New battle breaks out between Ambani siblings

The estranged Ambani brothers found a new battle front to cross swords over even as the larger war on the gas supply from the KG-D6 block awaits the Supreme Court's verdict. Reliance Industries Ltd. (RIL) issued a notice to a power plant run by ADAG owned Reliance Infrastructure Ltd., threatening to stop gas supplies for non-payment of dues for the first fortnight of September. Reliance Infrastructure, which buys 0.56 mmscmd of KG-D6 gas, paid marketing margin on gas till last month but discontinued it this month. It operates the 220 MW Samalkot power plant in the East Godavari region. The plant requires 1.1mn standard cubic meters a day (mmscmd) of gas of which RIL is supplying half on a fall-back basis though the agreement was for 0.19 mmscmd at a price of US$4.2 per million British thermal unit. RIL is charging US$0.135 per million British thermal unit marketing margin on sale of gas from its eastern offshore KG-D6 fields, a levy which was opposed by NTPC. RIL said that the marketing margin it charges is uniform for all the 40-odd customers and is lower than the US$0.17 per mmBtu margin charged by GAIL. Meanwhile, the Power Ministry said it did not approve of RIL charging marketing margin on gas it sold, saying such levies are paid where distribution chain is involved.

9 great management lessons from Dhirubhai Ambani

9 great management lessons from Dhirubhai Ambani

- Unknown Source/Not Verified

Ambani brothers - the richest in the world

Move over Bills Gates, Carlos Slim and LN Mittal, the Ambanis are coming. While you may still be figuring out your gains from the phenomenal 788 points rally on Tuesday, the Ambani brothers are on their way to the top echelons of global billionaires’ club. By the time the market closed on Tuesday, the Ambani brothers were worth nearly $81 billion. That is a whopping 8% of what India’s GDP was last year.

Combined, this is greater than the net worth of Carlos Slim, the Mexican billionaire, who was recently crowned as world’s wealthiest individual ahead of Bill Gates.

In all, the top-15 business families in India (excluding the Tatas) added close to $11 billion to their net worth all in a day. The combined net worth of the top 15 stands at $213 billion, or close to 20%, of the GDP.

What’s more, Mukesh Ambani is now within striking distance of dethroning LN Mittal as the richest Indian. Though the latest figures are not available, LN Mittal is estimated to be worth around $48 billion, only $2 billion more than the current net worth of Mukesh Ambani. Another 4% appreciation in Reliance Industries stock price and Mukesh Ambani will go past Mr Mittal. The rate at which the Mukesh Ambani-owned companies are going, his net worth rose by $3.25 billion on Tuesday, this might well have happened by the end of the day.

Equally astonishing has been the rise of Anil Ambani. The younger Ambani sibling added over $3 billion to his net worth on Tuesday. He is now worth nearly $35 billion and second only to his elder brother.

The other big gainer for the day was Sunil Bharti Mittal, who is riding high on the rising market capitalisation of Bharti Airtel. The telecom czar added nearly $1.25 billion to his net worth on Tuesday, thanks to a 5.6% rise in his company’s market price. He is now worth $22.4 billion. DLF’s KP Singh also got richer by a billion dollars and he is just a shade behind Anil Ambani at $32.6 billion at number three. (All calculations have been made by netting out the crossholding among group companies)