Sassoons: This Bombay family is known as the Rothschild of the East.

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#sassoons #rotschild #wealth #bombay #mumbai 


 The name Rothschild has always been a mystery. The Rothschild family is known for its centuries-old banking business, wealth and ability to influence global events. If a family is compared to Rothschild, one can imagine how wealthy the family would be. 

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India has seen 2 families who were compared to the Rothschilds, the Rothschild of India, the Jagat Seths and the Rothschild of the East, the Sassoons.

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Unlike the Jagat Seths, Sassoons were not originally from India. The Sassoons migrated to India from Baghdad in the 17th century when Jews started to face persecution. For centuries, the Sassoons were the treasurer and personal banker of the king of Baghdad.

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David Sassoon came to Bombay and started a new company called David Sassoon and Company.

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In Bombay, the company started trading cotton, spices and, most importantly, Opium. As Sassoons were not originally from India, the Parsi, Baniya and Gujarati traders did not allow the Sassoons to use the Bombay port. 

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So, David Sassoon decided to build a new dock called Sassoon Dock in Mumbai. During the American civil war, the Sassoons supplied cotton and other supplies to both sides of the war.

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David Sassoon and Company was the biggest trader of opium in Asia. His opium trading business reached even Japan. During the mid-19th century, David Sassoon controlled about 70% of opium trades in Asia. 

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His influence over the opium trade resulted in the first opium war and the treaty of Nanjing. Sassoons built many iconic buildings and landmarks in Bombay, Hongkong and Shanghai. His home in Bombay is now known as Masina Hospital in Mumbai.

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During the mid-19th century, the influence of the Sassoons reached its peak. David Sassoon sent his sons to different financially important cities like London, Shanghai, Karachi and Rangoon to open company branches.

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He was one of the founders of Hongkong and Shanghai Banking Corporation, now known as the HSBC Bank.

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David Sassoon’s son Albert Sassoon shifted to London and married a member of the London branch of the Rothschild family. 

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After David Sassoon’s death, the Indian branch of the family started to decline. The Sassoons also financed the construction of the Suez canal and initially oil discovery in the middle east.

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Sassoon's banking and trading empire started to fall during the second world war. The UBS of Switzerland acquired the David Sassoon and Company after the Second world war. 

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The family members are still running some businesses in Singapore, Hongkong and London. But today’s Sassoon family is just a shadow of their past.

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16/16

This Bombay family is known as the Rothschild of the east

Why Mukesh Ambani is dividing Reliance empire again?

A thread 🧵 - 1/16

#Reliance #MukeshAmbani #jio #RelianceRetail

It took Dhirubhai Ambani and the Ambani family 40 years to make Reliance the biggest private company in India. Just 1 year after his death, the biggest business in India was divided among the next generation of the Ambani family. 

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Dhirubhai Ambani did not leave behind a will and proper succession plan for Reliance. It was probably an error of Dhirubhai which led to this division.

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Dhirubhai’s son and Reliance Industries chairman Mukesh Ambani has learnt the importance of having a proper succession plan in a business of Reliance’s scale the hard way. 

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Mukesh Ambani does not want to repeat what happened in Reliance. So, he draws up a plan to divide the Reliance to prevent the division.

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On 27 June 2022, Mukesh Ambani took the first step toward this plan when his eldest son Akash Ambani was appointed Jio Platforms's chairman. 

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Akash Ambani played a crucial role in the success of Reliance Jio. Akash Ambani also handled the record-breaking fundraising of Jio when the company raised $20 billion in 2020.

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After changes in Jio, there are rumours about Isha Ambani taking over as the chairperson of Reliance Retail Ventures (RRVL), the holding company of Reliance Retail. 

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She has led Reliance Retail’s fashion division Ajio. It makes her the natural choice to lead Reliance Retail. The announcement is expected to arrive soon.

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With new bosses in Jio and Retail, all eyes are on the New energy and the cash cow of Reliance, the Oil & Petrochemical business. As per the reports, the youngest son of Mukesh Ambani, Anant Ambani, is expected to lead these two businesses. 

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Anant Ambani is currently 27 years old. So, it may take another 2 - 3 years for him to inherit the control of Oil and New energy businesses.

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Though Mukesh Ambani is handing over the divisions of Reliance to his 3 children, he will continue to remain as the Chairman of Reliance Industries.

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It will help the 3 Ambani siblings to learn from Mukesh Ambani and gather the required experience to run the 3 biggest companies of India. It will also make the transition smoother in the biggest company in India.

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For a company like Reliance, a well-thought-out succession plan is crucial. It helps the company to boost the confidence among its investors.

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The succession plan in Reliance Industries is another way to prevent a crisis that led to the division of the Reliance Empire almost 2 decades ago.

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Why Mukesh Ambani is diving Reliance Empire again?

How India fought back when the United States imposed sanctions on India.

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#India #nationaltechnologyday #pokharan #sanctions #Indianeconomy

Though the war between Russia and Ukraine is being fought with weapons, Russia is fighting another war with a different set of weapons. The United States and its allies are in an economic war with Russia with sanctions. 

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Almost 24 years ago, India faced a similar situation when the United States and its allies imposed sanctions on India.

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Exactly 24 years ago, India conducted a series of nuclear tests in Pokharan, Rajasthan, on 11 May and 13 May 1998. These tests fortified India’s place as a nuclear power in the world. 

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For a country like India surrounded by neighbours who pose greater threats, its nuclear arsenal is the most potent line of defence.

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Although the nuclear test was celebrated in India, many countries led by the United States condemned this series of tests. 

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Nations used strong languages to warn and threaten India. The president of the United States went as far as saying, “South Asia is the most dangerous place on earth.”

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Heavy economic sanctions on India followed the warnings. The United States suspended all aid to India except humanitarian aid. 

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Loans and grants from foreign institutions, including World Bank and IMF, were also suspended. Other Western countries imposed similar sanctions on India.

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These sanctions had the power to cripple the Indian economy. Just 7 years ago, India came out of an economic crisis and opened the Indian economy. The sanctions resulted in an immediate stop of Foreign investment in India. 

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The Atal Bihar Vajpayee government was staring at a similar situation like 1991. The Vajpayee Government took an out of the box way to deal with the possible economic crisis.

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The Indian government launched the Resurgent India Bonds (RIB) for Non-Resident Indians (NRIs) on 5 August 1998. The bonds were issued by the SBI and planned to bring $2 billion. 

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However, the NRI community opened their wallet to the government. In just 2 weeks, RIBs bought $3.1 billion to India. The number reached $3.5 billion on 24 August 1998.

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The bond sale ended with $4.5 billion in investment. To put it in context, the Indian Government took a $1.5 billion loan from IMF and World bank in 1997.

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These bonds helped the Vajpayee Government to increase the demand in the Indian economy by launching many successful infrastructure projects.

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In 1998, the Indian Government and NRIs together fought and defeated the United States and its allies in the economic war they wanted to impose on India.

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How India fought back when the United States imposed sanctions on India.

Reliance and Tata Group have joined hands to challenge Ola and Uber.



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#ola #uber #tata #reliance #Blusmart #ev #renewableenergy #twitterthread @BluSmartIndia 

The renewable energy sector in India is one of the few sectors where top Indian business houses compete openly. 

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With each passing day, new Indian business houses are entering the renewable energy sector and turning up the heat in the sector.

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Tata and Reliance are also locking horns with each other in the super app business. The two groups are building their super apps and acquiring Indian startups to corner a significant market share of the Indian e-commerce market.

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However, Tata and Reliance have joined hands with one startup to redefine the public transport segment in India. 

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The rivals in renewable energy and e-commerce, Tata Group and Reliance Industries, have partnered with BluSmart, an all-electric cab operator in India.

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BluSmart is the first Indian cab operator to operate only EVs. Currently, the company operates only in Delhi NCR with its 600+ EV fleet. 

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The company claims to offer at least a 30% cheaper rate than Ola and Uber. The company is planning to expand its operations to other cities in India.

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Last year, Tata Motors signed an agreement with BluSmart to supply 3,000 EVs. With 3,000 EVs, BluSMart plans to launch its services in other metro cities like Bangalore and Mumbai. After its launch in Bangalore and Mumbai, it will directly compete with Ola and Uber.

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BluSmart has also signed an agreement with Jio-BP, the JV between Reliance Industries and British Petroleum, to set up smart charging hubs across India. 

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British Petroleum has also invested $13 million in BluSmart to give the company financial muscle to compete against the two dominant cab operators, Ola and Uber.

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Soon BluSMart will have EVs from Tata Motors and charging stations from Jio-BP and expand its operations to other parts of the country. In BluSmart, Reliance and Tata Group have joined hands to challenge the duopoly of Ola and Uber in India. 

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BluSmart could also be the only common link between the two super apps of Tata Group and Reliance Industries.

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Reliance and Tata Group have joined hands to challenge Ola and Uber

From Working As A Clerk To Buying The Same Hotel: The Story Of Oberoi Group. 

A thread 🧵- 1/17 

#ragstoriches #businesstory #entrepreneur #oberoihotels #twitterthread

Be it the billionaire owners of East India Hotels or the luxurious Oberoi Hotels, the name Oberoi means luxury and wealth today. 

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But, the beginning was not so shiny and luxurious. The founder of the Oberoi group Mohan Singh Oberoi was born into a very poor family in modern-day Pakistan in 1898.

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Mohan Singh Oberoi completed his primary education and started to work to support his family. Nothing was going according to his plan.

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With just ₹25 in his pocket, he decided to leave his home and try his luck somewhere else. Destiny brought him to Shimla. In 1920, he joined as a front office clerk at Cecil Hotel in Shimla.

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Mohan Singh Oberoi didn’t limit him to his front desk work. Soon he mastered the other operations of the hotel industry.

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Impressed with his skills and attitude, the owner of the Cecil Hotel offered him a partnership in a new hotel they were planning to buy in 1930.

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When the owner decided to sell both hotels in 1934, Mr Oberoi mortgaged his wife’s jewellery and properties to buy the same hotel where he started working as a clerk.

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Soon destiny took a turn for good. In 1938, he bought the iconic Grand Hotel of Kolkata. It was one of the most popular hotels in India.

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With a massive return in his hotel business, Mohan Singh Oberoi acquired a controlling stake in India’s biggest hotel chain Associated Hotels of India (AHI), in 1943.

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There was no stopping for Mohan Singh Oberoi and his hotel business. In 1948, he established East India Hotels (EIH). In 1963, the Oberoi Group opened The Oberoi Intercontinental in New Delhi. It was the luxury 5-star hotel of Independent India.

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Oberoi Group has more than 31 luxury hotels and resorts in India and abroad. Oberoi Group also started the trend of heritage hotels in India.

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At one time, Oberoi Hotels had the privilege of having 85% of its guests as foreign travellers and contributed significantly to India’s foreign reserve.

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Mohan Singh Oberoi is known as the Father of the Indian Hotel Industry. For his contribution to India’s hotel industry, he was awarded the Padma Vibhushan in 2001.

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From a mere beginning as a hotel clerk to owning the same hotel, the life of Mohan Singh Oberoi is a true rag to riches story.

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Where everything started - The Oberoi Cecil in Shimla, India.

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17/17

From Working As A Clerk To Buying The Same Hotel: The Story Of Oberoi Group.

From Working As A Clerk To Buying The Same Hotel: The Story Of Oberoi Group.

A thread 🧵- 1/17

#ragstoriches #businessstory #entrepreneur #hotelier #oberoihotels #twitterthread

Mohan Singh Oberoi completed his primary education and started to work to support his family. Nothing was going according to his plan. 

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Mohan Singh Oberoi didn’t limit him to his front desk work. Soon he mastered the other operations of the hotel industry. 

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Soon destiny took a turn for good. In 1938, he bought the iconic Grand Hotel of Kolkata. It was one of the most popular hotels in India. 

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Mohan Singh Oberoi is known as the Father of the Indian Hotel Industry. For his contribution to India’s hotel industry, he was awarded the Padma Vibhushan in 2001. 

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The Oberoi Cecil in Shimla, India, where everything started. 

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17/17

How much black money does India have?

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#india #taxhaven #swissbank #scams #twitterthread

Black money is a topic of common interest for every Indian. From corridors of power to the common man, black money has always remained a hotly debated topic in India. Despite many efforts, black money is still a mirage everyone is chasing in India.

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Black money is the unaccounted money earned by illegal means, hidden from the tax and legal authorities.

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Most of this black money originates from corruption and illicit business activities. The money is transferred to offshore tax havens and kept there for decades.

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The estimate of the total black money of India and Indians varies a lot. There is no official estimate to put a number per the government. 

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The highest estimate comes from a writ petition filed in the Supreme Court. According to this estimate, India's total black money is about ₹855 lakh crores ($11.4 trillion), almost 4 times India’s GDP.

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As per another affidavit by the Central Bureau of Investigation (CBI), India has close to ₹37 lakh crores ($500 billion) of black money, just ₹2 lakh crore short of the 2022 Union Budget. 

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The affidavit was filed in 2011. In the next 10 years, it is safe to assume the number CBI has quoted has changed.

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Due to the lack of transparency, it is hard to determine the total black money in India. However, in a research paper published by Friedrich Schneider, the black money in India is 23 - 26% of India’s GDP. 

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The figure is lower than other Asian countries (28 - 30%) and African and Latin American countries (41 - 44%).

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Much of this black money is deposited in the banks of tax havens like Switzerland, Luxembourg, Cayman Islands etc. 

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Another chunk of black money is kept as real estate property in the world's major cities. Most black money is held in India as rare metals like gold and benami real estate properties.

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Over the years, the governments have tried to identify black money in India and abroad. Despite many laws and investigations, black money remains a massive headache for everyone. 

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We are still not anywhere close to getting a complete picture of the black money ecosystem.

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15/15

How much black money does India have?

Just 9 families own 20% of Mumbai. 

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#realestate #mumbairealestate #mumbai #bombay #twitterthread

Mumbai is the costliest real estate market in India. Land property prices in Mumbai are not just one of the highest in India but in the world. The reason behind the very high real estate prices is the city's location.

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Mumbai is bordered by the sea on 3 sides. The city has only one side to further expand.

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According to a report in the Times of India, The great Mumbai is spread over an area of 437 square kilometres. Only 139 square kilometres of the total area is habitable. 

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9 families and family trusts in Mumbai own about 20% of all the lands. The biggest among all is the Godrej Family with 3401 acres of land.

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The biggest landowner of Mumbai is F E Dinshaw Trust. The trust owns about 683 acres of land in Malad and Kanheri. 

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The trust was set up by Framroze Edulji Dinshaw, a Mumbai based lawyer and financier who once owned the stake in Tata Sons which is currently in the hands of the Mistry family. Nusli Wadia is currently the head trustee of this trust.

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The family of former Arya Samaj head Pratapsingh Surji Vallabhdas owns 647 acres of land in Bhandup, Mumbai. The family is developing a part of their land parcel into a real estate project.

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Jeejeebhoy Ardeshir Trust owns 508 acres of land near Chembur. Another Parsi family trust, A H Wadia Trust has 361 acres of land in Kurla.

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Byramjee Jeejeebhoy Family owns 269 acres of land spread over in Goregaon, Majas, Mogra, Oshiwara. Sir Muhammed Yusuf Khot Trust owns 249 acres of land in Kanjur. 

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The Hirjibhai Dinshaw Billimoria family owns 206 acres of land in Deonar. The family of V K Lal owns 70 - 100 acres of land near Kandivali.

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6 out of the 9 biggest land owners of Mumbai are Parsi families and family trusts. These Parsi families acquired their lands before the independence of India. 

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According to Slum Rehabilitation Authority, Mumbai, much of the land of these families were either encroached upon or ceased under the Urban Land Ceiling Act. The current land parcel is just a small portion of their total land holdings lost over time.

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15/15

9 families own 20% of Mumbai

The man Mukesh Ambani calls to solve Reliance’s problems.

A thread 🧵- 1/16

#reliance #mukeshambani #ambani #business #twitterthread

The name Ambani is known for wealth and the massive business empire the family has founded. Dhirubhai Ambani, the founder of Reliance Industries, was one of the greatest Indian entrepreneurs of the 20th century. 

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After his demise, Mukesh Ambani continued to grow the business empire in India.

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Though Mukesh Ambani is the face of Reliance Industries, he is assisted by a group of media-shy deputies to run the biggest business empire in India.

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Manoj Modi, Meshwani brothers and Anand Jain are the next most influential people in the Reliance empire. We have previously written about Manoj Modi in one of our earlier Instagram posts. Check it here 
https://www.instagram.com/p/CPaSik5nPRd/
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Anand Jain is the closest businessman and friend of Mukesh Ambani. Anand Jain played a crucial role in the growth and reign of Reliance Industries. 

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However, he is not related to the day-to-day operations of the business group. According to media reports, Anand Jain is the troubleshooter of Reliance Industries.

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Mukesh Ambani and Anand Jain went to the same school. They have known each other from school days, and they are good friends. 

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After their education, Mukesh Ambani joined Reliance Industries, while Anand Jain started Jai Corp.

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Anand Jain came to the limelight when the infamous bear cartel decided to hammer Reliance stocks. Anand Jain managed to defeat the bear cartel led by Manu Manek and forced the Bombay stock exchange to remain closed for 3 days. 

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Anand Jain is known for understanding and skills related to the stock market and financial transactions.

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Anand Jain played a crucial role in the division of Reliance Industries after the demise of Dhirubhai Ambani. He was the point man of Mukesh Ambani. 

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Anand Jain made sure that Mukesh Ambani received the traditional yet cash flow reach oil and petrochemical businesses of Reliance Industries.

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For Anand Jain’s skills and the ability to solve challenging problems, Dhirubhai regarded him as his 3rd son. The importance of Anand Jain can be understood from the fact that he is one of the 3 partners in the private city Reliance is developing in Navi Mumbai. 

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Despite not having a direct role in the day to day operations of Reliance, Anand Jain is the closest man of Mukesh Ambani.

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The man Mukesh Ambani calls to solve Reliance’s problems.

Why do foreign companies love Indian CEOs?

A thread 🧵 - 1/12

#bigtech #siliconvalley #India #indians #IndianAmerican

According to Quartz, about 60 foreign companies with a market cap of $1 billion or more are run by Indian CEOs. From Adobe, Microsoft, and Google to even Olyfans, Indian or Indian origin CEOs lead the list.

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Not just big tech companies, Indians have also founded some well-known startups in silicon valley. Robinhood and Instacart have Indian co-founders.

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Immigrants are some of the most successful people in the United States. Among them, the Indian diaspora has the highest average income and college degrees in the United States.

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Why do companies love Indian CEOs? There are 3 main reasons.

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First, Most of these CEOs are graduates of top Indian institutes like IIT and IIM. In India, IITs and IIMs are considered the best institutes for engineering and management.

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Getting into IIT and IIM is all about clearing JEE and CAT, arguably the two toughest exams globally. These future CEOs stand out from the crowd as they have cleared these exams. It makes those future CEOs quick learners and cream of the bunch.

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Second, India is a nation of 140 crore people. For most Indians, getting admission into top colleges or getting a job is a competition. The future CEOs have already acquired the competitive spirit.

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They also have the ability to perform well under pressure. Indians naturally become the most attractive candidates for high-stakes and high-risk jobs like CEOs.

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Third, India is known for Jugaad. And Indian CEOs carry the inherited talent of jugaad with them to the companies they go to. Indian CEOs often find the simplest solutions to the hardest business problems and challenges.

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11/12

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