Education: B. E.
Father: Harjivandas Mathuradas Modi
Age: 65 Years
|Full name||Manoj Harjivandas Modi|
|Known For||Being gifted a 22-storey building worth Rs. 1500 crores from Indian business tycoon Mukesh Ambani|
|Physical Stats & More|
|Height (approx.)||in centimeters- 168 cm
in meters- 1.68 m
in feet & inches- 5’ 6”
|Hair Colour||Salt & Pepper|
|Awards & Honours||Rashtriya Samman Patra by the Income Tax department for being one of the highest individual taxpayers|
|Date of Birth||3 July 1957 (Wednesday)|
|Age (as of 2022)||65 Years|
|College/University||University Department of Chemical Technology, Bombay (now Institute of Chemical Technology, Mumbai)|
|Educational Qualification||Bachelor’s degree in chemical engineering from University Department of Chemical Technology, Bombay|
|Addresses||• 10A/B, Sudhakar Co-Operative Housing Society, 26, Narayan Dabholkar Road, Mumbai – 400006, Maharashtra
• Flat No. 7, BEST Apartments, Walkeshwar, Mumbai – 400006
|Controversy||Insider Trading Allegations Against Modis: In 2007, Manoj Modi and his wife Smita Modi faced accusations of insider trading involving the Indian Petrochemicals Corporation Ltd. (IPCL). They were alleged to have purchased 100,000 IPCL shares for Rs. 257.82 lakhs at an average price of Rs 257.82 per share between 28 February 2007 and 2 March 2007, which was regarded as trading based on undisclosed price-sensitive information. The Securities and Exchange Board of India (SEBI) conducted a thorough investigation, noting that although the announcement of an interim dividend led to a decrease in IPCL shares, the stock experienced a considerable price increase following the announcement of IPCL's amalgamation with Reliance Industries Limited (RIL). Despite these allegations, the Modis asserted that their trades were based on various factors and that Manoj was not involved in RIL or IPCL's decision-making process or daily operations during 2006-07. After examining several reference cases, the adjudication officer determined that the accusations against the Modis as insiders could not be substantiated. Consequently, in 2013, SEBI cleared Manoj Modi and his wife Smita Modi of insider trading allegations. The Hindu|
|Relationships & More|
• Bhakti Modi (fashion designer and works as Vice President at Reliance Retail Limited’s beauty channel, Tira, in its Strategy Business Development department)
|Parents||Father- Harjivandas Mathuradas Modi|
|Assets/Properties||Reportedly, in 2020, Manoj and his family bought several properties with a combined value of Rs. 192 crore. In January 2022, he acquired an Rs. 48.75 crore property in Malabar Hill, Mumbai. Business Insider|
Some Lesser Known Facts About Manoj Modi
- Manoj Modi is an esteemed Indian corporate executive who is known for his important role in securing many multi-billion dollars deals at Reliance Industries and his association with the company for over three decades.
- He was born into a Gujarati family.
- Manoj Modi and Indian billionaire Mukesh Ambani, who inherited the Reliance Industries fortune, share a long-standing friendship that dates back to their college days at the University Department of Chemical Technology (UDCT) in Bombay (now Institute of Chemical Technology, Mumbai).
- In the early 1980s, Manoj Modi became part of Reliance Industries Limited (RIL). Throughout his tenure, he made significant contributions to various projects such as the development of the Jamnagar refinery, the construction of the Hazira Complex for petrochemical operations, the expansion of Reliance Retail, and the successful launch of Reliance Jio’s 4G network.
- He became the director of Tally Solutions Private Limited on 9 December 1999; he served in this position till 19 May 2009.
- When Reliance Industries was preparing to enter the information and communication sector, both Dhirubhai Ambani and Mukesh Ambani chose Manoj Modi to design the blueprint for the project. This undertaking is considered one of the most ambitious and prestigious initiatives taken up by the group to date.
- Modi was instrumental in Reliance’s entrance into the telecommunications sector in 2002. He was a key figure in the launch of a countrywide mobile phone service, with the goal of transforming the industry by providing cost-effective rates.
- Manoj Modi played a crucial role in devising and executing the strategy to establish Reliance Jio Infocomm Limited (now known as Reliance Communications Limited), which significantly impacted India’s telecom landscape. He took on the role of director for Reliance Jio Infocomm Limited on 22 June 2010. Modi was also a key figure in Jio’s groundbreaking deal with Facebook in April 2020, which led to a $5.7 billion (Rs. 43,574 crores) investment in Jio Platforms Limited, a Reliance Industries Limited subsidiary. This investment made Facebook the company’s largest minority shareholder. In recognition of his efforts, Modi was appointed as the director of Jio Platforms on 7 July 2020.
- Manoj Modi served as a director at Reliance Petroleum (now Jio-bp and legally recognised as Reliance BP Mobility Limited) from 24 October 2005 to 27 March 2007. He was among the company’s first directors.
- On 4 March 2006, Manoj Modi was appointed as the director of Reliance Retail Limited, a subsidiary company of Reliance Industries.
- Following Reliance’s acquisition of a 14.12% stake in East India Hotels Limited (EIH Ltd.), the leading company of the Oberoi Group, on 30 August 2010, Manoj Modi was appointed as the non-executive director of EIH Ltd. on 31 October 2011.
- Manoj Modi was appointed as the non-executive director of Reliance Retail Ventures Limited on 16 July 2013. He serves as a member of both the Nomination and Remuneration Committee and the Audit Committee while also holding the position of chairman for the Finance Committee.
- Manoj Modi is widely regarded as Mukesh Ambani’s right-hand man and is often referred to as an “unofficial CEO” of Reliance Industries.
- Manoj Modi has had the privilege of working with three generations of the Ambani family. He started his journey at Reliance Industries by working with Dhirubhai Ambani, followed by Mukesh Ambani and his wife, Nita Ambani, and then with Mukesh’s children Isha Ambani and Akash Ambani.
- Manoj is known for his assertive negotiation tactics. Numerous tech industry executives who have engaged with Reliance’s representatives have praised his remarkable ability to manage meetings and secure major deals in various interviews. It is also said that Manoj typically oversees startup negotiations from afar, advising executives on their boundaries, and only becomes directly involved towards the conclusion of the deal-making process.
- In 2023, Mukesh Ambani expressed his appreciation for Manoj Modi by gifting him a 22-storey building situated on Nepean Sea Road in South Mumbai, which was valued at Rs. 1500 crores. The property was later named Vrindavan. According to sources, the first seven floors of the building were allocated for parking, and some of the furniture was imported from Italy. Additionally, in the same year, Modi sold two apartments located in Raheja Vivarea, Mahalaxmi, Mumbai, for a whopping Rs. 42 crores.
- Manoj is passionate about fitness and regularly engages in yoga practice.