Tuesday, April 19, 2011

Mukesh Ambani becomes first non-American to come on board of Bank Of America

Mumbai(India): Mukesh Ambani, chairman of India' most valuable oil company Reliance Industries(RIL) and highly recognized businessman comes on the board of Bank of America - one of the oldest and largest financial institutions alive in US. Surprising it may sound, why an Oil company tycoon is been invited on board of one of the world's largest banking and financial institution, but that's the truth. Mukesh brings a lot on board. Mukesh Ambani is a multi-billionaire who is listed on Forbes billionaire list in top 10. Reliance Industries run the world's largest oil refinery at Jamnagar, Gujrat and has a total market capitalization of more than $70 billion! Reliance Industries has revenues more than $40 billion - more than what Facebook and Google have combined together (Google has about $24 billion and Facebook around $2 billion at the max.). Reliance Industries and various companies under the 'Reliance' belt Mukesh and his brother-cum-business rival Anil Ambani own have tremendous influence on various sectors of the Indian business market including oil, retail, electronics and telecommunication, finance and mutual fund industry etc. India is a thriving market and Mukesh Ambani understands India and Indian market at granular level, I'm sure Bank of America has some serious business plans in India.

2 comments:

vivek said...

The article introduces the topic very well and in a layman language about the stock markets. Would like to know more about this in your next series.

Mohit Singh said...

In fact, he is a leading business tycoons of India. Thanks for sharing this latest update...news India