Mukesh Ambani again falls to second richest Asian spot after briefly surpassing China’s Zhong Shanshan

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February 27, 2021 12:52 PM

Reliance's Mukesh Ambani had hovered around the 12th and 13th positions on the Bloomberg Billionaires Index since December last year before he climbed to the top 10-bracket this week. On the other hand, Shanshan, who had surpassed Berkshire Hathaway’s Warren Buffett and Google’s Larry Page and Sergey Brin in January to become the sixth richest person, had slipped by three positions.

mukesh ambani, elon musk, jeff bezos, rilAmbani had surpassed Alibaba’s Jack Ma as the richest Asian back in 2018. Image: Bloomberg

Mukesh Ambani on Friday again dropped down to the second spot as Asia’s second-richest person after momentarily pipping China’s bottled water czar Zhong Shanshan. According to the Bloomberg Billionaires Index, which ranks the world’s richest people at the close of every trading day in New York, Shanshan was ranked ninth richest person in the world with a net worth of $83.2 billion. However, he was only marginally ahead of Ambani, who was ranked 10th in the global tally, with a net worth of $82.8 billion. Ambani had surpassed Alibaba’s Jack Ma as the richest Asian back in 2018 and had led that rank for most of the past two years before Shanshan eclipsed him in December last year.

Ambani had hovered around 12th and 13th positions among the world’s richest since December before he climbed to the top 10-bracket this week. On the other hand, Shanshan, who had surpassed Berkshire Hathaway’s Warren Buffett and Google’s Larry Page and Sergey Brin in January to become the sixth richest person, had slipped by three positions. His Hangzhou-based beverage company Nongfu Spring’s shares had surged over 85 per cent to open at Hong Kong (HK) $39.80 on its debut on the Hong Kong Stock Exchange on September 8.

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The company’s market cap was down from HK $335.31 billion (US $43.19 billion) to HK $259.29 billion (US $33.4 billion) on Friday. Nongfu Spring’s was the market leader in the packaged water segment in China along with being the third-largest company in the tea beverage market in 2019, the company had said citing research from Frost & Sullivan. The retail sales of soft beverages in China in 2019 were worth around $153.1 billion (around 991.4 billion yuan), according to Statista.

Meanwhile, Mukesh Ambani-led had earlier this week announced hiving off its oil-to-chemical (O2C) business as a separate entity with a $25 billion loan from the parent company. According to a stock exchange filing, the company said that it will continue to hold 100 per cent control in the new enterprise. Reliance added that the spin-off will not lead to any change in the company’s shareholding. Also, the promoter group will continue to have a 49.14 per cent stake in the O2C business.

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