THE BIG bang merger and consolidation of his telecom companies has made Anil Ambani richer than brother Mukesh. The merger, announced on Sunday, raises Anil’s stake in Reliance Communication Ventures Ltd (RCoVL) to 63 per cent. This stake, at Friday’s price of the share at Rs 301, comes to Rs 38,430 crore, which is more than Mukesh’s net worth of Rs 37,825 crore ($8.5 billion) as per the Forbes list of billionaires.
Add to that, Anil’s holding in Reliance Capital, Reliance Energy and Reliance Natural Resources, and he emerges with a conservatively estimated net worth of Rs 45,000 crore ($10 billion).
Forbes had in its listing released last week pegged Anil’s net worth at just over Rs 25,000 crore. However, that seems to have been before the RCoVL listing.
Now, Anil is third in the list of richest Indians, behind NRI steel magnate Laxmi Mittal ($23.5 billion) and Wipro’s Azim Premji ($13.3 billion).
Sunday’s board meeting approved the merger of Reliance Infocomm into RCoVL. Through a share swap, Reliance Telecom and Reliance Communication Infrastructure will become 100 per cent subsidiaries of RCoVL soon. Also, Flag Telecom, a 100 per cent subsidiary of Infocomm, will now be a 100 per cent subsidiary of RCoVL.
This restructuring will bring the entire value of the Reliance investments in telecom on to the market. Analysts now expect a better value for the RCoVL share when markets open on Monday.
Anil did not participate in Sunday’s board meetings as his fortunes are directly affected by the exercise. Later, in a statement, he said that this move was a “milestone in our endeavour to create the most valuable India-based global communications services company.” While the reorganisation will almost double the number of RCoVL shares, the public holding will go down to 14 per cent. The new shares will be issued to the promoters in lieu of their holdings in companies that will become RCoVL subsidiaries.
SIBLING RIVALRY Turning point: Infocomm’s merger into RCoVL and consolidation of Anil’s other telecom-related companies.
Anil’s estimated worth 45,000cr Rs Mukesh’s worth 37,825cr Rs
Source: www.hindustantimes.com
Add to that, Anil’s holding in Reliance Capital, Reliance Energy and Reliance Natural Resources, and he emerges with a conservatively estimated net worth of Rs 45,000 crore ($10 billion).
Forbes had in its listing released last week pegged Anil’s net worth at just over Rs 25,000 crore. However, that seems to have been before the RCoVL listing.
Now, Anil is third in the list of richest Indians, behind NRI steel magnate Laxmi Mittal ($23.5 billion) and Wipro’s Azim Premji ($13.3 billion).
Sunday’s board meeting approved the merger of Reliance Infocomm into RCoVL. Through a share swap, Reliance Telecom and Reliance Communication Infrastructure will become 100 per cent subsidiaries of RCoVL soon. Also, Flag Telecom, a 100 per cent subsidiary of Infocomm, will now be a 100 per cent subsidiary of RCoVL.
This restructuring will bring the entire value of the Reliance investments in telecom on to the market. Analysts now expect a better value for the RCoVL share when markets open on Monday.
Anil did not participate in Sunday’s board meetings as his fortunes are directly affected by the exercise. Later, in a statement, he said that this move was a “milestone in our endeavour to create the most valuable India-based global communications services company.” While the reorganisation will almost double the number of RCoVL shares, the public holding will go down to 14 per cent. The new shares will be issued to the promoters in lieu of their holdings in companies that will become RCoVL subsidiaries.
SIBLING RIVALRY Turning point: Infocomm’s merger into RCoVL and consolidation of Anil’s other telecom-related companies.
Anil’s estimated worth 45,000cr Rs Mukesh’s worth 37,825cr Rs
Source: www.hindustantimes.com