Monday, 18 October 2021

Mukesh Ambani joins 100 dollars billion wealth club

Mukesh Ambani joins 100 dollars billion wealth club

Asia’s richest person Mukesh Ambani joined Jeff Bezos, and Elon Musk is the world’s most exclusive wealth club list with a destiny of at least 100 dollars billion.

Mukesh Ambani, chairman of India’s Reliance Industries Ltd . entered a select group of 11 men as his combination stock climbed to a record on Friday. According to the Bloomberg Billionaires Index, he’s now worth $100.6 billion after his wealth grew by 23.8 dollar billion this year.

Since inheriting the petrochemicals and oil-refining businesses of his late father’s business in 2005, Ambani, 64, has been seeking to transform the energy enormous into retail, e-commerce titan, and technology.

His telecommunications section, which started services in 2016, is now the commanding carrier in the Indian market. His retail and technology move raised about 27 billion dollars last year, selling stakes to investors from Google to KKR & Co. and Silver Lake and Facebook Inc.

In June, Ambani unveiled an ambitious push into green energy with a planned investment of about 10 billion dollars over three years.

Read More : Adani obtains a 49 percent stake in MBCPNL for 1680 Rs crore

The plan aligns with PM Narendra Modi’s ambitions of turning India into a global manufacturing hub for cleaner fuel to combat climate change and slash energy imports by the world’s third-biggest oil consumer.

While some have viewed Ambani’s announcement as acknowledging that his group needs to look beyond oil to cement its future, fossil fuel still plays a central part at Reliance, accounting for almost 60% of its 73 billion dollars in annual profit. The oil to chemicals business is now a separate unit, and talks are underway to get Saudi Arabian Oil Co. as a shareholder.

Chakri Lokapriya, chief investment officer in Mumbai, said

“Mukesh Ambani is at the lead of creating new businesses with new emerging technologies,”

“Creating businesses of scale at pace brings execution challenges, but he has reveal his capability.”

Under the truce agreement, Mukesh got control of the flagship oil refining and petrochemicals businesses. In contrast, his younger brother got newer power generation, financial services, and telecommunications services. Once a billionaire, Anil told a London court last year that his net worth was “zero.”

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