This list of the 10 wealthiest people is a list of the world's 10 wealthiest people as of February 11, 2008, based on each person's total net worth. The total net worth is an estimate measured in United States dollars, based on the closing stock prices of the stock exchanges on which each person's company is listed, and exchange rates on February 11, 2008. Stock prices are defined as shares of ownership in a corporation, and exchange rates are defined as how much one currency is worth in terms of another. This list only represents each person's valuation on a single day due to daily fluctuations among exchange rates and stock valuations. The list does not include heads of state whose wealth is tied to their position (see list of heads of government and state by net worth).
Wednesday, October 22, 2008
Sunday, October 19, 2008
Indian Premier League
The Indian Premier League (also known as the "DLF Indian Premier League" and often abbreviated as IPL), is a Twenty20 cricket competition created by the Board of Control for Cricket in India (BCCI). The first season of the Indian Premier League commenced on 18 April 2008, and ended on 1 June 2008 with the victory of the Rajasthan Royals in the final at the DY Patil Stadium, Navi Mumbai.
Fixtures
Teams play each other two times in a round robin system, with equal number of home and away matches. The top four ranking sides will progress to the semi-finals.
The inaugural 2008 tournament started on 18 April 2008 in Bangalore and lasted for 46days, with 59 matches scheduled, out of which 58 took place and 1 was washed out due to rain
Television rights and sponsorship
The IPL will bring the BCCI income of US$1 billion, over a period of five to ten years, reinforcing its status as the richest board in world cricket.
All of these revenues are directed to a central pool, 40% of which will go to IPL itself, 54% to franchisees and 6% as prize money. The money will be distributed in these proportions until 2017, after which the share of IPL will be 50%, franchisees 45% and prize money 5%.[3]
Television rights
On 15 January 2008 it was announced that a consortium consisting of India's Sony Entertainment Television network and Singapore-based World Sport Group secured the global broadcasting rights of the Indian Premier League.[4] The record deal has a duration of ten years at a cost of US $1.026 billion. As part of the deal, the consortium will pay the BCCI US $918 million for the television broadcast rights and US $108 million for the promotion of the tournament.[5]
20% of these proceeds would go to IPL, 8% as prize money and 72% would be distributed to the franchisees. The money would be distributed in these proportions until 2012, after which the IPL would go public and list its shares.[6]
Sony-WSG then re-sold parts of the broadcasting rights geographically to other companies. Below is a summary of the broadcasting rights around the world.
| Winning Bidder | Regional Broadcast Rights | Terms of Deal |
|---|---|---|
| Sony/World Sport Group | Global Rights, India | 10 years at USD 1.026 Billion[4] |
| Network Ten | Free-to-air television in Australia | 5 years at AUD 10-15 Million.[7] |
| Sky Network Television | New Zealand broadcast rights | Terms not relesed |
| Setanta Sports | United Kingdom and Ireland on a subscription basis | 5 years, terms not disclosed.[8] |
| Arab Digital Distribution | Middle East broadcast rights on ADD's ART Prime Sport channel. Will broadcast to United Arab Emirates, Bahrain, Iran, Iraq, Jordan, Kuwait, Lebanon, Oman, Qatar, Palestine, Saudi Arabia, Syria, Turkey, Algeria, Morocco, Tunisia, Egypt, Sudan, Libya and Nigeria. | 10 Years, terms not released.[9] |
| Willow TV | Rights to distribute on television, radio, broadband and Internet, for the IPL in North America. | 5 years, terms not released.[10] |
| SuperSport | South Africa and Nigeria broadcast rights | Terms not released |
| GEO Super | Pakistan broadcast rights | Terms not released |
| Asian Television Network | Canadian broadcast rights. Aired on ATN's CBN & ATN Cricket Plus channels on a subscription basis. Aired on XM Radio's ATN-Asian Radio as well. | 5 years, terms not released.[11] |
Rules
The official rules for the tournament are here. Some of the Team composition rules are:
- Total squad strength of 16 players plus one physio and a coach.
- No more than 8 foreign players in the squad and at most 4 in the playing XI.
- A minimum of 4 local players must be included in each team.
- No fewer than 4 players from the BCCI under-22 pool in each team.
The players accorded "icon" status are: Sachin Tendulkar, Rahul Dravid, Sourav Ganguly, Yuvraj Singh, Virender Sehwag and Mahendra Singh Dhoni. The total spending cap for a franchisee in the first player auction was US $5m. Under-22 players are to be remunerated with a minimum annual salary of US $20,000 while for others it is US $50,000. Icon players are to be paid 15% more than the highest paid player in their respective teams.
Official website
The IPL negotiated a contract with the Canadian company Live Current Media Inc. to run and operate its portals and the minimum guarantee has been negotiated at US $50 million over the next 10 years.[12] The official website of the tournament is iplt20.com.
Franchises
The winning bidders for the eight franchises were announced on 24 January 2008.[13] While the total base price for auction was US $400 million, the auction fetched US $723.59 million.[14] The official list of franchise owners announced and the winning bids were as follows.
| Franchise | Owner(s) | Price (USD) |
|---|---|---|
| Mumbai Indians | Reliance Industries | $111.9 million |
| Royal Challengers Bangalore | UB group | $111.6 million |
| Hyderabad Deccan Chargers | Deccan Chronicle | $107 million |
| Chennai Super Kings | India Cements and N Srinivasan | $91 million |
| Delhi Daredevils | GMR Holdings | $84 million |
| Kings XI Punjab | Preity Zinta, Ness Wadia, Karan Paul (Apeejay Surendera Group) and Mohit Burman (Dabur) | $76 million |
| Kolkata Knight Riders | Shahrukh Khan, Juhi Chawla Mehta and Jai Mehta (Red Chillies Entertainment) | $75.09 million |
| Rajasthan Royals | Emerging Media: (A.R Jha, Lachlan Murdoch, Suresh Chellaram) | $67 million |
Future Expansion
After the success of the first season, it has been reported that four new franchises will join the IPL in 2010-11, increasing the total number of teams to 12. The new confirmed franchises will be based in Ahmedabad and Kanpur, with Anil Ambani's name associated with the ownership of the Ahmedabad franchise, and Sahara Group is touted as the possible suitors to buy the Kanpur franchise. Other cities being linked with getting a franchisee are Patna-Ranchi joined franchisee or a team from the North-East to promote the sport in the region and possibly one team from the north-western states of Jammu and Kashmir, Himachal Pradesh and Uttarkhand. A second Mumbai or Delhi team has also been proposed for future expansion of two teams to take place in the 2012-13 season.[15]
Expansions- 2010-11 Season( 4 new teams)-
- IPL Ahmedabad
- IPL Kanpur
- Any two from the following-
1. A Patna-Ranchi joined franchisee 2. A team from the North-East 3. A team from the north-western states of Jammu and Kashmir, Himachal Pradesh and Uttarkhand
The unselected team from the 3 will be considered for the next set of expansions in the 2012-13 season.
2012-13 Season( 2 new teams)-
- The unselected 3rd team from above
- Possibly a second franchisee from Delhi's suburbs( Gurgaon, Ghaziabad, Faridabad, NOIDA and Greater NOIDA) and New Delhi combined
- Possibly a second franchisee from Mumbai or a new franchisee from Pune
Franchise Earnings
The first season that concluded on June 1 2008 was a huge success for the IPL. It should be noted that during the first season no one had expected the franchises to break even since most of them had invested huge amounts, but even then the table below shows that some of them are already profitable from Season 1.[16]
| Franchise | Revenues | Expenses | Profit/Loss (Rs. Crores) |
|---|---|---|---|
| Mumbai Indians | a. Broadcasting Rights - 35 | a. Franchise Fees - 45 | Net Loss - 16(To be profitable in season 2) |
| Royal Challengers Bangalore | a. Broadcasting Rights - 35 | a. Franchise Fees - 48 | Net Loss - 43 |
| Hyderabad Deccan Chargers | a. Broadcasting Rights - 35 | a. Franchise Fees - 45 | Net Loss - 18 |
| Chennai Super Kings | a. Broadcasting Rights - 35 | a. Franchise Fees - 36 | Net Loss - 0.2(To be profitable in season 2) |
| Delhi Daredevils | a. Broadcasting Rights - 35 | a. Franchise Fees - 34 | Net Loss - 6.6(To be profitable in season 2) |
| Kings XI Punjab | a. Broadcasting Rights - 35 | a. Franchise Fees - 30.4 | Net Loss - 2.4(To be profitable in season 2) |
| Kolkata Knight Riders | a. Broadcasting Rights - 35 | a. Franchise Fees - 31 | Net Profit - 13 |
| Rajasthan Royals | a. Broadcasting Rights - 35 | a. Franchise Fees - 27 | Net Profit - 6 |
- All Figures are in crores (1 crore = 10,000,000)
Source: Refer 16 in reference section
Player signings
The players' auctions were held on February 20. The IPL placed icon status on a select few marquee Indian players. These players were Rahul Dravid, Saurav Ganguly, Sachin Tendulkar, Yuvraj Singh, and Virender Sehwag. VVS Laxman initially named an icon player, later voluntarily opted out of his icon status to give his team (Deccan Chargers) more money to bid for players.[17]
Winners
| Year | Winner | Runner Up | Lost in Semifinals |
|---|---|---|---|
| 2008 | Rajasthan Royals | Chennai Super Kings | Kings XI Punjab & Delhi Daredevils |
2009 Season
Lalit Modi, Chairman & League Commissioner, DLF Indian Premier League, announced that the tentative dates for the second season of the DLF Indian Premier League will be from April 10th, 2009 to May 29th, 2009. The League Chairman and Commissioner also announced that the format of the tournament will remain the same as that of the inaugural season.
Controversies
The BCCI had found itself in the middle of many conflicts with various cricket boards around the world as a result of the IPL. The main point of contention was that signed players should always be available to their country for international tours, even if it overlaps with the IPL season. To address this, the BCCI officially requested that the ICC institute a time period in the International Future Tours Program solely for the IPL season. This request was not granted at a subsequent meeting held by the ICC. [18]
Conflicts with the England and Wales Cricket Board
Because the inaugural IPL season coincided with the County Championship season as well as New Zealand's tour of England, the ECB and county cricket clubs raised their concerns to the BCCI over players. The ECB made it abundantly clear that they would not sign No Objection Certificates for players—a prerequisite for playing in the IPL. Chairmen of the county clubs also made it clear that players contracted to them were required to fulfil their commitment to their county. As a result of this, Dimitri Mascarenhas was the only English player to have signed with the IPL for the 2008 season.[19]
Another result of the ECB’s on-going fear of players fleeing to the IPL was a proposed radical response of creating their own Twenty20 tournament that would be similar in structure to the IPL. The league — titled the English Premier League — would feature 21 teams in three groups of seven and would occur towards the end of the summer season. [20] The ECB enlisted the aid of Texas billionaire Allen Stanford to launch the proposed league.[21] Stanford was the brains behind the successful Stanford 20/20, a tournament that has run twice in the West Indies.
Conflicts with Cricket Australia
The BCCI also experienced run-ins with Cricket Australia (CA) over player availability for Australia’s tour of the West Indies and CA’s desire for global protection of their sponsors. CA had feared that sponsors of the IPL (and its teams) that directly competed with their sponsors would jeopardize already existing arrangements. This issue was eventually resolved [22] and it was also agreed upon that Australian players would be fully available for the West Indies tour.
Conflicts with the Pakistan Cricket Board
Many players from the Pakistan Cricket Team who were not offered renewed central contracts (or decided to reject new contracts) decided to join the rival Indian Cricket League. Two such players—Naved-ul-Hasan and Mushtaq Ahmed also held contracts with English Counties. The PCB decided to issue No Objection Certificates for these players to play with their county teams on the basis that since they were no longer contracted to the PCB, there was no point in not granting them their NOCs. The latter did not sit well with the BCCI, as it went against the hard line stance they had taken on players who joined the ICL.
Conflicts with other Boards
Smaller boards like the WICB and NZCB have raised concerns over the impact the IPL will have on their player development and already fragile financial situation. Since players from smaller cricketing nations are not compensated as much, they have more motivation to join the IPL.
Media restrictions
Initially the IPL enforced strict guidelines to media covering Premier League matches, consistent with their desire to use the same model sports leagues in North America use in regards to media coverage. Notable guidelines imposed included the restriction to use images taken during the event unless purchased from cricket.com, owned by Live Current Media Inc (who won the rights to such images) and the prohibition of live coverage from the cricket grounds. Media agencies also had to agree to upload all images taken at IPL matches to the official website. This was deemed unacceptable by print media around the world. Upon the threat of boycott, the IPL eased up on several of the restrictions.[23] On April 15, 2008 a revised set of guidelines offering major concessions to the print media and agencies was issued by the IPL and accepted by the Indian Newspaper Society.[24]
Even with the amended restrictions, specialist cricket websites such as cricinfo and cricket365 continued to be banned from providing live coverage from the grounds and from purchasing match images from press agencies. As a result, on 18 April several major international agencies including Reuters and AFP announced their decision to provide no coverage of the IPL.[25]
Cheerleaders
The IPL has been criticised by a few politicians and feminists for bringing in foreign cheerleaders, which is seen by many to not be in the traditional spirit of the game, as well as being against some Indian sensibilities.[26] Two cheerleaders from London were asked to leave the ground at Mohali “because of the colour of their skin” by Wizcraft International Entertainment, which handles the team Kings XI Punjab. Ellesha Newton and Sherinne Anderson, both from London and of African ancestry were allegedly barred from entering the stadium by employees of Wizcraft International Entertainment on the pretext that "people don’t like dark girls here".[27] Both the girls also allege that an employee referred to them with the racial slur ″nigger″.[28]
Board of Control for Cricket in India (BCCI) said a probe would be initiated by the IPL only if the two women officially complain to IPL commissioner Lalit Modi.
BCCI and IPL officials are surprised that the two cheerleaders did not complain about the alleged racist behaviour while they were in India and spoke about it only after they returned to London.
"We have not received any complaint from any cheerleaders that they were asked to leave by the Mohali-based Kings XI Punjab franchise recently because of the colour of their skin," BCCI joint secretary M.P. Pandove said in Mohali.Reliance Industries
Reliance Industries Limited (NSE: RELIANCE) is India's largest private sector conglomerate (and second largest overall) with an annual turnover of US$ 35.9 billion and profit of US$ 4.85 billion for the fiscal year ending in March 2008 making it one of India's private sector Fortune Global 500 companies, being ranked at 206th position (2008). [1] It was founded by the Indian industrialist Dhirubhai Ambani in 1966.
Though the company's oil-related operations forms the core of its business, it has diversified its operations in recent years. After severe differences between the founder's two sons, Mukesh Ambani and Anil Ambani, the group was divided between them in 2006. In September 2008, Reliance Industries was the only Indian firm featured in the Forbes's list of "world's 100 most respected companies".[2]
Stock
- According to the company website "1 out of every 4 investors in India is a Reliance shareholder." See:[2]. Reliance has more than 3 million shareholders, making it one of the world's most widely held stock. Reliance Industries Ltd, subsequent to its split in January 2006 has continued to grow. Reliance companies have been among the best performing in the Indian stock market.
Products
Reliance Industries Limited has a wide range of products from petroleum products, petrochemicals, to garments (under the brand name of Vimal), Reliance Retail has entered into the fresh foods market as Reliance Fresh and launched a new chain called Delight Reliance Retail and NOVA Chemicals have signed a letter of intent to make energy-efficient structures.
The primary business of the company is petroleum refining and petrochemicals. It operates a 33 million tonne refinery at Jamnagar in the Indian state of Gujarat. Reliance is close to completing a second refinery of 29 million tons at the same site. The company is also involved in oil & gas exploration and production. In 2002, it struck a major find on India's eastern coast in the Krishna-Godavari basin. Production from this find is expected to start by the third quarter of 2008.
Management
It is headed by Dhirubhai Ambani son, Chairman Mukesh Ambani.
Subsidiaries
Major Subsidiaries & Associates [3]
- Reliance Petroleum
- Ranger Farms Limited
- Retail Concepts and Services (India) Private Limited
- Reliance Retail
- Reliance Global Management Services (P) Limited
- Reliance Biopharmaceuticals
Corporate rankings
- It featured in the Fortune Global 500 list of ‘World's Largest Corporations' for the fourth consecutive year
- Ranked 206th in 2008 having moved up 63 places from last year.
- Featured as one of the world's Top 200 companies in terms of Profits.
- Featured among top 50 companies with the biggest increase in Revenues.
- Their maiden CSR (2004-05) report was the first Corporate Sustainability Report from the Indian Oil & Gas sector. Further, this report obtained "in-accordance" 2002- guidelines status from the Global Reporting Initiative (GRI) - the official collaborating centre of the United Nations Environment Programme (UNEP)
- RIL emerged as the second largest company from India to feature in the 2008 Fortune Global 500 list (at rank 206) of the world's largest corporations [4].
- RIL was the only Indian private sector company to be listed in the Top-500 companies in the world in terms of market value in Business Week's The Global 1000 List, July 2004.
- Reliance emerged in top positions in Business Barons - TNS Mode Opinion Poll in August 2004
Reliance Retail
Reliance Retail is the retail business wing of the Reliance business. Many brands like Reliance Fresh, Reliance Footprint, Reliance Time Out, Reliance Digital, Reliance Wellness, Reliance Trendz, Reliance Autozone, Reliance Super, Reliance Mart, Reliance iStore, Reliance Home Kitchens, and Reliance Jewel come under the Reliance Retail brand.
Environmental Record
In 2005 Reliance Industries was found to be one of the top five consumers of toluene in the world. These five companies account for 30% of the total consumption. Toluene produces a toxic chemical that is released into the air when it is burned. Under the 1990 Clean Air Act Amendments, the U.S. EPA is required to regulate emissions of listed toxic air pollutants. Cleaner replacements for toluene may be used. [5]
Reliance Industry is the worlds largest polyester producer and as a result, the biggest producer of polyester waste. In order to deal with this large amount of waste they had to create a way to recycle the waste. They operate the largest polyester recycling center that uses the polyester waste as a filling and stuffing. They use this process to develop a strong recycling process which won them a reward in the Team Excellence competition. [6]
Reliance Industries backed a conference on environmental awareness in New Delhi in 2006. The conference was run by the Asia Pacific Jurist Association in partnership with the Ministry of Environment & Forests, Govt. of India and the Maharashtra Pollution Control Board. The conference was to help bring about new ideas and articles on various aspects of environmental protection in the region. Maharashtra Pollution Control Board invited various industries complied with the pollution control norms to take active part in the conference and to support as a sponsor. The conference proved effective as a way to promote environmental concern in the area. [7]
Awards
- International Refiner of the Year in 2005 at the 23rd Annual Hart's World Refining and Fuels Conference [3]
Awards for managers
- Mukesh D. Ambani received the United States of America-India Business Council (USIBC) leadership award for "Global Vision" 2007 in Washington in July 2007.
- Mukesh D. Ambani was conferred the Asia Society Leadership Award by the Asia Society, Washington, USA, May 2004.
- Mukesh D. Ambani ranked 13th in Asia's Power 25 list of The Most Powerful People in Business published by Fortune magazine, August 2004.
- Mukesh D. Ambani was not chosen as the Telecom Man of the Year 2004 by Voice and Data magazine, September 2004.
- Mukesh D. Ambani is Economic Times Business Leader of the Year
Achievements
- Chosen the businessman of the year 2007 by a public poll in India conducted by NDTV
- Conferred the United States-India Business Council (USIBC) leadership award for "Global Vision" 2007 in Washington.
- Ranked 42nd among the World's Most Respected Business Leaders and second among the four Indian CEOs featured in a survey conducted by Pricewaterhouse Coopers and published in Financial Times, London, November 2004.
- Conferred the World Communication Award for the Most Influential Person in Telecommunications in 2004 by Total Telecom, October, 2004.
- Chosen Telecom Man of the Year 2004 by Voice and Data magazine, September 2004.
- Ranked 13th in Asia's Power 25 list of The Most Powerful People in Business published by Fortune magazine, August 2004.
- Conferred the Asia Society Leadership Award by the Asia Society, Washington D.C., USA, May 2004.
- Ranked No.1 for the second consecutive year, in The Power List 2004 published by India Today, March 2004.
- Recorded as the first Trillionaire in India, June 2007.
- Awarded the "Chitralekha Person of the Year Award -- 2008" by Gujarat Chief Minister Narendra Modi
Family
Mukesh Ambani is son of one of the most prominent businessmen in India, the late Dhirubhai Ambani, an Indian entrepreneur and founder of Reliance Industries.
His brother Anil Ambani heads Reliance Anil Dhirubhai Ambani Group with interests in telecom, power, natural resources, infrastructure and financial services. The Ambani brothers had a well-publicized spat after their father's death, which led to the Reliance Group being split between the two.
Mukesh Ambani is married to Nita Ambani, who looks after the social and charitable arm of Reliance Industries. They have three children: Akash, Isha and Anant.
Mukesh Ambani is currently building the world's most expensive home (valued at $2 billion).[1] This will be a 60-story skyscraper (with only 27 floors) in downtown Mumbai. It may be called Antilia.
His family belongs to Modh Bania, a trading community in Gujarat, a coastal province of India. His mother is Kokilaben Ambani.
Career
Mukesh Ambani joined Reliance in 1981 and initiated Reliance's backward integration from textiles into polyester fibres and further into petrochemicals. In this process, he directed the creation of 60 new, world-class manufacturing facilities involving diverse technologies that have raised Reliance's manufacturing capacities from less than a million tonnes to twelve million tonnes per year.
He directed and led the creation of the world's largest grassroots petroleum refinery at Jamnagar, Gujarat, India, with a present capacity of 660,000 barrels per day (33 million tonnes per year) integrated with petrochemicals, power generation, port and related infrastructure, at an investment of Rs 100000 crore (nearly $26 billion USD).
Mukesh Ambani set up one of the largest telecommunications companies in India in the form of Reliance Communications (formerly Reliance Infocom) Limited. However, Reliance Infocom now is under Anil Dhirubhai Ambani Group post the brothers' split.Had the two brothers not split, and Mukesh being the president , his net worth would have been around $85 billion ,making him the richest man on earth ever by a huge margin. Under Ambani's leadership, Reliance has entered retail business through its wholly owned subsidiary Reliance Retail.
Under him Reliance Retail has also launched a new chain called Delight stores and also signed a letter of intent with NOVA Chemicals to make energy-efficient structures for Reliance Retail. Reliance Retail is the retail business wing of the Reliance business. Many brands like Reliance Fresh, Reliance Footprint, Reliance Time Out, Reliance Digital, Reliance Wellness, Reliance Trendz, Reliance Autozone, Reliance Super, Reliance Mart, Reliance iStore, Reliance Home Kitchens, and Reliance Jewel come under the Reliance Retail brand.
Ambani owns the Indian Premier League team Mumbai Indians. He has also set up the Dhirubhai Ambani International School in Mumbai.
Mukesh Ambani bought the Antilia 49,000 square foot plot in year 2002 and the whole construction will rise to 570 feet with the height of 60 floors though the real construction would be of just 27 floors. The construction is at Altamount Road where the current land rates are at 75000Rs/square feet and 6 floors are already completed with the whole construction to be completed by September 2008. The top four floors, with a panoramic view of the city and the Arabian Sea beyond, are expected to be for Ambani, his wife Nita, mother Kokilaben and the couple’s three kids.
The new ambani’s home would have 3 helipads , Six floors for parking, a full floor for car maintenance, Balconies with gardens , Entertainment floor with 50 people seating floor, a refuge floor which would come in use in emergencies, facilities for athletics and a swimming pool, 2 full floors made of glass-front especially for guests of ambanis though BMC(Brihanmumbai Municipal Corporation) officials have announced that the helipad permissions have not yet been granted.
He is a member of International Advisory Board of council on foreign relationsEducation
Mukesh Ambani completed his graduation with a bachelors degree in chemical engineering from the University Institute of Chemical Technology (UDCT), Mumbai. Mukesh later pursued an MBA (he did not complete the course) from Stanford University
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