The Reliance Group figures in the cover story of Time, in which the magazine conducted a survey of the leading business families of Asia and focused on the changing nature of family-run business empires.

The weekly magazine, which takes a close look at the daily lifestyle of the two Ambani brothers - Mukesh and Anil - says that there was a doubt whether they could fill their father Dhirubhai Ambani's shoes.

"People will remember you after you are gone not for your money or your power but because of what you have left behind," the magazine quoted Mukesh Ambani, chairman of Reliance Industries Limited, as saying.

Since taking over RIL as chairman and vice-chairman respectively after their father's death in 2002, Mukesh and Anil Ambani have reinvented India's most powerful business enterprise.

The brothers have taken the company beyond its textile production and petrochemicals base into lucrative ventures in power generation, oil exploration and mobile phone services.

Last year, RIL had revenues of $16.8billion and accounted for 3.5 per cent of India's Gross Domestic Product (GDP).

Some had questioned whether Anil and Mukesh could match their father's managerial skills even though Mukesh graduated from Stanford's business school and Anil from Wharton. Others wondered whether the antipodean brothers could work together, Time said.

Flashy Anil, who is married to former film actress Tina, likes designer clothes and jogs every morning, his chauffeur driving following slowly behind. Mukesh prefers spending time with his children or catching up on technical journals.