Mukesh Ambani becomes Asia’s second richest man: Report

The success of Reliance Jio's thunderous entry into the Indian telecom market has not only surprised experts but has also catapulted Reliance Industries Ltd (RIL) Chairman Mukesh Ambani to second spot on Asia's rich list.

Mukesh Ambani, Chairman of Reliance Industries Ltd.
Mukesh Ambani, Chairman of Reliance Industries Ltd. Photo courtesy:

Ambani has overtaken Hong Kong business magnate Li Ka-shing to become Asia's second-richest man. According to the Bloomberg Billionaires Index, Ambani's wealth has seen a rise of USD12.1 billion with the oil-to telecom conglomerate's shares seeing a surge with investors rallying behind his decision to launch the cheapest 4G phone, according to a Bloomberg report.

His net worth stands at USD34.8 billion, which has propelled him to the number 19 rank in the Bloomberg Billionaires Index from 29 at the end of 2016.

Addressing the 40th annual general meeting (AGM) of RIL, Ambani called the next ten years as a "golden decade" for RIL, which will be completing fifty years as a listed entity in 2027. He said the company will achieve more in this decade than what it has done in the last 40 years.

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Mukesh had joined the company in 1981, while he was still pursuing an MBA at Stanford, to help erect the company's biggest bet at that time, a polyester plant at Patalganga on the outskirts of the financial capital.

RIL consolidated net profit went up by 28 per cent during the first quarter (April-June) of 2017-18.

The company clocked a revenue of INR90,537 crore, an increase of 26.7 per cent, as compared to INR71,451 crore in the corresponding period of the previous year.

Li Ka-shing is the richest man in Hong Kong with a business empire that ranges from telecommunications to retail and port business.