The Telegraph
Since 1st March, 1999
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‘Billionaire’ brother is just a millionaire
- Anil Ambani’s certified net worth put at Rs 220 crore

Mumbai, June 21: How much is Anil Ambani worth after the recent settlement'

Several figures have been tossed in the air ' with or without the so-called cash component brother Mukesh is believed to have paid the younger sibling to seal the deal to carve up the family’s Rs 100,000-crore empire. But there now is a certified figure: Anil’s net worth has been estimated at Rs 220.07 crore (or roughly $50 million).

That seems a piffle compared with some of the figures that have been trotted out by magazines like Forbes which, in March this year, estimated the net worth of the Ambani brothers at $7 billion (about Rs 31,500 crore) and ranked them 60th on the world billionaires’ list.

Anil’s net worth has been certified by chartered accountants Chaturvedi and Shah and signed by its partner C.D. Lala as of June 20, 2005, two days after the Ambani settlement was hammered out.

The figure is tucked away in a public announcement made in connection with the open offer by Anil and AAA Enterprises Private Ltd (a company he formed last December when the battle with brother Mukesh was raging) to acquire an additional 20 per cent stake in Reliance Capital (See Business Telegraph).

The lowball estimate is roughly in line with what Anil had said when he disclosed his assets while contesting a Rajya Sabha seat from Uttar Pradesh last June, which many feel was one of the reasons the brothers fell out.

At that time, Anil had disclosed assets of Rs 213.66 crore that included investments of Rs 88.53 crore, property of Rs 7.39 crore, jewellery worth Rs 27.21 crore, other assets of Rs 89.68 crore and cash of just Rs 4.13 lakh. He also disclosed at that time that wife Tina owned jewellery worth Rs 84.80 crore and had investments worth Rs 76.79 crore. The latest estimate indicates that on the face of it Anil’s fortunes haven’t changed much in the tumultuous 12 months since.

“I have given the estimation as per the records produced before me,” Lala told The Telegraph.

Asked whether the valuation was arrived at before or after the division of assets, Lala said these were questions that were too personal. “Even I did not probe my client on these matters,” he added.

“I don’t know how they make their calculations,” Lala said when asked about the Forbes estimate.

Most estimations of wealth take into account the market capitalisation of the stake that the rich hold in the companies they run and the assets they have acquired over the years.

However, Anil’s net worth estimate of Rs 220 crore will raise eyebrows in the light of his announcement last Sunday that he would be investing Rs 2,000 crore of his “personal wealth” in Reliance Capital and another Rs 1,000 crore in Reliance Energy.

This money may be coming his way from the settlement.

Anil has already announced his intention of turning Reliance Capital into a financial services juggernaut that will be ranked among the top three in its field in the next few years.

“I am putting my personal resources to show my commitment and fiduciary duty,” Anil had said on Sunday after taking over as the chairman of Reliance Capital.

Anil is making a fresh start after a 23-year association with Reliance Industries, the Rs 78,000-crore flagship of Dhirubhai’s empire. He has already renamed his budding business Anil Dhirubhai Ambani Enterprises.

The shareholder wealth of Anil’s group flagship ' Reliance Energy ' alone has crossed Rs 12,000 crore, a gain of a little less than Rs 3,000 crore over last month.

At this point of time, Anil owns at least 27 per cent of Reliance Energy worth Rs 3,240 crore.

If that is counted, Anil Ambani wouldn’t appear as down at heel as Rs 220 crore would suggest.

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