They have made it to the list for the first time, for their contribution towards turning Reliance Industries’ consumer business- focusing on their telecom and retail sector. Fortune magazine in an article said:
They say data is the new oil–and when it comes to Reliance Industries, India’s largest company, that’s literally the case. The 47-year-old conglomerate amassed a fortune in petrochemicals before dominating India’s mobile connectivity market with Jio, a low-cost wireless carrier it debuted in 2016. Akash and Isha Ambani are the twin children of Reliance’s chairman and managing director, Mukesh Ambani, who happen, not coincidentally, to be India and Asia’s richest man.
– Fortune Magazine
Fortune magazine further added that after Isha and Akash joined the Jio board as directors, the valuation of the business rose to USD 65 billion. As Jio board members, they also helped the company seal the deal with Facebook for a 9.99% stake.
But, that’s not all. Tech giants like Google, Qualcomm, and Intel also invested in the company which in turn, boosted the companies private valuation to an eye popping USD 65 billion.
The magazine stated that, both, Akash and Isha helped in launching Jio Mart that aims to challenge Amazon and Walmart’s Flipkart for command of India’s massive and fast-growing online shopping market.
With their debut on Fortune’s “40 Under 40” list the Ambani siblings have made a big footprint. Now, Isha, Akash and Anant (who recently joined the board of directors) are training hard to take on their father’s empire.
Currently, Mukesh Ambani is the 8th richest person in the world and the only Indian in the top 10.
For the uninitiated, the 2020 Fortune 40 Under 40 list highlights 40 influential people each in five categories of finance, technology, healthcare, government and politics, and media and entertainment from around the world.