Manoj Modi is an Indian corporate executive who is known for his pivotal role in securing many multi-billion dollar deals at Reliance Industries. He has been working at Reliance Industries for more than three decades.
Contents
Wiki/Biography
Manoj Harjivandas Modi was born on Wednesday, 3 July 1957 (age 65 years; as of 2022). He pursued a bachelor’s degree in chemical engineering at the University Department of Chemical Technology, Bombay (now Institute of Chemical Technology, Mumbai).
Physical Appearance
Height (approx.): 5′ 6″
Hair Colour: Salt & Pepper
Eye Colour: Black
Family
Manoj Modi belongs to a Gujarati family.
Parents & Siblings
His father’s name is Harjivandas Mathuradas Modi; however, there is not much information about his mother and siblings.
Wife & Children
Manoj is married to Smita Modi. The couple has two daughters. One of his daughters’ names is Bhakti Modi, who is a fashion designer and works as a Vice President at Tira in its Strategy Business Development department; Tira is Reliance Retail Limited’s beauty channel.
Manoj Modi’s younger daughter Bhakti Modi with her husband, Tejus Goenka
Addresses
- 10A/B, Sudhakar Co-Operative Housing Society, 26, Narayan Dabholkar Road, Mumbai – 400006, Maharashtra
- Flat No. 7, BEST Apartments, Walkeshwar, Mumbai – 400006
Career
Reliance Industries Limited
Manoj Modi joined Reliance Industries Limited (RIL) in the early 1980s. He worked on numerous projects including the Jamnagar refinery project, Reliance Industries Hazira Complex (a petrochemical project), Reliance Retail, and Reliance Jio 4G rollout.
Jio Platforms
Reliance Jio Infocomm Limited
Modi played a pivotal role in the company’s initial foray into the telecommunications industry in 2002. He played a crucial role in launching a nationwide mobile telephony service, which aimed to revolutionize the market by offering affordable tariffs.
27 December 2002: Mukesh Ambani displaying a new handset at the launch of a nationwide mobile telephony service in Mumbai
Manoj Modi was instrumental in conceptualizing and developing the strategy for establishing Reliance Jio Infocomm Limited (now Reliance Communications Limited), marking a transformative moment for India’s telecom industry. He became the director of Reliance Jio Infocomm Limited on 22 June 2010. Manoj played a significant role in Jio’s April 2020 deal with Facebook, which involved a $5.7 billion (Rs. 43,574 crores) investment in Jio Platforms Limited, a subsidiary of Reliance Industries Limited. This made Facebook the largest minority shareholder in the company. Following the successful deal, Manoj was appointed as the director of Jio Platforms on 7 July 2020.
Reliance Petroleum
Manoj held the position of director at Reliance Petroleum (now Jio-bp and legally Reliance BP Mobility Limited) on 24 October 2005 and served in this capacity till 27 March 2007. He was one of the first directors of the company.
Reliance Retail Limited
He was appointed as the director of Reliance Retail Limited, a subsidiary of Reliance Industries, on 4 March 2006.
Reliance Retail Ventures Limited
On 16 July 2013, he was appointed as the non-executive director of Reliance Retail Ventures Limited. He is one of the members of the Nomination and Remuneration Committee and Audit Committee, and the chairman of the Finance Committee.
Tally Solutions Pvt. Ltd.
Manoj Modi served as the director of Tally Solutions Private Limited from 9 December 1999 to 19 May 2009.
EIH Limited
After Reliance acquired a 14.12 per cent stake in East India Hotels Limited (EIH Ltd.), the flagship company of the Oberoi Group, on 30 August 2010, Manoj was appointed as the non-executive director of EIH Ltd. on 31 October 2011.
Controversy
IPCL Insider Trading Case
In 2007, Manoj Modi and his wife Smita Modi were accused of insider trading in the Indian Petrochemicals Corporation Ltd. (IPCL). It was alleged that between 28 February 2007 and 2 March 2007, the couple had purchased 1 lakh shares of IPCL for Rs. 257.82 lakhs at an average price of Rs 257.82 per share, which was considered as trading based on unpublished price-sensitive information. The Securities and Exchange Board of India (SEBI) conducted an extensive investigation and noted that although the announcement of an interim dividend had led to a decline in IPCL shares, the scrip witnessed a significant price gain subsequent to the announcement of amalgamation of Indian Petrochemicals Corporation Ltd. (IPCL) with Reliance Industries Limited (RIL). Despite the allegations, the Modis maintained that their trades were based on various factors and that Manoj was not involved in the decision-making process or daily operations of RIL or IPCL during 2006-07. After reviewing several reference cases, the adjudication officer concluded that the allegations against the Modis as insiders could not be substantiated, and SEBI cleared Manoj Modi and his wife Smita Modi of insider trading allegations in 2013.
Awards & Honours
He was awarded Rashtriya Samman Patra by the Income Tax department for being one of the highest individual taxpayers.
Assets & Properties
Reportedly, Manoj bought some properties with his family in 2022 cumulatively worth Rs. 192 crore. In January 2022, he bought a property worth Rs. 48.75 crores in Malabar Hill, Mumbai.
Facts/Trivia
- Manoj Modi and Mukesh Ambani have been friends since their college days. They attended the University Department of Chemical Technology (UDCT) in Bombay (now the Institute of Chemical Technology, Mumbai) together.
Manoj Modi with Mukesh Ambani
- Manoj Modi was the top choice of both Dhirubhai Ambani and Mukesh Ambani to design the blueprint for Reliance’s entrance into the information and communication sector. This project is regarded as the group’s most prestigious and ambitious undertaking to date.
- He is considered to be Mukesh Ambani’s right hand and is often referred to as an “unofficial CEO” of Reliance Industries.
- Manoj has worked with the three generations of the Ambani family. He started with Dhirubhai Ambani, followed by Mukesh Ambani and his wife Nita Ambani and then their children Isha Ambani and Akash Ambani.
- Manoj is recognized for his strong negotiation skills. Many tech industry executives who have interacted with Reliance’s team have commended his exceptional talent for handling meetings and closing significant deals, as shared in multiple interviews. It has also been noted that Manoj often supervises startup negotiations from a distance, guiding executives on their limitations, and only steps in directly as the deal-making process reaches its final stages.
- In 2023, Mukesh Ambani gifted Manoj Modi a 22-storey building valued at Rs. 1500 crores located on Nepean Sea Road in South Mumbai as a token of appreciation. The property was later named Vrindavan. According to sources, the first seven floors of the building were designated for parking and some of the furniture was imported from Italy. In the same year, Modi sold two apartments in Raheja Vivarea, Mahalaxmi, Mumbai, for Rs. 42 crores.
- Manoj is a fitness enthusiast and practices yoga.
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Categories: Biography
Source: vcmp.edu.vn