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  7. Anil Ambani: The Rise and Fall from $42 Billion to $0

Anil Ambani: The Rise and Fall from $42 Billion to $0

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Discover the shocking story of Indian businessman Anil Ambani's descent from billionaire status to insolvency. Explore the events leading to his financial downfall, including sibling rivalry, jail scandals, and mounting debts reaching $7 billion.
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0:00
We all love a story of rags to riches.
0:03
But how many times have you heard about someone going from multi-billion dollar riches to empty pocket rags?
0:10
Well, that's exactly what happened to Indian businessman Anil Ambani.
0:14
From the most expensive sibling rivalry in the world to jail bailout scandals and a mind-boggling $7 billion debt.
0:22
Here's how one man went from $42 billion to zero.
0:32
Ambani Rising So who exactly is Anil Ambani and how did
0:38
he fall so far?
0:39
Well, to get an understanding, first we need to take a trip back in time to mid-20th century
0:45
India.
0:46
Anil was born in Mumbai, then known as Bombay, on June 4, 1959, the youngest son of the founder
0:53
of one of the most powerful companies on the planet, Dhirubhai Ambani.
0:58
At the age of 17, Derebako...
1:00
Dhirubhai had migrated from India to Aden in Yemen to start his career as a clerk at
1:05
Bessien Co., a large trading firm.
1:08
Here he learned skills in trading and accounting and got a taste for entrepreneurship.
1:13
Ready to strike out on his own, Dhirubhai returned to India in 1958, where he started
1:19
his own business trading spices, which eventually developed into his venture Reliance Commercial
1:24
Corporation.
1:25
While Dhirubhai and his wife Koki Laban had already had their first son Mukesh on April
1:31
19, 1957, once back in India, they welcomed little Anil.
1:36
As a young family, the Ambani's were living in a humble two-bedroom apartment at the Jai
1:41
Hind Estate in Bileshwar, Mumbai.
1:43
But Dhirubhai's business was on the up.
1:46
He soon expanded into the textiles industry and followed a strategy of offering high-quality
1:51
products at a much lower cost than his competitors.
1:54
This risky approach, which depended on high-volume sales to be profitable, was a raging success.
2:00
and saw business grow quickly. Soon, Dhirubhai was able to move the Ambani clan into a six-story
2:06
apartment in the Ushakiran building, Mumbai. Considering his humble beginnings, Dhirubhai
2:12
was determined that his sons should learn the value of hard work and would often organize
2:16
incentive-oriented family outings. Anil later recalled that he and his elder brother would go
2:22
out on challenging six-mile treks in the pouring rain and receive a box of mangoes as a reward,
2:28
to show them that hard work and determination pays off.
2:32
But we'll soon see how successfully those attempts to inspire business savviness worked
2:37
out for each of Dhirubhai's sons.
2:40
By the 1980s, Reliance had begun to expand into other industries, including the profitable
2:45
industry of petrochemicals.
2:48
By 1983, Reliance had gone from a single, minimal office in Mumbai to being worth $122
2:54
million.
2:54
dollars. As profit continued to pile in, Dhirubhai purchased a colossal 14-story
3:00
house.
3:00
high-rise property in Kuff Parade, a significant business district in Mumbai, which became
3:06
the official Ambani family home.
3:08
There was never any question of whether brothers Anil and Mukesh would join the family business,
3:13
and by their mid-twenties, both had important roles within Reliance Industries.
3:17
Aged just 24 at the time of their respective inductions into Reliance, Mukesh joined in
3:23
1981 as a hands-on facilities manager, and Anil came through the door in 1983 as an executive.
3:30
dealing with business investors in the press.
3:33
The roles suited each man perfectly.
3:36
Mukesh was the more low-key, rigidly focused businessman
3:39
who liked spending his evenings in
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