Thursday, December 3, 2020

Indian business tycoon Mukesh Ambani becomes the world’s fifth-richest man according to Forbes Real-Time Billionaires list

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Reliance released a slew of measures to support government in their fight against the novel coronavirus

— Consider reading the article Indian business tycoon Mukesh Ambani becomes the world’s fifth-richest man according to Forbes Real-Time Billionaires list on OpIndia website —

Reliance Industries chairperson Mukesh Ambani has become the fifth richest man in the world with a net worth of Rs 5.702 lakh crore ($76.2 billion), according to Forbes. The 63-year-old Indian business tycoon secured the fifth position in the list, surpassing Berkshire Hathaway CEO and legendary investor Warren Buffett, and Tesla and SpaceX founder Elon Musk.

With the shares of the oil-to-telecom conglomerate Reliance Industries hit an all-time high of Rs 2,010 per share on July 22 (Wednesday), billionaire Mukesh Ambani added $2.9 billion to his net worth in a single day.

Indian billionaire Mukesh Ambani grabs the 5th position in the Forbes list

Ambani’s net worth increased by $2.3 billion on July 23 (Thursday), according to Forbes, marking a jump of 3.11 per cent. Ambani is only next to Facebook co-founder and CEO Mark Zuckerberg, whose wealth is pegged at approximately $88 billion.

The billionaire list according to Forbes

Amazon’s Jeff Bezos tops the list, followed by Microsoft co-founder Bill Gates. French billionaire Bernard Arnault and the family is in the third position, who owns the luxury goods company Louis Vuitton.

The chairman of Reliance Industries had recently declared that his company had become a net debt-free company. “I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021,” he said, as his group reached the milestone.

Tech-giant Google to invest 4.5 billion USD in Reliance Jio

Reliance had recently sold a nearly 33 per cent stake in its digital services arm, Jio Platforms, to prominent investors including internet giants Facebook and Google. Mukesh Ambani, the Chairman of Reliance India chairman had confirmed that Google will invest over Rs 33,737 crore, or USD 4.5 billion for a 7.7 per cent stake in Jio Platforms taking the string of investments well over Rs 1,52,000 crore.

The sale of stakes in Jio along with its partnership with global oil major BP and a rights issue worth Rs 53,000 crore helped Reliance Industries become net debt-free.

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