Ratan Tata (born December 28, 1937, Bombay [now Mumbai], India) and Indian businessman who was appointed Chairman of Tata Group, a Mumbai-based conglomeration, in its entirety (1991-2012 and 2016-17).
Member of the influential Indian family of industrialists and philanthropists (see family Tata), he received his B.S. from Cornell University, Ithaca, New York. (1962) before returning to work in India in architecture.
He has acquired experience in a variety of Tata Group firms, including the National Radio and Electronics Co., and was appointed Director-General (1971).
He was named president of Tata Industries a decade later and succeeded his uncle, J.R.D. Tata, as president of Tata Group in 1991.
Early life of Ratan Tata
Ratan Tata is an Indian industrialist, a philanthropist, and former president of Tata Sons, who is born on 28 December 1937. He was also President of the Tata group from 1990 to 2012 and, as Acting Chairman, from October 2016 to February 2017. He is the recipient of Padma Vibhushan (2008) and Padma Bhushan (2000), two of India’s top civil prizes. He is known for his corporate integrity and philanthropy.
Born in 1937, he is the Tata family scion and Jamsetji Tata’s grandson, founder of Tata Group. He studied the Advanced Management Program in 1975 at Cornell University College of Architecture and Harvard Business School. He joined his company in 1961 when he worked in the Tata Steel shop floor and was J’s obvious successor.
R. D. Tata on the 1991 removal of the latter. During Ratan Tata’s 21-year leadership, sales increased more than 40 times, while profit increased more than 50 times. He had Tata Tea to acquire Tetley, Jaguar Land Rover, Tata Motors, and Corus, to try to make Tata a global company from a predominantly Indian-centered community.
Ratan Tata was born on 28 December 1937 in Bombay, now Mumbai, and is the son of Naval Tata (born at Surat). His maternal biological grandmother was Hirabai Tata’s niece, Jamshedji Tata’s wife. His biological grandfather, Hormusji Tata, was a member of the larger Tata family; thus Ratan was a Tata by birth.
In 1948, when Ratan Tata was 10, Parents Naval and Sonoo separated, and then he was raised by the widow Sir Ratanji Tata, his grandmother, Navajbai Tata, who formally accepted him through the J. N. Tiny Parsi Orphanage. He has a half brother with whom he grew up, Noel Tata (Naval Tata’s second marriage to Simone Tata). Gujarati is his first language.
In 1955 he graduated from the Riverdale Country School in New York City and studied in Campion School, Mumbai until the 8th Standard, Cathedral and John Connon School, Shimla, and Bishop Cotton. He then obtained a degree in Architecture at Cornell University in 1959 and completed the Harvard Business School’s seven-week Advanced Management Program, which he has donated since then.
He then faced ordeal trials and was able to transform the national radio and electronics corporation (NELCO), which he had promoted to management during the 1970s, to only see it fail during an economic downturn. J. In 1991. As the president of Tata Sons, R. D. Tata stepped down, nominating him his successor.
When he took up the new job, many firms, some of which have spent decades in their respective companies and are very strong and influential because of their freedom to operate in JRD Tata, were faced with severe resistance. He started replacing them with the retirement age and then made operational reports from the individual companies to the group office, each contributing to their benefit in building and using the brand of the Tata Group.
The priority was given to creativity and younger talents and responsibilities. Under his management, simultaneous transactions of group companies have been streamlined into a synergistic entire, with a salt-to-software group coming out of unrelated companies into globalization.
During the 21 years that he headed Tata Group, sales were 40 times higher, profits more than 50 times higher. Where the company as a whole was mainly sold by commodities when it took over, the rest of the revenue came from labels when it left. He courageously got Tata Tea to buy Tetley, Tata Motors to buy Jaguar Land Rover, and Tata Steel to buy Corus.
All of this transformed Tata from a predominantly Indian-centered community into a multinational corporation with over 65% of revenues and transactions in over 100 countries. He designed the Tata Nano vehicle. The creation of Tata Nano was important in 2015, he explained in an interview for the Harvard Business School’s project on Creating Emerging Markets because it helped placed cars in the hands of the Indian average customer at a price point.
On 28 December 2012 in the Group Tata, Ratan Tata revoked his executive authority when he turned 75. He named his successor, Cyrus Mistry, the 44-year-old son of Pallonji Mistry of Shapoorji Pallonji Company, the Company’s largest and associated shareholder. On 24 October 2016, Cyrus Mistry was suspended from office as interim president of Tata Sons and Ratan Tata. The decision was intensively discussed in the media and many investigated the root causes of the abrupt dismissal and the subsequent crisis.
To find a replacement, a selection committee was formed. The selection committee was comprised of Mr. Tata, Venu Srinivasan, Amit Chandra of Bain Capital, Lord Kumar Bhattacharya, and Ronen Sen, a former diplomat. Except for Mr. Bhattacharya, all of them were on the Tata Sons team. Natarajan Chandrasekaran was appointed Chairman of Tata Sons on 12 January 2017, a position he held in February 2017.
Ratan Tata’s personal savings have been invested in Snapdeal, a leading e-commerce website in India, and in January 2016 Teabox, an Indian online luxury tea seller, and CashKaro.com, a website with discount coupons and cashback. In early and late-stage firms in India, for example, INR 0.95 Cr in Ola Cabs, he made minor investments.
In April 2015, a stake in Chinese smartphone startup Xiaomi was announced by Tata. He partnered with American Express in October 2015, investing in Abra’s Bitcoin business. In 2016, he invested in a Nestaway online portal for bachelors who later purchased Zenify to launch the Dogspot family rental and online pet care portals. Tata Motors launched the first batch of Tigor Electric Vehicle at their Sanand factory in Gujarat, where Ratan Tata says: “Tigor shows a readiness to rapidly move forward with India’s electric dreams.
Tata Sons vs. Cyrus Mistry
On 24 October 2016, in one of the most dramatic changes in the past, Tata Group’s board of directors instantly voted to oust its Chairman Cyrus Mistry, making Ratan Tata interim chairperson and dropping Mistry as director for Tata Sons in February 2017. In December 2019, the National Corporate Law Appellate Tribunal (NCLAT) ruled that the dismissal of Cyrus Mistry as President of Tata Sons would be unconstitutional and would be reinstated.
The $111 billion conglomerate appealed to India’s Supreme Court to quash the order from the NCLAT that rehire the Tata group as its Chief. Ratan Tata directly leads the case and has filed a separate petition in the Supreme Court to appeal the decision. The Supreme Court has withdrawn the order of the National Civil Appeal Court (NCLAT), which allowed Cyrus Mistry to be re-established as Chair of Tata Sons in January 2020.
Ratan Tata is a supporter of education, medicine, and rural development and has been known as India’s leading philanthropist. Tata sponsored the Faculty of Engineering at the University of New South Wales to improve capacitive deionization to provide better water for challenged areas.
The Philanthropic Tata Group member, Tata Education & Development Trust, has donated a $28 million Tata Scholarship Fund that enables Cornell University to provide financial support to India’s undergraduate students. The scholarship fund will support some 20 scholars at any given moment and ensure that, regardless of their financial circumstances, the best Indian students have access to Cornell. The bursary will be awarded annually, and the winners will receive the bursary during their Cornell undergraduate studies.
In 2010 Tata Group companies and Tata charities contributed $50 million to create a Harvard Business School (HBS) Management Center. The Executive Center was called Tata Hall, after the emeritus Chairman of Tata Sons, Ratan Tata (AMP ’75). The overall building costs are estimated at 100 million dollars. Tata Hall is located at the northeast corner of the HBS campus and is dedicated to the executive education program of the Harvard Business School. There are seven stories and about 155,000 square feet. It comprises about 180 bedrooms, as well as academic and multifunctional spaces.
Ratan Tata Consultancy Services ( TCS) has donated a firm to Carnegie Mellon University (CMU) for the research facility in cognitive systems and self-sufficient vehicles as the largest ever. TCS contributed $35 million to the 48,000 square foot wide building that will be known as TCS Hall.
In 2014, Tata Group donated the Indian Institute of Technology in Bombay and set up the Tata Center for Technology and Design (TCTD) to establish concepts and engineering principles that meet the requirements of resource-limited individuals and communities. They gave a total of 950 million euros to the Institute, the largest donation ever received in its history.
Tata Group has developed a Technology and Design MIT Tata Center at the Massachusetts Institute of Technology ( MIT) under Ratan Tata leadership, with an initial focus on India, to tackle the challenges faced by resource-constrained societies.
Board memberships and affiliations
He was Tata Sons’ interim chairman. He continues to be the chief of the two key trusts in Tata Sir Dorabji Tata Trust and Sir Ratan Tata Trust, with 66% of the Tata Sons holding company.
He has worked in numerous roles in Indian and foreign organizations. He is a member of the ‘Council for Trade and Industry’ of the Prime Minister and the ‘Global Council for Productivity in Manufacturing.’ He is a member of the jury of the Pritzker Architecture Competition, one of the world’s highest architectural honors.
He is a member of Alcoa, Mondelez International, and the East-West Center Board of Governors. He is also a member of the trustees’ board of the University of Southern California, the Harvard Business School Advisory Board, the X Prize, and Cornell University. He is a member of the Foreign Consultative Council at Bocconi University.
He is also a member of the Advisory Board of the Harvard Business School India (IAB) since 2006 and a former member of the Asia Pacific Advisory Board (APAB) 2001–2006 of the Harvard Business School.
In 2013 he was named to the Carnegie Endowment for International Peace Board of Trustees.
In February 2015, Ratan was named as a consultant for Kalari Capital, a risk capital company founded by Vani Kola.
Tata Sons replaced Cyrus Mistry as its president in October 2016; almost four years after taking over the reins of a conglomerate of over 100 billion dollars, it made its comeback, taking over the interim boss of the company for 4 months. Natarajan Chandrasekaran was appointed Chairman of Tata Sons on 12 January 2017, a position he held in February 2017.
Honors and awards
Ratan Tata received Padma Bhushan in 2000 and Padma Vibhushan in 2008, the government of India’s third and second highest civil honors.
In 2011, Ratan Tata claimed that “I came close seriously to marrying four times, and every time I backed up in fear, for one or another reason.”
John Kluge Networth
John Kluge, The German-American merchant (September 21, 1914 – September 8, 2010) became a billionaire in the US television industry. He was once the wealthiest individual in the United States.
The early life of John Kluge
John Kluge was born to a Presbyterian family in Chemnitz, Germany, and emigrated to the United States in 1922. He received his B.A. The University of Columbia graduated in economics in 1937. Kluge attended Wayne State University for two years before attending Columbia University. His ancestry was Scottish-Irish, English, and German.
John Kluge served in underground P.O. during World War II. Box 1142 External Interrogation Center, D.C.
Metromedia and Metromedia Company
In the mid-1950s John Kluge’s main move into the media was to buy stocks in the Metropolitan Broadcasting Corporation. The Metropolitan Broadcasting Corporation succeeded the DuMont Television Network that, when the television network came to an end in 1956, was spun off from the DuMont Laboratories.
Metropolitan Broadcasting consisted of two stations, WABD in New York City and WTTG in Washington, D.C., which now operates as independent stations, both former DuMont outlets. As its Board Chairman and largest shareholder, John Kluge joined the company in 1958, acquiring the bulk of its shares by Founder Allen B. DuMont for approximately USD 6 million.
After gaining control in 1959, John Kluge started to expand into broadcasting with TV and radio holdings. In the early ’60s, Kluge acquired an outdoor advertising company and, in 1961, Metromedia was renamed to reflect its diversity.
In 1986, John Kluge sold 20th Century Fox (then ruled by the News Corporation) the Metromedia television stations, at $4 billion. Later on, these stations would form the core of Fox’s television network (spun off from News Corporation/20th Century Fox with Fox Corporation decades later). Forbes ranked Kluge as the richest man in America the following year.
The management of Metromedia under orders from Kluge destroyed the videotapes in retaliation for a prosecution brought against Paul Winchell, who sought rights to his children’s television program, “Winchell-Mahoney Time.” Later, Winchell was awarded almost $18 million to compensate for the capricious behavior of Metromedia.
Following the disposal of Fox, the activities of Kluge have been carried out by a private company called Metromedia Corporation with Stuart Subotnick as a partner. Metromedia’s most recent activities include East European, the Commonwealth of the Independent States, and China telecom/cable/radio ventures, via the Metromedia Group and Metromedia Fiber Network, a fateful US telecommunications backbone operation.
In July 2008, the Metromedia Restaurant Group, which belongs to the Metromedia Company, closed more than 300 restaurants in Bennigan, Steak, and Ale. The original team operators of the New York / New Jersey MetroStars Major League Soccer franchise were also Kluge and partner Stuart Subotnick.
John W. Kluge Center
To mark its 200th anniversary, John Kluge donated an incredible $60 million to create the John W. Kluge Center at the Congress Library. It was designed as an academic center where active senior scholars and post-doctoral fellows may gather to utilize the incomparable collections of the library and engage with members of the US Congress. Besides, his donation will be awarded a $1 million reward, equivalent to the Nobel Prize in Literature and Economics, for the achievement of life in the Humanities. The Kluge Award will reward the academic success of life in the same way that the Kennedy center awards recognize the performing arts of a lifetime.
University of Columbia
Kluge gave Columbia University over $510 million. Kluge donated over $110 million to Columbia University between 1987 and 1993, acknowledging the scholarship funds he was able to attend, mainly to offer financial assistance to undergraduates from disadvantaged backgrounds. His donations also allow many of these students to pursue their doctoral studies after they graduate through funding.
On April 11, 2007, Lee C. Bollinger, Chairman of Columbia University, announced a donation from Kluge of 400 million dollars to the University upon the donor’s death. This donation is the fourth largest contribution to a higher education organization in the United States, all for financial support. This is the biggest commitment ever to assist students solely of any individual higher education institution in the United States.
In December 1997 John Kluge donated to the University of Virginia his world-class collection of autochthonous Australian paintings. This donation led the University of Virginia to create the Kluge-Ruhe Aboriginal Art Museum, the first museum in the U.S. to study and present Aboriginal Australian art and culture.
In 2001, Kluge donated his 7,378 acres (29.86 km) estate to the University of Virginia in Albemarle County, Virginia. The land, worth over $45 million, was the largest donation in the history of the University. UVa held workshops and seminars in different buildings and on the Morven Farm to ensure that land grants are included in their different courses. Many developments are underway to enhance the farm and make it part of Charlottesville’s landscape.
In 2009 he contributed $3 million to the University to promote compassion at the end of life.
Kluge was a collector and owner of works by famous artists, including Clifford Possum Tjapaltjarri.
Kluge was awarded the Golden Plate Award in 1983 by the American Academy of Arts.
Four times, Kluge was married. Theodora Thomson Townsend, his first wife, Yolanda Galardo Zucco, Patricia Maureen Rose, and Maria Tussi Kuttner, was his second. In the 1990 divorce settlement, Patricia Kluge retained her estate in Albemarle, which was converted into award-winning viticulture and winery that opened in 1999.
She borrowed 65 million dollars in loans and mortgaged the mansion to fund the expansion of production and a related real-estate company. Kluge had three daughters, Joseph, whom he accepted, Samantha, Zucco, Jr, and Rose, Jr. It also had two steps, Diane and Jeanette Brophy, and Peter Lockwood Townsend, who remained a part of his life until his death. He lived with his fourth partner, Maria Tussi Kluge, at his death in 2010, in New Rochelle, New York, Virginia, and Palm Beach, Florida.
Denis O’Brien Networth
Denis O’Brien (born 19 April 1958) is an Irish multi-billionaire and Communicorp ‘s founder and owner. In 2015 he was among the top 200 billionaires in the world and also the wealthiest native citizen of Ireland.
O’Brien also included aviation rental (Aergo Capital), utility support (Actavo), petroleum (Topaz Oil, until 2016), and football ( soccer)
Which he retained as a minority shareholder in Celtic F.C .. O’Brien had an insufficient effect on the Moriarty Tribunal’s decision to grant the Esat Digifone consortium, which it led.
Early life of Denis O’Brien
O’Brien was born in Cork City and grew up in Dublin’s Ballsbridge district. His father was a veterinarian salesman and he always accompanied his dad on business trips, where he learned how to “sell and present.” He attended High School in Rathgar and while his potential for rugby was stopped due to disciplinary issues, he was called back so he could play in a school championship.
He studied philosophy, history and logic and graduated in 1977 from the University College Dublin. In 1982 he graduated with an MBA in Corporate Finance from Boston College while attending UCD. After returning to Dublin, he worked at a local bank as an assistant manager, but he resigned and became a personal assistant to Tony Ryan, the owner of an aircraft rental business.
O’Brien has been in information technology and mass media sectors for the most part of his career. He was also a part owner of energy firms, aerospace companies and manufacturing services.
O’Brien is the director of Communicorp, a European media holding firm. It began its business in Ireland in 1989 with independent radio stations, such as the Newstalk and Today FM, which spread to markets in Eastern European countries and later sold some of its stations to local operators. In 2014, Communicorp expanded into the UK and bought eight radio stations nationwide; in 2017, Communicorp transferred its UK radio stations to a new independent corporation, Communicorp UK, 98 per cent of which were owned by O’Brien.
Telecom Esat and Digifone Esat
In 1991, in rivalry with the state-owned Telecom Eireann, O’Brien set up a telecommunications consortium known as Esat Telecom. Esat founded Esat Digifone in collaboration with Telenor, Norwegian state telecom operator, which successfully applied for the second GSM mobile licence in Ireland. Circumstances surrounding Esat Digifone’s licencing became the focus of the Moriarty Tribunal.
The first public bid was conducted by Esat Telecom Group plc on 7 November 1997 and coded in the Irish Stock Exchange, the London Stock Exchange and NASDAQ. In 2000, Telenor bid the company for ownership, but O’Brien sold it to BT, which was reportedly €250 million out of revenue.
Capital of Aergo
In 1999, O’Brien co-founded Aergo Capital aircraft rental company, of which he held an 80 % stake. From its establishment until 2014, Aergo has traded more than 150 aircraft worth over €791 million (around $1 billion) grossly. O’Brien and his partner, Fred Browne, sold the company in October 2014 to the United States investment company CarVal; Browne remained the new company’s chief executive officer.
Independent Media and Reporting
O’Brien started buying shares of Independent News & Media (INM) in the late 2000s, and subsequently spent € 500 million to collect 29.9 percent of its shareholdings. O’Brien confronted the management board, particularly former owner Tony O’Reilly, who retired as CEO in 2009 and sold much of his INM shares in 2014. The second largest shareholder at the time, O’Brien and Dermont Desmond, sold their shares to the Belgian media company Mediahuis in April 2019; O’Brien earned €43,5 m as part of the contract.
While he never had a majority interest in INM, O’Brien was frequently accused of controlling the company significantly. In 2014, it was reported that Stephen Rae, a group editor at INM, ordered amendments to a column containing a reference to O’Brien from Sunday Independent editor Anne Harris. In 2015, Paul Meagher, an O’Brien lawyer, allegedly applied in 2012 to INM Attorney Simon McAleese in order to block an environmental affairs affair, Phil Hogan.
In March 2018, the Office of the Director of Corporate Compliance (ODCE) in Ireland appointed independent news and media inspectors to investigate an alleged data infringement in the High Court of Ireland. According to an affidavit submitted by the ODCE, Blaydon Limited discharged invoices for data interrogation.
Independent News & Media was sold to the Belgian Mediahuis group in June 2019, and de-listed from Euronext Dublin, thus ending the group participation of O’Briens. It has been estimated that he has lost over €450 m of his INM investment in total.
The digital dialect
In 2001, O’Brien founded the Caribbean, South America and Asia Pacific telecommunications business Digicel. O’Brien used Digicel to create a wireless network in Jamaica with cash from his sale of Esat Telecom. Digicel extended into the South Pacific in the same year. Digicel worked in 31 countries as of 2019.
O’Brien has founded the Digicel Foundation along with Digicel, which has been partnering with local groups to improve community programmes, establish schools and health facilities, and encourage recovery. Following the earthquake in Haiti in 2010, O’Brien promised € 3.5 million to fund recovery efforts. In 2012 , President Michel Martelly of Haiti awarded the Order of Honor and Merit of O’Brien for his investments, achievements, and promotion to the region, and in 2015 O’Brien was awarded honorary membership for his service of the telecommunications industry in the country to the Order of Jamaica.
Digicel was involved in a big court struggle during the 2000s against the Jamaican Office of Utilities Control (OUR). The issue originally arose following Phillip Paulwell, the then Minister of Business , Trade and Technology of Jamaica, who instructed OUR to avoid intervening in Digicel’s pricing policies after DIGICEL had instructed itself to amend its interconnectivity charges.
Though Paulwell was ruled unconscious of having the power to give the instruction OUR, Digicel appealed the ruling without success at the Supreme Court of Jamaica, which overturning the ruling but was subsequently upheld by the Court of Appeal following a counter-appeal by OUR and at the Privy Council of Jamaica.
In January 2014 the telecommunications correspondent of the Financial Times wrote about O’Brien’s aim of extending Digicel to include mobile and fixed-line networks for the next generation, with O’Brien quoted as being inspired by the possibility of ‘a shift in world order.’
In 2012 O’Brien acquired IBRC for €45 million from Siteserv, a provider of utilities; in 2015, it was renamed Actavo. Actavo was purchased and managed on the Isle of Man by the O’Brien business Millington.
In 2016, Actavo expanded to the United States by purchasing a structural engineering company, Atlantic Engineering Services. Actavo has assisted in the construction of Digicel’s fibre networks in the Caribbean.
In December 2013, O’Brien acquired the Irish Bank Resolution Company € 300 million in debt owed by Topaz Oil. In December 2014, Kendrick Investments, Topaz ‘s parent company , announced it will buy all of Esso ‘s Irish operations.
Alimentation Couche-Tard, a Canadian convenience store, announced in December 2015 that it was preparing to purchase Topaz. The sales were concluded in February 2016; Topaz employed over 2000 people and at the time of sale almost 35 percent of Ireland’s consumer market.
Career economic and financial
O’Brien, along with Bill Gates and George Soros, participated in the winter meeting of the World Economic Forum in Davos, Switzerland.
O’Brien was appointed Director of the Bank of Ireland in 2000 and Deputy Governor of the Bank in September 2005. In September 2006 he resigned as deputy governor as well as as a member of the court of the bank (board). O’Brien is said to have resigned because of increased demands in connexion with his foreign business interests.
Between 2008 and 2016 O’Brien given up to € 12 million for paying salary of senior officials in the organisation, including Giovanni Trapattoni, to the Football Association of Ireland (FAI). O’Brien has been named Honorary Life Chairman of the Ireland Football Association (FAI) in 2018.
In 2006, O’Brien bought a 2.82% stake in Celtic F.C, based in Glasgow. Martin O’Neill, former boss. O’Brien officially increased its stake to 13 percent by June 2018.
O’Brien acquired Planal SA in 1998, the holding company for the golf resort Quinta do Lago in Portugal.
O’Brien sponsored the 2003 World Summer Special Olympics Games, which he served as Chairman of the Organizing Committee and later as Chair of the Patrons Board.
O’Brien is a director of Concern Worldwide, a humanitarian relief agency, on the United States Board.
O’Brien worked in partnership with the Clinton Global Initiative (CGI). After the 2010 Haiti earthquake, O’Brien worked on reconstructing the Iron Market in Port-au – Prince along with the CGI Haïti Action Network and Digicel Haiti Foundation. O’Brien was elected Mayor Jean Yves Jason in 2010 Ambassador of Goodwill for the City of Port-au – Prince, Haiti who cited O’Brien’s disaster recovery assistance after the earthquake.
In 2012, O’Brien was awarded a Clinton Global Citizen Award by the former United States. President Bill Clinton, largely because of his contributions in disaster relief in Haiti. In the 18 months following the earthquake, he also contributed to the development of 50 primary and secondary schools. In September 2016, Republican President Donald Trump then sent an e-mail to condemn the relationship between Hillary Clinton and O’Brien, on which O’Brien refused to comment.
O’Brien was a Trilateral Commission member. O’Brien contributed €2.500 to the Irish presidential election campaign of independent candidate Mary Davis in 2011.
Relationship with the media
In 2012, O’Brien reportedly threatened Vincent Browne’s journalist and broadcaster for comments that O’Brien claimed were defamatory in Browne’s papers. The Sunday Independent dismissed the lawsuit as a “fear of financial disaster.”
In February 2013, O’Brien sued the Irish Daily Mail for defamation of his various storeys in RTÉ about relief efforts following the earthquake in Haiti. O’Brien won €150,000 from the court. The case was the first time since the defamation law in 2009 was enforced, a journalist had sought to use truthful opinion advocacy before a jury at the High Court.
In August 2015, Colm Williamson, the editor-in – chief of the satirical Waterford Whispers News website, received instructions from O’Brien to delete a satirical article about O’Brien. Lawyers for O’Brien have requested that Broadsheet.ie reproduce the article.
In 2019, O’Brien launched a campaign to defame the Sunday Business Post about the articles written in the March 2015 newspaper. The reports, which reported on a confidential Price WaterhouseCoopers (PwC) study to the Government on the disclosure of Ireland’s banks in 2008 in November 2008, listed O’Brien as one of Ireland’s 22 largest creditors in 2008.
O’Brien argued that the articles defamed him and hurt him and also alleged that the publishing was malicious. In the defendant’s favour, the jury ruled the case dismissed with a cost order against O’Brien.
O’Brien married Catherine Walsh in August 1997, who helped Communicorp develop into the Czech Republic and who used to be the marketing manager for independent radio sales. The couple ‘s got four kids.
O’Brien set up the Iris O’Brien Foundation in June 2000, named after his wife, through which he co-ordinates much of his philanthropic activities. UCD awarded an honorary doctorate to O’Brien in 2006.
Wealth and residences
Forbes predicts O’Brien ‘s fortune at around $3.2 billion by February 2020.
Some time after his purchase of Quinta do Lago in 1998, O’Brien sold his house in Dublin before the sale of Esat Telecom to BT in 2000 and established a primary residence in Portugal. Media reports have indicated that the move was instigated by an established capital gain tax exemption in the Irish-Portuguese tax treaty, which supposedly saved O’Brien approximately 63 million euros in tax.
During the flotation of Digicel on the New York Stock Exchange, O’Brien ‘s residential address was listed on a March 2006 filing to the Companies Registration Office (CRO) as Sliema, Malta. While O’Brien kept quiet about his change of address, the media reported that the lack of property or income taxation on the Mediterranean island was the main reason.
Mo Ibrahim Networth
Mo Ibrahim, full-time Mohammed Ibrahim (b. 1946, Sudan), Sudan-born British entrepreneur and philanthropist who founded one of Africa’s largest cellular telephony companies and established the Ibrahim multi-million – dollar Africa Leadership Achievement Award.
Ibrahim, the clerk’s uncle, grew up in Sudan. He moved to Egypt with his family to obtain an engineering degree from the University of Alexandria.
He went back to Sudan to work as an engineer for Sudan Telecom, the state-owned telecommunications company.
He moved to England in 1974 where he graduated from Bradford University in Electronics and Electrical Engineering and from Birmingham University in motive communications, where he also taught.
The Sudanese-British milliardaire businessman is Mohammed “Mo” Ibrahim, born on 3 May 1946 and born on 3 May 1946. It worked for many telecom companies before forming Celtel, which sold in 14 African countries had more than 24 million mobile subscribers.
After selling Celtel for 3,4 billion dollars in 2005, he founded the Mo Ibrahim Foundation to promote better governance in Africa and develop a Mo Ibrahim Index to assess the output of nations. He is also a member of the London Business School Regional Advisory Board for Africa.
In 2007, he introduced the Mo Ibrahim Award for African Leadership, awards $5 million for the initial payment and an annual life payment of $200,000 to African Heads of State providing their constituents with stability, health, education, and economic development, and democratically transferring power to the next generation. Ibrahim vowed to give charity at least half his wealth by entering The Donation Pledge.
According to the Billionaire List of Forbes 2011, Mo Ibrahim is worth $1.8 billion, making it the world’s 692nd richest individual. Mo Ibrahim was also chosen for the Period “Top 100” ranking in 2008, ranking first in the prominent Black Britons’ annual Powerlist.
He was born on 3 May 1946, of Nubian descent in north Sudan, the second of five children, four children being boys. When he was young, his family moved to Alexandria, Egypt, and Fathi Father was employed by a cotton company, and Aida’s mother was very eager to get a good education for all.
Ibrahim received a bachelor’s degree in electrical engineering from Alexandria University. He returned to Sudan and began working for Sudan Telecom, the telecommunications company. He moved to England and received a master’s degree in Electronics and Electrical Engineering at the University of Bradford and a Ph.D. in Mobile Communications from the University of Birmingham.
In 2007 Ibrahim received an honorary Ph.D. from the School of Oriental and African Studies of the University of London and an honorary Doctorate from the University of Pennsylvania in 2011.
In 2008, Ibrahim ranked first on the annual power list of the most powerful Black Britons, and is claimed to be the “most stronger Blackman in Britain.”
Ibrahim was for a time employed by British Telecom and was later appointed technical director of the British Telecom subsidiary Cellnet.
Ibrahim taught telecommunications undergraduate courses at Thames Polytechnic in the early 1980s, which later became Greenwich University.
In 1989 he founded MSI, a software and consulting business that was purchased by the Marconi Business in 2000. The company initially helped the wireless industry to establish its networks before mobile phones were pushed into the late 1990s. MSI hired 800 people, who had about 30% of its stock at the point of sale; Ibrahim says that he gave the workers stock as a bonus.
In 1998, MSI split into Africa MSI-Cellular Investments, later called Celtel.
After many years, when Celtel needed a long-term capital source, they thought about an IPO on a reputable stock exchange, such as the London Stock Exchange. When it became public that they considered a public bid, they were given several alternatives. Many of them wanted to purchase the business, and Ibrahim and his team agreed to sell Celtel to the mobile telecommunication company (now Zain) based in Kuwait in 2004.
Since 2010, Ibrahim has given funding to the Digital Development Broadband Committee, an effort by the UN to disseminate the full benefits of broadband networks to unconnected communities.
Mo Ibrahim Foundation
Ibrahim founded the Mo Ibrahim Foundation in London in 2006. The Foundation launched in 2007 the Mo Ibrahim Award for African Leadership, with former President Joaquim Chissano of Mozambique as its first recipient.
It publishes the Ibrahim African Governance Index, which rates all 54 African countries. Until 2009, the index only took account of the 48 Sub-Saharan African nations.
The Foundation runs bursary services at Birmingham University, SOAS, and the London Business School. These bursaries deal with International Development at the University of Birmingham, African Development Governance at SOAS, and an MBA at the London Business School. The bursaries are opened to African candidates, Master’s, and postgraduates alike.
In 1973, Ibrahim married Hania Morsi Fadl, a graduate of Alexandria University, who he has known since his childhood. They are now divorced and Fadli is a Sudanese British radiologist who runs Sudan’s only breast cancer clinic.
There is a daughter, Hadeel Ibrahim, executive director of the Mo Ibrahim Foundation, vice president, Clinton Foundation board member, and two sons Hosh and Sami Ibrahim.
Ibrahim is living in the UK.
Sunil Mittal Networth
Sunil Mittal was born on 23 October 1957. He is an Indian milliardaire businessman, philanthropist, founder, and chairman of Bharti Enterprises, who, in addition to other enterprises, has diverse interests in telecommunications, insurance, real estate, education and food.
Bharti Airtel, a leading group firm, is one of the world’s largest and Indian second-largest telecommunications firms with over 399 million customers in 18 countries across Asia and Africa.
In FY2016, Bharti Airtel reported revenues of more than US$ 14.75 billion. Forbes is the 6th richest person in India and has a net income of 11.6 billion dollars.
In 2007, he was awarded the third-highest civil honour of India, Padma Bhushan. He was elected Chairman of the International Chamber of Commerce on 15 June 2016.
The early life of Sunil Mittal
Born in a Baniya household, Sunil Mittal was born. His father was a parliamentary member, Rajya Sabha (Indian National Congress) from Ludhiana, Punjab. He was elected for two terms (1976 & 1982) from Punjab and nominated once (1988) to the Rajya Sabha.
He entered Mussoorie’s Wynberg Allen School for the first time, then attended Gwalior’s Scindia School and, in 1976, graduated from the Panjab University, Chandigarh, with a Bachelor of Arts and Science in Arya, Ludhiana. In 1992, his father died of heart arrest.
Sunil Mittal, a first-generation entrepreneur, opened his first company in April 1976 at the age of 18, borrowed from his father, investment capital of €20,000 (US$ 280). He first produced crankshafts for local bicycle manufacturers.
He started an import enterprise called Bharti Overseas Trading Company in 1980, along with his brothers Rakesh Mittal and Rajan Mittal. He sold his parts for bicycles and yarn and moved to Mumbai. In 1981, he bought import licences from Punjab exporting firms. He then imported thousands of portable electricity generators from Suzuki Motors from Japan. The then Indian Government abruptly banned the import of generators.
In 1984 he started manufacturing push-button phones in India, formerly imported from a Taiwanese firm, Singtel, replacing the then-used, voluminous, old-fashioned, rotular telephones. Bharti Telecom Limited (BTL) has been integrated with and entered into a technical relation for the manufacture of push-button telephones with Siemens AG of Germany.
At the beginning of the 1990s, Sunil was producing fax machines, cables and other telecommunications devices. Sunil says, “In 1983 the government put an exit ban on importing gensets. I was out of business instantly and everything I had done stopped. I was in trouble. The question then was, what was I to do next? Then the time came for a call. I saw the success of the push-button phone when I was in Taiwan – which India had not seen at that time. He called ‘Mitbrau’ his first push-button phones.
In 1992 he successfully offered one of India’s four mobile network licences. The Delhi cellular licence requires that the consumer has some experience as a telecommunications operator. Mittal reached an agreement with the French telecommunications company Vivendi. He was one of the first Indian entrepreneurs to recognise the mobile telecom market as a significant area of development.
His plans were finally approved in 1994 by the government and in 1995, in Delhi, he launched services by Bharti Cellular Limited (BCL), which in 1997 was established with entrepreneur Leena Jaitley to provide cellular service under the AirTel brand name. In just a few years, Bharti became the first telecommunications firm to reach the mobile subscriber mark of 2 million. In India, Bharti also reduced cellular STD / ISD rates under the brand name ‘India one.’
The prospect of acquiring MTN Group, a South African telecommunications firm with coverage in 21 countries in Africa and the Middle East was discussed in May 2008 by Sunil Bharti Mittal. The Financial Times announced that Bharti plans to offer a total share of US$ 45 billion in MTN, which is the largest acquisition ever made by an Indian company in the world.
But the cautious existence of the talks is stressed on both sides, although The Economist magazine states that “if anything, Bharti will marry up,” with MTN getting more subscribers, higher sales and greater regional reach. The discussions, however, failed as the MTN group attempted to undo the talks by making Bharti a new company subsidiary. Bharti Airtel again reported in May 2009 that the proposed deal was addressed exclusively by MTN and companies decided to do so by 31 July 2009. Talks ended without agreement, with reports claiming that it was the South African Government’s opposition.
In June 2010, Bharti, led by Mittal, purchased Zain Telecom’s African business at $10.7 billion (business value), making it the largest acquisition ever by an Indian telecommunications company. Bharti joined Wal-Mart, the American retail giant, in 2012 to open a range of retail stores in India. Bharti plans to buy Loop Mobile for INR 7 billion in 2014, but the deal was stopped later. The CEO and founder of Hike Messenger is his son Kavin Bharti Mittal.
As a Manager of Merrill Lynch in New York and Ernst & Young in London, Mittal’s son, Shravan Mittal, joined Bharti Airtel as of September 2010.
In 2012, Sunil Mittal brought the initial IPO of Bharti Infratel to the public, raising $760 million. Mittal said that sales, which many consider being only a moderate achievement, were “strongly funded by professional investors.” The Board was restructured before the IPO and Mittal remained President and Managing Director. After the IPO, Bharti Infratel’s shares fell sharply at the beginning of trading.
In 2013, Sunil Mittal was ordered to appear before a special court in Delhi to address questions concerning the additional airwaves for some businesses. Mittal claims are that there was coordination with the government’s main telecoms officials to secure an additional spectrum illegally. No charges have been brought against Mittal, but the judge of the trial court has found there is ample record of the proceedings.
By the end of 2013, Sunil Mittal revealed that it was acquiring Warid Congo, making Bharti Airtel the Republic of Congo’s largest telecoms provider.
In 2015, Sunil Mittal revealed that he will join the board of the Online Space Company OneWeb. Mittal was a participant in the $500 million Coca-Cola, Virgin and Qualcomm investment round.
In 2016, Sunil Mittal made changes at Bharti Airtel to allow the company to succeed in the race to become India’s largest telecoms company against the launch of Reliance Jio Infocomm Ltd.
In 2017, Sunil Mittal declared an “attack on roaming” by dismantling calls in India and international roaming charges.
Awards and recognition
Padma Bhushan, Indian Government, 2007
NDTV Market Leader Awards Transforming India Leader
Award of the Founder of the GSM Association, 2008
Asia Annual Businessman, Fortune Magazine, 2006
Telecom Person of the Year, Magazine for Voice & Data (India) 2006
2006 CEO of the Year, ICT Awards for Frost and Sullivan Asia Pacific
2005–06, Industry Standard CEO of the year
Telecom Asia Awards, Best Asian Telecom CEO, 2005
Best C.E.O, India, Investor, 2005
Economic Times, Company Leader of the Year, 2005
Asian Awards Philanthropist of the Year Award, 2010
Company Leader Award INSEAD, 2011.
Doctor of Science (D.Sc.) Honoris Causa Degree, Amity University Gurgaon, 2016.
Doctor of Science (D.Sc.) Honoris Causa, Shri Mata Vaishno Devi University, Katra, J&K, 2018.
ESCP Business School, ESCP Europe, Paris. Doctor Honoris Causa, 2018.
Sunil Bharti Mittal, Global Mobile Industry Chairman of the GSMA Board for his work on the Global Mobile Industry, 2019
Sunil Mittal also worked to educate India through the Bharti Foundation, Bharti’s philanthropic arm. The Foundation has established schools in villages across India and provides free quality education for poor children with free books, uniform and midday meals.
Satya Bharti School Program – 254 schools in six countries serve 45,000 rural children at no cost to the Foundation’s flagship programme. More than 350,000 underprivileged children in the 11 states are currently being reached through other educational initiatives such as the Satya Bharti Academy, the Quality Service and the Learning Centre programmes. The Foundation’s other initiative has a huge effect on the underprivileged parts, ‘Satya Bharti Abhiyan.’
In 2017, the Bharti Family dedicated 10 per cent (approx Rs 70 billion) of wealth to Philanthropy to create the world-class university of Satya Bharti, which would give education to young people in economically weaker sections of society.
Ren Zhengfei Networth
Ren Zhengfei, Chinese businessman and engineer, is Ren Zhengfei (Pinyin: Ren Zhengfæi, born on October 25, 1944). He is the founder and CEO of Huawei, Shenzhen, the world’s biggest telecommunications system maker, and the second-largest smartphone producer. He had a net value of US$ 1.3 billion by February 2019.
Ren Zhengfei is an engineer and businessman from China, best known as the founder and CEO of ‘Huawei,’ the world’s largest telecom and mobile infrastructure maker.
Ren Zhengfei’s ‘Huawei’ took over ‘Apple’ in the first quarter of 2019 and became the second-largest smartphone maker after ‘Samsung.’ Initially, Ren Zhengfei was not educated in communication or electronics.
Early life of Ren Zhengfei
Ren was born in Guizhou Province, Zhenning Province. His grand-father Ren Sanhe was the master chef, an Indian Village (two), Pujiang District, Zhejiang ham curing specialist. His father, Ren Mushing, the name Moxun, did not finish university studies when his grandfather died one year before graduation.
During the Japanese occupation, his father went to Guangzhou to work as an accountant in a Kuomintang weapons factory. After 1949 his dad was named president of the Duyun No. 1 Mid school, where he met Cheng Juanzhao, Ren’s mother; Ren’s elder became a Communist Party member in 1958. His mother was a senior professor in Duyun No. 1 Middle School. Ren has five sisters younger and one brother younger.
Ren attended the Chongqing Institute of Construction Engineering (now Chongqing University) in the 1960s after completing his secondary education, then entered the PLA Research Institute as a military technologist, possibly at the PLA Information Technology Research Unit.
The autobiographical story of Ren in his eventful life is very enlightening. Ren was barred from entering the Communist Party of China, due to the social history of his parents and connexions to the Kuomintang, for much of his 9-year military career.
During that time, Ren was responsible for a variety of technical advances recognized at different levels. Ren was then chosen as PLA delegate to participate in the 1978 National Science Conference. In 1983, Ren resigned from the army because of a significant reduction in the PLA workforce, which affected 500,000 active employees. Ren moved to Shenzhen after becoming a civilian and worked in the electronics industry.
Although Ren Zhengfei had a rich and varied career in his 30s and early 40s, he was often known for his choice in 1987 to create a service provider for the fast-expanding private telephone market in China.
Given China’s anti-Western, anti-technical attitudes, which prevailed throughout China before the 1931 Japanese invasion, and the enormous degree of dislocation and poverty caused by the ensuing Sino-Japanese War (1937–45) and the formation of the PRC in 1949, China was technologically far behind the West.
They were especially behind when personal communications were infiltrated. Ren Zhengfei had a clear vision in 1987 that China was finally ready for a major leap in the field of personal communication, in terms of both rapid expansions of city landline use and the launch of the recently booming mobile “car telephony” technologies in Europe and America.
Huawei’s first deal with a Hong Kong-based importer was worth a mere $5,000. They were expected to resell, mount, repair, and operate the then-new digital switch exchanges in China. Ren Zhengfei was however committed to becoming a technology company and a retailer.
The primary skill of Ren Zhengfei seems to have been the ability to retro-engineer: to detach an existing product and learn what it does, how it is done, and how it was made. The next step is to figure out how to produce this kind of engineering better and cheaper. This region was in which Ren Zhengfei and ‘Huawei’ stood out.
Ren was able to retro-engineer an electronic tool that he had to test in a man-made fiber factory during his army life. This helped him to establish good terms with the ‘CPC.’ ‘Huawei’ was excellence in retro engineering in the early years, as Ren Zhengfei supervised the progressive expansion of the company’s own R&D skills.
In 1992, Ren forced ‘Huawei’ to create the C&C8 switch, sold at one-third of the price of the competition. This helped ‘Huawei’ to agree to some major public-sector technology deals through Ren’s now excellent connexions within the PCC. The future of ‘Huawei’ was thus secured, and Ren’s position as one of the leading technology leaders of the world in China was guaranteed.
Ren Zhengfei is now the Deputy Chief Executive Officer. However, it is not a revolving CEO and has 1,42 percent of Huawei’s shares, estimated at more than US$ 2,200 million in 2018. He had an estimated net value of US $3.3 billion as of February 2019.
Communist Party and military ties
The Indian Government has cited Ren’s relations with the Chinese military and the Communist Party as a security issue because Huawei failed to win some contracts in India. Some countries share these concerns. In the United States, it contributed to Huawei’s attempts to purchase 3Com, which forced the SoftBank to break close relations with Huawei to get the U.S. national security clearance from Sprint Nextel, and in the United Kingdom, the Intelligence and Security Committee suggested that the equipment of Huawei be excluded because of espionage.
Ren’s first wife, Meng Jun, was Meng Dongbo ‘s daughter, a former deputy governor of the province of Sichuan. They had two children: Meng Wanzhou ‘s daughter and Ren Ping’s son, both taking their mother’s surname. He married Yao Ling after their divorce, with whom he had another child, Annabel Yao, 25 years younger than Meng Wanzhou.
In December 2018, Annabel was a ballet dancer and student in computer science at Harvard University and debuted at the Le Bal des Débutantes in Paris in 2018. Ren married Su Wei, allegedly his former assistant, for the third time.
Despite being Huawei’s CEO, Ren supported Apple and claimed that “iPhone has a strong ecosystem and I still have iPhones while my family is abroad, so you can’t believe that love for Huawei could mean loving Huawei phones.”
Ren’s eldest sibling, Meng Wanzhou, is Huawei’s deputy chairwoman and CFO.
Masayoshi Son Networth
Masayoshi Son is a Japanese billionaire technology entrepreneur, investor, and philanthropist (born on 11 August 1957). He is the founder and CEO of the Japanese holding firm SoftBank, CEO of SoftBank Mobile, and President of the UK-based Arm Holdings.
Forbes estimated that Masayoshi Son’s net worth is 30 billion dollars, making him the second richest man in Japan.
By Forbes Magazine’s List of World’s Most Influential People, Masayoshi Son was named the 45th most mighty person in the world.
Masayoshi Son is 32nd in the Forbes list of The World’s Billionaires 2020 by July 2020 and second in Japan with an estimated net value of $30 billion.
Masayoshi Son was born in Tosu, a city on Kyushu Island in the eastern part of Saga Prefecture.
Masayoshi Son is a “Zainichi Korean” of 3rd generation, an ethnic Korean with permanent residence or citizenship in Japan
At the age of 16, Masayoshi Son moved from Japan to California in three weeks, taking the necessary tests at Serramonte High while living in South San Francisco with his friends and family. Masayoshi Son studied economics and computer science at the University of California, Berkeley. In love with a magazine-listed microchip, Son, 19, was optimistic that computer technology would spark the next commercial revolution.
His first business activities started as a student. With the help of several professors, Masayoshi Son developed an electronic translator, which he sold $1.7 million to Sharp Corporation. By importing used video gaming equipment from Japan, he earned another $1.5 million to credit and install them in dormitories and restaurants. Masayoshi Son followed his business interests by winning a meeting with President Den Fujita of Japan McDonald. Masayoshi Son started learning English and computer science on his advice.
Masayoshi Son graduated with a B.A from Berkeley. In Economics in 1980, Unison began in Oakland, CA, which Kyocera bought after. The family of Son had the Japanese nickname Yasumoto, and Son used this nickname as a child. He chose instead when he returned to Japan from the US, to use his Korean nickname and became a model for Korean ethnic children in Japan.
Yahoo! and Alibaba
Masayoshi Son was an early investor in internet businesses, bought Yahoo! shares in 1995, and invested $20 million in Alibaba in 1999. The SoftBank holding company of Son owns 29.5 percent of Alibaba, which on 23 October 2018 was worth around $108.7 billion.
While SoftBank’s interest in Yahoo! had declined to 7 percent, Son formed Yahoo! BroadBand with Yahoo! Japan in September 2001, in which he still owned managed interest. Masayoshi Son was forced to concentrate his attention on Yahoo!BB and BBPhone after a significant devaluation of SoftBank’s equity.
So far, SoftBank has accrued debts of approximately $1.3 billion. Yet, with 600,000 residential and 170,000 commercial customers, Bb acquired Japan Telecom, the third-largest broadband, and fixed-line provider. Yahoo! BB is now the leading provider of Japanese broadband. Son stepped down from the Alibaba board in June 2020.
In July 2016, SoftBank announced plans to buy Arm Holdings for £23.4 billion, the biggest ever acquisition by a European technology firm. SoftBank announced in September 2016 that the transaction was complete. The overall purchase price was around £24 billion ($34 billion).
Masayoshi Son purchased a 76 percent share of Sprint through its SoftBank assets. SoftBank has further accrued Sprint shares to approximately 84%.
Investment in solar power
Masayoshi Son blamed the nuclear industry in reaction to the Fukushima Daiichi disaster in 2011 for creating “the issue that most worries Japanese today” and investing in a national solar energy network for Japan. The announcement in March 2018 was that Son will invest in the largest solar project ever, a 200 GW creation scheduled for Saudi Arabia as part of its 2030 Vision.
In July 2018, coverage announced that by 2027, Son will “write up to a majority of 100 GW” of the 275 GW expected renewable supply in India.
Masayoshi Son met his wife, Masami Ohno, at college. They’ve got two kids. He lives in a 3-story manor house in Tokyo worth $50 million and has the equipment to replicate the weather and temperature of the world’s best golf courses.
He also purchased a home in Woodside, California near Silicon Valley, for 117 million dollars. He owns the professional Japanese baseball team Softbank Hawks.
Masayoshi Son is the second oldest of her siblings and has three children. His youngest brother, Taizo Son, is a serial entrepreneur and investor who founded GungHo Online Entertainment and the Mistletoe corporate risk capital business.
In 2011, Masayoshi Son promised to donate 10 billion yen to help victims of the 2011 Tōhoku earthquake and tsunami and his remaining pay before retirement.
Vision Fund Investments
Soft Bank’s $100 billion Vision Fund, an investment vehicle, invests in new technologies such as artificial intelligence, robotics, and the Internet of Things. The goal is to double its AI portfolio from 70 to 125.
It also invests in companies to revolutionize the land, transport, and retail market. Son has personal ties with the CEOs of all Vision Fund-funded businesses. Son plans to raise $100 billion every few years for a new fund and spend around $50 billion annually in startups.
A second Vision Fund is currently underway for $108 billion, of which Softbank itself will contribute $38 billion. In 2020, the Fund invested in 88 companies, including the Snatch, Coupang, and Paytm riding companies.
Ma Huateng Networth
Ma Huateng is a Chinese corporate magnate, businessman, and philanthropist, born on October 29, 1971. He is the founder, chairman, and managing director of Tencent, one of Asia’s most valuable firms, one of the world’s largest internet and technology firms, and the world’s largest finance, gaming and entertainment conglomerates.
Ma Huateng develops China’s largest mobile instant messaging service, WeChat, and its subsidiaries.
Both in China and globally, provides media, entertainment, payment system, smartphone, internet-related services, value-added services, and online advertisement services.
Time magazine named him one of the most influential people in the world in 2007, 2014, and 2018 while Forbes credited him as one of the most important people in the world in 2015. In 2017, Fortune named him as one of the year’s best businessmen. In 2018, the CEOWORLD magazine called him one of the “Most Influential People in the World.” Ma Huateng is a Municipal People’s Congress leader in Shenzhen and a delegate in the 12th National People’s Congress.
Being one of the world’s “greatest leaders of fortune,” Ma Huateng is known for his low profile of comparison to the outgoing figure of a Chinese businessman and Alibaba founder Jack Ma. For its related investment philosophies, Ma was closely likened to American investor Warren Buffett and is often described as an “aggressive purchaser.”
After September 2020, he is China’s richest individual, exceeding Jack Ma, and according to Forbes, with a net value of 59.9 billion dollars. The estimated net value of 21 November 2017 shortly exceeded that of Larry Page and Sergey Brin, the ninth wealthiest man in the world at the same time, and the first person from China to join Forbes’ top ten wealthiest men list.
Ma Huateng was born in a humble household in Badagang, Guangdong (now Dongfang City), China, on 29 October 1971. When Huateng was very young, his father Ma Chenshu moved to Shenzhen to work as a port manager. Ma finished his remaining school there and noticed a deep interest in computer technology.
In 1989, I enrolled in ‘Shenzhen University.’ He studied informatics and graduated in 1993 with a BS. After graduating, Ma began working at a telecommunications company called ‘China Motion Telecom Growth’ (CMTD).
‘CMTD’ was interested in the provision of communication goods and services, and Ma’s task was to build pagers software. Since he earned less than 200 dollars a month, Ma left later to work at another internet and telecommunications company’s R&D department for a while.
At the same time, he started to play the idea of starting his own company and contacted four of his college classmates to realize his business dreams.
The founding of Tencent and early career
Ma Huateng first worked for China Motion Telecom Production, a telecommunications services, and products provider, where he was responsible for designing pagers’ apps. He is stated to have earned $176 a month. Shenzhen Runxun Communications Co. also worked at him. Ltd. in Internet Calling Services Research and Development Department.
In 1998, Ma Huateng and four other classmates co-founded Tencent. After Ma took part in a presentation for ICQ, the world’s first instant message on the Internet, created in 1996 by an Israeli business, the company was the first product. Ma and his team began a similar application with a Chinese guy and a slightly different name in February 1999 – OICQ (or Open ICQ). The product rapidly became successful and became one of the largest registered users in China at the end of 1999.
Talking about Tencent’s founding, he told China Daily in a 2009 interview, “If I’ve seen more, it’s by standing on giant shoulders,” paraphrasing a quote from Isaac Newton and referring to the parallels between ICQ and OICQ. “We knew the success of our commodity, but we could not afford it at that time,” Ma recalled. Ma asked for bank loans and even spoke about selling the business to solve the issue.
The business has been looking to venture capitalist funding its rising operating costs since Tencent’s coveted OICQ service was available free of charge. In 2000, Ma switched to IDC and Pacific Century CyberWorks (PCCW) the U.S. telecom company, which bought 40% of Tencent’s stock for $2.2 million. As the Pager market declines, Ma has strengthened the messaging platform by allowing QQ users to send messages to mobile phones. 80% of the company’s revenues subsequently were generated by deals with telecom operators who agreed to share message fees.
AOL arbitration and business expansion
After AOL (America Online) acquired ICQ in 1998, the corporation filed a dispute with the United States National Arbitration Forum against Tencent, alleging the OICQ.com and OICQ.net domain names violated ICQ’s trademarks. Tencent lost the case and had to give up the name of the domain. Ma Huateng changed the program name to QQ in December 2000 (the words “Q” and “QQ” used to mean “cute”).
Following the AOL situation, Ma Huateng agreed to broaden Tencent’s company portfolio. In 2003, Tencent issued its own portal (QQ.com) and forged the online gaming industry. By 2004, Tencent was the largest Chinese instant messaging service (74% of the market), which prompted Ma to list the company on the Hong Kong bourses. After the company earned $200 million in the IPO in June, Ma became one of the richest people in the telecommunications industry in China easily.
Tencent launched an online gaming platform in 2004 and started to sell virtual products for the games published on this platform (weapons, gaming power), emoticons, and ringtones.
Tencent launched the C2C platform Paipai.com (too), a direct competitor of Alibaba, in 2005, at Ma’s request.
Microsoft, Ma Huateng formed two rival engineering teams in 2010 and commissioned them to develop a new product. A team submitted a text messaging app and community chat app – WeChat – after two months which was released in January 2011. As of 2015, WeChat (alias, Weixin) is the global leading instant messaging network used by 48 percent of Asia-Pacific Internet users.
Tencent also provides a wide variety of services including web portals, e-commerce, and online gambling. Online games such as the Yulong Legend and the Xuanyuan Legend increased profits by more than half, up to $5.1 billion, with a profit margin of $1.5 billion.
In December 2015 Ma Huateng announced that Tencent will create a “Wuzhen Internet Hospital” to provide long-term diagnosis and medication.
In 2016, Ma Huateng donated Tencent shares worth $2,3 billion to its charity fund, the Ma Huateng Global Fund. But Forbes has not lowered its net value because the shares are still listed under his name.
Ma Huateng is a representative of the 5th Shenzhen Municipal People’s Congress and serves in the 12th National People’s Congress according to the official website Tencent.
Speaking of censorship at the Singapore tech conference, Ma was quoted by saying, “In terms of the management of information security, online companies from all countries must comply with a set of standards, and behave responsibly. If not this could lead to public hearsay, libel, and claim, not to mention across countries. Therefore, the need for online management is increasingly pressing.”
Ma Huateng uses the alias Pony, derived from the English version of his name of his family Ma (so) which means “horse.” Ma Huateng seldom appears in the media and is known for its confidential lifestyle. He believes in the principle, “Ideas in China are not important – implementation is important.”
The capital of Ma Huateng comes from a 9.7% interest in Tencent Holdings. He currently owns Hong Kong property and works of art worth $150 million. He owns a renovated palace residence in Hong Kong of 1820 m (19600 sq ft).
Carlos Slim Networth
Carlos Slim, (born January 28, 1940, Mexico City, Mexico) was one of the wealthiest entrepreneurs in the world. Through his conglomerate Grupo Carso, SA de CV, he has held substantial holdings in a large number of Mexican firms, amassing investments in communications, insurance, building, oil, mining, retailing, publication, and finance.
Carlos Slim was born into the Lebanese Christian immigrant family in Mexico, where her father made a fortune during the 1910-20 Mexican Revolution.
Slim graduated from the National Autonomous University of Mexico with a degree in engineering, and by the mid-1960ies he invested in and formed several companies that became the base of Grupo Carso.
After the 1982 economic crisis, the Mexican Government began to nationalize the banks and frighten business investors by defaulting on international debt in the light of a devalued peso.
After purchasing interests in several firms at negotiated rates, Slim controlled them so successfully that their overall value soared in the span of a decade.
Early Life of Carlo Slim
Carlos Slim is a business mogul, businessman, and philanthropist from Mexico, born on January 28, 1940. From 2010 to 2013, the Forbes business journal ranked Slim as the wealthiest individual in the world. Via his conglomerate, Grupo Carso, he derived his fortune from his vast holdings in several Mexican companies. He is the fifth richest person on the planet by February 2020, according to Forbes’ The World’s Billionaires list, with a net worth of $68.9 billion estimated for him and his family. He is Latin America’s richest individual.
Its community consists of education, medical care, industrial production, transportation, land, media, energy, hospitality, entertainment, high-tech, retail, sport, and financial services. It accounts for 40% of the Mexican stock exchange listings while its net value is equal to approximately 6% of the gross domestic product of Mexico. In 2016, he was The New York Times Company’s biggest single shareholder.
The two Maronite Christians of Lebanon were born in Julian Slim Haddad (born Khalil Salim Haddad Aglamaz) and Linda Helú Atta on 28 January 1940 in Mexico City. When he was young, he decided that he wanted to be a businessman and he received his father’s business lessons, teaching him economics, administration, and accounting and teaching him to read financial statements and the importance of keeping exact financial records.
Carlos Slim invested at the age of eleven in a government savings bond to teach him the compound interest principle. Finally, he saved every financial and business transaction he had made into a personal book he still retains. He purchased his first stock of shares in a Mexican bank at the age of twelve.
By the age of 15, Carlos Slim had become a shareholder in the largest bank in Mexico. He won 200 pesos a week for his dad’s business at the age of 17. He studied civil engineering at the National Autonomous University of Mexico, where he also taught algebra and linear programming simultaneously.
Although Slim was a major in civil engineering, he was also involved in the industry. After completing his engineering degree, he took economics courses in Chile. Slim graduated from the civil engineering degree and said that his mathematical skills and linear programming experience were a key factor in his growth in the business world, particularly when reading financial statements.
Carlos Slim started his career as a stock trader in Mexico after graduating from college in 1961, mostly working 14 hours. In 1965, Slim made income from private investments of up to USD400,000, allowing him to launch the Inversora Bursátil stock brokerage. Furthermore, he started laying the financial foundations for Grupo Carso. I have purchased Jarritos del Sur in 1965. He formed Inmobiliaria Carso in 1966, worth US$ 40 million.
Building companies, soft drinks, printing, immobilization, bottling, and mining industries were the focus of Slim’s early booming business career. Slim’s Grupo Financieros Inbursa – which sells insurance and invests savings, mutual funds, and pension funds – later expanded into various industries, including car parts, aluminum, airlines, chemicals, tobacco, development of cables and wires, paper and packaging, copper and mineral extraction, dragging, cement, retail services By 1972, he had founded or purchased seven other companies in these groups, including one that leased construction equipment.
In 1976 he acquired a 60 percent stake in the Galas de México, a small imprinting company with US$ 1 million in cigarette packaging labels, and in 1980 he consolidated his business activities in creating Grupo Galas as the parent company of an industry, mining, manufacturing, food and tobacco conglomerate. In 1981, Slim purchased a majority stake in Mexico’s second-largest cigarette manufacturer and distributor, Cigarros la Tabacalera Mexicanos (Cigatam), at a lower rate.
In 1982, the Mexican economy quickly contracted. As many banks fought hard and foreign investors cut investment and scurried, Slim started to spend heavily and bought multiple flagship companies with depressed valuations. The acquisition of troubling properties at low prices to later sell at an attractive price is a technique Slim has applied over the course of his career.
With an eye to value investments, Carlos Slim adhered to his investment practice with a long history of acquiring shares in businesses that he finds undervalued. Many of the corporate deals of Slim involved a straightforward strategy of purchasing a company and borrowing its cash flow or ultimately selling the stake for a higher profit in the future, thereby netting the capital gains and reinvesting the initial principal into a new business.
Moreover, the conglomerate structure allows Carlos Slim to buy various shares, which proves almost a recession if one or more sectors of the economy do not do well.
Carlos Slim and his growing family lived a modest life from the mid-1960s to the early 1980s, though profits from Slim’s several companies were reinvested in further growth and acquisitions. Carlos Slim bought businesses with substantial capital returns which he felt were undervalued and their management overhauled.
In various industries across Mexico, he diversified methodically, investing in land, a construction equipment business, and mining firms. A printing company, a cigarette company, and retail stores were part of Carlos Slim’s portfolio.
During Mexico’s pre-recovery economic downturn in 1985, Carlo Slim spent heavily. The Corporation has purchased a significant proportion of several companies in Mexico, including Companies Frisco, a mining firm manufacturing silver, gold, copper, plum, and zinc, and for just 50 million dollars, chemistry including hydrofluoric acid and molybdenum, Industrias Nacobre, a producer of copper products, Reynolds Aluminum, Mexico’s largest corporation, Hulera Euzkadi.
In 1984 Carlos Slim invested $13 million in the purchase of insurance undertaking Seguros de México and later absorbed it into the firm, Seguros Inbursa. After four spinoffs, the value of his Seguros share reached $1.5 billion in 2007. He also purchased the British American Tobacco and The Hershey Companies’ 40% and 50 % stake in the Mexican arms and purchased large blocks of Denny’s and Firestone Tires respectively.
He has also purchased and produced Seguros de México, along with other acquisitions such as Fianzas La Guardian and Casa de Bolsa Inbursa, the Grupo Financiero Inbursa. Many of these investments were funded from Cigatam, a cigarette company that he purchased early in the economic downturn.
In 1988 Carlo Slim purchased from the Nacobre group companies dealing in copper and aluminum products, Química Fluor, and others.
In the early 1990s, Carlos Slim achieved great popularity when Mexico privatized its telecommunications industry and Group Carso purchased Telmex from the government of Mexico. In 1990, Grupo Carso was first floated in Mexico and then worldwide as a public company.
In 1990, Grupo Carso also gained the majority control of Porcelanite, a tile producer. In 1995, Grupo Carso started to raise its shareholding to 83% and later made it a subsidiary. This investment was allocated to a related company.
Carlos Slim, along with France Télécom and the Southwestern Bell Business, acted later in 1990 to acquire the Mexican government’s Telmex landline telephone business when Mexico started to privatize its national industries. Slim was one of Telmex’s original investors, and the company’s revenue ultimately constituted Carlos Slim’s capital.
By 2006, 90 percent of the telephone lines in Mexico were run by Telmex, and almost 80 percent of all cell phones were run by the mobile network, Telcel which was created by the network Radiomóvil Dips. By 2012, the telecommunications business of Carlos Slim, América Movil, took over Telmex and became a private subsidiary.
He picked up Calinda Hotels (now OSTAR Grupo Hotelero) in 1991 and raised his stakes in General Tire and Grupo Aluminio by 1993 to the point in which he was mainly involved.
Group Carso was divided into three companies: Carso Global Telecom, Grupo Carso, and Invercorporación in 1996. In the following year, Carlos Slim bought Sears Roebuck’s Mexican arm.
In July 1997 Grupo Carso agreed to sell Procter & Gamble of Mexico for about 170 million US dollars to a subsidiary of The Procter & Gamble Co., a production plant in Apizaco, the Lipps and Pampys, and other toilet fabric brands while retaining its fabrics business Fábricas de Papel Loreto y Peña Pobre.
Carlos Slim started expanding his business interests outside Latin America in 1999. While the majority of his wealth remained in Mexico, he started to concentrate on overseas investment in the United States.
By 2003, Carlos Slim had started buying big stakes on some of the leading US retailers such as Barnes & Noble, OfficeMax, Office Depot, Circuit City, Borders, and CompUSA, and he became a popular figure on the American business scene. Most of the reason for Slim’s foreign expansion was because of a loud joke in the Mexican economy where “nothing was left to obtain in Mexico.”
He aimed for investment in the United States, where he founded Telmex USA and also acquired a stake in the US mobile phone company Tracfone. In the same period, Carso Infraestructura & Construcción, S. A. was established. (CICSA) within the Carso Group as a construction and engineering firm. Slim had heart surgery during the same year and subsequently handed over a lot of regular business participation to his children and their spouses.
América Telecom, América Móvil holding firm, was founded in 2000. The group has been active in mobile telecommunications companies outside Mexico including Brazilian ATL and Telecom Americas, Techtel in Argentina, and other companies in Guatemala and Ecuador. Latin America, companies in Colombia, Nicaragua, Peru, Chile, Honduras, and El Salvador as well as Microsoft have invested in subsequent years.
In 2005, Carlos Slim invested with Volaris, a Mexican airline, and founded the Impulsors for Development and Jobs in Latin America, SAB of CV, a Mexican civil engineering firm, mainly engaged in nonprofit infrastructural development, using the acronym “IDEAL.” Since 2006, IDEAL has won three contracts on infrastructure but faces heavy competition from a variety of other construction companies from Mexico and Spain.
Over the same time, the companies received 18 Mexican projects worth US$ 1.09 billion, including airports, toll roads, hospitals, and oil platforms, which are worth USD 29 million. Some of the projects awarded to IDEAL include the construction of Nezahualcoyotl, a landfill that has been purchased by Slim to build a mall, two schools, a hospital, and a park at the site for the US $150 million.
Other IDEAL contracts include a contract for water treatment plants and an Immobiliary Agreement with Star Médica, the Mexican hospital chain. IDEAL is also betting on one of Mexico City’s poorest locations.
Carlos Slim also plans to buy many toll roads offered by the Mexican government, which took over from private businesses after the currency devaluation in December 1994. Although the deposit takes approximately 12 years for a return, the production of such a poor area shows good business profit over the years as Grupo Elektra, the largest consumer electronics retailer in Mexico, sells 2,000 flat-screen TVs a year in its store in the area, making it the third bestselling market.
IDEAL would also boost rental from a university, a hospital, and a school built around a mall to 178 stores, including Inditex’s Zara fashion chain, and Slim’s Grupo Sanborns, and the Sears Holdings Mexican unit. A park in Nezahualcoyotl is also being created, the first of its kind. There will be 34 football courts, 12 tennis courts, basketball and volleyball courts, baseball courts, and a swimming pool gym.
After having acquired 50.1 percent of its assets in the Cigatam tobacco company in 2007, Slim decreased its assets by selling a significant portion of its stock for US$ 1.1 billion to Philip Morris and also sold his full share in the same year for US US$ 800 million to a title company, Porcelanite. He licensed the name of Saks and opened Saks Fifth Avenue Mexican arm in Santa Fe, Mexico. The estimated value of all Slim corporations was US$ 150 billion in the same year.
Grupo Carso announced on 8 December 2007 that the other 103 CompUSA stores would be either liquidated or sold, putting the combat business to an end, while CompUSA’s IT-tech segment has continued under the Telvista name with US locations in Dallas, Texas, and Danville, Virginia. Telvista has five centers in Mexico (three in Tijuana and one in Mexicali). Telvista has five centers in Mexico. After 28 years, Slim became Chairman of the company Honorary Lifetime.
In 2008, Carlos Slim owned a $27 million share in the struggling New York Times Business, which accounted for 6.4 percent, as the global recession and dropping advertisement sales were especially bad for print “old media” companies across the United States. By 2012, Slim raised its stake to 8 percent. On 20 January 2015, Slim’s participation in the Times increased once more to 16,8 percent of the company’s Class A shares, exercising stock options for the purchase of 15,9 million shares making it the company’s largest shareholder.
The Class A shares of the New York Times Corporation are eligible for public purchasing and have less power over the company than the private shares owned in Class B. According to the company’s annual filings for 2016, Slim held 17.4 percent of the Class A shares of the company and neither of the class B shares of the company.
In Mexico City, Slim designed Plaza Carso, where most of his undertakings share a shared head office.
In December 2013, Since Inbursa sold its interest in the Mexican pharmaceutical company Landsteiner Scientific to the Slim private equity firm. In June 2008, Slim purchased 27.51 shares in the firm, representing 6.6 percent of Sinca’s investment portfolio. Investments in the private equity fund are mostly for transport and telecommunications, with a total market cap of 5,152 billion pesos at the end of 2012.
Carlos Slim has also concentrated on the oil sector. In 2011, Slim started purchasing a 70 % stake in Tabasco Oil Co., Geoprocesados SA, to enter the Colombian oil market as the country seeks to improve the production of crude and natural gas. Due to the country’s open exploration policy and its double production pledge by 2020, Slim began seeking to improve his oil investments in Colombia. As a result of increased protection and a strong government regulatory structure for oil exploration, investors have also been attracted to Colombia.
In 2013, Pemex, the national oil and gas corporation in Mexico, employed the Carso Group’s offshore drilling facility. The agreement would allow the Pemex company to operate the plant on a seven-year contract and pay 415 million US dollars. The plant is owned by Operadora Cicsa, a Carso Group subsidiary.
The Pemex-Carlo Slim partnership dates back to 2006 when NOC hired CICSA to drill and complete over 60 wells for the southern region, including the expansion of the Veracruz petrochemical plant and its properties – including the Cinco Presidents, Macuspana-Muspac, Samaria-Luna, and Bellota-Jujo properties.
A variety of petroleum well production contracts have been awarded to Carlo Slim infrastructure and construction subsidiary, including Chicontepec AL, as well as tenders for the building of pipelines and marine platforms in Pemex. Slim has begun taking advantage of business and investment opportunities in Mexico’s oil and gas sector with the 2008 reform of the Pemex Act, the development of integrated service contracts, and the potential for future energy reform.
CICSA’s Swepomex pipe development division into a marine platform supplier. CICSA, along with minority interests in Allis Chalmers Energy, has also purchased the majority of shares in the Oklahoma contractor Bronco Drilling. Slim tracks Bronco’s 15% stake, with warrants that could increase the stake to 20%.
In Allis-Chalmers, he also has a 2.9% interest. 15% of the main gas operator of the country, Gas Natural Mexico now belongs to Since Inbursa, a Slim-controlled private equity company. Also, Slim Helú has held an essential presence in Spain’s oil firm Repsol and its Argentine affiliate YPF, Argentina’s largest petroleum firm with an 8.4% stake.
On April 23, 2014, Carlos Slim became the first successful business acquisition for Slim in Europe under a 10-year agreement with Telekom Austria, Austria’s leading telecommunications company which has telcos in Bulgaria, Croatia, and Belarus. In a union holding arrangement, 28% of the Austrian holding company OIAG was combined with 27% control of Lean.
America Movil is going to spend up to $ 2 trillion on the acquisition of minority shareholders in a compulsory public offer and invest up to $ 1 trillion into the business, which it sees as a forum for the expansion into central and eastern Europe. Labor officials boycotted the 12-hour meeting of OIAG’s Supervisory Board protesting the lack of clear work guarantees.
In July 2014 Carlo Slim invested with former Republican Vice-President Dick Cheney in WellAware, a Texas-based oil, and natural gas software developer. Activant Capital Group and Slim provided external support with the involvement of strategic investors and WellAware board members Ed Whitacre.
As Mexico finally prepares for the first time in 75 years to open its oil and gas industries to domestic and international private capital, it is widely speculated that Slim will play a key role in contributing to Mexico’s new energy environment. Slim’s investment in WellAware, whose software helps petroleum and oil companies to remotely track wells and pipelines and collects predictive data, adds to a range of oil-related investments he has made in Mexico, Latin America, and the United States in recent years.
In January 2015, Grupo Carso released Claro Musica, an online music service similar to iTunes and Spotify in Latin America. Slim and his son increased their presence in the music industry in Mexico, particularly since 2013 in retail music.
Sanborn’s Mexican retail store, owned by Slim, contains a wide selection of music and 170 locations in Mexico, as well as the majority stakeholders in Mixup, Mexica’s most profitable retail music store, which consists of a Mexican chain of 117 shops, as well as an online shop via a collaboration with Apple. Mixup also generated revenues in 2014 over US$ 320 million.
In March 2015, Carlo Slim started to look at Spain by buying Spanish property at lower prices in the afflicted Spanish economy. Slim has also bought interests in different distressed Spanish firms when looking at various European investments.
Carlos Slim’s investment firm Inmobiliaria Carso has announced that it will acquire a shareholding in the Spanish banking group Bankia, which is combined with Carlos Slim’s other acquisition of Realia, a Spain’s real estate company, with the second-largest shareholder holding a 25% shareholding, behind Fomento de Construcciones y Contratas, a construction company in which Slim also has a minority shareholder.
Carlos Slim set up his own oil business, Carso Oil & Gas, on 15 April 2015. The company was formed after the shareholders of the subsidiaries of Carlos Slim, Grupo Carso, voted to combine Carso Infraestructura, Construccion y Perforation, and Condumex Perforaciones into Carso Oil and Gas. In February 2015 the company was founded.
A study published by the new company mentioned its assets for 3.5 billion pesos (about 230 million US dollars) on 17.7 million shares. Following the company establishment, Carlos Slim remained sanguine about the company and the increasing energy market in Mexico in which the state monopoly ceased to exist once controlled by the state-owned oil company Pemex and the market was opened up to private investors.
The Control Entrepreneurial de Capitales investment group of Carlos Slim invested in IMatchative, a technology startup that rates hedge funds in the world and produces in-depth computational and market analyses. The company produces proprietary profiles of actions of the top managers of hedge funds, using everything from divorce records to political contributions in their profiles and fund reviews. Limited partners pay USD 30,000 per subscription and the managers of hedge funds pay half the expense and also sign up for a free edition of the items the company sells.
One of Carlos Slim’s companies revealed Philosophy Jr on 8 September 2015. Studio, a young woman’s fashion line, will grow into an independent store chain competing with elite fashion retailers around the world. Although the style and the number of annual collections of the new fashion line were not released, Philosophy Jr.
The studio is supposed to contend with countless prominent multinationals like H&M, Forever 21, Zara, and C&A. The fashion line will be sold at two shopping centers in Mexico City at individual brick and mortar boutiques. With a seed investment of $20 million, Carlos Slim plans to have 100 standalone stores by 2017. The brand was created in 2011 and sold at Sears Mexico, a unit of Grupo Sanborns, the Carlos Slim-owned restaurant, retail, and pharmacy network.
From 1967 until she died in 1999, Carlos Slim was married to Soumaya Domit. Various philanthropic projects, including the creation of a legal framework for organ donation, were in her interests. Slim has six kids: Carlos, Marco Antonio, Patrick, Vanessa, Soumaya, and Johanna. Slim’s fortune gave rise to an empire of the family business and he often acquired shares for himself and his children.
His three older children serve in key positions in Carlos Slim-controlled companies, where the majority are involved in the daily running of the business empire in Slim. In 1999 Slim underwent cardiac surgery. Slim’s favorite tonics at high school were history, cosmography, and math. Slim and his wife had a very happy marriage, and he said he would not remarry.
Slim doesn’t maintain a computer in his office and instead prefers to keep all his financial data in manual notebooks. Because of the enormous size of his business empire, Slim often jokes that he can not track all the companies that he manages. Carlos Slim is a Maronite Catholic and is one of the prominent supporters of the Roman Catholic Institute of Religion of Christ.
Carlos Slim’s rising wealth was the subject of controversy as the average per capita income in a developing world does not exceed US$ 14,500 a year and almost 17 percent of the population lives in poverty. Critics maintain that Slim is a monopolist and point to 90% of the Mexican fixed-line telecommunications market being dominated by Telmex. Slim’s wealth correlates to approximately 5% of Mexico’s annual economic results.
According to the Organization for Economic Co-operation and Development, Telmex, which owns 49.1% of Slim and its relatives, charges among the highest consumption rates in the world. The average Mexican spends 1.50 pesos a day on Slim products and services for approximately 140 million dollars a day and the new government anti-monopoly watchdog Federal Telecommunications Institute in April 2014 said that Slim’s telecoms companies are monopolies. In Mexico alone, Slim’s business presence is so large that it is appropriate for many Mexicans to name the country Slimlandia because it is almost impossible to stay a day in Mexico without contributing to Slim’s wealth.
Carlos Slim’s dominance of Mexico’s conglomerates prevents smaller businesses from increasing, resulting in a shortage of paid jobs, forcing many Mexicans to look for a better life in the US, according to Celso Garrido, an economist at the Universidad Nacional Autónoma in Mexico.
In reaction to the criticism, Carlos Slim said “If you live for the thoughts of other people, you are dead. I don’t want to live worrying about how [the people of Mexico] are reminded of me,” claiming indifference to his place at Forbes ‘ list of the richest people in the world. He said he’s not interested in being the richest person in the world. In a press conference immediately after the publication of Forbes’ annual rankings, he was asked to justify his sudden wealth growth and to note that his fortune could rapidly decline.
In 2013 Henk Kamp, the Minister of the Dutch Economic Affairs criticized Slim for seeking to extend his TV empire outside the Americas through the buy-out bid made by América Móvil to KPN, a Netherlands-based fixed and mobile telecommunications enterprise privatized in the 1990s, by saying that “a foreign company’s acquisition of KPN might have implications for national security in the Netherworld.”
Two years after Carlos Slim’s inability to take ownership of the company primarily as a result of political interference and Slim’s lack of interest in buying a company, Slim’s America Movil SAB started offering 2,25 billion euros in bonds which could be turned into shares of Royal KPN NV. After talks broke down and the KPN preference sharing fund thwarted the pickup attempt, Slim was steadily declining its holdings after he was forced to withdraw a 7.2-million-euro offer for a Dutch line carrier in 2013.
Dhirubhai Ambani Networth
Dhirubhai Ambani (born December 28, 1932, Chorwad, Gujarat, British India — died July 6, 2002, Mumbai, India), Indian manufacturer who was the founder of Reliance Industries, a huge conglomerate of petrochemicals, communication, fuel, and textiles that was the largest exporter in India, and the first private Indian company to be found in Fortune 500, Dhirubhai Ambani (born December 28, 1932).
Dhirubhai Ambani was the third of five children born to a schoolteacher and his wife in the village. He emigrated with his brother to the British colony of Aden at the age of 17.
He began his career as an A employee. Besse & Co. was the largest transcontinental trading company east of Suez in the 1950s. He learned the trade, accounting, and other business skills there.
Ambani came back to India in 1958 and settled in Bombay ( now Mumbai).
Early life of Dhirubhai Ambani
Dhirubhai Ambani was an Indian business tycoon who founded the Reliance Industries, popularly known as Dhirubhai Ambani (28 December 1932-6 July 2002). In 1977 Ambani publically took Reliance and after his death, it was worth $25.6 billion. In 2016, he was posthumously honored with the second-highest civilian award in India, Padma Vibhushan, for his contributions to trade and industry.
Dhirubhai Ambani was one of Hirachand Gordhanbhai Ambani’s children, a village teacher of Modh Baniya and Jamnaben Ambani, and was born on 28 December 1932 in Chorwad, Junagadh district, Gujarat. He studied at Kanji Bahadur College. In his youth, he joined the Nawab demonstrations against Junagarh and organized various actions against Nawab’s attempts to join Pakistan after independence.
In 1948, he left for A for the Port of Aden. Together with his brother Ramnikbhai, Besse, and Co. Later he came to the business to sell shell and Burma oil goods. The tale is well known how once he made a great deal of money by casting the silver bullion and selling it as sheer silver, because he knew that the worth of pure silver was much greater than the bullion, thus being a precursor to his financial sorcery and acumen.
His friends described him as an affable and optimistic individual who was happy and had a “dark side” because of his intense ambition and risks. Mukesh was born to him in 1957 in Aden, his first son. Two years later, Anil, another son, was born in 1959.
In 1958, he left Aden to try his own textile company in India.
The founding of Reliance Industries
Dhirubhai Ambani returned to India and began “Majin,” in collaboration with his second cousin Chambaklal Damani, who lived in Yemen with him. Majin was expected to import polyester yarn and exportation to Yemen of spices.
The first office of the Reliance Commercial Company was built in Masjid Bunder on Narsinatha Street. There was a space of 350 sq ft (33 m2) with a telephone, a table, and three seats. In the beginning, they had two assistants to support them.
At his small office, he started to build a team that would remain with Reliance for years, including Rasikbhai Messwani, Ramnikbhai, Nathubhai, and two former schoolmates named Rathibhai Mucchala and Narottambhai Joshi. They generally worked on Pydhonie ‘s streets.
During this time Dhirubhai Ambani and his family stayed at Jai Hind Estate in Bhuleshwar, Mumbai, in a two-bedroom apartment. Champaklal Damani and Dhirubhai Ambani finished their relationship in 1965, and Ambani began alone. It is thought that both temperaments varied and how companies are carried out differently. While Damani was a conservative trader who did not believe in the building of inventories of yarn, Ambani was known to take chances and believed that he was creating inventories to increase profit. In 1966, he founded Reliance Commercial Company, later on, 08 May 1973, Reliance Industries.
During this time, he launched the brand ‘Vimal,’ which sold polyesters for saris, shawls, suits, and clothes.
Ambani’s control over stock exchange
Extensive brand promotion in India made it a household name. Frankfurt retail outlets were opened and the textiles brand “Just Vimal” was sold. In 1975, a technical team of the World Bank visited the manufacturing unit ‘Reliance Textiles.’
In 1988, Reliance Industries faced a question of rights with partially convertible debentures. It was rumored that the company made every attempt to keep its stock prices from falling by an inch. Sensing the chance, The Bear Cartel, a group of Calcutta stockbrokers, has started to sell Reliance’s shares. To counter this, an inventory group called “Friends of Reliance” began purchasing short-sold shares of Reliance Industries on the Bombay Stock Exchange.
The Bear Cartel was persuaded that the Bulls were low on cash and would be able to settle the transactions under the Bombay stock exchange trading scheme ‘Badla.’ The bulls continued to buy and the price per share was held to 152 dollars until the day of the settlement. The bear cartel was struck on the day of settlement when the bulls demanded that shares be physically shipped.
To complete the deal, Dhirubhai Ambani offered a lot of money to the stockbrokers who bought shares of Reliance. In the case of a non-settlement, the Bulls sought a penalty amount of €35 per share or a penalty amount of €35. As a result, demand improved and Reliance shares were up 180 minutes higher than that. The settlement provoked a major uproar on the market.
The Bombay Stock Exchange closed for three working days to find a solution to this problem. The Bombay Stock Exchange (BSE) authorities intervened and took the ‘Unbadla’ price down to Title 2 with the condition that the Bear Cartel had to deliver the shares within the following days. The Bear Cartel purchased market shares of Reliance at higher prices and discovered that Dhirubhai Ambani himself given the shares to the Bear Cartel and made healthy benefits from the Bear Cartel adventure.
After this incident, his critics and the press asked several questions. Not many people were able to grasp how a yarn trader could reach so much cash flow in a recession-era until a few years ago. This was addressed by the then Minister of Finance, Pranab Mukherjee, in the Parliament. He told the house that during 1982–83 an Indian Non-Resident had invested €220 million in Reliance.
Many companies like Crocodile, Lota, and Fiasco have been interested in these investments. These companies were registered mainly in the Isle of Man. All the developers or owners of these firms had a common nickname, Shah. The Reserve Bank of India investigated the incident without finding any activities or transactions of ethical or illegal nature by Reliance or its advocates.
After a big stroke, Ambani was admitted to Breach Candy Hospital in Mumbai on 24 June 2002. It was his second stroke, the first in February 1986 and his right hand paralyzed. He spent more than a week in a coma, and multiple physicians were consulted. He passed away on 6 July 2002.
It has lost iconic proof of what an ordinary Indian can do in his own life, shot by a corporate spirit and motivated by determination.
— Atal Bihari Vajpayee, India’s former Premier
This new star rose three decades ago from the horizon of the Indian industry and remained up to the very end because of its ability to dream big and to realize it through its perseverance and perseverance. I join in paying my tribute to the memory of Ambani to the people of Maharashtra and express my deepest condolences to the deaf family.
— P C Alexander, Maharashtra’s former governor.
In 1988, Hamish McDonald’s unauthorized biography of Dhirubhai Ambani with the title The Polyester Prince described all of his political and commercial achievements. The book was not released in India because Ambanis faced lawsuits; a revised edition was sold under the title Ambani and Sons in 2010, and no action has been taken against the publisher until now.
A Hindi film was released on 12 January 2007, which was loosely inspired by the life of Dhirubhai Ambani. Guru, led by filmmaker Mani Ratnam, Rajiv Menon film, and A.R.Rahman music, shows a man’s struggle to make his mark in the Indian business world through the fictional Shakti Industries Community.
Awards and recognition
1996, 1998, and 2000 – Asiaweek magazine published 50 of Asia’s most influential people.
15 June 1998 – The Wharton School of Pennsylvania “Dean’s Medal” is an excellent example of leadership. The first Indian to earn the Dean’s Medal was Dhirubhai Ambani.
8 November 2000, Mumbai — Chemtech Foundation and Chemical Engineering World’s Man of the Century Award in appreciation of his excellent contribution to the development and development of India’s chemical industry.August 10, 2001, Mumbai – Corporate Excellence Economic Times Awards for Lifetime Achievement Award.
The Federation of Indian Chambers of Commerce and Industry (FICCI) has called Dhirubhai Ambani as “Guy of the 20th Century.”
On 28 December 2002, India issued a postal stamp featuring Dhirubhai Ambani.
October 2011 – ABLF Global Asian Award at the Asian Business Leadership Forum Awards was announced posthumously.
January 2016-The Padma Vibhushan, the second-highest civil award in the world, was awarded posthumously.
Anil Ambani Networth
Anil Ambani, Mukesh Ambani’s younger brother, runs his separate empire with involvement in banking, defense, infrastructure, and media.
He has numerous joint projects with the Israeli Rafael Advanced Defense Systems and the Dassault Aviation of France.
The much-anticipated sale of Reliance Communication’s debt-laden wireless assets to Reliance Jio, his brother, at an estimated $3 billion was unraveled.
In February, India’s Supreme Court ruled that Ambani would face imprisonment if Reliance Contact refused to repay the Swedish corporation Ericsson for 77 million dollars. Reliance Contact said the order would be complied with.
His son Anmol works at Reliance Capital and is a member of the board of the firm.
Anil Ambani is an Indian businessman born on 4 June 1959. He is President of the Reliance Group (also known as the Reliance ADA Group), which was founded by Reliance Industries Limited in July 2006. It manages a range of firms, including Reliance Resources, Reliance Infrastructure, Reliance Power, and Reliance Communications.
At the UK Court in February 2020, Ambani, once the sixth wealthiest individual in the world, declared his net worth zero and bankrupt, notwithstanding the issue of the veracity of that assertion. He served as an Independent MP in the Rajya Sabha, Uttar Pradesh’s upper house of the parliament of India between 2004 and 2006.
Anil Ambani is the younger son of Dhirubhai Ambani, founder of Reliance Industries, and his wife Kokilaben. Ambani said that his father would take the brothers on ‘incentive walks’ where a box of mangoes would be rewarded for a 10-km walk but also disciplined for behaving before the guests. He obtained a Bachelor of Science from Kishinchand Chellaram College and a Master of Business Administration from Wharton School in Pennsylvania in 1983.
Anil Ambani’s father Ambani died in 2002 without a clear succession plan. After a bunch between Anil and Mukesh, their mother Kokilaben mediated between the two brothers and divided their family-owned businesses.
Anil Ambani has earned parts of the Reliance Group with telecommunications, entertainment, industrial, power, and infrastructure interests. Also, Ambani is credited with India’s largest IPO, Reliance Power, which has been subscribed to the fastest in Indian capital markets history in less than 60 seconds in 2008.
In 2005 Anil Ambani made his debut in the entertainment industry with the acquisition of a major stake in the video, video, exhibition, and digital video industry Adlabs Films. In 2009, the business was renamed Reliance MediaWorks. In 2008 Ambani was put on a global stage by a joint venture worth $1.2 billion with the production company DreamWorks of Steven Spielberg. He has contributed to many Spielberg films, including the Lincoln Academy Award.
In the last 100 years, Anil Ambani has gained fame as one of the fastest destroyers of shareholders ‘ wealth with the combined company market cap decreasing by 90% from the founding of the ADA company.
At the beginning of 2019, the court in Mumbai condemned Ambani in criminal contempt for non-payment of personal debt guaranteed. Instead of time in prison, the court gave him the funds for a month. At the end of the month, his older brother, Mukesh Ambani, rescued Anil Ambani.
In April 2019, after a secured NCD default, three ADAG companies reached a standstill agreement with Franklin Templeton. This resulted in SEBI modifying the regulation of mutual funds by reducing the exposure of unlisted NCD to 10 percent and making standstill agreements void. Subsequently, FT India did not sell the committed securities and wound 6 debt funds, which affected 3,00,000 investors.
Anil Ambani was caught up in a legal dispute with three Chinese banks in February 2020. He was ordered to set aside $100 million by a court which led him to declare that, according to his liabilities, his net worth is currently null. The dispute continues with the UK court ordering him to pay $716 million to the 3 Chinese banks.
Anil Ambani a Gujarati. He’s married to Tina Munim, the Indian actress, with two sons: Jai Anmol Ambani and Jai Anshul Ambani. Ambani is Mukesh Ambani’s younger brother and has two daughters, Nina Bhadrashyam Kothari and Dipti Dattaraj Salgaocar.
Awards and recognition
The ‘Businessman of the Year 1997’ award was presented by Business India, India’s leading business journal, December 1998.
Voted ‘the entrepreneur of the year’ in a Times of India poll – TNS, December 2006.
Having voted as the ‘Best Model’ among business leaders in India Today’s August 2006 biannual Mood of the Nation survey.
‘CEO of the Year 2004’ was presented at the Platts Global Energy Awards.
Conferred the Bombay Management Association ‘Entrepreneur of the Decade Award,’ October 2002.
In recognition of his contribution to establishing Reliance as a global leader in many of its business areas, he awarded the First Wharton Indian Alumni Award by the Wharton India Economic Forum (WIEF).
As chosen by Asiaweek magazine for its list of ‘Millennium Pioneers in Business and Finance’ and launched in June 1999 as the only ‘new hero’ in India’s Business and Finance.
In 2018, India’s largest opposition party, Indian National Congress, accused Prime Minister Narendra Modi, in an INR 58000 fighter aircraft contract, of preferring Anil Ambani ‘s defence manufacturer over HAL, the public-sector company. Ambani, many of whom are debt-ridden businesses, has refuted all accusations of capitalism. Reliance Defense was actually just over 3% of the Rs 30 000-crore contract for Dassault Aviation offsets, contrary to the perception that it was the main beneficiary of the Rafale jet deal.
In a probably related scandal, one of his companies partially funded a French movie in which Francois Hollande ‘s former French President had acting at around the same time as the aircraft agreement was being negotiated.