Mukesh Ambani joins Jeff Bezos and Elon Musk in exclusive $ 100 billion world club

The chairman of the Indian company Reliance Industries Ltd. entered the rarefied group of 11 men as shares in his conglomerate hit a record high on Friday. He is now worth $ 100.6 billion, according to the Bloomberg Billionaires Index, after his wealth increased by $ 23.8 billion this year.

Since inheriting the oil refining and petrochemicals business of his late father’s empire in 2005, 64-year-old Ambani has sought to turn the energy giant into a retail titan, technology and e-commerce. Its telecommunications unit, which started its services in 2016, is now the dominant operator in the Indian market. Its retail and tech companies raised around $ 27 billion last year, selling stakes to investors ranging from Facebook Inc. and Google to KKR & Co. and Silver Lake.

(Source: Bloomberg)

Ambani unveiled an ambitious push into green energy in June, with a planned investment of around $ 10 billion over three years. And last month, the tycoon said his company would “aggressively” continue to produce cheaper green hydrogen. The plan aligns with Prime Minister Narendra Modi’s ambitions to make India a global hub for manufacturing cleaner fuels to tackle climate change and reduce energy imports from the world’s third-largest oil consumer.

While Ambani’s announcement was seen by some as recognition that his group must look beyond oil to cement its future, fossil fuel still plays a central role at Reliance, accounting for nearly 60% of its 73 billion dollars in annual revenue. The petroleum-chemicals business is now a separate unit and talks are underway to make Saudi Arabian Oil Co. an investor.

“Mukesh Ambani is at the forefront of building new businesses with new emerging technologies,” said Chakri Lokapriya, chief investment officer at TCG Asset Management Co. in Mumbai. “Building large-scale businesses quickly presents execution challenges, but it has demonstrated its capabilities. “

Reliance’s history dates back to the late 1960s when Dhirubhai Ambani, who started out as a gas station attendant in Yemen, began to build his polyester business into a vast empire. When he died of a stroke in 2002 without leaving a will, an inheritance dispute broke out between his two sons, Mukesh and Anil, 62, which was ultimately settled by the siblings’ mother, Kokilaben. , in 2005.

Under the truce deal, Mukesh took control of the flagship petroleum refining and petrochemicals businesses, while his younger brother was granted new areas such as power generation, financial services and utilities. telecommunications. Anil – once a billionaire – told a London court last year that his net worth was “zero”.

Indian billionaires are among the biggest winners on the rich global list, as the top performing Asian stock market this year is boosted by a surge in initial public offerings.

Gautam Adani, founder of coal and renewable energy conglomerate Adani Group, added $ 39.5 billion to his fortune this year, while the country’s third richest person, tech mogul Azim Premji, has saw his wealth increase by $ 12.8 billion.