Around this time 13 years ago, billionaire Mukesh Ambani<\/a> and his younger brother, Anil, were living in the same Mumbai house with their mother while they were busy fighting each other in Indian courts over their father’s empire. Dhirubhai Ambani<\/a> had died in 2002 without leaving a will — and, thus, the seeds of a fraternal feud. 阿卡什·安巴尼的长子,30日将接替他担任董事长在印度最大的无线运营商依赖Jio Infocomm有限公司元老,从Infocomm董事会辞职,将继续执掌Jio平台有限公司拥有所有数字资产包括电信。这可能是权宜之计,直到Jio平台,其投资者包括元平台公司和字母Inc .,总结其期待已久的首次公开发行(ipo)。 在这个时候13年前,亿万富翁穆凯什•安巴尼阿尼尔和他的弟弟,住在同一个孟买的房子里与他们的母亲在他们繁忙的互相争斗在印度法庭他们父亲的帝国。迪卢柏•阿姆巴尼已于2002年去世没有留下一个,因此,兄弟不和的种子。
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. Honoring that pact might have ended the eight-hour-long electrical outages in the capital New Delhi, but it would have crippled Mukesh’s Reliance Industries Ltd<\/a>., India’s largest non-state-owned company.
Luckily for the older sibling, the Indian Supreme Court’s May 2010 verdict went in his favor: 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 the telecoms sector, where Anil ran Reliance Communications Ltd<\/a>. On that basis, Mukesh Ambani re-entered the industry<\/a> a month later, a move that would catapult him to his current standing as the world’s 10th richest tycoon with a net worth of $90 billion.
There’ve been a few more developments since. The gas discovery, the centerpiece of the feud, proved to be a damp squib. Several of Anil’s companies have gone bankrupt. It was symbolic, therefore, that when Mukesh Ambani this week put in motion his own succession plan — the 65-year-old isn’t repeating his father’s folly — he started with the telco.
Ambani’s first-born, Akash, 30, will succeed him as chairman at India’s No.1 wireless carrier Reliance Jio<\/a> Infocomm Ltd<\/a>. The patriarch, who resigned from the Infocomm board, will continue to helm Jio Platforms<\/a> Ltd., which owns all digital assets including the telco. This is probably a stopgap arrangement until Jio<\/a> Platforms, whose investors include Meta Platforms Inc. and Alphabet Inc., concludes its much-awaited initial public offering. Since telecom carriage is entwined with commerce — Ambani’s Reliance<\/a> Retail runs India’s largest network of stores while his JioMart is a federation of mom-and-pop shops looking to sell online — Akash’s twin sister Isha is widely expected to head it.
In such a scenario, the 27-year-old Anant — the youngest of the three children — will likely preside over the legacy oil-to-chemicals business. But with a twist: He has to complete his dad’s pivot away from polluting hydrocarbons and toward cleaner energy sources like solar panels, sodium-ion batteries and, most importantly, green hydrogen at under $1 per 1 kilogram within a decade, or what his dad calls the 1-1-1 target.
Mukesh Ambani only began talking about the “momentous leadership transition” at an employees’ event in December last year. So it’s hard to say what the eventual arrangement will look like, and how soon the changes will be implemented. But it wouldn’t be a surprise if retail, telecom and energy end up as professionally managed, independently listed companies with equity participation — and operational support — from one or more strategic partners. In this scenario, the children, plus Ambani and his wife Nita, can exercise control through their shares in Reliance Industries<\/a>, which will own stakes in Jio Platforms, Reliance Retail and the energy business, Reliance O2C.
Such a structure won’t be without its problems. Separate stock-market listings for the units could saddle Reliance with a permanent holding-company discount: the tendency of the stock market to value a conglomerate at less than sum of its parts. But de-merging them — so that Reliance investors would directly own proportional stakes of operating entities — would erode the might of the consolidated balance sheet. Fitch Ratings assesses Reliance’s foreign-currency creditworthiness at BBB, a notch higher than India’s sovereign debt. Reliance enjoys a formidable cost of capital advantage because it has a high operating profit and very little debt. Keeping that edge may be of great value to the next generation, especially as the rivalry intensifies with India’s other industrial titan<\/a>, Gautam Adani — who has leapfrogged Ambani on the global wealth rankings to take the No. 7 spot.
If this is indeed the favored template, then the model is in place for Jio Platforms minus the IPO: Google’s Sundar Pichai didn’t just invest in Jio, he also helped it with a cheap, Android-based phone; Facebook’s WhatsApp messaging service could help neighborhood JioMart stores take customer orders and payments on the phone. Ambani might have wanted to strike similar deals with Amazon.com Inc. in retail and with Saudi Aramco for his oil-refining complex, the world’s largest. But instead of a partnership with Amazon, there’s now keen competition. Reliance’s courtship of Aramco went on for more than two years, only to collapse without a transaction. Worse, Bloomberg News has reported that arch-rival Adani is now flirting with Aramco. With so much going on, Ambani will want as little boardroom drama as possible.
When Mukesh and Anil Ambani<\/a> were taking their dispute over gas to the Indian Supreme Court in the summer of 2009, the combined stock-market value of their empires was $108 billion — five times what they were worth before the family settlement. Now, Mukesh’s Reliance Industries is worth $221 billion, while pretty much the only value left in Anil’s group, outside of power generation, transmission and distribution, is whatever creditors can get from bankruptcy proceedings against several of his firms.
Could the brothers have achieved more together, for themselves and investors? Perhaps not. Much is made of their different personalities: Mukesh has always been reticent, publicity-shy and execution-focused; Anil, when I last saw him during the feud with his brother, was gregarious, flamboyant, and much loved by politicians and the media. Such differences between siblings, however, can be complementary. But when they aren’t, it’s best for each to go their separate way.
For now, Ambani’s children will want to keep their ties to the Reliance mothership; which means they will have to accept the conglomerate’s capital-allocation policies even as they are free to do their own thing. That’s likely the best their father can do for them — and the group — without weakening the whole. It’s certainly a better transition than what he had to endure.
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穆凯什•安巴尼将如何分割他的帝国,以避免他父亲的愚蠢吗
作为2005的家庭和解的一部分,穆克什获得控制在孟加拉湾的深海油田,刚刚开始生产天然气。但协议还要求他提供廉价的原料以一个固定价格为17年阿尼尔提出的发电厂。纪念,协议可能结束了eight-hour-long电力中断在首都新德里,但它会受损穆克什信实工业有限公司印度最大的非国有公司。
这里有更多的发展。天然气的发现,其中最核心的不和,被证明是一个哑炮。阿尼尔的一些公司已经破产了。这是象征性的,因此,本周,当穆凯什•安巴尼放在运动自己的继任计划——65岁高龄的不是重复他父亲的愚蠢,他开始与电信。
阿卡什·安巴尼的长子,30日将接替他担任董事长在印度最大的无线运营商依赖Jio
Infocomm有限公司。族长,他辞去了Infocomm板,将继续执掌Jio平台有限公司,拥有所有数字资产包括电信。这可能是权宜之计,直到Jio平台,其投资者包括元平台公司和字母Inc .,总结其期待已久的首次公开发行(ipo)。由于电信马车是商务,巴尼的缠绕着依赖印度最大的网络零售经营的商店,而他的JioMart联合会的夫妻店所寻求出售在线——阿卡什的孪生妹妹Isha普遍预计头。
在这种情况下,这位27岁的Anant -这三个孩子中最小的一个可能会遗留oil-to-chemicals主持业务。但有一点不一样:他必须完成他爸爸的主远离污染碳氢化合物和对清洁能源如太阳能电池板,钠电池,最重要的是,绿色氢在十年内每1公斤1美元,或者他爸爸所说的1-1-1的目标。
穆凯什•安巴尼才开始讨论“重要的领导过渡”在去年12月一个员工的事件。所以很难说最终安排将是什么样子,和很快的变化将如何实现。但它不会是一个惊喜如果零售、电信和能源最终成为专业管理,独立上市公司股本参与- - -业务支持——从一个或多个战略合作伙伴。在这种情况下,孩子们,再加上安巴尼和他的妻子妮塔,可以通过他们的股票在运动控制信实工业公司将自己的股份Jio平台,信实零售和能源业务,O2C的依赖。
这种结构不会没有问题。单独的股市上市的单位可以与一个永久的鞍依赖控股公司的折扣:股票市场价值的倾向集团小于部分之和。但de-merging——因此,依赖投资者将直接比例股份的经营实体——会侵蚀合并资产负债表的可能。惠誉国际评级(Fitch Ratings)评估依赖外汇信用在BBB,略高于印度的主权债务。依赖享有强大的资本成本优势,因为它有一个高的营业利润和很少的债务。保持边缘可能很有价值的下一代,尤其是在印度的其他工业的竞争加剧泰坦,高塔姆·阿达尼——超越了巴尼在全球财富排名7号位置。
如果这确实是最受欢迎的模板,那么模型是在Jio平台- IPO:谷歌Sundar Pichai不只是投资于Jio,他还帮助一个便宜,android手机;Facebook的WhatsApp通讯服务可以帮助社区JioMart商店接受客户订货和付款的电话。安巴尼可能想与Amazon.com inc .)达成类似交易在零售和沙特阿拉伯国家石油公司原油提炼加工复杂,世界上最大的。而是与亚马逊合作,现在激烈的竞争。依赖的求爱,沙特阿美持续了两年多,只有崩溃没有事务。更糟糕的是,彭博新闻社报道,主要竞乐动扑克争对手印度阿达尼现在与沙特阿美调情。有这么多事要做,安巴尼希望尽可能少的董事会的戏剧。
当穆克什和安尼尔•安巴尼正在他们的天然气争端,印度最高法院在2009年的夏天,他们的帝国的结合股市价值1080亿美元,前五次他们值得家庭和解。现在,信实工业公司价值2210亿美元,而几乎唯一的价值留在阿尼尔的集团以外的发电、输电和配电,任何债权人可以从对他的几个公司破产程序。
兄弟可以实现更多的在一起,为自己和投资者呢?也许不是。他们大部分是由不同的个性:穆克什一直沉默,低调和execution-focused;阿尼尔,我上次见到他的时候在和他的兄弟,是群居的,浮夸的,政治家和媒体喜爱。然而,兄弟姐妹之间的这种差异,可以互补。但是当他们不,最好是为每个走各自的路。
目前,安巴尼的孩子会想要保持他们的母舰的依赖关系;这意味着他们将不得不接受企业的分配政策,即使他们可以自由做自己的事情。这可能是最好的父亲能为他们做————没有削弱整个组。这当然是一个比他更好的过渡必须忍受。
读到
Around this time 13 years ago, billionaire Mukesh Ambani<\/a> and his younger brother, Anil, were living in the same Mumbai house with their mother while they were busy fighting each other in Indian courts over their father’s empire. Dhirubhai Ambani<\/a> had died in 2002 without leaving a will — and, thus, the seeds of a 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. Honoring that pact might have ended the eight-hour-long electrical outages in the capital New Delhi, but it would have crippled Mukesh’s Reliance Industries Ltd<\/a>., India’s largest non-state-owned company.
Luckily for the older sibling, the Indian Supreme Court’s May 2010 verdict went in his favor: 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 the telecoms sector, where Anil ran Reliance Communications Ltd<\/a>. On that basis, Mukesh Ambani re-entered the industry<\/a> a month later, a move that would catapult him to his current standing as the world’s 10th richest tycoon with a net worth of $90 billion.
There’ve been a few more developments since. The gas discovery, the centerpiece of the feud, proved to be a damp squib. Several of Anil’s companies have gone bankrupt. It was symbolic, therefore, that when Mukesh Ambani this week put in motion his own succession plan — the 65-year-old isn’t repeating his father’s folly — he started with the telco.
Ambani’s first-born, Akash, 30, will succeed him as chairman at India’s No.1 wireless carrier Reliance Jio<\/a> Infocomm Ltd<\/a>. The patriarch, who resigned from the Infocomm board, will continue to helm Jio Platforms<\/a> Ltd., which owns all digital assets including the telco. This is probably a stopgap arrangement until Jio<\/a> Platforms, whose investors include Meta Platforms Inc. and Alphabet Inc., concludes its much-awaited initial public offering. Since telecom carriage is entwined with commerce — Ambani’s Reliance<\/a> Retail runs India’s largest network of stores while his JioMart is a federation of mom-and-pop shops looking to sell online — Akash’s twin sister Isha is widely expected to head it.
In such a scenario, the 27-year-old Anant — the youngest of the three children — will likely preside over the legacy oil-to-chemicals business. But with a twist: He has to complete his dad’s pivot away from polluting hydrocarbons and toward cleaner energy sources like solar panels, sodium-ion batteries and, most importantly, green hydrogen at under $1 per 1 kilogram within a decade, or what his dad calls the 1-1-1 target.
Mukesh Ambani only began talking about the “momentous leadership transition” at an employees’ event in December last year. So it’s hard to say what the eventual arrangement will look like, and how soon the changes will be implemented. But it wouldn’t be a surprise if retail, telecom and energy end up as professionally managed, independently listed companies with equity participation — and operational support — from one or more strategic partners. In this scenario, the children, plus Ambani and his wife Nita, can exercise control through their shares in Reliance Industries<\/a>, which will own stakes in Jio Platforms, Reliance Retail and the energy business, Reliance O2C.
Such a structure won’t be without its problems. Separate stock-market listings for the units could saddle Reliance with a permanent holding-company discount: the tendency of the stock market to value a conglomerate at less than sum of its parts. But de-merging them — so that Reliance investors would directly own proportional stakes of operating entities — would erode the might of the consolidated balance sheet. Fitch Ratings assesses Reliance’s foreign-currency creditworthiness at BBB, a notch higher than India’s sovereign debt. Reliance enjoys a formidable cost of capital advantage because it has a high operating profit and very little debt. Keeping that edge may be of great value to the next generation, especially as the rivalry intensifies with India’s other industrial titan<\/a>, Gautam Adani — who has leapfrogged Ambani on the global wealth rankings to take the No. 7 spot.
If this is indeed the favored template, then the model is in place for Jio Platforms minus the IPO: Google’s Sundar Pichai didn’t just invest in Jio, he also helped it with a cheap, Android-based phone; Facebook’s WhatsApp messaging service could help neighborhood JioMart stores take customer orders and payments on the phone. Ambani might have wanted to strike similar deals with Amazon.com Inc. in retail and with Saudi Aramco for his oil-refining complex, the world’s largest. But instead of a partnership with Amazon, there’s now keen competition. Reliance’s courtship of Aramco went on for more than two years, only to collapse without a transaction. Worse, Bloomberg News has reported that arch-rival Adani is now flirting with Aramco. With so much going on, Ambani will want as little boardroom drama as possible.
When Mukesh and Anil Ambani<\/a> were taking their dispute over gas to the Indian Supreme Court in the summer of 2009, the combined stock-market value of their empires was $108 billion — five times what they were worth before the family settlement. Now, Mukesh’s Reliance Industries is worth $221 billion, while pretty much the only value left in Anil’s group, outside of power generation, transmission and distribution, is whatever creditors can get from bankruptcy proceedings against several of his firms.
Could the brothers have achieved more together, for themselves and investors? Perhaps not. Much is made of their different personalities: Mukesh has always been reticent, publicity-shy and execution-focused; Anil, when I last saw him during the feud with his brother, was gregarious, flamboyant, and much loved by politicians and the media. Such differences between siblings, however, can be complementary. But when they aren’t, it’s best for each to go their separate way.
For now, Ambani’s children will want to keep their ties to the Reliance mothership; which means they will have to accept the conglomerate’s capital-allocation policies even as they are free to do their own thing. That’s likely the best their father can do for them — and the group — without weakening the whole. It’s certainly a better transition than what he had to endure.
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