Mukesh Ambani racing towards $100-bn club
$3.7 billion was added to his net worth as RIL shares rose more than 4%
image for illustrative purpose
Mukesh Ambani, the chairman of Reliance Industries LTD (RIL) and Asia's richest person, is now worth $92.6 billion, which is around $10 billion lesser than Warren Buffet's net worth of $102.6 billion.
The RIL Chairman is closely following L'Oreal's Francoise Bettencourt Meyers whose net worth stands at $92.9 billion, says Bloomberg Billionaires Index (BBI).
Ambani added $3.7 billion to his net worth as RIL share price rose steeply to 4.15 per cent on Friday trading session, the result was projected just after Ambani announced to double the production of cheaper green hydrogen.
His Reliance Jio has also become one of the major players in the Indian telecom market. After the Bharti Airtel's announcement of ARPU (Average Revenue Per User) at Rs 200, Indian markets have made an assessment of Jio's ARPU at Rs 160 to Rs 170, which also led to rise in market valuations of Jio.
Ambani has emerged as a dominant player in the digital space as his business expanded with the backing from investors like Facebook Inc. Apart from this, Saudi Aramco is looking to acquire a stake in the company's petrochemical business in a deal said to be worth around $25 billion.
All these advances led to a sharp rise in the Reliance Industries share price. The large-cap stock opened with an upside gap of Rs 15.60 at Rs 2,310 and went on to scale to its lifetime high of Rs 2,395 per equity share.
Its shares closed at Rs 2,389.65 on Friday — Rs 95.25 or 4.15 per cent up from its Thursday close of Rs 2,294.40 per stock levels. Ambani announced this year an ambitious plan to invest $10 billion in clean energy, marking a new pivot for India's most valuable company.
The plan is in sync with PM Modi's craving to combat climate change and curtail imports into the world's third-biggest oil consumer.
