuring the schools operate smoothly, showcasing her appreciation for their dedication and teamwork.
    • Discover the top 10 wealthiest individuals in India, including Mukesh Ambani, Gautam Adani, and Savitri Jindal. Learn about their industries, achievements, and net worth, shaping India's economic landscape.
    • Mukesh Ambani, chairman of the 2024 ET Awards jury, asserted that India's challenge isn't job creation but low wages. Addressing this requires a multifaceted approach beyond simply generating more jobs. It necessitates investment in infrastructure, innovation, and urban development to create higher-paying jobs, alongside improving education and skilling the workforce to enable wage growth nationwide.
    • Mukesh Ambani’s net worth stands at $96.3 billion as of December 17, while Gautam Adani’s is $80.8 billion. Ambani, India’s richest man and Reliance Industries Chairman, faced wealth erosion this year due to underperformance in the energy and retail businesses, slowing sales growth, and investor concerns over debt, despite the company’s focus on digital, renewables, and retail expansion.
    • Reliance Industries, led by Mukesh Ambani, is projected to post its first negative return in a decade. The conglomerate's market cap has plummeted, impacted by slowing growth, rising costs, and increased competition. While facing challenges in retail, Reliance aims to boost its stock through potential IPOs of Jio and Reliance Retail, and strategic shifts towards digital platforms and renewable energy.
    • The ET Awards for Corporate Excellence jury, chaired by Mukesh Ambani, met at the St. Regis Mumbai. Kumar Mangalam Birla and the Aditya Birla Group saw multiple wins. Ashwini Vaishnaw and Venu Srinivasan were also honored, reflecting a celebration of business leadership and innovation.
    • India's wealthiest tycoons, Mukesh Ambani and Gautam Adani, have recently seen their fortunes dip below $100 billion. While other Indian billionaires thrived, Ambani and Adani faced challenges in their core businesses, impacting their net worth. Ambani is pivoting towards digital platforms and renewable energy, while Adani battles allegations and investigations. Despite setbacks, both remain influential figures in India's dynamic economy.
    • Mukesh Ambani, chairman of Reliance Industries, announced the appointment of Ira Bindra as the new Group President for People, Leadership, and Talent. Bindra, previously with Medtronic, USA, is tasked with driving HR transformation across the organization. At 47, she becomes the first non-family woman and youngest member of Reliance's Executive Committee.
    • Reliance Industries' shares dipped despite securing a substantial 10-year crude oil import deal with Russia's Rosneft. The agreement involves up to 500,000 barrels per day, valued at $12-13 billion. This move strengthens India's position as a major purchaser of Russian crude, capitalizing on discounted prices amid geopolitical shifts.
    • Mumbai Indians has secured a three-year jersey sponsorship deal with Lauritz Knudsen, worth an estimated ₹120 crore. This surpasses their previous deal with Slice and highlights the increasing value of IPL sponsorships. Lauritz Knudsen aims to enhance its brand visibility in India through this partnership, starting in the 2025 season.
    • Reliance Industries is discussing a potential $3 billion loan with banks to refinance debt due in 2025. This move would mark the conglomerate's return to offshore borrowing since raising over $8 billion in 2023. The loan comes as the Indian rupee weakens and Reliance Industries maintains a credit rating higher than India's sovereign grade.
    • Tripura Chief Minister Manik Saha announced Reliance Industries' interest in investing in the state. A team will explore opportunities after Saha's meeting with Mukesh Ambani. The state has also partnered with Tata Group for ITI development. Airtel will establish a data center in Agartala. Saha highlighted Tripura's investment-friendly environment and its status as a terrorism-free state following recent peace accords.
    • Indian police have demanded information from Starlink about the purchaser of a satellite internet device found on a smuggler's boat carrying $4.2 billion worth of methamphetamine. The device, used for navigation in international waters, was discovered during the largest meth seizure in Indian history, raising security concerns as Starlink seeks approval to operate in India.
    • Gautam Adani, facing US bribery charges, sees his vast empire-building challenged. Rivals in cement and energy anticipate shifts in the competitive landscape. The case may slow Adani's expansion, impacting India's solar industry and potentially reshaping power distribution models.
    • Kumar Mangalam Birla, chairman of the Aditya Birla Group, whose business interests span continents, will join Mukesh Ambani and billionaire banker Uday Kotak, who built Kotak Mahindra Bank into one of India’s top financial institutions, on the powerpacked panel to debate on the topic ‘Changing World Order: Time for Cautious Optimism or Embrace of Animal Spirits?’.
    • Tripura Chief Minister Manik Saha met with Reliance Industries Chairman Mukesh Ambani and Anant Ambani to discuss potential investments in Tripura. Saha highlighted the state's abundant natural resources and invited Reliance to contribute to its socioeconomic development. This follows a recent agreement with Tata Technologies to upgrade 19 ITIs in the state.
    • Meet the high-powered jury that will pick the winners of India Inc’s most prestigious awards: The Economic Times Awards for Corporate Excellence.
    • RIL Share Price: Shares of Reliance Industries are down 18% from their July peak, driven by investor worries over disruptions from quick commerce impacting Mukesh Ambani's retail ambitions. The grocery and electronics sectors face potential market share loss or margin pressure, while apparel remains largely unaffected.
    • Indian police will investigate drug smugglers who used Starlink's satellite internet device to navigate and bring meth worth $4.25 billion into Indian waters. They seized over 6,000 kg of meth from a Myanmar boat and detained six individuals. This marked the first use of Starlink's device for such activities in India.
    • Dua Lipa Mumbai Concert: Radhika Merchant and Anand Piramal were prominent attendees at Dua Lipa’s concert in Mumbai on Saturday night. The daughter-in-law and son-in-law of billionaire duo Mukesh and Nita Ambani were seen making their way to the event.
    • Mizuho Financial Group is exploring a move into India's private equity and venture capital market. The Japanese bank is considering launching this initiative next year, aiming to connect with prolific dealmakers and offer services like debt funding and wealth management, similar to strategies employed by other global and domestic banks.
    • SoftBank's billionaire founder Masayoshi Son will meet Indian PM Narendra Modi, after discussing AI opportunities with Mukesh Ambani, Reliance Industries chairman.
    • Reliance Industries Ltd's recent underperformance was driven by weak refining margins and poor retail top-line growth. While refining margins have rebounded, retail growth remains uncertain. Despite this, Reliance is expected to deliver positive free cash flow due to its strong EBITDA and anticipated commissioning of solar capacities.
    • Mukesh Ambani, despite his immense wealth, enjoys the simple pleasures of traditional South Indian food from his favourite childhood restaurant, Mysore Cafe in Mumbai's Matunga. He often gets his most-loved dishes like rasam vada, idli and upma parcelled, even going to the extent of having them flown to Paris once.
    • Reliance Jio is urging India's telecom regulator to auction satellite spectrum, arguing that global companies like Starlink and Amazon Kuiper aim to serve all users, not just remote areas. Jio believes that auctions would ensure a level playing field for Indian companies and prevent foreign dominance in the satellite broadband market.
    • The government has been trying to attract foreign investment in the satellite broadband market by allocating satellite spectrum at a pre-decided price. Ambani, as a last resort, has called for review of the prospective reach of Elon Musk's Starlink and Amazon's Kuiper. Reliance had initially called for an auction of the satellite spectrum but to no avail.
    • Mukesh Ambani secures the 12th position on Fortune's list of 100 Most Powerful People, leading a pack of six Indian-origin individuals. The list features tech titans like Microsoft's Satya Nadella (3rd) and Google's Sundar Pichai (10th), highlighting the industry's global impact. Other notable figures include Adobe's Shantanu Narayen (52nd), YouTube's Neal Mohan (69th), and venture capitalist Vinod Khosla (74th).
    • Fortune has released its first-ever list of the 100 Most Powerful People in Business, with Elon Musk securing the top position. The list acknowledges influential leaders across various sectors, including technology, finance, and industry. Jensen Huang, Satya Nadella, and prominent figures like Warren Buffett and Jamie Dimon are featured prominently.
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    The Economic Times
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