Asia’s richest man Mukesh Ambani has joined Jeff Bezos and Elon Musk in the exclusive $100 billion club as Reliance stocks skyrocketed on Friday.
Chairman of India’s Reliance Industries Ltd. Entered the rarefied group of 11 men as his conglomerate’s stock climbed to a record on Friday. He’s now worth $100.6 billion, according to the Bloomberg Billionaires Index, after his wealth increased by $23.8 billion this year.
According to international reports, Ambani’s wealth grew by $23.8 billion this year boosting him to reach the benchmark. Earlier in June, Ambani made an ambitious foray into the green energy market with a planned investment of about $10 billion over three years. The Reliance Jio Network founder has been an ever-growing presence in the Indian market since inheriting the oil-refining and petrochemicals businesses of his late father’s empire in 2005.
“Mukesh Ambani is at the forefront of creating new businesses with new emerging technologies. Creating businesses of scale at speed brings execution challenges but he has demonstrated his capabilities,” said Chakri Lokapriya, Chief Investment Officer at TCG Asset Management Co. in Mumbai.
However, fossil fuel still plays a huge part at Reliance, accounting for almost 60% of its $73 billion annual revenue. Its oil-to-chemical business has now become a separate unit and talks are underway to onboard Saudi Arabian Oil Company – also known popularly as Saudi Aramco – as an investor, reported Bloomberg.
