Ambani

INDIA
Ambani
RELIANCE GROUP
Nearly two years ago, the sons of the legendary founder took control of the textile, petrochemical, finance and telecommunications conglomerate. They've kept the company growing 2003 Revenues: $16.8 billion

The 140-acre Dhirubhai Ambani Knowledge City on the outskirts of Bombay is a showcase for India's high-tech sector. There, some 8,000 employees of Reliance Group, the country's largest private conglomerate, operate call centers, monitor the company's fiber-optic network and update data services provided to cell-phone subscribers. Many would not associate the gleaming campus with Reliance, which blossomed under legendary founder Dhirubhai Ambani in traditional industries such as textiles and petrochemicals. But Knowledge City is evidence that a new generation of Ambanis is reinventing India's most powerful business enterprise.

After Dhirubhai died in July 2002, his sons, Mukesh and Anil (estimated combined net worth: $2.8 billion), took control. They have been on an expansion tear ever since, successfully bolstering Reliance's presence in power generation, oil exploration, finance and biotech, and consolidating the company's position as a leading player in India's fast-growing telecom sector. With revenues of $16.8 billion, Reliance last year accounted for 3.5% of India's GDP. So confident are Indians in the firm's future that 1 out of every 4 stock-owning citizens hold Reliance shares.

That's a large cheering section, especially considering the doubts voiced after Dhirubhai's death. Mukesh, 46 and chairman of the group's flagship Reliance Industries, and Anil, 44, its vice chairman, seemed so different from their father, a self-made man famed for his ability to work India's byzantine bureaucracy to his advantage. Some wondered whether the high-born brothers could even work together. The flashy Anil, who is married to a former film actress, likes designer clothes and jogs every morning, his chauffeur driving slowly behind. Mukesh is sedate and prefers spending time with his children or catching up on technical journals. For now, at least, there is no sign of friction. Mukesh and Anil live under one roof with their families and their mother Kokilaben, called Mummy by Reliance employees.

The Ambani boys appear to have absorbed their father's deft political touch too. Reliance triggered a row last year over its ability to enter the cell-phone market via a side door, without having to pay the high fees required of government-sanctioned operators. Despite the controversy, Reliance paid a $116 million penalty which its critics said was a bargain and continued to grab market share. Mukesh says he's determined to keep Reliance growing. His father demonstrated that Indian companies can be modern, vital and competitive. The sons have picked up the torch. "People will remember you after you are gone not for your money or your power," Mukesh says, "but because of what you have left behind."