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Family matters: Ambanis to form in-house council to manage Reliance Industries' sprawling business

09:10 AM Aug 14, 2020 | FPJ Web Desk

Billionaire Mukesh Ambani, who recently became the fourth-richest man, is reportedly setting a ‘family council’ to manage the company’s ever-sprawling family business, Hindustan Times reported on Friday.

According to the report, the family council will have equal representation to all family members, including Ambani’s three children Akash, Isha and Anant.

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Recently, Mukesh Ambani was adjudged the fourth richest person in the world, richer than every European alive and only poorer than Jeff Bezos, Bill Gates and Mark Zuckerberg.

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He surged past Europe’s wealthiest man Bernard Arnault to become part of the Big Four. The Reliance Industries Limited Chairman is worth $80.6 billion according to the Bloomberg Billionaires Index and he amassed $22 billion this year.

Mukesh Ambani's oil-to-telecom conglomerate Reliance Industries has been ranked second biggest brand after Apple on the FutureBrand Index 2020.

"This year's highest entrant at number two, Reliance Industries excels on every attribute," FutureBrand said, releasing its 2020 Index.

Reliance Industries Ltd reported a better-than-expected net profit of Rs 13,248 crore in the June quarter on the back of exceptional income.

Net profit was Rs 10,141 crore in the same period a year back, the company said in a regulatory filing.

The company said it recognised an exceptional gain of Rs 4,966 crore from stake sale.

The methodology reads: “The index is a dynamic measure of personal wealth based on changes in markets, the economy and Bloomberg reporting. Each net worth figure is updated every business day after the close of trading in New York. Stakes in publicly traded companies are valued using the share's most recent closing price. Valuations are converted to U.S. dollars at current exchange rates.”

It adds: “When ownership of closely held assets cannot be verified, they aren't included in the calculations. The specific valuation methodology for each closely held company is included in the net worth analysis section of a billionaire's profile. Additional details included in the valuation notes for each asset are available to subscribers of the Bloomberg Professional Service.”

The website also adds: “The index is a dynamic measure of the world’s wealthy based on changes in markets, the economy and Bloomberg News reporting. Each net worth calculation is updated every business day at 5:30 p.m. in New York. Stakes in publicly traded companies are valued using the share's most recent closing price. Valuations are converted to U.S. dollars at current exchange rates.”

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