Mukesh Ambani on Friday overtook Alibaba Group founder Jack Ma to become Asia's richest person as the market value of his refining-to-telecom conglomerate Reliance Industries topped Rs 7 lakh crore mark.
Mukesh Ambani on Friday overtook Alibaba Group founder Jack Ma to become Asia’s richest person as the market value of his refining-to-telecom conglomerate Reliance Industries topped Rs 7 lakh crore mark. Ambani was estimated to be worth $44.3 billion on Friday with Reliance Industries Ltd. rising 1.6 percent to a record 1,099.8 rupees. But do you know how much the Ambani family is worth?
With a $43.4 billion in wealth, the Ambani family is the seventh richest family in the world, according to the Bloomberg Billionaires Index. “Dhirubhai Ambani, the father of Mukesh and Anil, started building the precursor to Reliance Industries in 1957. When Dhirubhai died in 2002 without leaving a will, his widow brokered a settlement between her sons over control of the family fortune,” Bloomberg reported recently.
“Mukesh is now at the helm of the Mumbai-based conglomerate, which owns the world’s largest oil refining complex. He lives in a 27-story mansion that’s been called the world’s most expensive private residence,” it added. In an analysis of top 25 wealthiest families, Bloomberg reported that they together are worth more than $1 trillion.
Mukesh Ambani has added $4 billion to his fortune this year as Reliance doubled its petrochemicals capacity and investors cheered the success of his disruptive telecom upstart Reliance Jio Infocomm Ltd. Notably, the firm had earlier breached the 7 lakh crore in intra-day trade on October 18, 2007. The US dollar was quoted at Rs 39.59 at that time. The market valuation of RIL had crossed the Rs 6 lakh crore mark in November last year.
Noting the rise of the company, Mukesh Ambani said that the company started with just Rs 1,000 and a single employee. “My father founded Reliance in 1966 with one just employee and with a meager capital of only Rs 1000, or about USD 130 at that time. Even then, his dream was to build Reliance as a world-class and world-scale Indian business conglomerate. He realized his dream in his own lifetime,” Mukesh Ambani said at Financial Times ArcelorMittal Boldness in Business Awards in March this year.