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India.com
02-06-2025
- Business
- India.com
Meet man who was once world's sixth richest, richer than Mukesh Ambani, had Rs 359365053180 net worth, got bankrupt, he is now...
Meet man who was once world's sixth richest, richer than Mukesh Ambani, had Rs 359365053180 net worth, got bankrupt, he is now.... Anil Ambani Shocking Downfall: Dhirubhai Ambani was a visionary man and a person who knows the business. He came Mumbai with just Rs 500 in hand and with that amount he created a business that is recognised in the world. After his demise, Reliance was divided into his two sons – Mukesh Ambani and Anil Ambani due to their dispute. Younger brother Anil Ambani got the Telecom Business, Reliance Capital and Reliance New Energy. Mukesh Ambani got oil and petrochemical business. The story of both the brothers started from here that how one of the brothers become one of the world's richest and another fell to bankruptcy. Anil Ambani And Bankruptcy After the property dispute, Mukesh Ambani and Anil Ambani divided the business. Anil got the profitable businesses of that time and became the sixth richest businessman in the world. Having an asset of USD 42 billion, Anil Ambani fell from heights to ground in a very less years. His wrong decisions, habit of hurrying and lack of understanding of business, became bankrupt. The situation became so critical that he sold his wife's jewellery. Anil Ambani's Biggest Mistake Anil Ambani's business failures stemmed from poor strategic planning and execution. His rapid diversification into risky ventures, coupled with excessive borrowing and a neglect of core business operations, ultimately led to his downfall. He lacked foresight in his investments, choosing ventures with uncertain futures, resulting in significant financial losses.
India.com
29-05-2025
- Business
- India.com
Months within being sold, Anil Ambani's former company turns profitable, post net profit of Rs 3150000000, sold due to…
Anil Ambani (File) Reliance General Insurance, a subsidiary of Reliance Capital recently acquired by IndusInd International Holdings Ltd (IIHL), posted a 12.5% rise in net profit, which is around Rs 315 crore for the fiscal year ending March 2025. The company's Gross Direct Premium (GDP) grew by 7.4% to Rs 12,548 crore, surpassing the general insurance industry's growth rate of 5.2%. Ambani had to sell it due to its debt. Net worth of the company also witnessed 10.2 per cent improvement to Rs 3,429 crore in FY25, Reliance General Insurance said in a statement. IIHL, which acquired Reliance Capital through the insolvency process in March this year, infused Rs 100 crore in May 2025 in the general insurance company reinforcing its financial strength and growth momentum. The company, which faced strong headwinds being under the Insolvency and Bankruptcy Code (IBC) for nearly three years, has been acquired by Hinduja-backed IIHL. To resurrect the position of the company, the new promoter infused capital amounting to Rs 300 crore during the insolvency process. Commenting on the company's performance, Reliance General Insurance CEO Rakesh Jain said the financial year 2024-25 marked a year of disciplined execution, strategic investments, and resilient growth, even in a dynamic and challenging market environment. 'We remain steadfast in our commitment to protecting the aspirations of millions of Indians through innovative and trusted insurance solutions,' he said. The successful conclusion of the CIRP of Reliance Capital Limited in March 2025 has opened a transformative new chapter under the stewardship of IIHL, he said. 'With IIHL's strong financial backing and proven expertise in financial services, we are confident in our ability to accelerate our growth journey and lead the next wave of innovation in India's general insurance sector,' he added. (With Inputs From PTI)
India.com
27-05-2025
- Business
- India.com
Meet Anil Ambani's son Jai Anmol Ambani, who revived father's debt-ridden companies and paid Rs 1 crore fine to....
Jai Anmol Ambani is the eldest son of businessman Anil Ambani and former actress Tina Ambani. While he grew up in a wealthy and well-known family, his journey hasn't been as smooth as it might seem. Despite carrying the powerful Ambani surname, Anmol has faced many challenges, especially after his father's financial troubles became public. In recent years, Anmol has taken on a more active role in the family business, trying to make a name for himself. However, it hasn't been easy. His father's bankruptcy issues, the downfall of several family companies, and some of his own legal troubles have made things tough. Anmol was born on December 12, 1991. His parents mostly kept him away from the limelight while he was growing up. He studied at the Cathedral and John Connon School in Mumbai, then went on to Sevenoaks School in the UK. Later, he completed a Bachelor of Science degree from Warwick Business School. From an early age, Anmol was interested in the world of business. But instead of jumping straight into the family empire, he took his time to learn how everything worked. His education abroad helped him understand global business better, but at the same time, he had to deal with the pressure of living up to a big legacy. Anmol Ambani's journey into business Anmol Ambani started his journey in the business world early. At just 18, he interned at Reliance Mutual Fund, where he got hands-on experience in the financial sector. By 2014, he officially joined the family business and began working with Reliance Mutual Fund. His career took a big step forward in September 2017 when he was made Executive Director of Reliance Capital. The following year, in 2018, he became a board member at Reliance Nippon and Reliance Home Finance. However, in 2019, both Anmol and his younger brother, Jai Anshul Ambani, stepped down from their roles at Reliance Infrastructure. Back in 2014, Anmol was said to have played a major part in Reliance's Rs. 12,000 crore deal to acquire Jaypee Associates' power assets. During this time, Reliance Capital's then-CEO, Sam Ghosh, guided and mentored him through the process. Those who worked with Anmol described him as someone who brought fresh, modern ideas and believed he had the potential to grow into a strong and capable leader. Anmol Ambani's SEBI fine In September 2024, Anmol Ambani found himself in legal trouble when SEBI, India's stock market regulator, imposed a fine of Rs. 1 crore on him. The penalty was for approving loans of Rs. 40 crore to certain companies without getting proper approval from the board, even though the board had already decided that those loans shouldn't be given. SEBI's investigation stated that Anmol didn't follow the right process and failed to act responsibly. While the matter was settled with the fine, it attracted negative attention. Sebi said that Jai Anmol gave approval for unsecured loan of Rs. 20 crores to Visa Capital Partners and Rs. 20 crore to Accura Production Pvt Ltd. Anil Ambani's Bankruptcy Anil Ambani made headlines when he declared bankruptcy in a UK court, revealing that he couldn't repay loans he had taken from Chinese banks. In February 2020, the court ordered him to settle the dues, but Anil stated that he no longer had the funds to do so. The matter was eventually settled through private agreements with some of the lenders, and formal insolvency processes were initiated for key companies like Reliance Communications. To manage the situation, the group was forced to sell off several assets. Although some debts were cleared, the once-sprawling business empire of the Ambanis was significantly scaled down. Anmol Ambani's marriage
Time of India
25-05-2025
- Business
- Time of India
Reliance General Insurance net profit rises 12.5% to Rs 315 crore in FY25; eyes growth under new promoter IIHL
Reliance General Insurance, a subsidiary of Reliance Capital recently acquired by IndusInd International Holdings Ltd (IIHL), posted a 12.5% increase in net profit to Rs 315 crore for the financial year ended March 2025, as the company recovers from nearly three years under insolvency proceedings. The company's Gross Direct Premium (GDP) rose 7.4% year-on-year to Rs 12,548 crore, outpacing the general insurance industry's overall growth of 5.2%, according to a company statement. Net worth also saw a 10.2% rise to Rs 3,429 crore during FY25, PTI reported. IIHL, backed by the Hinduja Group, acquired Reliance Capital via the insolvency process concluded in March 2025 and subsequently infused Rs 100 crore into Reliance General Insurance in May 2025 to further strengthen the company's financial position and accelerate growth. During the insolvency resolution process itself, the new promoter had injected Rs 300 crore in capital to stabilise the insurer's operations. The company's solvency margin stood at 159% at the end of March 2025, comfortably above the regulatory requirement of 150%. Commenting on the performance, Reliance General Insurance CEO Rakesh Jain said, 'The financial year 2024-25 marked a year of disciplined execution, strategic investments, and resilient growth, even in a dynamic and challenging market environment.' He added, 'We remain steadfast in our commitment to protecting the aspirations of millions of Indians through innovative and trusted insurance solutions.' Jain said the successful completion of the Corporate Insolvency Resolution Process (CIRP) of Reliance Capital has opened a 'transformative new chapter' for the company under IIHL's stewardship. 'With IIHL's strong financial backing and proven expertise in financial services, we are confident in our ability to accelerate our growth journey and lead the next wave of innovation in India's general insurance sector,' he added. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
25-05-2025
- Business
- Business Standard
Reliance General Insurance net profit rises 12.5% to Rs 315 cr in FY25
Reliance General Insurance, an arm of Reliance Capital recently acquired by IndusInd International Holdings Ltd (IIHL), reported 12.5 per cent growth in net profit to Rs 315 crore for the financial year ended in March 2025. Gross Direct Premium (GDP) of the company rose to Rs 12,548 crore, an increase of 7.4 per cent over the last financial year, outpacing general insurance industry growth of 5.2 per cent. Net worth of the company also witnessed 10.2 per cent improvement to Rs 3,429 crore in FY25, Reliance General Insurance said in a statement. IIHL, which acquired Reliance Capital through the insolvency process in March this year, infused Rs 100 crore in May 2025 in the general insurance company reinforcing its financial strength and growth momentum. The company, which faced strong headwinds being under the Insolvency and Bankruptcy Code (IBC) for nearly three years, has been acquired by Hinduja-backed IIHL. To resurrect the position of the company, the new promoter infused capital amounting to Rs 300 crore during the insolvency process. Solvency margin stood at 159 per cent as against regulatory requirement of 150 per cent at the end of March 2025, it said. Commenting on the company's performance, Reliance General Insurance CEO Rakesh Jain said the financial year 2024-25 marked a year of disciplined execution, strategic investments, and resilient growth, even in a dynamic and challenging market environment. "We remain steadfast in our commitment to protecting the aspirations of millions of Indians through innovative and trusted insurance solutions," he said. The successful conclusion of the CIRP of Reliance Capital Limited in March 2025 has opened a transformative new chapter under the stewardship of IIHL, he said. "With IIHL's strong financial backing and proven expertise in financial services, we are confident in our ability to accelerate our growth journey and lead the next wave of innovation in India's general insurance sector," he added. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
