Much in line with global billionaires making a beeline to Singapore, Reliance Industries (RIL) chairman and managing director Mukesh Ambani is setting up a branch of his family office in the island nation.
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Ambani, Asia’s second-richest man, has already set up an office in Singapore and appointed a person to head it. The family office will recruit additional staff and commence operations immediately, mainly scouting for profitable investment opportunities, sources close to the development said. “Though the Ambanis had set up a family office in Mumbai much earlier, their investments were majorly into RIL. Even the acquisitions and part stake deals were also routed through RIL,” one source said. The Singapore office, Ambani’s first family office outside the country, is expected to be up and running in 10-12 months. FE
