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Tag: Mukesh Ambani

Mukesh Ambani dethrones China’s Jack Ma to be Asia’s richest person again
Business, Highlights, India, World

Mukesh Ambani dethrones China’s Jack Ma to be Asia’s richest person again

Reliance Industries Chairman and billionaire Mukesh Ambani reclaimed his spot as Asia's richest person, dethroning Chinese business magnate, investor and philanthropist Jack Ma, who was the richest person in the region a year ago. Business tycoon Ambani, the richest person in India and also the wealthiest in Asia, is ranked 10 on the global billionaires' list. He reclaimed his spot as Asia's richest person with a net worth of $84.5 billion. Ambani "has become the richest person in Asia, ranked Number 10 and worth an estimated $84.5 billion. He nudges out Jack Ma of China, Asia's richest person a year ago, whose rank dropped to 26 (from 17 last year) despite a nearly $10 billion jump in his fortune to $48.4 billion," Forbes stated. India has 3rd highest number of billionaires...
Reliance to embed e-commerce app into WhatsApp within six months
Business, Technology

Reliance to embed e-commerce app into WhatsApp within six months

Mukesh Ambani's Reliance Industries plans to embed its ecommerce app JioMart into WhatsApp within six months, financial daily Mint reported https://bit.ly/3oTRtPB on Monday, as the Indian conglomerate looks to ramp up its retail and grocery business in the country. Reliance, which has been trying to move away from its mainstay oil and energy business, had last year raised about $26 billion from investors like Google and Facebook for its digital and retail arms as it takes on Amazon.com Inc and Walmart-backed Flipkart in India. The move to integrate JioMart with WhatsApp will allow hundreds of millions of users to order products from Reliance without having to leave the app, Mint said, citing two officials aware of the development. At last count, WhatsApp had about 400 million ...
Reliance is net-debt free after Rs 1.69 lakh crore fund raising: Mukesh Ambani
Business

Reliance is net-debt free after Rs 1.69 lakh crore fund raising: Mukesh Ambani

Billionaire Mukesh Ambani on Friday said his flagship firm Reliance Industries is now net-debt free after a record Rs 1.69 lakh crore fund raising in under two months. In a statement, Ambani said Reliance raised Rs 1.15 lakh crore from global tech investors by selling a little less than a quarter of the firm’s digital arm, Jio Platforms Ltd, and another Rs 53,124.20 crore through a rights issue. The company had a net-debt of Rs 1.61 lakh crore as on March 31, 2020. “I have fulfilled my promise to the shareholders by making Reliance net-debt free much before our original schedule of March 31, 2021,” he said.
Mukesh Ambani’s Jio adds TPG to backers with $600 million sale
Business

Mukesh Ambani’s Jio adds TPG to backers with $600 million sale

TPG Capital agreed to pay 45.4 billion rupees ($600 million) for a stake in Jio Platforms Ltd., the telecommunications and digital services business of Reliance Industries Ltd., India’s largest company. The deal is for a 0.93% share, Reliance said in a statement. The Texas-based private equity firm’s backing adds to the list of well-known investment firms joining billionaire Mukesh Ambani’s bid to pay down debt at his Reliance flagship. He has also drawn investors with a plan to shift the conglomerate toward growth in e-commerce, online entertainment and digital payments, away from a dependence on revenue from oil refining and petrochemicals. L Catterton, the $20 billion consumer-focused private equity firm co-founded by luxury retailer LVMH, will also invest in Jio, putting up 18...
Asia’s richest man Mukesh Ambani added $17 billion to his fortune this year
Business

Asia’s richest man Mukesh Ambani added $17 billion to his fortune this year

It’s been a good year for Asia’s richest man, Mukesh Ambani. The Indian tycoon added almost $17 billion to his wealth as of Dec. 23, the most in Asia, taking his net worth to about $61 billion, according to the Bloomberg Billionaires Index. In comparison, Alibaba Group founder Jack Ma’s net worth grew $11.3 billion, while Jeff Bezos lost $13.2 billion. The surge in Ambani’s fortune this year was fueled by a 38% jump in the shares of his Reliance Industries Ltd., a conglomerate that’s pivoting more toward consumer offerings than its core oil refining and petrochemicals businesses. The rally in the stock is more than double the gains for India’s benchmark S&P BSE Sensex index during the period. Investors are piling money on Reliance, betting newer businesses such as telecommunic...
Mukesh Ambani’s RIL, valued at $138 billion, now world’s 6th largest oil company
Business

Mukesh Ambani’s RIL, valued at $138 billion, now world’s 6th largest oil company

Reliance Industries Ltd., run by Asia’s richest man Mukesh Ambani, has eclipsed BP Plc to break into an elite club of energy supermajors. The Indian conglomerate is now valued at $138 billion, compared with the British energy giant’s $132 billion value at the close of trading on Tuesday. Reliance’s shares have increased at three times the pace of India’s benchmark index this year after its billionaire owner in August announced plans to cut the company’s net debt to zero in 18 months through measures including a stake sale in the oil-to-chemicals business to Saudi Aramco. The surge in shares gives Ambani a net worth of $56 billion, making him Asia’s richest person, above Alibaba Group’s Jack Ma, according to the Bloomberg Billionaires Index. The rally has put Reliance on course to bec...