Mukesh Ambani becomes 5th richest in the world

The development comes days after Reliance’s Annual General Meeting where Mukesh Ambani announced several roadmaps for the company’s future

Mumbai: Reliance Industries Limited Chairman Mukesh Ambani on Wednesday became the world’s fifth-richest man, according to the latest Forbes World’s Billionaires (real-time) Index.

According to the index, Ambani’s net worth at $75 billion is currently more than Google founders Larry Page and Sergey Brin, an American investor and philanthropist Warren Buffet and Tesla CEO Elon Musk. It may be noted that the net worth of individuals listed on the Forbes Index changes on a daily basis.

The Bloomberg Billionaires Index had stated earlier on 22 July that Ambani has added $15.6 billion to his wealth in 2020, following a number of capital raising deals with top investment and technology firms.

Ambani has now entered the elite group of top five billionaires in the world. Before his entry, the top five billionaires on the Bloomberg Billionaires Index were Amazon CEO Jeff Bezos ($186 billion), Microsoft co-founder Bill Gates ($118 billion), Bernard Arnault ($95.1 billion), Mark Zuckerberg (91.8 billion) and Steve Balmer ($75.1 billion).

The development comes days after Reliance’s Annual General Meeting where Mukesh Ambani announced several roadmaps for the company’s future.

On Wednesday, Reliance shares crossed the Rs 2,000-mark for the first time ever. At around 3:19 pm, Reliance shares were trading 1.80% higher at Rs 2,006.65 per share.

The stock of RIL has been rising since March as investments have been flowing into its technology and telecom arm, Jio Platforms, from global marquee investors. 

 “In 2016, Reliance sparked a price war in India’s hyper-competitive telecom market with the launch of 4G phone service Jio. Jio has signed on more than 340 million customers by offering free domestic voice calls, dirt-cheap data services and virtually free smartphones,” Forbes said in its profile of Ambani.

On Wednesday, RIL, which is India’s most valued company crossed the Rs 13 lakh crore market valuation mark.

The company’s partly paid-up shares listed separately have a market capitalisation of Rs 46,702.88 crore. The aggregate market capitalisation of Reliance Industries now stands at $176.4 billion.

Jio Platforms has received a total investment of Rs 1,52,056 crore in the past three months from financial and strategic investors, with Google being the latest investor to pitch in with Rs 33,737 crore.

Others who have invested in Jio Platforms include Facebook, the Public Investment Fund of Saudi Arabia, Abu Dhabi Investment Authority, Intel Capital and Qualcomm, among others.  

On Wednesday, the company in a regulatory filing said that the meeting of its Board to consider and approve the standalone and consolidated financial results for the quarter that ended on 30 June will be held on Thursday, 30 July, 2020 instead of 24 July.

Sirf News Network

By Sirf News Network