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Asia's richest man Mukesh Ambani is fast honing in on a rarefied group of people with fortunes of $100 billion after adding $3.7 billion to his net worth on Friday.
The share price of Ambani's Reliance Industries Limited (RIL) surged 4.15 per cent on Friday after the tycoon doubled down on his clean-energy goals by unveiling plans to boost production of cheaper green hydrogen.
The Indian tycoon's net worth now stands at $92.60 billion — around $10 billion lesser than Warren Buffett's net worth of $102.6 billion, says the Bloomberg Billionaires Index.
In 2007, the Ambani family -- comprising Mukesh and his brother Anil Ambani -- became the first Indian business family to cross the $100 billion mark with their wealth combined.
Several GCC sovereign funds, including Abu Dhabi's Mubadala and Abu Dhabi Investment Authority, and Saudi Arabia's Public Investment Fund, have invested billions of dollars in Ambani's group.
With $92.6 billion, the RIL chairman is closely following L'Oreal's Francoise Bettencourt Meyers, whose net worth stands at $92.9 billion in the index.
Ambani's Reliance Jio has also become one of the major players in the Indian telecom market. After Bharti Airtel's announcement of average revenue per user at Rs200, Indian markets have made an assessment of Reliance Jio ARPU at Rs160 to Rs170, which also led to rise in market valuations of Reliance Jio.
Ambani’s telecommunications unit has become the dominant player in the Indian market as his digital operation has expanded with backing from investors including Facebook Inc. At the same time, Saudi Aramco is looking to take a stake in Reliance's oil refining business in a deal said to be worth as much as $25 billion.
issacjohn@khaleejtimes.com
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