India being a land where the early era witnessed majority of the population under the poverty category has slowly started its walk towards the development in economy and has reached the platform where the poverty counts only 22% of the total population. It’s a country which was once known as the ‘GOLDEN BIRD’ has somehow retained its glory through the Ambani capitalism. Mukesh Dhirubai Ambani has secured his place in the 10 most richest people in world, standing on the 9th spot.
About Mukesh Dhirubai Ambani…
Mukesh was born to Kokilaben Ambani and Dhirubai Ambani on 19th of April, 1957 in British Crown Colony of Aden (today’s Yemen). Mr. Dhirubai, the next year decided to return to India with a motive to begin a trading business focused keenly towards textiles and spices. The company got it name as Vimal but later was changed to Vimal Only. In the year 1981, he joined his family business of Reliance Industries Limited. Today he is not just the chairman and MD of the company but also owns the Indian Premier League franchise Mumbai Indians and even the founder of a football league in India, i.e. ‘Indian Super League’.
Mukesh in the 1980’s expanded the business where now the company was also dealing with petrochemicals and refining. The business also succeeded to add up telecommunication service along with product retails. Mentioning telecommunication always reminds how Reliance Jio has earned its place in the country’s fifth top most telecommunication service and the other subsidiary of Reliance Retail Limited has become India’s largest reailer.
How did it happen?
In the early March of this year, Reliance had a net debt of 1.61 trillion or 161,035 crore rupees. Through investments by Rights Isssue and global tech investors including Vista Equity partners, L Catterton, Facebook, Silver Lake, TPG, ADIA, KKR, Mubadala and PIF, Reliance Industries Limited has raised over 168,818 crore rupees in just 58 days. The total fund raised is in excess of 1.75 lakh rupees when stake sale of BP in petro-retail JV is added. After this huge raise of investments, RIL is a ‘net debt free’ company. The benchmark set by the company is considered unprecedented in Indian Corporate history.
Mukesh Ambani’s reaction on his achievement
Mr. Ambani in an interview expressed his feeling of victory by saying that he is humbled and delighted to fulfill the promise to the shareholders by making Reliance debt free much before the scheduled time of 31st March. It followed by mentioning that reliance possess’ the DNA to exceed the expectations of their shareholders and all the other stake holders again and again. To fulfill the vision of his father and the founder Dhirubai Ambani to increase their contribution in the country’s inclusive development and prosperity, he assures that the company will set even more ambitious growth goals and achieve them in its Golden Era. The company feels overwhelmed in over the past few weeks by the impressive interest of the global financial investor community in partnering with Jio. The company also thanked and warmly welcomed Marquee Group of Financial partners into Jio Platforms. Lastly he said to qualify the dream of Digital India for 1.3 billion Indians, Reliance Jio is and will be working ambitiously.