Mukesh Ambani now world’s 9th richest, makes Reliance digital debt-free

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Indian business tycoon Mukesh Ambani becomes the ninth wealthiest person in the world, according to the Bloomberg Billionaires Index.

The net worth of Mukesh Ambani, chairman of Reliance Industries Ltd., has escalated to $64.5 billion. This makes him the only Asian business tycoon in the world’s top 10 richest people. He has outshined Larry Ellison of Oracle Corp. and France’s Francoise Bettencourt Meyers, the wealthiest woman, to reach the number ninth spot.

As the share prices shot up on Friday, Reliance also became the first Indian company to be valued at $150 billion or above Rs 11 lakh crore in rupee terms.

Ambani, who owns 42 per cent of Reliance, has benefited from investments into the company’s digital unit, Jio Platforms Ltd. Reliance has made it net-debt free ahead of a March 2021 target. The telecom giant had an investment of almost $15 billion, which is greater than half the investment into any telecom companies in the world. Following this, on Friday, Ambani in a statement released by the company announced RIL becoming ‘net-debt free’, after raising over Rs 1.68 lakh crore in 58 days.

The shares of the conglomerate have doubled from a low in March due to the outbreak of the coronavirus pandemic, just like other billionaires on the list.

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