Mukesh Ambani, India’s most prosperous promoter and billionaire, has seen his net worth steadily climb as the share price of Reliance Industries has risen (RIL).
The value of Ambani’s family share in RIL crossed the $100 billion barriers, putting him in the exclusive billionaire club.
Entry To the Elite Club
According to data collected by Bloomberg’s, Ambani’s current net worth is $92.6 billion. So far, in 2021, the country’s wealthiest individual has added nearly $15 billion to his wealth, bolstered by a recent increase in Reliance Industries shares.
Ambani is now ranked 12th on Forbes’ list of the wealthiest men, including Jeff Bezos, Elon Musk, Bernard Arnault, and Bill Gates.
According to Bloomberg Billionaires Index, the tycoon is now closely following Francoise Bettencourt Meyers, the CEO of L’Oreal, currently with $92.9 billion.
The Ambani family now holds a 49.14 per cent stake in RIL valued at over $107 billion, while the company’s market capitalisation (m-cap) stood at $218 billion.
According to the IIFL Wealth Hurun India Rich List 2020, Ambani has earned ₹90 crores every hour since the March 2020 shutdown, and his fortune has grown from ₹2,77,700 crore to ₹6,58,400 crore at the time the report was released (September 2020).
On Monday, RIL’s stock closed 1.52% higher at Rs 2,424.55 on the BSE after its subsidiary purchased a majority stake in genomic testing company Strand Life Science for ₹393 crores.Â
The stock rose 4 per cent in the last trading session after its subsidiary Reliance Retail Ventures Limited acquired sole control of Just Dial Limited with a 40.98 per cent stake.Â
The stocks surged when the RIL chairman announced to double the production of cheaper green hydrogen.
This year, Mr Ambani announced a bold plan to invest $10 billion in sustainable energy, signalling a new direction for India’s most valuable corporation.
The goal is in line with Prime Minister Narendra Modi’s goals of combating climate change and reducing imports in the world’s third-largest oil consumer.
According to Ambani, RIL intends to construct four ‘Giga Factories,’ which will manufacture and fully integrate all essential components of the new energy environment.
These factories will cover solar energy, intermittent energy, green hydrogen, and stationary power.
Benchmark Indices
Reliance Industries stock price rose sharply on Friday as a result of all of these happenings. The large-cap company opened with a 15.60 per cent upside gap at ₹2310 and climbed to a career-high of ₹2,395 per equity share.
Reliance shares closed at ₹2,389.65 per share, up ₹95.25 per cent or 4.15 per cent from their Thursday closing of ₹2,294.40 per share.
In the last month, the Sensex and Nifty are up about 7 per cent, while RIL has gained over 17 per cent.Â
Stock May Rally More
The analysts expect the rally in stocks to continue on several positive prospects looking suitable for the development.
As a disruptor of businesses, Ambani entered the telecom business in India in 2016; Jio Infocomm outplayed the sector by offering dirt-cheap internet packets.
Jio had 43.66 crore members at the end of June, making it India’s largest cellphone service provider.
His digital firm has grown with the help of investors such as Facebook Inc and Google. Following Bharti Airtel’s announcement of an ARPU (Average Revenue Per User) of ₹200, Indian markets assessed Reliance Jio’s ARPU at ₹160 to ₹170, resulting in a jump in Reliance Jio market values.
Investors are also looking forward to announcing Reliance Industries’ sale of a minority stake in its oil-to-chemical business to Saudi Aramco.
According to rumours in the media, the acquisition could be an all-stock arrangement in which RIL will own approximately 1% of Aramco.
According to people familiar with the circumstance, the billionaire is weighing a bid for Deutsche Telekom AG’s Netherlands subsidiary.
Reports say RIL set to make a $5.7 billion non-binding offer to acquire a controlling stake in T-mobiles Netherlands BV, the country’s largest telecom operator.
Mukesh Ambani is broadening his business beyond oil and refining to build a global technology company that can compete with Google and Amazon.com Inc.
On the occasion of Ganesh Chaturthi on September 10, Reliance will unveil the much-anticipated JioPhone Next.
The new smartphone, developed in association with Google, will support the whole suite of Google and Jio applications. It will be the most affordable 4G phone globally.
With such ambitious aspirations in various areas, Mukesh Ambani, Asia’s wealthiest person
appears to be on track to surpass the $100 billion net worth milestone sooner rather than later.
