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Komodo dragons, cheetahs and birds: It's just the latest project for Asia's richest family.
The Ambanis are building one of the world's biggest zoos in Gujarat, the family's home state where its conglomerate, Reliance Industries Ltd., operates the largest oil-refining complex. The animal venture, which will also include a rescue center to support the local government, is scheduled to open in 2023, according to Parimal Nathwani, corporate affairs director at Reliance.
A Reliance representative declined to comment on the cost of the project or give further details.
The Ambanis are worth about $80 billion, with an empire that has expanded to tech and e-commerce. On the side, they also own the Mumbai Indians cricket team and started a soccer league in 2014. As the family fortune grew, the clan has increased its focus on public-facing ventures - Mukesh's wife, Nita, even joined the board of New York's Metropolitan Museum of Art in 2019.
"They have the economic horsepower to turn fantasy into reality," said Rebecca Gooch, director of research at Campden Wealth, referring to why billionaires might put their cash into quirky ventures. "Investing in public spaces can help both a family's and its company's image, in turn aiding profitability and mitigating potentially negative exposure. It can also affirm a wealth holder's standing in society and publicly cement a family's legacy well into the future."
Here's a look at some unusual investments the ultra-rich have made over the years.
More zoos, crocodiles and parks
Indonesian tycoon Low Tuck Kwong is another one who's built a zoo, near the coal mining company that's made his fortune. He said the venture, in which he invested about $4 million, isn't driven by profit and is out of "passion for animals." Georgia's richest man and former prime minister, Bidzina Ivanishvili, reportedly spent at least $3 million in a dendrological park that drew criticism as phantasmagorical scenes of giant trees floating on the Black Sea circulated online.
Filipino billionaire William Belo got into crocodiles because of a poultry problem. After starting an egg farm in 1989, he had to figure out what to do with the chickens that were no longer able to lay. The solution: feed them to crocodiles. His farm supplies their skins to luxury brands such as LVMH, while the meat goes into food products including Hungarian sausages and a local delicacy called sisig.
Sports teams
Like the Ambanis, other billionaires put their money in sports teams, too. Roman Abramovich, the biggest owner of Russia's second-largest steelmaker, bought London's Chelsea soccer club out of near-bankruptcy in 2003 for about $223 million at the time. Steve Ballmer, the former Microsoft Corp. chief executive officer, paid $2 billion for the Los Angeles Clippers basketball team in 2014. Four years later, hedge-fund titan David Tepper agreed to acquire the Carolina Panthers football team for $2.3 billion.
NDTV
The Ambanis are building one of the world's biggest zoos in Gujarat, the family's home state where its conglomerate, Reliance Industries Ltd., operates the largest oil-refining complex. The animal venture, which will also include a rescue center to support the local government, is scheduled to open in 2023, according to Parimal Nathwani, corporate affairs director at Reliance.
A Reliance representative declined to comment on the cost of the project or give further details.
The Ambanis are worth about $80 billion, with an empire that has expanded to tech and e-commerce. On the side, they also own the Mumbai Indians cricket team and started a soccer league in 2014. As the family fortune grew, the clan has increased its focus on public-facing ventures - Mukesh's wife, Nita, even joined the board of New York's Metropolitan Museum of Art in 2019.
"They have the economic horsepower to turn fantasy into reality," said Rebecca Gooch, director of research at Campden Wealth, referring to why billionaires might put their cash into quirky ventures. "Investing in public spaces can help both a family's and its company's image, in turn aiding profitability and mitigating potentially negative exposure. It can also affirm a wealth holder's standing in society and publicly cement a family's legacy well into the future."
Here's a look at some unusual investments the ultra-rich have made over the years.
More zoos, crocodiles and parks
Indonesian tycoon Low Tuck Kwong is another one who's built a zoo, near the coal mining company that's made his fortune. He said the venture, in which he invested about $4 million, isn't driven by profit and is out of "passion for animals." Georgia's richest man and former prime minister, Bidzina Ivanishvili, reportedly spent at least $3 million in a dendrological park that drew criticism as phantasmagorical scenes of giant trees floating on the Black Sea circulated online.
Filipino billionaire William Belo got into crocodiles because of a poultry problem. After starting an egg farm in 1989, he had to figure out what to do with the chickens that were no longer able to lay. The solution: feed them to crocodiles. His farm supplies their skins to luxury brands such as LVMH, while the meat goes into food products including Hungarian sausages and a local delicacy called sisig.
Sports teams
Like the Ambanis, other billionaires put their money in sports teams, too. Roman Abramovich, the biggest owner of Russia's second-largest steelmaker, bought London's Chelsea soccer club out of near-bankruptcy in 2003 for about $223 million at the time. Steve Ballmer, the former Microsoft Corp. chief executive officer, paid $2 billion for the Los Angeles Clippers basketball team in 2014. Four years later, hedge-fund titan David Tepper agreed to acquire the Carolina Panthers football team for $2.3 billion.
NDTV