Reliance Industries chief Mukesh Ambani has overtaken Alibaba founder Jack Ma to become Asia's richest person. Mukesh Ambani's wealth has been estimated at $44.3 billion on Friday with Reliance Industries shares soaring to a huge high, according to a Bloomberg report.
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Sensex, Nifty dip on Reliance Industries selloff; Bharat Forge, Delta Corp, BPCL stocks bleedReliance Industries chief Mukesh Ambani has overtaken Alibaba founder Jack Ma to become Asia's richest person. Mukesh Ambani's wealth has been estimated at $44.3 billion on Friday with Reliance Industries shares soaring to a huge high, according to a Bloomberg report.
Reliance Industries is trading 1.7 percent higher as per the Bloomberg Billionaires Index with the stock trading at Rs 1,100.65 as of 12.25 p.m. in Mumbai, which is a record. It closed at Rs 1,101. Alibaba Group founder Jack Ma's wealth has been estimated at $44 billion on Thursday in the US.
Reliance is reaping the fruits of its newest company Reliance Jio and it has doubled its petrochemicals capacity too, leading to Ambani adding another $4 billion to his fortune. He also announced his plans to leverage his 215 million telecom subscribers to expand his e-commerce offerings, as per the report. Significantly, this year Ma lost $1.4 billion in wealth.
Ambani is best known for successfully executing large-scale projects. He led the way to construct the world's largest refining complex in Jamnagar and is the owner of a massive mobile data network along with the country's biggest as well as most-profitable retail firm.
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Ambani said in this month's shareholders' meeting that Reliance saw its "biggest growth opportunity in creating a hybrid, online-to-offline new commerce platform," involving the group’s Reliance Retail Ltd. and Reliance Jio businesses.
Reliance Jio is also set to introduce a fiber-based broadband service across 1,100 Indian cities in August. To this announcement, Ambani said that this would be the biggest greenfield fixed-line rollout across the world.
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