The oil-to-tech transition of Reliance Industries pushes Mukesh Ambani to sixth richest spot in the world
New Delhi | Jagran Business Desk: Mukesh Ambani, the chairman and Managing Director of Reliance Industries Limited (RIL) has become the sixth richest person in terms of net worth ($72.4 Billion), overtaking Google’s parent company Alphabet’s co-founders Larry Page and Sergey Bin, according to Bloomberg Billionares Index.
On Monday, the three per cent rise in RIL’s shares led to the increase of Mukesh Ambani’s net worth by $2.17 Billion in one go, which led him to the sixth richest spot in the world.
Earlier in the last week, Ambani had surpassed the CEO of Berkshire Hathaway, Warren Buffet, to become the eighth richest person in the world. A series of tech investments in Reliance, especially in its rising Jio endeavour, has pushed Reliance shares to double digits. Ambani is currently the only Business tycoon from Asia in the Top ten richest list, according to the Bloomberg Billionares Index.
Reliance Industries is currently the biggest commercial group of entities in India in terms of the total market capitalization, and world’s 51st most valued company like that. The RIL has received a total of 13 uninterrupted spree of investments from tech players worldwide. Its string of deals with Facebook and others have brought forth Reliance into technology and e-commerce sector like nobody else in India.
According to media reports, Jio remains the centerpiece of Mukesh Ambani’s ambition to create an indigenous version of Alibaba Group Holding Limited. The investments from Facebook have brought it to the forefront of attractive investment spot as for the players from California’s Silicon Valley, because of the potential in streaming, digital payment front, and retail in a market as big as India, devoid of most authoritarian insulation points unlike China from tech-disinvestments have been rising in the wake of COVID-19 crisis.
Posted By: Abhinav Gupta