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Mukesh Ambani 9th richest in the world: Forbes

Mukesh Ambani 9th richest in the world: Forbes
November 29
11:09 2019

MUMBAI: Reliance Industries Chairman Mukesh Ambani is the ninth richest person in the world, according to ‘The Real-Time Billionaires List’ of Forbes. The RIL Chairman was ranked 13th globally in the Forbes’ 2019 rich list, released earlier this year. His rise can be attributed to RIL surpassing the Rs 10 lakh crore market capitalisation mark, becoming the first Indian company to do so on Thursday.

According to the Forbes ‘The Real-Time Billionaires List’, RIL Chairman’s ‘Real Time Net Worth’ stood at $60.8 billion on Thursday.

The list was headed by Jeff Bezos, CEO and Founder of Amazon, with ‘Real Time Net Worth’ of $113 billion on Thursday. The list “reflects changes since 5 p.m. EST of prior trading day,” Forbes said on its website.

On Thursday, RIL shares hit the 52-week high of Rs 1,581.25 on the BSE, rising 0.64 per cent. While RIL gained nearly 40 per cent during the last year, the Nifty50 index advanced over 13 per cent.

Reliance is followed by TCS as the second most valued firm. HDFC Bank, Hindustan Uniliver and HDFC were the others. Among RIL’s big ticket announcements was its aims to be net debt-free by the end of FY20. The company also announced selling of 20 per cent stake in refining and petrochemical business to Saudi Aramco.

RIL recently announced plans to set up a wholly-owned subsidiary called ‘Jio Platforms Limited’ (JPL) for all its digital platform initiatives. It will infuse Rs 1.08 trillion more equity into JPL, which will invest that amount in Jio. RIL’s current equity investment is Rs 650 billion in Jio.

Apart from RIL’s core business, brokerages said RIL’s presence across fashion, lifestyle and consumer electronics is far higher than any other player in the domestic market now. IANS

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