With $15 billion raised in 58 days, Mukesh Ambani enters the list of ten richest in the world
New Delhi | Jagran Business Desk: The Chairman and Managing Director of Reliance Industries, Mukesh Ambani has surprised the financial geeks worldwide, as amid the global financial big-wigs grappling with the Coronavirus pandemic, Mukesh Ambani, Asia’s richest person for some time, also managed to vault into the ten richest of the world, according to Bloomberg Billionares Index and Forbes Real Time Billionare List.
Ambani, the only Asian among the ten richest of the world, found his net worth increasing from $5.3 billion, last year to $64.6 billion (or Rs 4.9 lakh crore) in June 2020. Such a phenomenal rise of Ambani’s wealth is being credited to the spree of investments in the Reliance Industries, in a bid to make it debt-free. from which Reliance has reportedly raised 1.69 Lakh Crore ($15 billion) in 58 days.
With $15 billion raised through the investments from Facebook Inc., General Atlantic, Silver Lake Partners, KKR & Co. and Saudi Arabia's sovereign wealth fund, investments in Reliance’s telecom arm amounts to more than half of the investments into telecom companies this year.
Reliance Jio is likely to capture, close to half, that is 48 per cent of India's mobile subscriber market share by 2025, a report by Sanford C. Bernstein has said.
With an ambition to dominate, Mukesh-Ambani led Reliance is also stepping in the field of India’s e-commerce sector, with Reliance tying its shoelaces to run for acquiring significant stakes in some units of the Future Group, which already has a partnership with Amazon.
As Ambani, 63, shifts his booming conglomerate’s focus from petrochemicals to internet technologies, experts in the field are seeing it as a dawn of new era where petrochemical industries will transition from the center pages to the sidelines, with the bongs already banged by the similar investment momentum which Elon Musk-led electric-automobile maker Tesla received last year.
Posted By: Abhinav Gupta