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Asia’s richest man, Indian Mukesh Ambani, joined Jeff Bezos and Elon Musk in the world’s most exclusive fortune club with a fortune exceeding $ 100 billion.
It comes after shares in his company, Reliance Industries Ltd., hit an all-time high on Friday, bringing Ambani’s fortune to $ 100.6 billion, according to the Bloomberg Billionaires Index, after his fortune increased by 23 , $ 8 billion this year, joining a club of just 11 men in the world. The world is for owners of wealth exceeding $ 100 billion.
Since inheriting the oil refining and petrochemicals business of his late father’s empire in 2005, Ambani, 64, has sought to turn the energy giant into a retail giant, 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 nearly $ 27 billion last year, selling stakes to investors like Facebook, Google, KKR & Co and Silver Lake.
Ambani also revealed an ambitious push towards green energy last June, with planned investments of around $ 10 billion over 3 years. Last month, he said his company would “vigorously” continue to produce cheaper green hydrogen.
The plan is in line 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.
Reliance’s history dates back to the late 1960s when Dhirubhai Ambani, who started as a gas station administrator in Yemen, began to transform his polyester business into a vast empire. When he died of a stroke in 2002 without leaving a will, an inheritance dispute arose between his two sons Mukesh and Anil, 62, which was ultimately settled by the siblings’ mother Kokilaben, in 2005.
Under the deal, Mukesh took control of major petroleum and petrochemical refining companies, while his younger brother acquired new areas such as power generation, financial services, and telecommunications services. . Anil, a former billionaire, told a London court last year that his net worth was “zero”.
Indian billionaires are among the biggest winners on the world’s rich list, as the Indian stock market has performed best among the major stock markets in Asia this year, due to a significant increase in public offerings.
Gautam Adani, founder of coal and renewable energy group Adani Group, added $ 39.5 billion to his fortune this year, while India’s third-richest person, tech mogul Azim Premji, saw his fortune increase by $ 12.8 billion.
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