Anil Ambani, once among the world’s wealthiest businessmen, has faced severe challenges over the past decade. From holding a staggering net worth of $42 billion in 2008 to declaring bankruptcy in a UK court in 2020, the journey of the younger Ambani sibling has been anything but smooth. Despite a dramatic fall triggered by mounting debts and courtroom battles, Anil has shown grit, drawing inspiration from his passion for running marathons—over 50 completed in 15 years. Now at 65, he is attempting a business turnaround with renewed focus and the support of his sons, Jai Anmol and Jai Anshul Ambani, who bring fresh energy to Reliance Group’s strategic reboot in green energy and defense.

Weathering the Storm: From Billionaire to Rock Bottom

Following the 2005 division of the Reliance empire, Anil took charge of sectors such as telecom, financial services, infrastructure, and power. The initial success was swift and lauded—he received the "Businessman of the Year" title and oversaw a record-breaking IPO for Reliance Power in 2008. However, things turned rapidly. Reliance Communications filed for insolvency in 2019, followed by Reliance Capital in 2021, which had defaulted on massive bond repayments. By 2020, his net worth had plummeted to zero. Legal troubles followed, including a temporary securities market ban by SEBI in 2024 and a near jail sentence in 2019 over unpaid dues, a crisis averted by brother Mukesh Ambani stepping in.

Despite these setbacks, Anil remained committed and resilient. Known for his disciplined lifestyle—he is a vegetarian and a non-drinker—he channeled that same discipline into rebuilding his business. He now emphasizes sectors vital to India’s long-term growth, namely renewable energy and defense.

Next Generation Leadership: Jai Anmol and Jai Anshul Take Charge

Anil’s comeback is bolstered by his sons, who have taken on leadership roles within the Reliance Group. Jai Anmol, who began his career at 18 with Reliance Mutual Fund, became Executive Director of Reliance Capital by 2017. Though Reliance Capital ultimately entered insolvency, Jai Anmol's tenure saw key deals like Nippon's increased stake in Reliance Nippon Life Asset Management. His younger brother, Jai Anshul, a graduate of NYU Stern, is focused on insurance and asset management divisions. Their steady presence has helped rebuild confidence in the group.

Observers see the brothers as vital players in reviving the conglomerate. Their efforts to streamline operations and attract fresh investments have allowed Anil to concentrate on expanding profitable verticals.

Reviving the Reliance Engines: Infrastructure and Power

Two arms of Anil’s business—Reliance Infrastructure and Reliance Power—have staged a notable turnaround.

Reliance Power, once drowning in liabilities, is now a ₹23,000 crore firm. It reported a consolidated profit of ₹126 crore in the final quarter of FY25, reversing a steep loss from the previous year. Earlier, in the second quarter, profits soared to ₹2,878 crore. The company has aggressively reduced debt, including a ₹1,284 crore repayment by subsidiary Sasan Power. Now with a net worth exceeding ₹15,000 crore, Reliance Power is India’s top player in solar and battery storage, with ambitious SECI and Bhutan projects underway.

Reliance Infrastructure has followed a similar path. Its stock surged 60% in September 2024, raising its market cap to ₹12,500 crore. By November, standalone debt had dropped dramatically from ₹3,831 crore to ₹475 crore. With a net worth of ₹9,041 crore and further investments on the horizon, the company is eyeing continued growth across urban transport, power distribution, and defense. Strategic defense deals include partnerships with Rheinmetall AG and earlier alliances with Dassault and Thales, operating under the Dhirubhai Ambani Defence City banner in Maharashtra.

Strategic Funding and Future Prospects

Anil Ambani raised ₹17,600 crore in 2024 to revamp and fund his companies' expansion plans. The funds were secured through equity placements, FCCBs, and QIPs across Reliance Power and Reliance Infra. This massive fundraise has enabled both companies to eliminate debt and focus on high-growth sectors like renewable energy and defense—core components of India’s 2047 vision for development.

Battling Criticism and Rivals

Anil’s resurgence hasn’t been without detractors. Past controversies, such as allegations linked to the Rafale fighter jet deal, have painted him as a crony capitalist. These narratives were partly fueled by his longstanding support for Prime Minister Modi, dating back to 2002 when Anil praised Modi’s governance in Gujarat. Consequently, political and corporate rivals alike have sought to cast shadows on his reputation.

Meanwhile, business heavyweights like Mukesh Ambani and Gautam Adani continue to dominate industry headlines. Yet, Anil is quietly building his niche in strategic industries. Projects in Bhutan and defense production partnerships show his intent to compete at the highest levels. His ambition to make Reliance Defence one of the nation’s top three defense exporters is emblematic of this drive.

Conclusion: Staying in the Race

Anil Ambani’s story is far from a fairy tale. The collapse of key companies and a slew of legal issues have left scars. Many Reliance Group entities still face unresolved debt, and regulatory challenges persist. Yet, the pivot to debt-free growth and renewed emphasis on high-potential sectors reflect a significant shift in strategy.

With his sons leading operations and investor sentiment slowly turning, Anil Ambani is reimagining his legacy. The comeback may still be in progress, but one thing is certain: Anil Ambani has no intention of quitting the race.