MUKESH AMBANI of RELIANCE | NET WORTH $84.5 BILLION?

MUKESH AMBANI NET WORTH $84.5 BILLION?

Mukesh Ambani of India has become the richest person in Asia, taking out the tenth place with a net worth of an estimated $84.5 billion. The Reliance Industries Ltd shareholder has nudged out Jack Ma of China, Asia’s richest person a year ago, whose rank dropped to No. 26 thanks to a massive year.

Reliance Industries was originally founded as a small textile manufacturer by Dhirubhai Ambani in 1966. In 1979, Dhirubhai's son Mukesh moved to Palo Alto, Calif., to attend Stanford Business School. A year later, Mukesh returned home at the behest of his father to oversee the construction of a new polyester mill, during which time he also joined Reliance Industries' board. Rather than moving back to the U.S. to finish his university program, Mukesh remained in India to lead Reliance's backward integration initiative. During the nineties, he spearheaded the company's efforts to create—as well as acquire—multiple petrochemical plants and petroleum refineries.

In 2002, Dhirubhai suffered a stroke and passed away. The lack of a will resulted in a feud between Mukesh and his brother Anil over how their father's empire would be distributed. Three years later, as the result of a settlement brokered by their mother, the siblings agreed to split the business, with Mukesh retained control over refining, petrochemicals, oil and gas, and textile operations. This didn't completely ease the tension between the two brothers, as they wouldn't settle a legal dispute over sharing natural gas nor dissolve their noncompete agreements until 2010. In 2014, Mukesh and Anil seemingly buried the hatchet with the announcement of a $220 million pact to share a fiber-optic network between their two companies.

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