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Home / News / Business News / Mukesh Ambani overtakes Jack Ma to be Asia's richest person
  • Business

    Mukesh Ambani overtakes Jack Ma to be Asia's richest person

    Shiladitya Ray
    Written by
    Shiladitya Ray
    Mail
    Last updated on Jul 13, 2018, 07:27 pm
    Mukesh Ambani overtakes Jack Ma to be Asia's richest person
  • India's richest man, Mukesh Ambani, has now become Asia's richest man, overtaking Alibaba Group founder Jack Ma.

    On Friday, Mukesh Ambani was estimated to be worth $44.3bn, with Reliance Industries Limited (RIL) shares trading at Rs. 1,101, 1.7% higher than on Thursday.

    Meanwhile, Jack Ma's fortunes stood at $43.6bn at the time of writing.

    Here's more.

  • In this article
    RIL has been on an upswing since its 41st AGM Ambani has already added $4bn to his fortune this year Reliance has some busy months ahead of them Ambani's track record speaks volumes
  • Upward trajectory

    RIL has been on an upswing since its 41st AGM

    RIL has been on an upswing since its 41st AGM
  • It's worth noting that the value of Reliance Industries Limited (RIL) shares have been rising steadily ever since Mukesh Ambani charted out his plans for the future at RIL's 41st AGM.

    A day back, RIL shares jumped, helping the energy-to-telecom conglomerate touch a market cap of $100bn after 11 long years.

    The consistent rise in valuation is an indication of investors' confidence in RIL.

  • Ambani's fortunes

    Ambani has already added $4bn to his fortune this year

    Ambani has already added $4bn to his fortune this year
  • Mukesh Ambani has already added $4bn to his fortune this year after Reliance doubled its petrochemicals capacity.

    Additionally, investors have also hailed the success of Reliance Jio which completely disrupted the Indian telecom sector, and captured a huge chunk of users through its too-good-to-be-true offers.

    Now, Ambani is planning to leverage Jio's 215 million users to enter e-commerce and compete with the big players.

  • Expansion plans

    Reliance has some busy months ahead of them

    Reliance has some busy months ahead of them
  • Earlier this month, at RIL's AGM, Ambani opined that he saw Reliance's "biggest growth opportunity in creating a hybrid, online-to-offline new commerce platform" involving both Reliance Jio and Reliance Retail.

    Additionally, Jio is also set to enter the wireless and fixed-line internet sector through the imminent launch of Jio GigaFiber, which is set to roll-out in a record 1,100 Indian cities starting August.

  • Track record

    Ambani's track record speaks volumes

    Ambani's track record speaks volumes
  • Considering that Mukesh Ambani is no stranger to proficiently executing projects of massive scale, investors' confidence in RIL seems to have proper precedent.

    Ambani has already successfully spearheaded the construction of the world's largest refinery complex in Jamnagar, Gujarat, and owns the world's most-widespread mobile data network.

    Given Ambani's track record, it's unlikely that he'll fail to execute RIL's planned expansion.

  • India
  • Mukesh Ambani
  • Alibaba Group
  • Reliance Jio
  • Jack Ma
  •  
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