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Anil Ambani, once a titan of Indian industry, has faced storms that would have broken a lesser spirit—but his resilience mirrors the marathons he runs. The younger brother of Asia’s richest man, Mukesh Ambani, Anil’s journey has been a rollercoaster—from being the sixth richest person in the world in 2008 with a net worth of $42 billion to declaring bankruptcy in a UK court in 2020. His Reliance Group crumbled under massive debts, legal battles, and public scrutiny. Yet, like the long-distance marathon runner he is—having completed over 50 marathons in 15 years—Anil Ambani has refused to give up. Today, at 65, he is staging a remarkable comeback, driven by his unyielding resilience, the sharp business acumen of his sons Jai Anmol and Jai Anshul Ambani, and a strategic focus on green energy and defense. Through Reliance Infrastructure and Reliance Power, Anil is not just rebuilding his empire but positioning it to compete with India’s corporate giants, despite persistent negative publicity aimed at bogging him down.
A Marathon of Resilience: Anil Ambani’s Fighting Spirit
Anil Ambani’s life mirrors the marathons he runs—grueling, demanding endurance, and a refusal to quit. After the 2005 split of Reliance Industries, Anil inherited the telecom, financial services, infrastructure, and power sectors. Early successes earned him accolades, such as the “Businessman of the Year” award by Business India and Times of India, well before the rapid subscription of Reliance Power’s 2008 IPO that raised ?11,563 crore. But the empire faltered. Reliance Communications, once a telecom giant, filed for insolvency in 2019, and Reliance Capital followed in 2021 after defaulting on ?24,000 crore in bonds. By 2020, Anil’s net worth hit zero, a stark fall from his billionaire days. Legal battles piled on—SEBI banned him from the securities market in August 2024, and in 2019, he narrowly escaped jail after failing to pay debts owed by Reliance Communications to Ericsson, only saved by a bailout from Mukesh.
Yet, Anil’s spirit remained unbroken. A teetotaler, vegetarian, and wildlife conservationist, his personal discipline reflects his business approach. “Anil Ambani doesn’t know how to stop running—whether it’s a marathon or a business challenge,” a former colleague once remarked. His focus on sectors aligned with India’s Viksit Bharat 2047 vision—green energy and defense—shows a man who learns from the past and adapts. While critics highlight his missteps, Anil’s ability to rise from rock bottom, supported by his family, underscores a fighting spirit that refuses to be sidelined.
The Family Anchor: Jai Anmol and Jai Anshul Step Up
Anil’s comeback isn’t a solo race—it’s a relay with his sons, Jai Anmol (33) and Jai Anshul (28), who have emerged as the strategic minds behind Reliance Group’s revival. Jai Anmol joined the business at 18, starting at Reliance Mutual Fund in 2014 and becoming Executive Director of Reliance Capital by 2017. Despite failing to save Reliance Capital from insolvency—it was acquired by Hinduja Group’s IndusInd International Holdings Ltd (IIHL)—his leadership secured partnerships like Nippon’s increased stake in Reliance Nippon Life Asset Management, boosting its valuation. Jai Anshul, a graduate of NYU’s Stern School of Business, is focusing on Reliance Nippon Life Insurance and Reliance Capital Asset Management, bringing a quieter but steady approach to the group’s recovery.
The brothers’ involvement has restored investor trust, with Jai Anmol often seen as ready to step into his father’s shoes. “Jai Anmol and Jai Anshul are determined to bring Reliance Group back to its former glory,” notes a recent India.com report. Their efforts have been pivotal in clearing debts and securing new deals, allowing Anil to focus on strategic expansion. Together, this family trio is rewriting the Reliance Group narrative, proving that legacy and innovation can coexist.
The Rise of Reliance Infrastructure and Reliance Power
Reliance Infrastructure and Reliance Power, the two profitable pillars of Anil’s empire, are leading the charge in his comeback. Both companies have undergone dramatic turnarounds, becoming debt-free and posting impressive financials, while expanding into high-growth sectors.
Reliance Power’s Revival: Once burdened by debt, Reliance Power is now a ?23,000 crore company. For the January–March quarter of FY25, Reliance Power posted a consolidated net profit of Rs 126 crore, reversing a loss of Rs 397.56 crore in the same period last year.
In the July-September 2024 quarter, RPower had posted a consolidated net profit of ?2,878.15 crore. Reliance Power settled ?3,872 crore in guarantor obligations for its subsidiary Vidarbha Industries Power Ltd, and its subsidiary Sasan Power repaid a $150 million (?1,284.6 crore) loan to IIFCL by December 2024, boosting its shares price. With a net worth exceeding ?15,000 crore, Reliance Power is India’s largest player in solar and battery storage, boasting 2.4 GW solar and 2.5 GWh storage capacity, per a May 2025. Key projects include a 930 MW solar and 465 MW/1,860 MWh battery storage deal with SECI (worth ?10,000 crore) and a 500 MW solar and 750 MW hydroelectric project in Bhutan (?2,000 crore), aligning with India’s renewable energy goals.
Reliance Infrastructure’s Turnaround: Reliance Infrastructure has also soared, with its market capitalization rising from ?8,500 crore to ?12,500 crore in a single week in September 2024, per India.com. Its shares surged 60% to ?336.20, the highest since 2018, and the company reduced its standalone debt from ?3,831 crore to ?475 crore by November 2024. Its net worth is now ?9,041 crore, projected to exceed ?12,000 crore with new fund infusions. The company raised ?2,930 crore via Foreign Currency Convertible Bonds (FCCBs) and operates in diverse sectors, including Mumbai’s metro line, 9-10 road projects, and power distribution in Delhi through BSES Delhi Discom. In defense, its subsidiary Reliance Defence partnered with Rheinmetall AG to manufacture explosives in Ratnagiri, Maharashtra, as part of the 1,000-acre Dhirubhai Ambani Defence City, following deals with Dassault Aviation and Thales.
Funding the Future: Anil raised ?17,600 crore in 2024 to fuel this revival, with Reliance Infra and Reliance Power issuing ?4,500 crore in preferential equity, ?7,100 crore from Varde Partners via FCCBs, and ?6,000 crore through Qualified Institutional Placements (QIP). This strategic funding has wiped out debt, positioning both companies for growth in renewable energy and defense—sectors critical to India’s 2047 vision.
Fighting Corporate Giants and Negative Publicity
Anil’s resurgence hasn’t gone unnoticed by competitors, who have often fueled negative publicity to undermine him. The 2018 Rafale deal controversy, where the Indian National Congress accused PM Narendra Modi of favoring Anil’s Reliance Defence over public sector HAL in a ?58,000 crore contract with Dassault, painted him as a beneficiary of crony capitalism—a charge Anil denied. This narrative was amplified by Anil’s early support for Modi; back in 2002, Anil was the first major businessman to openly champion Modi for the Prime Minister’s post, praising his economic vision as Gujarat’s Chief Minister. This made Modi’s detractors Anil’s detractors, intertwining his business struggles with political backlash.
Corporate giants like Gautam Adani, whose Adani Power inked a ?8,150 crore deal, and Mukesh Ambani’s Reliance Industries continue to dominate headlines, often overshadowing Anil’s quieter efforts. Yet, Anil is carving a niche in defense and green energy, sectors where his companies are securing major deals—Reliance Power’s Bhutan projects and Reliance Defence’s partnerships signal a direct challenge to competitors. Anil’s goal to make Reliance Defence one of India’s top three defense exporters shows his ambition to compete, not just survive.
A Nuanced Comeback: Challenges and Strengths
Anil’s revival is not without hurdles. Most Reliance Group firms, beyond Reliance Infra and Reliance Power, still owe substantial debts, and the SEBI ban on him, which he has challenged, limits his market access. The loss of Reliance Capital and past failures like Reliance Communications highlight the risks of overleveraging, a lesson Anil seems to have learned with his debt-free strategy. Critics argue his comeback relies heavily on his sons and favorable government policies, but supporters point to his strategic vision, focusing on sectors like solar and defense that align with national priorities.
Anil Ambani’s story is one of resilience, not perfection. His fighting spirit, honed by years of marathons and personal discipline, has kept him in the race. With Jai Anmol and Jai Anshul by his side, he’s not just rebuilding Reliance Group—he’s redefining it for a new era, proving that even in the shadow of corporate giants, a determined marathoner can find his stride again.
This story originally appeared in BW Businessworld
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