Manoj Modi is an Indian business executive known for his key role in many multi-billion dollar deals struck by Reliance Industries. He has been with Reliance Industries for more than three decades.
Wiki/Biography
Manoj Harjivandas Modi was born on Wednesday, July 3, 1957 (age 65; as of 2022). He received his bachelor’s degree in chemical engineering from the Department of Chemical Technology, University of Mumbai (now Bombay Institute of Chemical Technology).
appearance
Height (approximately): 5′6″
Hair Color: Salt and Pepper
Eye color: black
family
Manoj Modi was born in a family in Gujarat.
Parents and siblings
His father’s name is Harjivandas Mathuradas Modi; however, there is not much information about his mother and siblings.
wife and children
Manoj is married to Smita Modi. The couple has two daughters. One of his daughters is Bhakti Modi, a fashion designer who works as vice president, strategic business development at Tira, the beauty channel of Reliance Retail Limited.
Manoj Modi’s youngest daughter Bhakti Modi and her husband Tejus Goenka
address
- 10A/B, Sudhakar Cooperative Housing Society, 26, Narayan Dabholkar Road, Mumbai – 400006, Maharashtra
- Apartment No. 7, Best Apartment, Wakeshwar, Mumbai – 400006
Profession
Reliance Industries Ltd.
Manoj Modi joined Reliance Industries Limited (RIL) in the early 1980s. He has worked on numerous projects including Jamnagar Refinery Project, Reliance Industries Hazira Complex (Petrochemical Project), Reliance Retail and Reliance Jio 4G launch.
Jio platform
Reliance Jio Infocom Ltd.
Modi played a key role in the company’s first foray into the telecoms industry in 2002. He played a key role in the launch of a nationwide mobile phone service that aimed to revolutionize the market by offering affordable tariffs.
December 27, 2002: Mukesh Ambani showcases a new mobile phone at the National Mobile Phone Service launch in Mumbai
Manoj Modi was instrumental in conceiving and formulating the strategy for the establishment of Reliance Jio Infocomm Limited (now Reliance Communications Limited), marking a transformative moment for the Indian telecom industry. He became a director of Reliance Jio Infocomm Limited on June 22, 2010. Manoj played a key role in Jio’s April 2020 deal with Facebook, which involved a $5.7 billion (Rs 43,574 crore) investment in Jio Platforms Limited, a subsidiary of Reliance Industries Limited. This makes Facebook the company’s largest minority shareholder. After the deal was successful, Manoj was appointed as Director of Jio Platforms on July 7, 2020.
Reliance Petroleum Corporation
Manoj became a director of Reliance Petroleum (now Jio-bp, legally Reliance BP Mobility Limited) on October 24, 2005, with a term till March 27, 2007. He was one of the company’s first directors.
Reliance Retail Limited
He was appointed as Director of Reliance Retail Limited, a subsidiary of Reliance Industries, on March 4, 2006.
Reliance Retail Ventures Ltd.
On July 16, 2013, he was appointed as a non-executive director of Reliance Retail Ventures Limited. He is a member of the Nomination and Remuneration Committee and the Audit Committee, as well as the Chairman of the Finance Committee.
Tally Solutions Pvt.Ltd.
Manoj Modi served as a director of Tally Solutions Private Limited from December 9, 1999 to May 19, 2009.
EIH Ltd.
Manoj was appointed as non-executive director of EIH Ltd. on October 31, 2011 after Reliance acquired 14.12% stake in East India Hotels Ltd. (EIH Ltd.), the flagship company of the Oberoi Group, on August 30, 2010. director.
dispute
IPCL insider trading case
In 2007, Manoj Modi and his wife Smita Modi were accused of insider trading in the Indian Petrochemicals Corporation (IPCL). It is alleged that between February 28, 2007 and March 2, 2007, the couple purchased 100,000 IPCL shares for Rs. 25.782 million, with an average price of Rs 257.82 per share, which is believed to be a transaction based on undisclosed price-sensitive information. An extensive investigation by the Securities and Exchange Board of India (SEBI) has found that despite a fall in IPCL share price due to the announcement of interim dividend, the share price rose sharply after the announcement of the merger of Indian Petrochemicals Ltd (IPCL) with Reliance Industries Ltd (RIL). Despite the allegations, the Modi family maintains that their deal was based on multiple factors and that Manoj was not involved in the decision-making process or day-to-day operations of RIL or IPCL in 2006-07. SEBI exonerated Manoj Modi and his wife Smita in 2013 after reviewing several reference cases after the adjudicator concluded that the charges against the Modi family as insider traders could not be proven. Insider trading charges against Modi.
Awards and Honors
He was awarded the title of ‘Rashtriya Samman Patra’ by the Income Tax Department as he was one of the highest tax paying individuals.
Assets and property
According to reports, Manoj and his family purchased some properties in 2022 with a cumulative value of Rs. 192 Crores. In January 2022, he purchased a property worth Rs. 487.5 Crore for Malabar Hills, Mumbai.
Facts/Trivia
- Manoj Modi and Mukesh Ambani have been friends since their college days. Together they studied at the Department of Chemical Technology, University of Bombay (now Bombay Institute of Chemical Technology).
Manoj Modi and Mukesh Ambani
- Manoj Modi was the first choice of Dhirubhai Ambani and Mukesh Ambani to design the blueprint for Reliance Group to enter the information and communications sector. The project is seen as the group’s most prestigious and ambitious undertaking to date.
- He is considered Mukesh Ambani’s right-hand man and is often referred to as the “unofficial CEO” of Reliance Industries.
- Manoj has worked with three generations of the Ambani family. First he was Dhirubhai Ambani, then Mukesh Ambani and his wife Nita Ambani, then their child Isha ·Isha Ambani and Akash Ambani.
- Manoj is known for his strong negotiation skills. As shared in multiple interviews, many technology industry executives who have interacted with the Reliance team have praised his excellence in handling meetings and closing major deals. It was also noted that Manoj often oversaw startup negotiations remotely, coaching executives on their limitations and only stepping in directly when the deal process reached its final stages.
- In 2023, Mukesh Ambani gifted a 22-storey building worth Rs 100 cr to Manoj Modi. 1,500 crore at Nepean Sea Road in south Mumbai as a token of gratitude. The property was later named Vrindavan. According to sources, the first seven floors of the building are designated as parking and some of the furniture was imported from Italy. In the same year, Modi sold two apartments in Raheja Vivarea in Mumbai’s Mahalaxmi area for Rs. 420 million rupees.
- Manoj is a fitness enthusiast and practices yoga.
Categories: Biography
Source: HIS Education