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NEW YORK • Mr. Mukesh Ambani has supplanted Jack Ma, the founder of the Alibaba group, to become the richest person in Asia, by positioning Reliance Industries to disrupt the e-commerce space in India .
President of India's refinery conglomerate According to estimates by Bloomberg Billionaires Index, Reliance Industries' holdings rose 1.6 percent to a record 1099.8 rupees.
Mr. Ma's fortune rose to $ 44 billion at closing Mr. Ambani added $ 4 billion to his fortune this year as Reliance doubled its petrochemical capacity and investors have delighted the success of Reliance Jio Infocomm.
This month, the tycoon unveiled plans to leverage its 215 million telecom subscribers to expand its e-commerce offerings, taking for example Amazon and Walmart.
"We need to expand our horizons with Reliance," said Mumbai-based analyst Nitin Tiwari at Antique Stock Broking, adding that "something truly transformational" is in the works.
million. Ambani, best known for executing large-scale projects, has led the construction of the world's largest refining complex in Jamnagar, has the world's largest mobile data network, and boasts the largest and most profitable enterprise. At this month's annual meeting of shareholders, Ambani said Reliance sees "its greatest growth opportunity in creating a new online-offline hybrid trading platform" involving Reliance Retail activities. and Reliance Jio. Ambani said at the meeting that Mr. Jiao will present next month a high-speed fiber-based service in 1,100 Indian cities, which Mr. Ambani said is the largest "Jio is the engine of the rise. Reliance, "said Deven Choksey, Managing Director of KR Choksey Shares and Securities in Mumbai. "If the company will double its profits a few years later, the share price will double, if not more."
Less than a week after announcements, Reliance returned to the club's $ 100 billion after more
M. Ambani took advantage of the annual shareholders' meeting two years ago to announce its disruptive telecom business with free offers that forced the smaller competitors to resign and the larger ones to merge
. Father Dhirubhai Ambani, whose reputation is well-established, who helped to create a culture of equity among middle-class Indians and use their savings to build textile and petrochemical manufacturing units of the group. Mukesh and his younger brother Anil. The brothers eventually split the company in 2005, after years of acrimony.
BLOOMBERG
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