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Mukesh Ambani India's 1st trillionaire
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Tue Jun 05, 2007 7:25 pm Reply and quote this post
Industries Chairman Mukesh Ambani has won the rare distinction of being the only trillionaire in the country with over Rs 1,00,000 crore of wealth in his companies’ shareholdings.

Younger brother Anil is also trailing behind closely with close to Rs 90,000 crore of wealth in the stock market through his holdings in various group companies.

In India, planning rules and a historic antipathy to unrestrained materialism has meant that this race to touch the sky has largely bypassed the cities, which are more notable for their shantytowns and dilapidated housing. But experts say the next wave of skyscraper proposals could come in India.

"Our wealthiest citizens used to hide their money," said Hafeez Contractor, a Mumbai-based architect. "They would not drive their Mercedes, they lived in small apartments. Even Mr Ambani's father lived in a small block of flats. They were afraid of the taxman. But that attitude has gone; Mukesh has made his money, and good for him if he wants to flaunt it."

Mr Contractor said it was only a matter of time before Mumbai was littered with high-rises. "We have to find homes for people, and in a small area that means building skyscrapers."

While some idolise the riches and glamour of India's "Jazz Age", others are uncomfortable with the "new vulgarity". Only last week, India's Prime Minister, Manmohan Singh, called on business leaders to "eschew conspicuous consumption" and "be role models of moderation".

Praful Bidwai, a newspaper columnist, said the divide between rich and poor was becoming obscene.

"Mr Ambani is building an edifice to his own ego," he said. "It will not go down well with the public and there is a growing tide of anger about such absurd spending."

India Times

What do you think!

Contributed by Editorial Team, Executive Management Team
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Thu Aug 30, 2007 12:42 pm Reply and quote this post
I wonder what's Mr. Ambani's ranking in terms of wealth worldwide.
Contributed by turbino, iVirtua Premier Contributor
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Sun Sep 02, 2007 2:27 am Reply and quote this post
sadly the rupee isn't a lot of worth. 1 trillion rupee is about 24 billion us dollars (according to xe: 1 USD to 40.9 Rupee). i looked on the internet for the world's richest people i found:
he's 14th richest in the world, William Gates III on 56.0 Billion is the richest, Warren Buffett second with 52 billion Carlos Slim Melu third with 49.0 billion (all in USD). Full listings: Not too suprising Gates is up there is it

Contributed by Noobarmy, Editorial, Marketing & Services Team
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Sun Sep 02, 2007 4:24 am Reply and quote this post
He's still India's 1st trillionaire, which tells us quite something about the increasing value of Indias currency and economy. I believe it happened because of a rise in share prices of his group companies.

The combined market capitalisation of the four Mukesh Ambani Group companies -- RIL, Reliance Petroleum (RPL), IPCL and Reliance Industrial Infrastructure Ltd (RIIL) has crossed the Rs 260,000 crore mark. The total promoter holding in these companies is worth over Rs 160,000 crore (US$ 40 billion) making him the first Rupee trillionaire residing in India.

Financial Times wrote:
Ranked 42nd among the World's Most Respected Business Leaders and second among the four Indian CEOs featured in a survey conducted by Pricewaterhouse Coopers

Off topic but look at our search ranking's+1st+trillionaire&sourceid=opera&ie=utf-8&oe=utf-8]Google Result for India's 1st trillionaire

Contributed by Editorial Team, Executive Management Team
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