Billionaire Mukesh Ambani Becomes 5th Richest Person in the World

Billionaire Mukesh Ambani is now the fifth richest person in the world, according to the Billionaires List by business magazine Forbes. The chairman of oil-to-telecom conglomerate Reliance Industries surpassed ace American investor Warren Buffett to take the fifth spot on the real-time ranking by Forbes, which estimated Mr Ambani’s wealth at $75 billion (Rs 5.61 lakh crore at $1 = Rs 74.76). Last month, Mr Ambani’s Reliance Industries became net debt-free way ahead of its target of March 2021, by selling a nearly 33 per cent stake in its digital services arm, Jio Platforms, to prominent investors including internet giants Facebook and Google.

Reliance Industries has announced 14 deals since April 22, selling stake worth Rs 1.5 lakh crore in Jio Platforms, which houses telecom major Reliance Jio Infocomm. The latest investor in Jio Platforms is Google, which has committed a capital infusion of Rs 33,737 crore for a 7.7 per cent stake.

Reliance Industries has raised Rs 2.12 lakh crore via investments in Jio, partnership with BP and rights issue, Mr Ambani told shareholders at the company’s virtual annual general meeting earlier this month.

Reliance Industries shares surged to an all-time high of Rs 2,010 in trade on Wednesday, taking its market capitalisation to Rs 12.70 lakh crore and making it the country’s most valuable company.

Meanwhile, Jeff Bezos is currently the world’s richest person with wealth of $185.8 billion, according to Forbes. Bill Gates, Bernard Arnault & family and Mark Zuckerberg are ahead of Mr Ambani on The Real-Time Billionaires List.


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