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Last Updated : Jul 13, 2018 05:48 PM IST | Source: Moneycontrol.com

Mukesh Ambani topples Jack Ma to become Asia's richest person

The petrochemical-to-telecom business magnate has added $4 billion to his wealth in 2018

Moneycontrol News @moneycontrolcom

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.

RIL’s market valuation on Friday surged past Rs 7 lakh crore mark in the morning trade, making it the second company after TCS to achieve this milestone.

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.
First Published on Jul 13, 2018 05:48 pm
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