Mukesh Ambani Topples Alibaba’s Jack Ma to Become Asia’s Richest Person As RIL Shares Surge
Also, Ambani's disruptive telecom upstart Reliance Jio Infocomm Ltd. has been doing quite great in the telecom sector since its inception. Earlier this month, Ambani unveiled plans to leverage his 215 million telecom subscribers to expand his e-commerce offerings, taking on the likes of Amazon.com Inc. and Walmart Inc. Alibaba Group Holding Ltd.’s Ma has lost $1.4 billion in 2018, a report by Bloomberg informed.
Mumbai, July 13: In what is believed to be a major disruption in the e-commerce space in India, Reliance Industries Chairman Mukesh Ambani has become Asia’s richest person, overtaking Alibaba Group founder Jack Ma. According to a report by Bloomberg, Ambani has added $4 billion to his fortune this year as Reliance doubled its petrochemicals capacity.
Also, Ambani's disruptive telecom upstart Reliance Jio Infocomm Ltd. has been doing great in the telecom sector since its inception. Earlier this month, Ambani unveiled plans to leverage his 215 million telecom subscribers to expand his e-commerce offerings.
On Friday, Reliance Industries Ltd. surged to 1.6 percent to a record 1,099.8 rupees, according to Bloomberg Billionaires Index, making Ambani the king of an estimated to be worth $44.3 billion. Meanwhile, Jack Ma’s wealth stood at $44 billion at the close of trade on Thursday in the U.S.
On Thursday, Mukesh Ambani-led Reliance Industries became the second Indian company to enter the $100-billion club. With this, Reliance Industries’s market value crossed the milestone for the first time in the last 10 years on July 12. This comes three months after Tata Consultancy Services Ltd.became India’s first information technology major to breach the $100-billion mark in market capitalisation.
(The above story first appeared on LatestLY on Jul 13, 2018 05:19 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).