Virji Vora was not merely a successful trader; he was hailed as the richest man of his time, even earning the coveted title of the ‘merchant prince’ and ‘plutocrat’ in various circles. The British East India Company, a powerful force during those days, had acknowledged his influence and wealth in their Factory Records. The staggering sum of his personal wealth was listed at 8 million rupees, a truly remarkable fortune for the era.

As a wholesale trader, Virji Vora dealt in a vast array of commodities, from the finest spices like pepper and cardamom to precious metals like gold, ivory, and bullion. His business acumen extended beyond trading, as he also ventured into banking and money lending, making him an indispensable source of credit for many, including the British and Dutch East India Companies.

Virji Vora’s strategic alliances and business dealings with the British had helped him build a vast and thriving business empire. He would often buy entire stocks of goods and sell them at substantial profits, establishing a monopoly on certain imports into Surat.

In the annals of history, his name remained intertwined with that of the East India Company, with the British even borrowing a staggering sum of Rs. 2,00,000 from him at one point in time.

Yet, Virji Vora’s legacy was not just limited to his unparalleled wealth and business success. He was revered as a benevolent and generous man, known to extend his financial support in times of need. It was said that when Mughal Emperor Aurangzeb found himself in a financial crisis during his Deccan campaign, he turned to none other than Virji Vora for assistance.

As the years passed, Virji Vora’s reputation as an indomitable business magnate spread far beyond the borders of India. His ventures and trade routes connected him with people across the world, and his influence reached places unknown to many during that time.

Virji Vora’s life was a testament to India’s historical significance as a thriving hub of business and trade, and his story continued to inspire generations to come. Even in the modern era, his name was spoken with admiration, often compared to the likes of contemporary business giants like Mukesh Ambani.

The tale of Virji Vora serves as a reminder of the indomitable spirit and ingenuity of Indian businessmen throughout history, leaving an indelible mark on the global trade landscape for centuries to come. His legacy lives on as a symbol of India’s rich business heritage and the prowess of its merchants, who have continued to shape the world economy with their enterprising endeavors.

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The Silver Lake deal represents a 12.5% premium to the equity valuation of the Facebook investment into Jio Platforms, a wholly-owned subsidiary of Reliance Industries Ltd (RIL).

Silver Lake’s other investments have included Airbnb, Alibaba, Ant Financial, Alphabet’s Verily and Waymo units, Dell Technologies, Twitter and numerous other global technology leaders.

After selling a 10% stake to Facebook, Reliance had last week said it was in talks with other strategic and financial investors for a similar-sized deal to cut down debt.

RIL chairman and managing director Mukesh Ambani said Silver Lake has an outstanding record of being a valuable partner for leading technology companies globally. “Silver Lake is one of the most respected voices in technology and finance. We are excited to leverage insights from their global technology relationships for the Indian Digital Society’s transformation,” he said.

Silver Lake co-CEO and managing partner Egon Durban described Jio Platforms as one of the world’s most remarkable companies, led by an incredibly strong and entrepreneurial management team who are driving and actualizing a courageous vision. “They have brought extraordinary engineering capabilities to bear on bringing the power of low-cost digital services to a mass consumer and small businesses population. The market potential they are addressing is enormous,” he said.

The deal is subject to regulatory and other customary approvals.

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The rout, exacerbated by mounting fears that the spread of the novel coronavirus will thrust the world into a recession, erased $5.8 billion from Ambani’s net worth on Monday and dropped him to No. 2 on the list of Asia’s richest people, according to the Bloomberg Billionaires Index. Ma, the Alibaba Group Holding Ltd. founder who relinquished the No. 1 ranking in mid-2018, is back on top with a $44.5 billion fortune, about $2.6 billion more than Ambani.

Oil plunged the most in 29 years as Saudi Arabia and Russia vowed to pump more in a struggle for market share just as the coronavirus is spurring the first decline in demand in more than a decade. That raises questions about whether Ambani’s flagship Reliance Industries Ltd. will be able to cut net debt to zero by early 2021, as he has pledged. The plan hinges on a proposal to sell a stake in the group’s oil and petrochemicals division to Saudi Arabian Oil Co., the world’s biggest producer.

While the coronavirus has curtailed some of Alibaba’s businesses, the damage has been mitigated by increased demand for its cloud computing services and mobile apps.

Reliance Industries, by comparison, has no such silver lining. The Indian company’s shares plunged 12% on Monday, the most since 2009, extending this year’s decline to 26%. Alibaba’s American depositary receipts have slipped 6.8% so far in 2020.

Few of the world’s billionaires fared well in Monday’s collapse as the S&P 500 and Dow Jones Industrial Average each plunged more than 7.5%, the most since the 2008 financial crisis, threatening to end the longest bull market in history. But no one did worse than those whose fortunes are underpinned by oil.

Wildcatter Harold Hamm’s fortune was cut almost in half to $2.4 billion and fellow oil magnate Jeff Hildebrand lost $3 billion, bumping both from Bloomberg’s 500-member wealth ranking.

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