Mr. Ambani, who owns 42% of Reliance, has profited from a series of new investments into the company’s digital unit, Jio Platforms Ltd.
Indian business tycoon and Asia’s richest man Mukesh Ambani has now joined the new league of wealth.
Reliance Industries Ltd. Chairman’s net worth has jumped to $64.5 billion, making Ambani the only Asian businessman in the top 10 wealthiest people in the world, according to the Bloomberg Billionaires Index. Overtaking Larry Ellison of Oracle Corp. and France’s Francoise Bettencourt Meyers, the wealthiest woman, Ambani became the 9th richest person in the world.
Mr. Ambani, who owns 42% of Reliance, has profited from a series of new investments into the company’s digital unit, Jio Platforms Ltd. Reliance also claimed that these developments have made it net-debt free ahead of a March 2021 target. While other billionaires on the list have been hit by the impact of the coronavirus pandemic, the shares of Reliance have doubled from a low in March.
Following Ambani’s statement on Friday that the company had become net debt-free ahead of its March 2021 deadline, RIL’s shares hit a new all-time high of Rs 1,788.60 on the BSE on Friday before ending at Rs 1,759.50.
Reliance had a net debt of Rs 1.61 trillion, as of March 2020. The company successfully managed to turn in the investments of Rs 1.68 trillion via a 24.7 percent stake sale in Jio Platforms and the rights issue to announce itself net-debt free.
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