Reliance Industries’ Chairman Mukesh Ambani, the richest man in India and in Asia, saw his wealth climb $2.8 billion to $101.8 billion on Thursday, as shares of his jumped 2.6 per cent to close at a record high. According to Bloomberg Billionaires Index, Ambani returned to the $100-billion club for the first time since June 2022. At 12.10 am on Friday, shares of Reliance were trading at Rs 2,727.90 apiece, 0.35 per cent on the BSE.
According to the report, Ambani owns 42 per cent of the conglomerate, which has businesses in the energy, telecommunications, and retail sectors, among others. Shares have climbed 22 per cent from a low in October after the company reported a jump in quarterly profit.
Ambani (66) is the 12th-richest person in the world, ahead of L’Oreal heir Francoise Bettencourt Meyers.
With a fortune spanning oil refining to supermarkets, Ambani is an outlier among the world’s richest, who predominantly made their fortunes in tech. His rise up the wealth rankings has been steadier than the roller-coaster ride of his compatriot Gautam Adani, India’s former richest person. Adani lost more wealth than anyone else in 2023.
Ambani has helped build Reliance into India’s largest company by market value. Recently, the business has diversified beyond its fossil-fuel origins toward technology and renewable energy. The listing last year of Jio Financial Services Ltd., a unit of Reliance’s financial services, helped to broaden the sources of Ambani’s wealth even further.
While Jio shares have only gained about 1 per cent since going public in August, the company remains India’s third-largest shadow lender by market value. The firm ultimately wants to develop India’s version of WeChat, a super app that centralises online shopping, video streaming, digital financing and stock trading, citing people privy to the development told Bloomberg.
Last year, his eldest son, Akash took over as chairman of wireless operator Reliance Jio Infocomm Ltd., while younger son Anant took on the group’s renewable energy flank. His daughter Isha oversees the group’s retail business. All three were appointed to Reliance’s board in August last year.