Mukesh Ambani, the richest person in Asia, joined Jeff Bezos and Elon Musk in the world’s most exclusive wealth club with a fortune of at least 100 billion dollars The President of India Reliance Industries Ltd. It entered the rarefied group of 11 men as its conglomerate stock climbed a record Friday. According to Billionaires Billionaires index, it is now worth $ 100.6 billion, after its wealth increased $ 23.8 billion this year.
Since inheritance of oil refining and petrochemicals of the empire of its father’s delay in 2005, Ambani, 64, seeks to turn the energy giant into titan, technology and e-commerce. Its telecommunication unit, which started the services in 2016, is now the dominant carrier on the Indian market. Its retail and technology companies increased by about $ 27 billion last year, selling investments to investors from Facebook Inc. and Google to Kkr & Co. and Silver Lake.
Ambani unveiled an ambitious thrust in green energy in June, with a planned investment of about $ 10 billion over three years. And last month, Mogul said that his business would pursue “aggressively” pursuing the production of cheaper green hydrogen. The plan aligns with the ambitions of Prime Minister Narendra Mod to transform India into a global manufacturing hub for cleaning fuel to combat climate change and reduce energy imports by the third oil consumer in the world.
Although the announcement of Ambani has been considered by an acknowledgment that its group must look beyond oil to cement its future, fossil fuel always plays a central role for confidence, representing nearly 60% of its 73. billions of dollars of annual income. The petrolus activity of the chemicals is now a separate unit and the talks are in progress to obtain Saudi Oil Oil Co. as an investor Mukesh Ambani is at the forefront of creating new businesses with new emerging technologies, “said Chakri Lokapriya, TCG Asset Management Co. Investment Manager in Mumbai. “The creation of scale-ladder companies brings execution challenges, but it has demonstrated its capabilities.”
The story of Reliance dates back to the late 1960s when Dhirubhai Ambani, who started as a gas station attorney in Yemen, started building his polyester business in a vast empire. When he died of a stroke in 2002 without leaving a will, a resale broke out between his two sons, Mukesh and Anil, 62, who was finally resolved by the mother of the brothers and sisters, Kokilaben, in 2005 Under the truce agreement, Mukesh has had the control of the flagship oil and petrochemical firms, while his younger brother has had more recent areas such as electricity generation, financial services and services. telecommunication. Anise – Once a billionaire – told a London court last year that its net worth was “zero”.
India billionaires are some of the world’s biggest winners, as the most successful Asian stock market for this year is a boost of an increase in initial public offers Gautam Adani, founder of the Coal and Renewable Energy Energy Congomerate Group, added $ 39.5 billion to his fortune this year, while the third richest person in the country, Tycoon Azim Premji technology, saw its wealth of $ 12.8 billion.