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Meet Billionaire Owner Of The World's Most Expensive Yacht Amevi; It's Worth Rs 1,000 Crore

The owner’s suite on the upper deck features a cut above the rest with a full-beam design. it also includes a lounge and private outdoor space with two jacuzzis..

It's not news that the world's top billionaires own ridiculously expensive things, from luxury cars to opulent houses and private jets. We have all witnessed that the ultra-rich have a penchant for all things luxury.

But the world's most expensive yacht, the Amevi superyacht, can put even the most extravagant things. And it is owned by none other than the steel magnate Lakshmi Mittal. Here's all about Amevi.

All about superyacht Amevi

Mittal owns a 262-metre Amevi superyacht worth around Rs 1,000 crore. The yacht has a swimming pool, gymnasium, spa and cinema hall. Amevi features a magnificent sky lounge, offering panoramic views and a large terrace to get to the sun decks. It also features a massage room, salon, helipad, and stabilised pool table.

The Amevi superyacht was built in 2007 by Oceanco, a shipyard based in the Netherlands and designed by Nuvolari Lenard. Oceanco is a team of experts who merge the expertise of old-world Dutch craftsmanship with cutting-edge technology to create unparalleled masterpieces.

Renowned luxury yacht designer Alberto Pinto has designed the interiors of Amevi. It accommodates 16 guests in its 8 VIP rooms and can carry over 20 crew members.

The owner's suite on the upper deck features a cut above the rest with a full-beam design. It also includes a lounge and private outdoor space with two jacuzzis.

The yacht has twin MTU 16V 595 TE70 engines with a total power of 9,100 HP (6,800 kW). The yacht reaches a maximum speed of 18.5 knots or 34.3 kmph, with a cruising speed of around 14 knots or 26 kmph.

Ranked the 7th richest Indian globally, Mittal has embarked on voyages to India, Spain, Gibraltar, and Norway aboard his lavish yacht.

Most expensive yachts by Indian billionaires

Other prominent Indian billionaires who possess yachts include Mukesh Ambani, Anil Ambani, Adi Godrej and Gautam Singhania, among others.

Mukesh Ambani, Asia's richest man, reportedly owns an ultra-luxury yacht shaped like a horseshoe, boasting a mind-boggling cost of $100 million. Stretching an impressive 58 meters, the yacht is replete with luxurious amenities, including private suites, a spa, a 25-meter swimming pool, and a lounge bar.

Not to be outdone, his younger brother Anil Ambani, accompanied by his wife Tina Ambani, also purchased a yacht named TIAN, though the exact cost, rumoured to be around Rs 200 crore, remains undisclosed.

Former billionaire Vijay Mallya once used to own a yacht named the Empress of India, which he had bought for an undisclosed amount in 2006. Mallya said in 2018 that the 95-metre yacht was sold for 43.5 million.

For more on news and current affairs from around the world, please visit Indiatimes News.

Senior Writer at Indiatimes. She writes on International Affairs and human interest stories shared on social media.

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From Luxury Cars To Yachts & Private Aircrafts, 7 Expensive Things Owned By Mukesh Ambani

By Rinie Wilson

| Published on March 4, 2020

According to the latest report of Hurun Global Rich List 2020 , Mukesh Ambani is number 1 in Asia and the ninth richest person in the world. RIL’s Chairman Mukesh Ambani ‘s net worth is estimated at Rs 4,80,700 crores or $ 67 billion.

As per the report, Mukesh Ambani’s earnings grew by 24 percent, making him the richest businessman in India. In 2019, Mukesh Ambani has earned around Rs 7 crores every hour.

The businessman who topped this list is none other than Amazon ‘s CEO Jeff Bezos .

So let’s have a look at some of the prized possessions owned by Mukesh Ambani & his family.

1. Rolls-Royce Phantom

The base on-road price of a Rolls-Royce Phantom in Mumbai is Rs 13.5 crore. However, this is the price without any customization option and we all know that Rolls Royce is known for its customized products. So we can safely say that the car in the Ambani’s garage is worth much more than Rs 13.5 crore, making it one of the most expensive Ambani vehicles.

2. BMW760Li

This BMW has a bulletproof exterior, which costs Rs 8.5 crores. Since the registration charge on armored cars is high, Ambani gave an additional charge of Rs 1.6 crores. And if the car’s tires get damaged (or shot at), all will be well as they are self-supporting and can easily run on flat tires.

The yacht owned by Mukesh Ambani has a solar glass roof and is 58 meters long and 38 meters wide. At the same time, the yacht has three decks with facilities such as a piano bar, lounge and dining area, and a reading room with a suite for guests. Although no disclosure has been made about its price, the yacht is said to be worth over Rs 600 crores.

4. Falcon 900EX

The Falcon 900EX aircraft has a mid-flight office, cabin with game control, music system, satellite television, wireless communications. The jet is said to have an estimated cost of $ 43 million.

5. Maybach 62

The Mercedez Maybach 62 was a gift to Mukesh Ambani from his wife Nita Ambani on his birthday. She even customized it further to make the car even more special. The cost of the car is Rs 5.15 crore and it can also touch a top speed of 250 kmph.

6. Aston Martin

The car starts at Rs 3.8 crore and gets power from a 5.9L, V12 engine that sheds out 470 bhp of power along with a peak torque of 601 Nm.

Inspired by the mythical Atlantic island, Mukesh Ambani ’s Antilia is located in South Mumbai’s Altamount Road. It is estimated to be the world’s second-most expensive property after the Buckingham Palace. The high-end mansion reportedly costs an estimated $1-2 billion.

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• Amazon , antilia , Aston Martin , BMW , BMW760Li , Falcon 900EX , Hurun Global Rich List 2020 , Jeff Bezos , Mercedez Maybach 62 , Mukesh Ambani , Nita Ambani , Rolls-Royce Phantom

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Adar Poonawalla’s Gulfstream 550 to Mukesh Ambani’s Jet, 7 luxurious rides of Indian business magnates

Private jets and yachts are everyday rides in the life of these Indian magnates: Adar Poonawalla, Mukesh Ambani, Ratan Tata to name a few. With multi-crore turn overs and businesses across the globe, these luxurious rides are both a vanity and a necessity for these tycoons. Adar Poonawalla of Serum Institute of India , apart from his Gulfstream 500, also has a slew of Ferraris and Rolls Royces parked in his expansive garage. And the story is no different for others on this list either. Mukesh Ambani’s Antilla is also home to a range of super cars.  

Adar Poonawalla’s Gulfstream 550 to Mukesh Ambani’s Boeing Business Jet, 7 luxurious rides of Indian business magnates

Lakshmi Mittal - Amevi

CEO of ArselorMittal and by far India’s biggest steel magnate, Lakshmi Mittal has owned the Amevi yacht for nearly 7 years now. According to ET , he was first spotted with it in Mykonos, Greece back in 2014. The 80-metre-long mega yacht set the businessman back by a whopping Rs 2000 crore. Named Amevi, the yacht features sun decks, on-demand cinema, a gym, spa and massage room, a salon as well as a stabilised pool.

Mukesh Ambani - Boeing Business Jet

According to ET, Mukesh Ambani is the proud owner of the Boeing Business Jet. The luxury and size of the aircraft, could easily pass it as a flying hotel. The 1,004 sqft comes with a private bedroom suite and a well-equipped executive office. The Boeing Business Jet comes at a steep price of Rs 535 crore ($73 million), and isn’t the only private jet Ambani owns. His fleet also includes a Falcon 900EX jet and an Airbus 319, according to Business Insider.

The Gulfstream G550 cockpit

Adar Poonawalla has been all over the news since the approval of Serum Institute India’s coronavirus vaccine, Covid Shield. The tycoon, who owns a range of luxurious properties across the country, loves to ride in style, as well as fly. We are referring to his private jet, the Gulfstream 550. In an interview, Poonawalla said, “With a 13-hour range, it (his jet) can take me to anywhere in the world with a single halt. The plane can also come in handy when he (Poonawalla) craves continental food and in case he wants to fly in Michelin star chefs to cook for his friends and him.” Interestingly, per ET , he also became the first Indian to receive a customised ACH145 helicopter by Airbus.

Ravi Ruia's Sunrays yacht

Oceano claims that Ravi Ruia owns this magnificent beast. On the inside, the upper deck is given over to the owner’s suite and an adjacent VIP suite that can be combined to create one expansive living area. Both suites have fold-down sea balconies. The owner’s exterior foredeck hosts a whirlpool and sunbathing area. The remainder of the yacht’s accommodations for up to 16 guests is on the main deck with one VIP stateroom and four guest cabins. Additionally, the dining rooms can be converted into a conference room and the foldable guest balconies can be opened to splendid views of the ocean too.

Kumar Mangalam Birla's Cessna Citation

According to a blog published by one of Aditya Birla Group’s websites, Kumar Mangalam Birla is the proud owner of a Cessna Citation and Gulfstream G100. The Citations are known worldwide for their craftsmanship and for building the best private jets across the planet. The blog further stated that Birla is often spotted taking ride in his luxurious private jets.

Ratan Tata's Dassault Falcon 2000

ET reports that Ratan Tata owns the Dassault Falcon 2000 private and the special part of Ratan Tata’s private jet is that he is one of the very few billionaires who is also authorized to fly the luxurious aeroplane. The compact beast, when compared to Ambani’s Boeing Business Jet, packs a twin-engine and is put together by a group of expert French engineers.

With the logo of the Stallion Group, headed by Sunil Vaswani, etched on the yacht’s exterior, it is usually stationed in the Mediterranean, according to ET . In 2019, the all-purpose yacht was also spotted at the French Riviera at the time of the Cannes Film Festival.

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In Pics: Mukesh Ambani’s Private Jets Worth Over Rs 850 Crore Are Castles In The Air

Bling bling billionaire ✨.

By Mashable India

27 June 2023

Mukesh Ambani Has Steadily Held His Ranking Among Some Of The Wealthiest Amongst The World

Currently ranked #13th on the forbes-real-time-billionaire index with a net worth of $89.4 billion, the ambani tycoon has a fleet of some of the priciest cars, caravans, yachts, and private jets., slide on to check his fleet of private jets. , falcon 900 ex | priced around rs 33 crore, airbus a319 | priced around rs 265 crore, the airbus was a gift to nita ambani on her 44th birthday. , boeing business jet | priced around rs 535 crore, isha ambani wore a stunning patola dress worth rs 1.30 lakh made with this saree at the dias graduation.

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A Look At The Private Jets Of The Richest Indian Businessmen

The appeal of a private jet does not have to be explained; it represents a sense of exclusiveness that most of us do not get to naturally experience. A private jet was originally considered to only be the ultimate status symbol for the rich and the famous. However, for the business traveller, it goes beyond that and is an important tool of utility.

Historically, the market for private aviation in India hasn’t been large but it is now on the cusp of a turnaround . This is primarily due to the tremendous growth of the Indian economy itself. Private jets provide business persons with a way to travel at tremendous speeds, with more efficiency, and at the level of comfort and privacy that they deserve. But, most importantly, they make travelling flexible; the daily lives of business people are constantly packed with ever-changing schedules. With a private jet, there is no need to modify an already erratic schedule.

It goes without saying that high profile businessman and private jets go hand in hand. Here’s a sneak peek at the most exclusive private jets owned by the most successful business magnates of India:

Mukesh Ambani, Chairman of Reliance Industries Limited

Image Source: Boeing Business Jets

Owns a Boeing Business Jet 2

Mukesh Ambani is the only person in India who owns a BBJ2. Priced at a whopping $73 million, this particular jet was purchased for his private use.

Boeing created this line of jets, especially for corporate use. These jets combine business utility, speed, and luxury to deliver a magnificent machine that is capable of seating 78 passengers. With increased cabin and cargo volume, the Boeing Business Jet can create an executive lounge, private suites, and conference rooms – to name a few spaces. It is equipped with the most advanced flight management system in the world.

Anil Ambani, Chairman of the Reliance Group

Image Source: Bombardier Business Aircraft

Owns a Bombardier Global 6000             

Priced at $38 million, the Bombardier Global 6000 is owned by Anil Ambani and is one of the most popular private jets in India. Catering to private jet customers of every type – right from the celebrity enthusiast to the business traveller – the Bombardier Global 6000 ensures that an individual has the smoothest and most productive experience that one can get from a business jet. With a seating capacity of up to 17 passengers and a comprehensive cabin system in place, this business jet makes sure that all business and personal needs are fulfilled at all times.

Lakshmi Mittal, Chairman and CEO of ArcelorMittal

Image Source: Gulfstream Aerospace

Owns a Gulfstream G550

Steel magnate Lakshmi Mittal is the owner of one of the best-in-value business aircraft manufactured by Gulfstream: the Gulfstream G550. This Rolls-Royce of private jets costs $38 million.

Created specifically for corporate travel purposes, it is capable of seating up to 19 passengers. Powered by two Rolls-Royce engines that provide the most thrust of any jet in its class, the Gulfstream G550 can fly for 12 hours non-stop and can also operate out of short-field, high-altitude airports.

Ratan Tata, former Chairman of the Tata Group, industrialist and philanthropist

Image Source: AV Buyer

Owns a Dassault Falcon 2000

The Dassault Falcon 2000 is owned by Ratan Tata, the world-famous industrialist, philanthropist, and former Chairman of the Tata Group. An avid aviator, Mr Tata is known to fly his jet by himself. Priced at a cool $22 million, this beautiful luxury business jet balances both performance and economy. Having a seating capacity of 6 passengers, it is both elegant and affordable with low direct operating costs. Thus, one can expect the efficiency and features of a full-size jet functioning at economic prices.

Looking at the private jets of India’s biggest businessmen, it just emphasises the huge role a private jet plays in assisting businessmen with their work on a continual basis. Today, private jet booking services are revolutionising the industry and have made it possible for one to rent most of these jets at a fraction of the cost. With more efficient and smoother methods of jet rental , flying private like India’s most successful businessmen is no longer a thing of the past.

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Gold Luxury Yacht To Mukesh Ambani's Antilia: Most Expensive Things In The World

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Forget billionaires, even world leaders don’t have a motorcade like that of Mukesh Ambani, the richest man in Asia. His security guards use a fleet of 4 Mercedes-AMG G63s worth $1.2 million and he travels in a custom Rolls Royce Cullinan worth $2 million.

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Inside Mukesh Ambani’s Impressive Real Estate Portfolio (With Eye-Popping Price Tags)

Mukesh Ambani, Asia's richest individual, commands a global real estate portfolio that is as diverse as it is luxurious. His collection includes a stunning villa on Dubai’s Palm Jumeirah and the prestigious Mandarin Oriental in New York, each residence boasting unique architectural splendor and unparalleled amenities. Before diving into the details, here's a recap of all the buzz around his youngest son's much anticipated nuptials taking place this month.

Anant Ambani and Radhika Merchant’s $320 Million Wedding: All the Details You Need To Know

Anant Ambani and Radhika Merchant’s big day is on July 12, 2024, but the couple’s pre-wedding celebrations have been revving up for months . Topline billionaires, sportspersons, politicians, and Hollywood and Bollywood celebrities descended in their finest Indian couture in Jamnagar, Gujarat to attend the first leg of festivities. The three-day affair had it all. A bespoke glass palace. A Mela Rogue masquerade ball. Rihanna’s first full concert in nearly eight years. A set by illusionist David Blaine. A performance by Akon. India’s largest drone show with 5,500 drones.

The duo continued the revelry with a multi-day Mediterranean cruise voyage in May, featuring performances from Katy Perry, David Guetta, Backstreet Boys and Andrea Bocelli, among others. Just days before the ultra-lavish walk down the aisle, Justin Bieber crooned to a rapt audience at their sangeet in the Maximum City.

The groom-to-be is the youngest son of Mukesh Ambani, who chairs and runs Reliance Industries – a conglomerate with interests in petrochemicals, telecom, retail, and financial services. The patriarch’s net worth is a staggering $120 billion, estimated by  Forbes  in July 2024. Being Asia’s wealthiest and the 11th-richest person in the world, Mukesh Ambani has also solidified his grip on the real estate landscape by acquiring enviable properties scattered across the world.

Anant Ambani and Other Celebrities Who Own Homes in Dubai

The ambani family’s homes and real estate.

Below, we give you a glimpse inside the Ambani family’s real estate portfolio, fittingly reflective of their extravagant lifestyle and refined taste, and of course, with a prodigious price tag.

Antilia, Mumbai

The Ambani family home in Mumbai is the world’s second most expensive residence, second in line after Buckingham Palace. Named after a phantom island in the Atlantic Ocean, Antilia imposes a prime location on the plush Altamount Road in South Mumbai, touted as the Billionaire’s Row in the metropolitan city. Helmed by Australian-based company Leighton Holdings, Antilia’s construction commenced in 2004 and was completed in 2010 for occupation. The 27-storeyed dwelling towers at 568 feet in height, meaning it is closer to a conventional 40-flight edifice. Chicago-based architects Perkins & Will held the design reins of the project, which is Vastu compliant and fashioned as per Hindu architectural philosophy along the lines of lotus and the sun. The architectural marvel serves as a testament to modern engineering and contemporary design. Today, the iconic mansion, valued at $2 billion, also surpasses the world's tallest building, Burj Khalifa in terms of cost.

Antilia, Mukesh Ambani and Nita’s $2 Billion Mumbai Mansion, Is One of The World's Most Expensive Homes

The 400,000-square-foot building is outfitted with three helipads, a 168-car garage, a state-of-the-art fitness centre, multiple swimming pools, a mammoth temple, a salon, a full-service spa, an ice-cream parlour and a 50-seater movie theatre. The snow room and four levels of energy-saving hanging gardens are concocted to battle Mumbai’s debilitating summers, while six floors serve as the private residential area for the fabled family.

Ancestral home, Chorwad

If Antilia is Mukesh Ambani’s base, this ancestral home is where the business tycoon finds the “soul” of his familial legacy. The 100-year-old mansion is in Chorwad in the Junagadh district of Gujarat and has been in the Ambani family for several generations. The bungalow is the birthplace of Reliance Industries founder Dhirubhai Ambani, who spent his childhood days here. In the early 20th century, Dhirubhai’s father Jamanadas Ambani had partly leased a section of this huge dwelling. The Ambani family later acquired the entire property in 2002.

Spanning across 1.2 acres, the heritage home is surrounded by lush verdancy, fruit trees and flowers. Elevation to fenestrations, it presages several elements inherent to indigenous Gujarati architecture and style apparent in the central courtyard, verandah and decadent rooms. The family commissioned its renovation and restoration numerous times over the years, and yet most of its original features have been preserved. The magnificent doors, windows, antique furniture, artefacts and chandeliers still speak of its storied history. Earlier called ‘Mangarolvalano Delo’, the home is now a memorial, rechristened The Dhirubhai Ambani Memorial House. Today, it’s segregated into private and public parts that remain open to visit.

Palm Jumeirah Villa, Dubai

Mukesh Ambani burst into the Dubai scene by buying a beach villa at the tree-shaped Palm Jumeirah Island in August 2022. The property was purchased incognito for approximately $80 million, making it Dubai's biggest-ever residential property deal at the time. The haven, gifted to his son Anant, can be deemed one of the costliest homes in the capital city of the United Arab Emirates. Spreading a colossal 3,000 square feet, the mansion sits on the northern side of the manmade archipelago. It’s home to 10 bedrooms, an open kitchen with a connecting dining area, indoor and alfresco pools, a salon, a bar, and a spa. One of its highlights is the access to a 70-metre-long private beach.

Equipped with every imaginable luxury amenity, the interiors are decked up with rare artworks, Italian marble, and statement lighting. The likes of David and Victoria Beckham, Bollywood superstar Shahrukh Khan, beauty mogul Huda Kattan, along with Spanish football star Michel Salgado are Anant’s neighbours.

Stoke Park, Buckinghamshire

In 2021, the titan made global waves by splashing £57 million to hold the keys to the iconic Stoke Park in the idyllic county in southeast England. Nestled amidst 300 acres of well-manicured gardens, parkland and lakes, the estate comes attached with over 1,000 years of glorious history. The Mansion House was designed by pre-eminent architect James Wyatt in Georgian style, who worked on its development from 1790 to 1813. The Wyatt Room at the property is said to have inspired many elements of the Oval Office in The White House. In 1908, the property was transformed into the first golf and country club in England. Today, Stoke Park is a 49-room luxe hotel with 13 multi-surface tennis courts and a magnificent 27-hole golf course.

Stoke Park’s history is also inked with a royal pedigree. The Mansion House once belonged to Queen Elizabeth I, before being sold to Sir Edward Coke, the first Lord Chief Justice of England. After many changes of guards, it was purchased by Reliance Industries Limited. Its celebrated cinematic connection elicits just as much intrigue. Stoke Park served as the setting for two Bond blockbusters,  Goldfinger  and  Tomorrow Never Dies . The Pennsylvania Suite was featured in  Bridget Jones’s Diary . Aishwarya Rai starrer  Bride and Prejudice  found a worthy backdrop here as well. Most recently, Netflix’s super hit series  The Crown  was filmed at Stoke Park.

Mandarin Oriental, New York

The subsequent year Asia’s biggest billionaire continued his hospitality acquisition spree by snapping up a majority stake in Mandarin Oriental’s New York outpost. The magnate reportedly put down over $98 million for the deal. The picturesque location spans from the 35th through 54th floors of the Time Warner Center which almost abuts Central Park. Its elevation promises panoramic views of the Manhattan skyline. The commanding glass façade belies its inviting interiors. The walls are shrouded in a neutral colour story, while accents of magenta and green lend levity to the scheme.

Let alone the stellar suites, even the entry-level rooms at the 248-key hotel are all about sleek elegance and spectacular views. From its design vocabulary and Chinese artworks down to the Oriental lamps and the fresh florals, the Asian influence that’s indelible to the hospitality group’s Far Eastern heritage is palpable. Mandarin Oriental is also home to a 14,500 square feet spa designed as an oasis of relaxation and rejuvenating, a state-of-the-art fitness centre with a 75-foot lap pool that overlooks the Hudson River, along with world-class dining. It’s no wonder then that the luxury lodging is frequented by Hollywood celebrities, C-suite execs, hedge fund billionaires and five-star-seeking leisure travellers.

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Son of asia’s richest man marries in year’s most extravagant wedding.

https://arab.news/539kv

• The celebrations of Anant Ambani marrying Radhika Merchant took place at Ambani-owned Jio World Convention Center in Mumbai
• The marriage culminated months of wedding events that featured performances by pop stars including Rihanna and Justin Bieber

MUMBAI: The youngest son of Mukesh Ambani, Asia’s richest man, married his longtime girlfriend early Saturday in what many dubbed the wedding of the year attended by global celebrities, business tycoons and politicians, highlighting the billionaire’s staggering wealth and rising clout. The wedding rituals, including exchanging garlands by the couple and walking around the sacred fire, began Friday and were completed past midnight. The celebrations of Anant Ambani marrying Radhika Merchant took place at the Ambani-owned Jio World Convention Center in Mumbai and the family home. The marriage culminated months of wedding events that featured performances by pop stars including Rihanna and Justin Bieber.

The four-day wedding celebrations, which began on Friday with the traditional Hindu wedding ceremony, will be followed by a grand reception that will run through the weekend. The guest list included former British Prime Ministers Tony Blair and Boris Johnson, Saudi Aramco CEO Amin H. Nasser, Adele, Lana Del Rey, Drake and David Beckham, according to local media. The Ambani family did not confirm the guest list. Television news channels showed celebrities like Kim Kardashian in a red ensemble and professional wrestler and Hollywood actor John Cena arriving. International guests also wore traditional dresses by major Indian fashion designers. They put on embroidered “sherwanis,” a long-sleeved outer coat worn by men in South Asia. Cena came in sky blue sherwani and white pants. Nick Jonas wore a pink sherwani and white pants.

Police imposed traffic diversions around the wedding venue from Friday to Monday to handle the influx of guests who flew to Mumbai, where heavy monsoon rains have caused flooding and flight disruptions for the past week. The extravaganza and the display of opulence that comes with the wedding has led many to raise questions about rising inequality in India, where the gap between rich and poor is growing. The event has also sparked anger among some Mumbai residents, who say they are struggling with snarled traffic.

“It affects our earnings. I don’t care much about the wedding,” said Vikram, a taxi driver who uses only his first name. The father of the groom, Mukesh Ambani, is the world’s ninth richest man, with a net worth of $116 billion, according to Forbes. He is the richest person in Asia. His Reliance Industries is a conglomerate reporting over $100 billion in annual revenue, with interests that include petrochemicals, oil and gas, telecoms and retail. The Ambani family owns, among other assets, a 27-story family compound in Mumbai worth $1 billion. The building contains three helipads, a 160-car garage and a private movie theater. The groom, Anant, 29, oversees the conglomerate’s renewable and green energy expansion. He also runs a 3,000-acre (about 1,200-hectare) animal rescue center in Gujarat state’s Jamnagar, the family’s hometown. The bride, Radhika Merchant, also 29, is the daughter of pharmaceutical tycoon Viren Merchant and is the marketing director for his company, Encore Healthcare, according to Vogue. Ambani’s critics say his company has relied on political connections during Congress party-led governments in the 1970s and ‘80s and under Prime Minister Narendra Modi’s rule after 2014. The Ambani family’s pre-wedding celebrations have been lavish and star-studded. In March, they threw a three-day prenuptial bash for Anant that had 1,200 guests, including former world leaders, tech tycoons and Bollywood megastars, and performances by Rihanna, Akon and Diljit Dosanjh, a Punjabi singer who shot to international fame when he performed at Coachella. The event was also attended by tech billionaires Mark Zuckerberg and Bill Gates. It was the start of lavish monthslong pre-wedding celebrations that have grabbed headlines and set off a social media frenzy. In May, the family took guests on a three-day cruise from Italy to France, which included Katy Perry singing her hit song “Firework” and a performance by Pitbull, according to media reports. The family also organized a mass wedding for more than 50 underprivileged couples on July 2 as part of the celebrations. Last week, Justin Bieber performed for hundreds of guests at a pre-wedding concert that included performances by Bollywood stars Alia Bhatt, Ranveer Singh and Salman Khan. Ambani also made headlines in 2018 when Beyoncé performed at pre-wedding festivities for his daughter. Former US Secretaries of State Hillary Clinton and John Kerry were among those who rubbed shoulders with Indian celebrities and Bollywood stars in the western Indian city of Udaipur.

Pope Francis says Earth is ‘sick’ in new climate change warning

Adventure, new flavors draw Malaysian travelers to Saudi tourism show

• Five-day roadshow is the biggest travel exhibition staged by STA in Malaysia
• ‘Phenomenal’ response as Malaysians are drawn to heritage, culinary tourism

PUTRAJAYA/DUBAI: In search of adventure, culinary experience, and new destinations, travelers have been heading to Saudi Arabia’s tourism exhibition running in Malaysia’s administrative capital this week.

The five-day show launched by the Saudi Tourism Authority at the IOI Mall in Putrajaya on Wednesday will run through Sunday, over Malaysia’s Independence Day weekend, and is the biggest travel exhibition the Kingdom has organized for Malaysian visitors so far in its push to win Asian markets.

Hundreds of visitors have been drawn to the roadshow each day to view Saudi heritage sites on virtual reality headsets, try traditional Arabic coffee, and interact directly with tourism officials introducing the Kingdom’s culture and history.

Alhasan Aldabbagh, STA president for Asia-Pacific, said that the reception has been “phenomenal” since the first day of the show.

“People have been coming in, asking about Saudi, asking about things to do, different activities, different destinations,” he told Arab News.

“They are interested in heritage and cultural experiences.”

Tens of thousands of Malaysians travel to the Kingdom every year for the spiritual journey of Hajj and Umrah. The STA’s exhibition also introduced them to previously unfamiliar destinations.

Eight of the sites feature on the UNESCO World Heritage List, including the historical area of Jeddah, which for centuries has been a major port for Indian Ocean trade routes, and AlUla, an ancient desert oasis and one of the most significant cultural cradles in the Arabian Peninsula.

“We have been putting a lot of effort to make Saudi a prime destination ... We have been studying and looking into the Malaysian outbound travel market and of the countries in Southeast Asia,” Aldabbagh said, adding that besides heritage, Malaysians are also drawn to culinary tourism.

“Saudi is a very diverse country. It’s geographically diverse and each region, each province — there are 13 of them — has a different local, authentic cuisine, different ways of cooking and recipes.”

Haziq Rostam, a 25-year-old manager visiting the roadshow, said that was where he would begin his journey.

“I would look for food, scenery, and attractive places,” he said. “Then (for) places which people would regard as new attractions.”

Office executive Nik Rafiuddin Nik Rashid, 30, said that the Kingdom’s food scene was a good option for Malaysian Muslims, as they could easily adhere to halal dietary requirements.

He was also looking forward to adventure activities that the Middle East can offer.

“I have seen from reels that people have shared, they have gone to the desert in trucks and slid on the sand,” Rashid said. “For me, this would be unique ... if I was given the chance, I would like to try that.”

The Saudi tourism sector has been growing under Vision 2030, as the Kingdom positions itself as a dynamic, diverse, year-round travel destination.

The Malaysia roadshow, which follows similar events held by the STA in other Asian countries, has already given a new perspective on what travelers can experience when they visit.

Ainil Abdul Aziz, a student, said that she is familiar with the Kingdom due to Umrah and Hajj, but will now think about traveling for sightseeing, too.

“There is a hiking opportunity ... and we can go to some urban area also,” she said. “As a tourist, I would definitely want to experience what locals do.”

Tech firms must comply with Malaysia’s laws, minister says, amid backlash over social media licensing plan

Saudi tourism launches travel roadshow in Malaysia

Uk muslim groups ask for ‘concrete’ action on islamophobia.

• Open letter signed by 80 organizations urges govt to back new definition, engage more with community leaders
• Role of social media in spreading hate, disinformation highlighted after far-right riots erupted nationwide

LONDON: Muslim groups in the UK say “concrete steps” are needed to prevent a rise in Islamophobia, The Independent reported.

Eighty organizations have called on the government to launch an “urgent” independent review following far-right riots that swept the country earlier this month, targeting asylum centers and mosques.

The groups also asked in an open letter for a change to the definition of Islamophobia, an investigation into the role of social media in spreading hate and misinformation, and greater engagement with “elected representatives of Muslim communities.”

The riots were sparked after misinformation was shared in the aftermath of a stabbing at a youth dance class in Southport in July, which left three young girls dead, that the attacker had been a Muslim and an asylum-seeker.

Linsay Taylor, head of community development and engagement at Muslim Engagement and Development, said: “We want the government to look into why the riots happened. It did not come from nowhere. We want the government to look into themselves, address social media and all the different facets that led to this.

“A review has to look at all of this and has to come to a real outcome with practical steps we can take.

“At the end of the day, the riots have happened. We now have to see how we can work to stop it happening again in the future.”

Taylor added: “We have to look at what happened here and how it managed to fuel the flames so horrendously to the point where people were stuck in hotels while they were literally being set alight.”

The letter also called on the government to adopt a new definition of Islamophobia decided upon by the All-Party Parliamentary Group on British Muslims, as “rooted in racism and (that) is a type of racism that targets expressions of Muslimness or perceived Muslimness.”

A spokesperson for the Islamophobia Action Group said: “Islamophobia has fueled the recent far-right riots, and the consequences are clear and dangerous.

“The government must act now by adopting the APPG definition of Islamophobia; investigate far-right activities; and engage directly with Muslim communities and their national representatives. This is a critical moment to address the root causes of hate and to protect our society.”

Muslim community leaders, meanwhile, praised the government’s response in the aftermath of the riots, which saw people imprisoned within days of the events and security personnel allocated to mosques across the UK.

But the letter’s signatories also asked the government to “engage with legitimate, democratically elected national representatives of Muslim communities.”

UK’s Starmer says Harris has brought ‘profound change’ to US race

UK PM Starmer supports tougher outdoor smoking rules to ease pressure on health service

Eu must step up arms production, play stronger role in defense, commission chief says.

• She also said it was an illusion that Europe had been doing enough on security at the beginning of this decade

PRAGUE: The European Union has not yet done enough to boost its own arms production capacities in light of geopolitical threats, in particular Russia’s war on Ukraine, Commission President Ursula von der Leyen said on Friday. “Protecting Europe is first and foremost Europe’s duty. And while NATO must remain the center of our collective defense, we need a much stronger European pillar,” von der Leyen told the GLOBESEC forum, a security conference in Prague. She also said it was an illusion that Europe had been doing enough on security at the beginning of this decade, adding that the second half of the decade will be high-risk. “We Europeans must be on guard. We must refocus our attention on the security dimension of everything we do. We must think about our Union as intrinsically a security project.”

Borrell asks EU to consider sanctions on 2 Israeli ministers

There is a lot to gain if EU and GCC work together more closely, European Council President Charles Michel tells Arab News

Uk risks ‘tearing open’ us ties with israel arms embargo: trump adviser.

• ‘Special relationship’ could suffer ‘serious rift,’ endanger Britain’s role in F-35 program: Robert O’Brien
• UK must ‘take every step necessary’ to shut down ICC investigation into Israeli PM, defense minister

London: The UK risks damaging its relationship with Washington over a potential ban on weapons sales to Israel, a senior adviser to Donald Trump has warned.

The former US president’s last national security adviser, Robert O’Brien, said an arms ban on Israel by the UK government would also endanger Britain’s role in the F-35 jet program, The Guardian reported.

O’Brien, who is now a key voice on national security in the Trump election campaign, made the remarks at an event hosted by the Policy Exchange think tank.

He also urged the UK to avoid damaging the “special relationship” with the US by “taking every step necessary” to shut down the International Criminal Court investigation into Israel’s leadership.

The F-35 is the result of a multinational program that includes the UK as a partner and Israel as a sales customer.

Parts of the jet are produced by British arms companies, and Israel has used the aircraft in its devastation of Gaza.

The UK government is deciding whether to suspend arms export licenses to Israel over fears that British systems may have been used by the Israel Defense Forces to breach international humanitarian law.

“There is a potential there for a serious rift, whether it is a Harris or Trump administration, between the UK and the US, and I would tread very carefully,” O’Brien said.

“The F-35 is a joint project and it is going to continue to go to Israel no matter what Turkiye, the UK or any other country has to do with it.

“You would hate to see a situation where the UK is no longer a partner in the F-35 project or other advanced platforms because of a very ill-advised arms embargo on Israel.

“The consequences of an arms embargo on Israel is something the UK really needs to think about at a time when Russia and China are posing a massive threat to the West. A lot of high-tech on which the UK relies comes directly or indirectly via Israel.”

O’Brien also attacked Britain’s stance on the ICC probe, which he accused of being highly selective.

Under former Prime Minister Rishi Sunak, the UK objected to the court’s issuing of arrest warrants against Israeli Prime Minister Benjamin Netanyahu and Defense Minister Yoav Gallant.

But under the current UK Prime Minister Keir Starmer, the objections were dropped in late July.

O’Brien accused the court of being “an impediment to peace in the region,” adding: “For the ICC to go after Israeli leaders is a joke … the UK should take every step necessary to shut it down.”

If the UK moves ahead with an arms embargo on Israel, British firms may face difficulty in selling products in the US, O’Brien said.

Washington would “certainly” launch congressional action instituting a counter-embargo on major UK weapons firms, including BAE Systems, he added.

“It (the arms embargo) is an extraordinarily dangerous policy proposal and has the potential to tear open the special relationship and really hurt the Western alliance and NATO.”

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Ambani's Jets, Mittal's Yachts: Luxurious Rides Of The Ultra-Rich

Who Owns What

Private yachts and customised planes. Check out the travel modes of the jet set that double up as meeting venues, party hangouts and spots to host special occasions. For those Indians — and those with desi roots — who are counted among the world’s wealthy, island hopping in Europe aboard their customised 200-feet yacht or taking off in their bespoke jet across the continent are but a way of putting a monogram on their commute. Take a look at the rides of the jet set:

Lakshmi Mittal’s Amevi

In 2014, this London-based billionaire was spotted relaxing on the Greek island of Mykonos, dressed casually in a white T-shirt and baggy shorts. A newspaper report speculated that while Mittal lounged on the beach alongside other tourists, his 262-feet-long yacht Amevi was parked in the waters nearby. Some amenities on board: Sun decks, a heated swimming pool, a cinema, a gym, a massage room, a hairdressing salon as well as a unique, stabilised pool table to name a few.

Mukesh Ambani’s Boeing Business Jet

More than a decade ago, it was reported that Ambani gifted his wife, Nita, a private jet on her 44th birthday. It was said at the time that this jet was “custom-fitted with an office and a cabin with game consoles, music systems, satellite television and wireless communication. It also has a master bedroom, a bathroom with a range of showers and a bar with mood lighting”. As his personal ride, Ambani reportedly favours a Boeing Business Jet. “Most often, they want access to the same amenities in the air.” That’s how the airplane maker describes their customer’s requirement, a.k.a, a flying home, as that’s what’s wanted.

Ravi Ruia’s Sunrays

“The ultimate guest and owner’s yacht.” That’s how the captain of Sunrays, delivered in March 2010 describes it. According to a description of the yacht available on the Oceanco’s website, “The upper deck is given over to the owner’s suite and an adjacent VIP suite that can be combined to create one expansive living area. Both suites have fold-down sea balconies. The owner’s exterior foredeck hosts a whirlpool and sunbathing area. The remainder of the yacht’s accommodations for up to 16 guests is on the main deck with one VIP stateroom and four guest cabins.” The large dining room can be converted into a video conference room with the optional use of the adjacent library. Foldable sea balconies provide guests unimpeded views while dining.

Kumar Mangalam Birla’s Cessna Citation

A blog published by an apparel brand, owned by the Aditya Birla Group, documented the private jets of India’s rich and famous. The listicle included the jets owned by Birla, the Group’s chairman. It said, “Few people know that this sharp, business-minded entrepreneur also has a sweet tooth, when it comes to sweet flying machines, with his Gulf Stream (G100) and Cessna Citation...It’s believed that Citations are the world’s most established, well-liked and most trusted fleet of business jets. The jet has high-tech design of pilot-friendly flight decks and luxury cabin interiors. Birla is often spotted taking a ride in his luxurious aircrafts.”

Sunil Vaswani’s Platinum

This Dubai-based billionaire’s yacht is apparently a fixture in the Mediterranean and was even spotted at the French Riviera around the time that the Cannes Film Festival was held this year, with others in the list for company. Vaswani, who is considered to be one of the richest Indians in the Gulf Cooperation Council (GCC) countries, was once described as he “who lives on multiple continents and sails the Mediterranean each summer in an all-purpose luxury yacht”. The logo of the Stallion Group, which he heads, adorns the yacht.

Ratan Tata’s Dassault Falcon 2000

Tata’s love for aviation is an open secret. But he is perhaps one of the handful of billionaires in the world who not only owns a private jet, but even flies one. “A lot of people know that Ratan Tata owns a Dassault Falcon 2000 private jet but, what they do not know is that since Tata is a trained pilot, he even flies his own private jet and other jets owned by the Tata group,” said an earlier report.

Reuben Brothers’ Siren

“While watching the boat slowly taking shape in Rendsburg, we suddenly became aware of how seductive and mysterious she seemed. We just knew then that we had to call her SIREN and we are absolutely delighted with the result.” That’s the quote attributed to the owner of the 241 feet-long Siren, on the website of Nobiskrug, the German company that built the yacht. Presumably the owner quoted in question is either David Reuben or his brother Simon. Commonly referred to as the Reuben Brothers, they trace their roots back to Mumbai, and are counted among the UK’s richest individuals. Theirs is an award-winning superyacht with a foldable helicopter platform, that can double up as “a sundeck, a dance floor or a stage”.

Adar Poonawalla’s Gulfstream G550

Earlier this year, this scion became the first Indian to take delivery of a fully customised, ACH145 helicopter by Airbus. While his new ride, with a seating capacity of eight is great for covering relatively shorter distances, his Gulfstream G550 aircraft is reportedly his transportation of choice for long-haul journeys. In an earlier interview, Poonawalla had said, “With a 13-hour range, it (his jet) can take me to anywhere in the world with a single halt.” The report further added, “The plane can also come in handy when he (Poonawalla) craves continental food and in case he wants to fly in Michelin star chefs to cook for his friends and him.”

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Hurun Rich List: Gautam Adani tops list with Rs 11.6 lakh cr wealth, surpasses Mukesh Ambani

Gautam adani's net worth saw a remarkable increase of 95% to reach rs 11.6 lakh crore last year, a significant rise attributed to the recovery from the impact of the hindenburg research report. in 2023's report, adani's wealth declined by 57 per cent to rs 4.74 lakh crore..

• Updated Aug 29, 2024, 7:05 PM IST

India's billionaires' community has achieved remarkable success once again. As per the 2024 Hurun India Rich List, the number of billionaires has surpassed 300, reaching precisely 334 billionaires. This marks a striking six-fold increase since the list was established 13 years ago. Gautam Adani (62) and his family have secured the top position in the 2024 Hurun India Rich List, amassing a wealth of Rs 11.6 lakh crore. His wealth has surged by an impressive 95%, establishing him as the leading figure in the prestigious listing.

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• Shah Rukh Khan debuts on Hurun list: SRK's net worth pegged at Rs 7,300 cr

Adani replaced Reliance Industries Limited Mukesh Ambani to become the richest Indian. Ambani's overall net worth increased by 25 per cent to Rs 10.14 lakh crore, as per the 2024 Hurun India Rich List.

Describing Adani's success, the report said: "Rising like a phoenix after the Hindenburg allegations, Gautam Adani (62) & family have secured the top spot in this year’s rankings, with a 95% increase in wealth compared to last year, bringing their total to Rs 11,61,800 crore," the report said.

The notable surge in Adani's wealth can be attributed to the substantial appreciation in the share prices of various Adani Group entities in the preceding year. To illustrate, Adani Ports registered a remarkable 98% upsurge, propelled by enhanced operational efficiencies and the forthcoming acquisition of additional ports and container terminals.

Conversely, companies with a focus on energy within the conglomerate—such as Adani Energy, Adani Gas, Adani Transmission, and Adani Power—achieved an average spike of 76% in their share prices during the same period.

The report said: "Additionally, MSCI's decision to lift restrictions on Adani Group securities in its August 2024 review indicates a return to normal operations, reflecting a stabilizing outlook for key stocks like Adani Enterprises, Adani Ports, and Ambuja Cements. This year, Hurun has attributed the wealth of the family trust and international companies within the promoter group to Gautam Adani and his family."

Adani family, led by Gautam Adani, secures the top position on the rich list, boasting a staggering net worth of Rs 10,14,700 crore. Following closely behind is the well-known Ambani family, headed by Mukesh Ambani, with a reported net worth of Rs 10,14,700 crore, showing a significant 25% increase in wealth over the past year.

In 2023's report, Adani's wealth declined by 57 per cent to Rs 4.74 lakh crore, and Ambani was way ahead with a fortune of Rs 8.08 lakh crore.

In the third spot sits HCL's founder, Shiv Nadar, and his family, with a substantial fortune totaling Rs 314,000 crore. The renowned vaccine tycoon, Cyrus S Poonawalla, claims the fourth spot on the list with a substantial wealth of Rs 289,800 crore.

The list has notably expanded, with now over 1,500 individuals possessing a net worth of Rs 1,000 crore or more. This showcases a substantial 150% growth from seven years earlier.

Hurun India has identified a total of 1,539 ultra-wealthy individuals, signifying a notable increase of 220 from the previous year, along with an unprecedented 272 new entries. For the first time, the list has exceeded 1,500 individuals, reflecting an 86% rise over the past five years.

In general, the list showed a total of 1,539 ultra-wealthy individuals, marking an increase of 220 from last year, and a record-breaking 272 new entrants. This is the first time the list has crossed the 1,500-mark, representing an 86% increase over the past five years.

India has experienced a remarkable trend over the past year, where a new billionaire emerges every five days, as indicated by a recent report.

Anas Rahman Junaid, Founder and Chief Researcher, Hurun India, said: “India continues to score Gold in the ‘Wealth Creation Olympics’. The top 20 sectors all added new faces, showcasing the unstoppable spirit of Indian entrepreneurs as they drive growth across the board. India is emerging as Asia’s wealth creation engine! While China saw a 25% decline in its number of billionaires, India experienced a 29% increase, reaching a record 334 billionaires. For the first time, the Hurun India Rich List features 1,539 entrants, showcasing a diverse range of wealth creators—from family-run businesses and startup founders to private equity investors, angel investors, next-generation leaders, film stars, and more.”

One notable addition to the 2024 Hurun India Rich List is the renowned Bollywood actor Shah Rukh Khan , aged 58, with a substantial net worth of Rs 7,300 crore. Khan's wealth primarily stems from his investments in the Kolkata Knight Riders cricket team and Red Chillies Entertainment.

Furthermore, several distinguished personalities from the film industry have also secured positions on the list, including Juhi Chawla and her family, Hrithik Roshan, Karan Johar, and Amitabh Bachchan.

The youngest billionaires on the list are Harshil Mathur and Shashank Kumar (both aged 33), the founders of Razorpay – a payment solutions app.

The youngest on the 2024 Hurun India Rich list is 21-year-old Kaivalya Vohra of Zepto, a $5bn quick commerce startup. Zepto's co-founder Aadit Palicha, 22, is the second youngest in the list.

In terms of cities, Hyderabad surpassed Bengaluru for the first time in claiming the third spot on the Hurun India Rich List this year. The city saw the addition of 17 new entrants to the list, solidifying its position among the top cities in terms of wealthy residents.

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NCLT approves merger of Reliance-owned Viacom18 Media with Star India

Approving it, the nclt observed: "from the material on record, the scheme appears to be fair and reasonable and is not violative of any provisions of law and is not contrary to public policy".

Reliance Industries has also agreed to invest close to Rs 11,500 crore into the joint venture to give it the muscle to fight rivals like Japan's Sony and Netflix. Photo: Reuters

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RIL AGM Highlights: Board Mulls Bonus Issue; Jio, Retail Business To Double In Four Years, Says Mukesh Ambani

The mukesh ambani-led conglomerate will consider a 1:1 bonus issue on sept. 5.

• NDTV Profit Desk
• X (was Twitter)

KEY  HIGHLIGHTS

Ril agm 2024: how stock has performed in last 10 meets  , reliance industries board to consider 1:1 bonus issue, ril agm 2024: integrating ai to enhance productivity, says chairman, ril agm 2024: jio's new launches, ril agm 2024: retail business to enter luxury jewellery segment, reliance agm 2024: mukesh ambani to address investors at 2:00 p.m..

The annual general meeting of Reliance Industries Ltd. will be the key highlight today as investors expect the conglomerate to hint at its future plans. Mukesh Ambani led-RIL will conduct its 47th AGM on Aug. 29 at 2:00 p.m. IST, according to the company's statement.

But today's meeting may not bring much cheer to the street as the anticipated announcement of the listing timeline for the consumer businesses—Reliance Retail Ltd. and Reliance Jio Infocomm Ltd.—may get extended.

Chairman Mukesh Ambani had indicated five years ago on the potential unlocking of shareholder value through listing of the two consumer businesses. But brokerage BofA Securities doesn’t expect any major value unlocking announcement in this AGM.

The market was disappointed in the last three AGMs, given the absence of any major announcements. The street is building little expectation going into the AGM on Aug. 29.

The Street Is Going Into RIL's AGM With Very Little Expectation

As the oil-to-telecom conglomerate nears 50 years post-listing, data shows shares of the flagship company have declined on most AGM days.

In the last 10 such meetings, the scrip has declined in seven instances with the counter plunging as much as 6.2% in its 2020 meet. In the last annual general meet on Aug. 28, 2023, its shares declined as much as 1.51% during the day and pared losses to close 1% lower.

In the week ahead and after the AGM, the stock has posted a mixed picture. Five times the counter fell in a week ahead of the key meet, while eight times the stock inclined positively after the AGM. In three such instances, the scrip gained over 8% in the week after the meeting.

Reliance Industries Shares Have Declined On Most AGM Days In Last 10 Years

Competition watchdog clears reliance, disney merger ahead of ril agm.

The Competition Commission of India on Wednesday approved Reliance Industries Ltd.'s $8.5-billion merger of Viacom18 Media Pvt., Digital18 Media Ltd., Star India Pvt. and Star Television Productions Ltd.

Post the merger, Star India will become a joint venture, held by Reliance Industries, Viacom18 and existing TWDC subsidiaries. The CCI made the announcement on social media platform X.

C-2024/05/1155 Commission approves the proposed combination involving Reliance Industries Limited, Viacom18 Media Private Limited, Digital18 Media Limited, Star India Private Limited and Star Television Productions Limited, subject to the compliance of voluntary modifications. pic.twitter.com/S2JVzw2VgR — CCI (@CCI_India) August 28, 2024

In February this year, global media giants Walt Disney Co. and Reliance Industries Ltd. announced the signing of binding pacts to merge their media operations in India to create a Rs 70,000 crore behemoth.

Reliance Industries Receives Nod From CCI For Viacom18-Star India Merger

Ril agm 2024: focus on unlocking of shareholder value.

Ambani said the demerger of Jio Financial Services Ltd. has unlocked significant value for shareholders. RIL could use a similar route for future unlocking of wealth for its shareholders.

A year after inducting the third generation to the board of Reliance Industries, the company could prepare for the potential unlocking of value through listing of the three businesses—Jio Platforms, Reliance Retail Ventures and Reliance New Energy—in the run up to its 50th year of listing on the stock exchanges.

RIL AGM 2024: What Could Be On Cards For Retail Business

As the top conglomerate gears up for its 47th annual general meeting, the listing timeline for its consumer businesses could be on the play.

Last year saw retail capex moderating. RIL has so far invested nearly Rs 1 lakh crore, with 77% of the capex coming up in the last three years. RIL raised equity in the retail venture last year. The company is focusing on consolidating the operations with a focus on profitability, rationalisation of stores and reduction of manpower. While the retail arm added 1,840 stores, it closed 1,044 during the last financial year. This rationalisation is nearly double the closure over fiscal 2023. 

The street is likely to see future launch formats and possible investment into the quick commerce segment that will combine new commerce operations and its hyperlocal strategy as it integrates with the smaller indigenous merchants and kirana store owners.

It is aggressively foraying into the beauty and apparel segment, as it recently announced a partnership with British apparel brand ASOS. It is also likely to announce partnerships with global players like Shein.

RIL AGM 2024: What Could Be On Cards For Digital Business

While the recent hike in telecom tariff will play out over the next few quarters, Jio is targeting to push fixed wireless access across 100 million premises. It expects fixed wireless access to pick up particularly in rural and has expanded offerings to 5,900 towns.

It is also looking to leverage digital technologies to capitalise on the Disney-Viacom combined entity. RIL is targeting to capitalise on 100-crore connected screens by 2030.

Jio has raised close to $5 billion in fiscal 2024 for 5G capex. With standalone 5G infrastructure in place, it now aims to take its 5G stack overseas.

It will also announce plans for the Disney-Viacom combined entertainment company which recently received competition watchdog's approval.

RIL AGM 2024: What Could Be On Cards For New Energy

The flagship has announced nearly $10 billion of investment into new energy. The progress so far has been slow, as it has invested only $2 billion in this venture so far. RIL is targeting to achieve 100 GW of renewable energy by 2030. It targets to bring the factory on-stream in a phased manner beginning end of 2025.

The AGM will provide a clear timeline of new energy businesses, including the fully integrated, end-to-end Solar PV manufacturing ecosystem. Average solar module prices have drastically fallen by half since 2022. The sector also faces challenges with respect to disruptive technologies.

While RIL is building giga factory at Jamnagar, it’s renewable energy development, production of green hydrogen and its derivatives—green ammonia and green methanol—would be at a location, based on availability of suitable land, evacuation infrastructure and requisite demand. The venture will also need connectivity to green energy generation.

The company will also confirm the timelines for setting up the battery giga factory by 2026. It is betting big on battery energy storage system. To begin, it will start off with lithium batteries and graduate into fast-track commercialisation of sodium-ion battery technology. It will be initially used for captive purposes.

In the wind energy space, Ambani is expected to indicate bigger foray into manufacturing of wind blades. RIL plans to manufacture carbon fibre at large scale to further integrate and reduce cost of wind turbines, including partnering with global technology players in wind equipment manufacturing to deliver cost-efficient solutions.

RIL AGM 2024: Stock Trades Higher Ahead Of Chairman's Address

Shares of Reliance Industries were trading higher as the flagship's chairman and managing director, Mukesh Ambani, gears up to deliver his once-a-year speech during their AGM.

RIL's stock rose as much as 1.05% during the day to Rs 3,028 apiece on the NSE. It was trading 0.61% higher at Rs 3,015 apiece, compared to a 0.4% advance in the benchmark Nifty 50 as of 1:19 p.m.

It has risen 24% during the last 12 months and has fallen by 16% on a year-to-date basis. The relative strength index was at 54.

Twenty-five out of the 36 analysts tracking the company have a 'buy' rating on the stock, eight suggest a 'hold' and three have a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 9.5%

Shares of Reliance Industries spiked as the conglomerate's board will consider a bonus issue in its upcoming board meeting. The Mukesh Ambani-led company will consider a 1:1 bonus issue on Sept. 5, according to an exchange filing.

This announcement comes moments ahead of its 47th annual general meeting that will begin shortly at 2.00 p.m.

RIL's stock rose as much as 2.54% after the announcement to Rs 3,072.6 apiece on the NSE. It was trading 2.21% higher at Rs 3,062 apiece, compared to a 0.37% advance in the benchmark Nifty 50 as of 1:55 p.m.

Reliance Industries To Consider Bonus Issue On Sept. 5

India remains the beckon of hope: ambani.

India marches confidently while global pees are lagging behind and remains the beckon of hope for the world, Mukesh Ambani, chairman and managing director, Reliance Industries said.

The world brings both hope and concern.

The birth of artificial intelligence has opened up opportunities to address several problems.

India marches confidently while global pees are lagging behind.

India remains a beckon of hope for the world.

Reliance has now become a net producer of technology, embedding innovative technologies in every single business, according to Mukesh Ambani, chairman and managing director.

Using and integrating AI in all businesses to enhance productivity

Last year, RIL filed over 2,500 patents

Deep tech and advanced manufacturing to drive RIL into top-30 companies of the world in the near future

RIL AGM 2024: Group Businesses Continue To Drive Economy, Says Chairman

All businesses continue to be key drivers of the Indian economy

India's 1st company to cross Rs 4 lakh crore in annual revenue.

RIL as become a net producer of technology.

RIL spent over Rs 3,642 crore in fiscal 2024 in research and development

RIL AGM 2024: Jio To Extend Competitive Edge, Says Chairman

Jio will double down on deep tech to further extend its competitive edge, according to Mukesh Ambani, chairman and managing director.

Jio is among the Indian largest patent holders.

Jio's data prices are one-fourth of international benchmarks.

Jio position makes us lead India's technological future.

Will double down on deep tech to further extend its competitive edge.

Still streamlining Fiber operations and see opportunities ahead.

RIL AGM 2024: To Partner With Global Partners To Develop AI, Says Ambani

Reliance Industries will bring advanced AI tools to India along with global partners to create the lowest AI inferencing cost, Mukesh Ambani said.

Will bring more advanced AI tools to India along with global partners.

The goal is to create the lowest AI inferencing cost in India.

The benefits of AI must benefit every Indian, Ambani said.

Four sectors that will benefit the most from AI: agriculture, education, healthcare, small businesses.

Here are the key launches by Jio:

Jio AI Cloud Welcome Offer starting Diwali: Jio users get 100 GB to store photos etc.

Jio TV OS launched for big TV screen

Jio is developing Jio Brain: to help faster decision-making, and support more accurate business predictions.

Jio phone call AI: can record, store, translate and transcribe voice recordings.

Introduces JioTV OS for televisions.

JioTV OS to bring TV shows, apps and news channel in one ecosystem.

Reliance Industries' retail business is expected to double in the next four years and mulls its entry into the luxury jewellery segment, according to Isha Ambani.

Retail plans to enter the luxury jewellery segment.

Plans to double retail business in the next 3-4 years.

Fast fashion brand Shein to bring products to India.

RIL AGM 2024: Fields In KG Basin Reached Peak Production This Year, Says Ambani

Fields in KG Basin reached peak production this year and have successfully commissioned six deepwater fields, establishing ourselves as a world-class deepwater operator, Mukesh Ambani said.

Fields in the KG Basin reached peak production this year.

Have commissioned 6 deep water fields.

MJ field was timely commissioned.

Have successfully commissioned six deepwater fields, establishing ourselves as a world-class deepwater operator.

Will leverage E&P expertise to develop low-carbon energy solutions, including geothermal energy, underground coal gasification, natural hydrogen, and helium.

Will ensure that Reliance continues to play a pivotal role in shaping a sustainable energy future for India.

RIL AGM 2024: New Energy Business To Become Profitable In Next 5-7 Years, Says Ambani

The new energy business of Reliance Industries will become profitable like oil-to-chemicals businesses in the next 5-7 years, says Mukesh Ambani. The conglomerate will continue expanding investments in bioenergy along with commencing solar PV module production by this year.

Will continue to expand investments in bioenergy.

To have compressed biogas plants by 2025.

Establishing the world's largest bioenergy deep tech research and development centre.

To commence solar PV module production end-year.

New energy business to become profitable like O2C in next 5-7 years.

RIL AGM 2024: To Invest Upto Rs 75,000 Crore In Jamnagar Ecosystem

Reliance Industries will invest up to Rs 75,000 crore investment in the manufacturing ecosystem in Jamnagar which will soon become the cradle of the new energy business for the company, Mukesh Ambani said.

On track for Rs 75,000 crore investment in the manufacturing ecosystem extensively enabled by all emerging technology.

Jamnagar will become the cradle of the new energy business.

Working on establishing a multi-gigawatt electrolyser manufacturing facility.

RIL AGM 2024: Key Highlights 

Reliance Industries' retail business is expected to double in the next four years.

Retail business mulls its entry into the luxury jewellery segment.

Up to Rs 75,000 crore investment in the manufacturing ecosystem extensively enabled by all emerging technology in Jamnagar. 

New energy business will become profitable like oil-to-chemicals businesses in the next 5-7 years.

Fields in KG Basin reached peak production. Commissioned six deepwater fields.

Jio AI Cloud Welcome Offer starting Diwali: Users get 100 GB to store photos etc.

Jio will double down on deep tech to further extend its competitive edge.

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’Beginning of new era’: Mukesh Ambani welcomes Disney at RIL AGM 2024, says, ’just like Jio in retail, our expanded...’

Reliance industries (ril) chairman mukesh ambani welcomes disney into the business family at the company's annual general meeting (amg) on august 29, and says this entrance marks the beginning of a new era in india's entertainment industry..

Reliance Industries (RIL) Chairman Mukesh Ambani welcomed Disney into the business family and highlighted this entrance as the beginning of a new era in India's entertainment industry, the executive said at the company's annual general meeting (AMG) on Thursday, August 29.

“This marks the beginning of a new era in India's entertainment industry. We are combining content creation with digital streaming,” said the Reliance Head in the AGM on Thursday.

Reliance Industries shares closed 1.51 per cent higher at ₹ 3,040.85 after Thursday's trading session, compared to ₹ 2,995.75 in the previous trading close. The shares fueled the domestic indices to reach new highs on Thursday.

Ambani also highlighted the company's digital-first approach to combine the qualities of content creation and digital streaming to provide consumers “unparalleled content at affordable prices.”

“Our digital-first approach will deliver unparalleled content at affordable prices,” said Ambani while addressing the shareholders in the meeting.

The merged entity aims to deliver the consumers with everything they are looking for, providing world-class digital entertainment to every user.

“We will cater to every consumer's taste. We will provide world-class digital entertainment across the spectrum,” said the Chairman.

Mukesh Ambani highlighted the $8.5 billion merger partnership with Disney and took the annual general meeting opportunity to welcome the global giant into the Reliance business family. The Chairman also referred to the new deal with Jio in the company's retail business. Though the new media giant, the brand aims to expand the media business to make it an invaluable growth driver for the conglomerate's ecosystem.

“We are excited about this partnership. I warmly welcome Disney to the Reliance family. Just like Jio in retail, our expanded media business will be an invaluable growth centre in the Reliance ecosystem,” Ambani told the company's shareholders.

India's antitrust regulator, the Competition Commission of India ( CCI ), approved the $8.5 billion merger deal with the proposed merger between Disney Star, the local unit of The Walt Disney Company, on Wednesday, August 28. The approval of this merger will pave the way for the biggest deal in the entertainment and media sector. 

“Commission approves the proposed combination involving Reliance Industries Limited, Viacom18 Media Private Limited, Digital18 Media Limited, Star India Private Limited, and Star Television Productions Limited, subject to the compliance of voluntary modifications,” said the Competition Commission of India (CCI) in a social media post on platform X on Wednesday. 

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'The crazy richest wedding ever': Son of Asia's richest man marries after months of lavish events

What do Mark Zuckerberg , Kim Kardashian and former British Prime Minister Boris Johnson have in common? The three of them are set to attend the same wedding in India , along with plenty of other prestigious guests. 

On Friday, the great and the good and a few thousand others are expected to descend on a 25-acre Mumbai convention center owned by Mukesh Ambani, the richest man in Asia . There, he’ll throw a wedding that will cost hundreds of millions of dollars and has prompted police in the city of more than 20 million to reroute traffic around the venue.

So lavish is the party — or series of parties — that the Reliance Industries chairman is hosting for his son Anant Ambani and his fiancée, Radhika Merchant, both 29, that it’s technically been going on for a week and a half. 

But pre-wedding events began in March, with a Bollywood-star-studded party at which 500 dishes were served, 1,200 guests were invited and Rihanna gave only her second performance in six years. 

The nuptials of Anant Ambani and Merchant — the daughter of pharmaceutical tycoon Viren Merchant — have come to symbolize the Ambani family’s power and wealth and India’s growing global clout. 

The groom’s father, 67, is the world’s ninth richest man and will be putting a small sliver of his vast wealth — widely reported to be in excess of $100 billion — to work. 

The empire that Ambani and his siblings took over from their father, Dhirubhai Ambani, has operations in energy, petrochemicals, retail, telecommunications and textiles, among other industries. Ambani has already begun passing the torch to his children. Anant Ambani, 29, is a graduate of Brown University and is overseeing the conglomerate’s green energy expansion. 

Critics say the company flourished due to its political connections with the Congress government in the '70s and '80s and then with Prime Minister Narendra Modi since he took office in 2014, accusations both deny. 

Some have criticized such a conspicuous display of wealth amid worsening income inequality in India, where almost half the population lives on less than $3.60 — the poverty line defined by the World Bank. And the gap between the rich and the poor is so high it breaks all historical precedents, even under British colonial rule between 1858 and 1947, according to a March report by the World Inequality Lab.

Shahid Siddiqui, a former member of India’s upper house of Parliament called it the “most vulgar and ostentatious marriage ever seen,” in a post on X on Sunday. 

Thomas Isaac, a former finance minister of the southern state of Kerala and a member of the Communist Party of India, also took to X to criticize the amount spent on the wedding. “Legally it may be their money but such ostentatious expenditure is a sin,” he wrote Thursday. 

An average Indian wedding can cost $33,000, with festivities lasting for days with a number of rituals and performances, according to a 2023 survey by the wedding-planning website WeddingWire.

The Ambanis — whose 27-story mansion is just 7 miles away from the Dharavi slum, depicted in the 2008 Oscar-winning film “Slumdog Millionaire,” where around 1 million people live in less than a square mile — are going above and beyond convention to say the least. 

Bhavnesh Sawhney, a Mumbai-based wedding planner who has organized some of Bollywood’s biggest weddings, told NBC News He estimated the nuptials could cost up to $600 million when accounting for pre-wedding parties, entertainment, catering and the bill for 5,000 wedding vendor employees.

“It’s the craziest richest wedding ever,” he said. “I don’t think any wedding in the world or anyone has spent this kind of money in terms of expenses, magnitude, events, entertainment, decor or design.”

The Ambanis have developed something of a reputation over the years for throwing extravagant weddings. In 2018, when Mukesh Ambani’s daughter, Isha Ambani, 32, got married, Beyoncé performed at pre-wedding festivities and the guest list included former U.S. Secretaries of State Hillary Clinton and John Kerry.

This time around, the celebrations have been even more grandiose. Last week, Canadian singer Justin Bieber sang at one of the couple’s many pre-wedding parties in Mumbai. That came after a four-day pre-wedding Mediterranean cruise that drew Katy Perry , the Backstreet Boys and the Bollywood legend Shah Rukh Khan .

One pre-wedding get-together in March had a guestlist of 1,200 that included Ivanka Trump , Bill Gates and Google's parent company, Alphabet's CEO, Sundar Pichai . 

The networking and business opportunities from hosting such an event will not be lost on the man footing the bill. The party was held at the family hometown in the western state of Gujarat. 

A nearby military airfield had to be upgraded and granted temporary international status to handle the incoming fleet of private jets. 

“Planning for this would have taken two years,” Sawhney said. “But when you have all the resources available to you, it’s not difficult.”

Mithil Aggarwal is a Hong Kong-based reporter/producer for NBC News.

Aishwarya Thapa Chhetri is an intern for NBC News based in Hong Kong.

Meet the 15 members of the $100 billion club — who are jointly worth more than Google

• The elite group worth more than $100 billion includes Elon Musk, Jeff Bezos, and Bill Gates.
• The 15 members have grown about $380 billion richer this year and are jointly worth $2.3 trillion.
• Three Waltons could soon join the club as they're each worth more than $94 billion.

Elon Musk, Jeff Bezos, and Mark Zuckerberg are among the handful of people on the planet with a net worth above $100 billion.

Members of this elite group have amassed 12-digit fortunes by owning huge amounts of stock in some of the world's most valuable companies. Most are founders and either current or former CEOs, and some, such as Warren Buffett , would be much richer if they didn't give billions to charity.

There may be only 15 centibillionaires, but their combined wealth is around $2.3 trillion, according to the Bloomberg Billionaires Index . That's more than the $2 trillion market capitalization of Google's parent company, Alphabet.

All but one of them have grown richer this year, adding a combined $380 billion or so to their personal fortunes. Home Depot ($368 billion), Bank of America ($301 billion), Coca-Cola ($300 billion), and Netflix ($299 billion) are all worth less than that.

The exclusive group is poised to get even bigger soon. Three members of the Walton family command net worths between $94 billion and $98 billion after each became at least $24 billion richer this year.

Here's the list of individuals worth at least $100 billion, showing Bloomberg's estimate of their net worth at the time of publication, how much it's changed this calendar year, and the source of their wealth.

1. Elon Musk

Net worth: $246 billion

YTD change in wealth: +$16.7 billion

Source of wealth: Tesla and SpaceX stock

Musk is the CEO of the electric-vehicle maker Tesla and the spacecraft manufacturer SpaceX. He's also the owner of X, the social network formerly known as Twitter.

His other businesses include The Boring Company, Neuralink, and xAI.

2. Jeff Bezos

Net worth: $203 billion

YTD change in wealth: +$26.3 billion

Source of wealth: Amazon stock

Bezos is the founder, executive chairman, and former CEO of Amazon, the e-commerce and cloud-computing giant.

He also founded the space company Blue Origin and owns The Washington Post.

3. Bernard Arnault

Net worth: $200 billion

YTD change in wealth: -$7.64 billion

Source of wealth: LVMH stock

Bernard Arnault is the founder, chairman, and CEO of LVMH Moët Hennessy Louis Vuitton. His conglomerate owns a bevy of luxury brands, including Dior, Fendi, Dom Pérignon, Sephora, and Tiffany & Co.

4. Mark Zuckerberg

Net worth: $190 billion

YTD change in wealth: +$62 billion

Source of wealth: Meta stock

Zuckerberg is the cofounder, chairman, and CEO of Meta Platforms, the social-media titan behind Facebook, Instagram, WhatsApp, and Threads.

Meta's Reality Labs division makes virtual-reality and augmented-reality headsets and experiences.

5. Bill Gates

Net worth: $160 billion

YTD change in wealth: +$18.9 billion

Source of wealth: Microsoft stock

Bill Gates is the cofounder and former CEO of Microsoft, which makes the Office application suite, the cloud-computing platform Microsoft Azure, and Xbox consoles.

He's renowned for his philanthropic work at the helm of the Bill & Melinda Gates Foundation, one of the world's largest charitable entities.

6. Larry Ellison

Net worth: $155 billion

YTD change in wealth: +$32.2 billion

Source of wealth: Oracle and Tesla stock

Larry Ellison is the cofounder, chief technology officer, and former CEO of Oracle, an enterprise software company specializing in cloud computing and database platforms.

He invested in Tesla prior to joining the automaker's board in 2018 and made more than 10 times his money on paper by the time his term as a director ended in August 2022.

7. Larry Page

Net worth: $150 billion

YTD change in wealth: + $23.1 billion

Source of wealth: Alphabet stock

Larry Page cofounded Google with his Stanford University classmate Sergey Brin in a friend's garage in 1998 and served as CEO until 2001.

He took the reins again between 2011 and 2015 after Google was restructured as a subsidiary of Alphabet alongside other businesses such as YouTube and Waymo.

8. Steve Ballmer

Net worth: $147 billion

YTD change in wealth: + $16.1 billion

Steve Ballmer served as Microsoft's CEO between 2000 and 2014. He joined the company in 1980 as Bill Gates' assistant, initially negotiating a profit share which he later swapped for an equity stake when it became excessively large.

Ballmer retired as CEO in 2014 with a 4% stake — a position worth $140 billion. He promptly bought the Los Angeles Clippers for $2 billion and remains the basketball team's owner.

9. Sergey Brin

Net worth: $141 billion

YTD change in wealth: + $20.8 billion

Sergey Brin cofounded Google with Page in 1998 and served as the search-and-advertising titan's first president.

He and Page stepped down from their respective roles as Alphabet's president and CEO in 2019.

10. Warren Buffett

YTD change in wealth: +$21.0 billion

Source of wealth: Berkshire Hathaway stock

Warren Buffett acquired Berkshire Hathaway when it was a failing textile mill in 1965 and has since grown it into one of the world's largest companies. His nearly 15% stake is worth around $140 billion.

The famed investor's conglomerate owns scores of businesses, including GEICO, See's Candies, and BNSF Railway, and holds multibillion-dollar stakes in public companies such as Apple and Coca-Cola.

Buffett has gifted around half of his Berkshire shares to the Gates Foundation and four family foundations since 2006. All else being equal, if he'd retained all his stock he would be the world's wealthiest person with a net worth over $318 billion.

11. Mukesh Ambani

Net worth: $113 billion

YTD change in wealth: +$16.3 billion

Source of wealth: Reliance Industries stock

Mukesh Ambani is the chairman and managing director of Reliance Industries and Asia's richest man .

His father, Dhirubhai Ambani, founded Reliance and trusted Mukesh to grow the conglomerate's petrochemicals business and expand into new areas such as telecommunications.

Mukesh threw a star-studded, multi-event wedding ceremony for his son Anant Ambani this summer.

12. Jensen Huang

YTD change in wealth: +$68.6 billion

Source of wealth: Nvidia stock

Jensen Huang cofounded Nvidia in 1993, but the microchip maker has become a market darling within the past 20 months as its semiconductors have proven pivotal to developing artificial intelligence.

Nvidia's stock price has skyrocketed from under $15 at the end of 2022 to $130, valuing the business at about $3.1 trillion and making Huang one of the richest people in the world.

13. Amancio Ortega

Net worth: $107 billion

YTD change in wealth: +$19.9 billion

Source of wealth: Inditex stock

Amancio Ortega is the founder and former chairman of Inditex, a fashion retail group home to brands such as Zara, Bershka, and Massimo Dutti.

The billionaire philanthropist and real-estate investor stopped running Inditex in 2011. His daughter Marta Ortega Pérez was appointed chair at the end of 2021.

14. Michael Dell

YTD change in wealth: +$28.2 billion

Source of wealth: Dell stock

Michael Dell is the founder, chairman, and CEO of the eponymous computer maker. Dell stock has ballooned from below $40 in March last year to more than $110, valuing the company at nearly $80 billion, as investors wager it will be a key beneficiary from the AI boom.

Dell owns about 46% of his company, and pocketed well over $10 billion from the sale of Dell-backed VMware to Broadcom last year.

15. Gautam Adani

Net worth: $105 billion

YTD change in wealth: + $21.1 billion

Source of wealth: Adani Group stock

Gautam Adani is the founder and chairman of the Adani Group. His conglomerate is a leading developer of infrastructure such as ports and power plants in India.

Runners-up: the Waltons

The heirs to the Walmart fortune are on the cusp of passing the $100 billion mark thanks to the retailer's stock soaring 43% this year.

The three surviving children of the company's founder, Sam Walton — Jim Walton, Rob Walton, and Alice Walton — were worth $97.6 billion, $95.3 billion, and $94.7 billion respectively at the time of writing. They've each gained more than $24 billion in wealth this year.

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