Reliance Industries recently became the first Indian company to reach Rs 20 lakh crore in market capitalization. Mukesh Ambani, Chairman and Managing Director of Reliance, is credited with the mammoth growth and expansion of the conglomerate. However, the richest person in India isn’t a one-man army and has many close aides. While you might know of Mukesh Ambani’s right hand Manoj Modi, do you know who the business tycoon’s best friend is?
Meet Mukesh Ambani’s best friend
Mukesh Ambani’s best friend is Anand Jain, Chairman of Jai Corp Limited. According to Forbes, Anand is a one-time billionaire, who was the 11th richest Indian in 2007. At the time, his net worth was a staggering $4 billion (approximately Rs 33,154 crore), owing to Jai Corp’s impressive market value of $45 billion (approximately Rs 3.7 lakh crore). In 2012, according to Forbes, Anand’s net worth stood at $525 million (approximately Rs 4,351 crore).
Jai Corp, which was incorporated in 1985, is into manufacturing steel, plastic processing, and spinning yarn. According to Money Control, the company’s total revenue stood at Rs 600.7 crore, as of March 2023, while its net sales were Rs 106.89 crore in December 2023. Jai Corp’s portfolio also includes developing SEZs, infrastructure, venture capital and real estate. Two funds from the company have invested in 33 real estate projects in 14 cities in India.
Anand Jain has 25 years of experience in real estate, finance, and capital markets. It’s owing to this expertise that Jain has been an integral part of Reliance Industries. He is a strategic advisor to Reliance Industries and Mukesh Ambani, particularly when it comes to real estate transactions. The businessman has played a key role as Director in some of Reliance’s largest capital market transactions. Furthermore, Anand Jain served on the board of trustees of Mumbai Port Trust twice, and Jawaharlal Nehru Port once. He is also the Director of Rewas Port Limited.
Mukesh Ambani and Anand Jain’s friendship dates back to their childhood days. The two attended the same private school, Hill Grange High School in Pedder Road, Mumbai. After Ambani returned from Stanford University in 1981, Jain left his businesses in Delhi to join Reliance Industries, having worked closely with Reliance founder Dhirubhai Ambani as well, according to DNA India. Reportedly, he doesn’t take a salary from the conglomerate. The real estate mogul emerged as a key figure when it came to running the day-to-day operations of Reliance, with special emphasis on its telecom subsidiary Reliance Infocomm.
According to Jai Corp’s website, in 2006, Anand Jain also assisted in raising over Rs 2,434 crore from over 750 retail and institutional investors for Urban Infrastructure Opportunities Fund (UIOF), India’s largest Real Estate private equity fund.
Anand Jain’s family life & his connection to Dream11
Anand Jain is a graduate of Mumbai University and is also a London Business School alum. He’s studied Risk Management. He currently resides in Mumbai with his wife Sushma Jain, who is a homemaker. The couple has two children, a daughter Neha Jain, and a son Harsh Jain.
Harsh Jain, along with Bhavit Sheth, is the co-founder of Dream11, the Indian fantasy sports platform. Dream11’s revenue as of FY23 stood at Rs 6,384 crore. In October 2023, Harsh revealed on Twitter that Dream11 had reached a milestone of 200 million users, who get to play cricket, football, and baseball, amongst other sports. Founded in 2008, Dream11 became the first Indian fantasy sports company to become a unicorn in April 2019.
