3 min read.Updated: 30 Jun 2022, 10:54 PM ISTAndy Mukherjee
He seems keen on a smooth handover to the family’s next generation
There was once a time that billionaire Mukesh Ambani and his younger brother, Anil, lived in the same Mumbai house with their mother even as they fought in Indian courts over their father’s empire. Dhirubhai Ambani had died in 2002 without a will—and thus the fraternal feud. As part of a 2005 family settlement, Mukesh had won control of deep-sea fields in the Bay of Bengal that had just started producing gas. But the agreement also required him to supply cheap feedstock at a fixed price for 17 years to Anil’s proposed power plant. Honouring that pact might have ended power outages in New Delhi, but it would have crippled Mukesh’s Reliance Industries. Luckily for the older sibling, a Supreme Court verdict in May 2010 went in his favour: The gas was held to be Indian sovereign property, not Mukesh’s to give. Two weeks later, the brothers agreed to live in “harmony" and end most of the non-compete clauses of their separation, including in telecom, where Anil ran a service. Mukesh entered the market, a move that would catapult him to his current standing as the world’s 10th richest tycoon with a net worth of $90 billion.