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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.

News18.com

Updated:July 13, 2018, 6:54 PM IST
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Mukesh Ambani Overtakes Jack Ma to Become Asia's Richest Person
File photo of Reliance Industries Chairman Mukesh Ambani. (Image: News18)
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New Delhi: 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 capitalisation (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 conglomerate’s Annual General Meeting (AGM).

(Disclaimer: News18.com is part of Network18 Media & Investment Limited which is owned by Reliance Industries Limited)


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