Mumbai Indians Franchise

Reliance Industries Limited through its subsidiary Reliance Retail Ltd purchased the rights for the Mumbai franchise of Indian Premier league for a total of $111.9 million during the auction on January 24, 2008.

The RIL bid has made the Mumbai Indians the most expensive franchise in IPL

Background

RELIANCE is India’s largest private sector company with a turnover of US $28 billion and profit of US $2.033 billion for the fiscal year ending in March 2006 making it one of India’s private sector Fortune 500 companies. [1] It was founded by the late Dhirubhai Ambani in 1966. After severe differences between the founder’s two sons, Mukesh and Anil Ambani, the group was divided between them in 2006.

Mukesh Ambani (born in Yemen) is an Indian businessman and a billionaire. He is the chairman, managing director and the largest shareholder of Reliance Industries, India’s largest private sector enterprise and a Fortune 500 company. His personal stake in Reliance Industries is 48%.His wealth is valued at US$43 billion (according to Forbes), making him the second richest Indian behind steel tycoon Lakshmi Mittal.

Mukesh and younger brother Anil are sons of the late founder of Reliance Industries, Dhirubhai Ambani.