Billionaire Mukesh Ambani to open family office in Singapore

 Billionaire Mukesh Ambani to open family office in Singapore

New Delhi: Reliance Industries Limited Chairman Mukesh Ambani during the launch of 5G services in India at the 6th India Mobile Congress at Pragati Maidan in New Delhi.

Reliance Industries Limited Chairman Mukesh Ambani is setting up a family office in Singapore

Mukesh Ambani, chairman of Reliance Industries Ltd., Asia's second-richest man, is setting up a family office in Singapore, according to people familiar with the move.

The Mumbai billionaire has chosen a manager to hire employees for the new unit and run it, the people said, asking not to be identified as the matter is private. One of the people said that Ambani has also chosen real estate.

A spokesperson for Reliance, which also represents Ambani, was not available for comment.

The Ambanis are the latest in a series of ultra-wealthy people to choose Singapore for their family offices - an organization set up to manage the affairs of wealthy clans - among the likes of hedge fund billionaire Ray Dalio and Google co-founder Sergey Brin. are getting involved.

The city-state has become an attractive center for family offices due to its low taxes and relative security. The Monetary Authority of Singapore estimates there were around 700 by the end of 2021, up from 400 a year ago.

Read how family offices cope with backlogs of tax-break applications

But the growing number of global wealthy crowds on Singapore's shores has resulted in rising prices for cars, housing and other goods. Deputy Prime Minister Lawrence Wong indicated in an August interview that the rich could face higher taxes to promote inclusive growth.

Ambani's move to take his retail-to-refining empire global and establish family office relationships with his larger vision of acquiring assets outside India. Announcing the appointment of Aramco's chairman to Reliance's board in 2021, the billionaire told his shareholders that this is the "beginning of internationalization" of his group, without elaborating. "You will hear more about our international plans in the times to come," he said at the time.

Reliance paid $79 million in April 2021 for Stoke Park Ltd, an iconic UK locale that has been the setting for two James Bond films. It also indirectly bought a 73.4% stake in Mandarin Oriental New York for $98.15 million in January and an $80 million beachside villa in Dubai this year.

The Ambanis, who are estimated to be worth $83.7 billion according to the Bloomberg Wealth Index, want the Singapore family office to be up and running within a year, one of the people said. People said that his wife Nita Ambani is also helping to set it up.

Reliance is moving from its old refining and petrochemical business to e-commerce, green energy and expanding its retail footprint across India. In 2020, its technology venture Jio Platforms Ltd. lured more than $25 billion from marquee Silicon Valley investors including Meta Platform Inc and Google. It has sold Amazon.com Inc. in the country including streaming. Ambitious plans to compete with