The petrochemical-to-telecom business magnate has added $4 billion to his wealth in 2018
Reliance Industries chairman Mukesh Ambani toppled Alibaba Group’s Jack Ma on Friday to become the richest individual in Asia, according to a report by Bloomberg.
According to the report, Ambani’s estimated total wealth hit $44.3 billion on Friday as RIL shares rose 1.6 percent.
Ma’s total net worth stands at $44 billion, according to the report at the close of trade in US on Thursday. Alibaba is listed in the US.
The petrochemical-to-telecom business magnate has added $4 billion to his wealth in 2018.
The company’s market capitalisation (m-cap) rose to Rs 7,01,404 crore (over $102 billion) during the early trade on BSE. The m-cap has been calculated at the stock's 52-week high price of Rs 1,107.25.
Earlier this month, Ambani launched advanced fiber-based broadband connectivity service called JioGigaFibre and JioGigaTV, a set-top box with ability to play videos at 4k resolution.
"As we kick off our Golden Decade with a flourish, we remind ourselves of Reliance’s unwavering commitment towards India’s rise. May the God Almighty bless us in our endeavour," Ambani had said at the conglomerate’s Annual General Meeting (AGM).Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.