Mukesh Ambani Overtakes Jack Ma to Become Asia’s Richest Person
RIL’s market valuation on Friday surged past Rs. 7 lakh crore mark in the morning trade, making it the second company after TCS to achieve this milestone.
New Delhi July 13: Reliance Industries chairman Mukesh Ambani toppled Alibaba Group’s Jack Ma on Friday to become the richest individual in Asia, according to a report by Bloomberg.
The chairman of India’s refining-to-telecoms conglomerate, Ambani was estimated to be worth $44.3 billion on Friday with Reliance Industries Ltd. rising 1.6 percent to a record 1,099.8 rupees, said the report.
Ma’s total net worth was at $44 billion, according to the report at the close of trade in US on Thursday. Alibaba is listed in the US.
Ambani has added $4 billion to his wealth in 2018.
RIL’s market valuation on Friday surged past Rs. 7 lakh crore mark in the morning trade, making it the second company after TCS to achieve this milestone.
The company’s market capitalization (m-cap) rose to Rs. 7,01,404 crore (over $102 billion) during the early trade on BSE. The m-cap has been calculated at the stock’s 52-week high price of Rs. 1,107.25.
Earlier this month, Ambani launched advanced fiber-based broadband connectivity service called JioGigaFibre and JioGigaTV, a set-top box with ability to play videos at 4k resolution.
“As we kick off our Golden Decade with a flourish, we remind ourselves of Reliance’s unwavering commitment towards India’s rise. May the God Almighty bless us in our endeavour,” Ambani had said at the Reliance’s Annual General Meeting (AGM).
