Billionaire Mukesh Ambani is now the fifth richest person in the world, according to the Billionaires List by business magazine Forbes. The chairman of oil-to-telecom conglomerate Reliance Industries surpassed ace American investor Warren Buffett to take the fifth spot on the real-time ranking by Forbes, which estimated Mr Ambani’s wealth at $75 billion (Rs 5.61 lakh crore at $1 = Rs 74.76). Mr Ambani is only next to Facebook co-founder and CEO Mark Zuckerberg, whose wealth is pegged at $89 billion.
- Reliance Industries’ shares surged to an all-time high of Rs 2,010 on Wednesday, taking the group’s market capitalisation to Rs 12.70 lakh crore.
- That helped Mr Ambani-led Reliance Industries retain its position as India’s most valuable company.
- Mr Ambani’s net worth increased by $3.2 billion on Wednesday, according to Forbes, marking a jump of 4.49 per cent.
- According to the Forbes list, Amazon founder and CEO Jeff Bezos is at the top position in the list, with a net worth of $185.8 billion.
- Mr Bezos is followed by Microsoft co-founder Bill Gates ($113.1 billion) at the second position. At the third spot is luxury group LVMH Moet Hennessy Louis Vuitton’s chief Bernard Arnault and his family, with a net worth of $112 billion. He is followed by Mr Zuckerberg, who is at the fourth position in the Forbes list.
- Reliance Industries is now “in its golden decade”, Mr Ambani said last month, as his group became net debt-free way ahead of its target of March 2021.
- “I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021,” he said, as his group reached the milestone.
- Reliance sold a nearly 33 per cent stake in its digital services arm, Jio Platforms, to prominent investors including internet giants Facebook and Google.
- The latest investor in Jio Platforms – which houses telecom major Reliance Jio Infocomm – is Google, which has committed a capital infusion of Rs 33,737 crore for a 7.7 per cent stake.
- The sale of stakes in Jio along with its partnership with global oil major BP and a rights issue worth Rs 53,000 crore helped Reliance Industries become net debt-free.
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