Facebook is making a $6 billion bet on a company owned by India's richest man. Meet the Ambanis, who live in a $1 billion skyscraper and mingle with royals and Bollywood stars.
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Facebook is investing $5.7 billion in Jio Platforms, a telecom company owned by India's richest man, both companies announced on Wednesday.
Mukesh Ambani is worth an estimated $44.6 billion, making him the 19th-richest person in the world, according to Bloomberg's Billionaires Index.
He's the chairman and majority owner of Reliance Industries, which owns Jio Platforms.
Ambani's fortune grew by $16.1 billion in 2019, but most of that was wiped out in the first four months of 2020 because of stock market fluctuations due to the coronavirus pandemic.
The Ambanis live in a 27-story skyscraper in Mumbai, rumored to have cost $1 billion to build, which would make it one of the most expensive homes anywhere in the world.
Facebook is investing $5.7 billion in a Jio Platforms, a telecom company owned by India's richest man, both companies announced on Wednesday.
Jio is the telecom arm of Reliance Industries, a massive conglomerate owned and chaired by Mukesh Ambani, the richest man in India, who is worth an estimated $44.6 billion, according to Bloomberg's Billionaires Index.
That makes him the 19th-richest person in the world, according to Bloomberg.
The Ambanis made international headlines in 2018 for throwing one of the most lavish wedding celebrations in recent memory, which included a private Beyoncé concert and celebrity guests including Priyanka Chopra and Nick Jonas, Hillary Clinton, and Arianna Huffington.
The Ambani family home in Mumbai is a 27-story skyscraper that cost an estimated $1 billion to build.
Here's a look at the Ambani family's fortune, relationships, friends, and lavish lifestyles.
The Ambani family in India has been called Asia's richest family by Forbes.
Reuters
The family patriarch, Mukesh Ambani, has an estimated net worth of about $44.6 billion, making him the 19th-richest person in the world, according to Bloomberg.
The Indian family's massive wealth began with Dhirubhai Ambani, who founded Reliance Industries to manufacture fabrics and textiles.
Reuters
Reliance Industries is now a Fortune 500 company worth $100 billion, and one of the most valuable companies in India.
Reuters
Dhirubhai died in 2002 at age 69 without a will, leaving his company to be run by both of his sons: Mukesh and his younger brother, Anil.
Reuters
Source: Bloomberg
A bitter succession battle between the two brothers followed their father's death and resulted in a rivalrous relationship between Mukesh and Anil.
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Ultimately, Mukesh was left in charge of the majority of Reliance.
In 2005, the brothers split the company in a deal negotiated by their mother, and Mukesh was left with control of the oil, gas, petrochemicals, and refining operations of the business.
Reuters
Anil took over construction, telecommunications, asset management, entertainment and power generation businesses.
Today, 63-year-old Mukesh Ambani is worth an estimated $44.6 billion as the chairman and largest shareholder of Reliance Industries Limited.
Reuters
Ambani surpassed Alibaba Group founder Jack Ma in July 2018 to become the richest man in Asia after a thriving year for his company.
But in early 2020, Ambani's wealth ranking dropped down slightly below Ma's.
Anil Ambani, 60, chairman of Reliance Group, is worth an estimated $1.7 billion — less than 4% of his older brother's wealth.
Reuters
Bloomberg reported that 2018 saw Anil's businesses suffer from "legal and liquidity challenges."
Indian media reported in September 2018 that Anil's "cash-strapped" Reliance Communications will quit the telecom business and turn to real estate.
In early 2020, Anil told a UK court that his net worth was in fact "zero" and that he was bankrupt.
Anil is married to Tina Ambani, a former Bollywood actress ...
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Source: The National
... and they have two sons. Anmol Ambani, 28, works within his father's company and was named a director to the Board of Reliance Capital in 2016.
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Source: Reliance Capital
Anil's younger son, 24-year-old Anshul, joined the family business as a management trainee in January 2019.
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Source: The Hindu Business Line
Mukesh Ambani is married to Nita Ambani, who Forbes called "The First Lady Of Indian Business" in 2016.
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Source: Forbes
Nita is the chair of Reliance Foundation, the company's charity organization.
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She's also involved with the company's sports ventures as well as marketing and branding strategy for Reliance Jio Infocomm, Reliance's mobile network operator.
Nita and Mukesh have three children, the youngest being 25-year-old Anant Ambani, who has started taking part in some of his father's company's events and meetings.
Associated Press
Source: Bloomberg
Rumors have swirled about a possible engagement between Anant and Radhika Merchant, but a Reliance spokesperson said in May 2019 that "Anant Ambani is not engaged yet."
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A recent article called Anant "India's most eligible bachelor."
Then there are 28-year-old twins Isha and Akash Ambani.
Reuters
Source: Forbes
Akash is a board member at Reliance Jio. Both he and his twin sister studied at Ivy League universities in the US, Akash at Brown University ...
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Source: Forbes
... and Isha at Yale and Stanford.
Source: Business Insider
Akash is married to his high school sweetheart, Shloka Mehta, the daughter of a well-known diamond merchant. Mehta reportedly studied at Princeton University and the London School of Economics.
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Source: Forbes, South China Morning Post
They were married in Mumbai in March 2019. Google CEO Sundar Pichai, former British prime minister Tony Blair, and actress Priyanka Chopra were reportedly among the guests.
Milind Shelte/The India Today Group via Getty Images
Source: Forbes, India Today, Straits Times
Akash's twin sister, Isha, is on the board of directors for India's largest retailer, Reliance Retail, a subsidiary of Reliance Industries, and serves as a co-director for the telecom arm, Jio.
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Source: Business Insider
She previously spent a stint working at management consulting firm McKinsey in New York.
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Source: India Times
Isha married Anand Piramal, now 34, heir to a real estate and pharmaceutical business, in December 2018, following several lavish pre-wedding events.
Reuters
Source: Business Insider
The engagement party took place at the luxury Villa D'Este hotel on Italy's Lake Como, where singer John Legend gave a private performance.
Source: Business Insider
Other pre-wedding festivities were held in the western Indian city of Udaipur.
Reuters
Source: Business Insider
These celebrations included a private concert by Beyoncé, who reportedly sang "Crazy in Love," "Naughty Girl," and "Perfect" at the Oberoi Udaivilas hotel in Udaipur.
Source: Business Insider
The wedding ceremony itself was held at the Ambani family home in Mumbai.
Reuters
Source: Business Insider
An estimated 600 guests attended the extravagant wedding, which cost an estimated $100 million by some reports. A Reliance spokesman, however, said it cost no more than $15 million.
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Source: Forbes
Vintage cars carried guests during the wedding procession.
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Brothers Akash and Anant rode in on horseback.
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The celebration included dance performances and sightings of many high-profile guests ...
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... including former Secretary of State and presidential candidate Hillary Clinton with her longtime aide, Huma Abedin ...
Associated Press
... actor Priyanka Chopra and her husband, Nick Jonas ...
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... and Bollywood star Shah Rukh Khan.
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The wedding venue was the Ambani family home in Mumbai: a 27-story luxury skyscraper that cost an estimated $1 billion to build. It's called Antilia after a mythical Atlantic island.
Reuters
Source: Business Insider
Antilia includes swimming pools, ballrooms, a garden that spans three floors, six floors of parking, three helipads, and it can withstand a magnitude 8 earthquake. A staff of 600 people runs the home.
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Source: Business Insider
It's estimated to be one of the world's most expensive properties, second to Buckingham Palace. In this photo, trees surrounding the skyscraper are decorated for Isha's wedding.
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Source: Business Insider
Isha reportedly moved out of the family home following her wedding.
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Source: Reuters
She and her new husband moved into a bungalow in Mumbai called Gulita.
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Source: Reuters
The Ambani family has long mingled with high-profile global figures, including Prince Charles and Camilla, the Duchess of Cornwall ...
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... former British Prime Minister David Cameron ...
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... Indian Prime Minister Narendra Modi ...
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... former US president Barack Obama ...
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... and former Secretary of State, Hillary Clinton. The Clintons and the Ambanis have reportedly known each other for nearly 20 years.
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Source: The Guardian
Ambani's fortune grew by $16.1 billion in 2019, with his net worth peaking at about $60 billion in January 2020.
Himanshu Bhatt/NurPhoto via Getty Images
But according to Bloomberg's Billionaires Index, most of that was wiped out in the first four months of 2020 due to massive fluctuations in the stock market because of the coronavirus pandemic.
Ambani's telecom company, Jio, has grown to become one of India's biggest mobile carriers, with 388 million subscribers, according to Forbes.
Reuters
Source: Forbes
In April 2020, Facebook announced it was investing $5.7 billion in Jio, making Mark Zuckerberg's social media giant the largest minority shareholder in Ambani's telecom service.
Reuters
"This investment underscores our commitment to India, and our excitement for the dramatic transformation that Jio has spurred in the country," Facebook said in a statement. "In less than four years, Jio has brought more than 388 million people online, fueling the creation of innovative new enterprises and connecting people in new ways."
Mukesh Ambani's three children are involved in the family business in some capacity, but Ambani's succession plan for the company is "unclear," according to Bloomberg. Only time will tell who will take over the $100 billion company.
Reuters
Source: Bloomberg
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