Mukesh Ambani, Asia’s wealthiest person, is now part of the rarefied group of people with fortunes of $100 billion. Ambani entered the $100 billion club on Monday after the value of his family stake in Reliance Industries Limited (RIL) surpassed the $100 billion-mark, reports Business Standard.
The Ambani family’s 49.14% stake in RIL was worth $107 billion and the company’s market capitalisation (m-cap) reached $218 billion, according to numbers sourced from Capitaline database. This includes the company’s partly paid shares.
The numbers suggest that Mukesh Ambani first entered the elite $100 billion club on Monday and added nearly $8 billion (Rs 54,000 crore) to his net worth over the last week.
Mukesh Ambani’s shares surged after he said that his company, Reliance Industries, will pursue production of cheaper green hydrogen. Known as a disruptor of industry’s status quo, Ambani’s recent foray into telecommunications through the Reliance Jio framework has been a resounding success. Jio has become the dominant player in India’s huge telecom market.
Meanwhile, Reliance’s digital footprint has increased with major investors such as Facebook. Further, Saudi Aramco is looking to acquire a stake in Reliance’s oil refining business said to be worth $25 billion.
Further, Ambani unveiled a plan to invest $10 billion in clean energy this year in a bid to combat climate change and slash imports into the world’s largest oil consumer.
RIL and Mukesh Ambani have been the biggest beneficiaries of the post-second pandemic wave rally on the stock exchange.
Meanwhile, Ambani-owned Reliance Jio is gearing up to launch the Reliance JioPhone Next on September 10. The smartphone is expected to be the cheapest smartphone in the world. Developed by Reliance in collaboration with Google, the phone is said to come with features customised for Indian users.
Given Jio’s familiarity with the Indian market and India’s huge telecom potential, the phone may become the country’s next big thing.