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Mukesh Ambani’s wealth nears $100 bn as RIL shares surge

September 7, 2021 03:03 PM

Mukesh Ambani's wealth nears $100 bn as RIL shares surge

Mukesh Ambani’s wealth nears $100 bn as RIL shares surge, Reliance Industries Ltd (RIL) CMD Mukesh Ambani is close to entering the exclusive club of billionaires with a net worth of over $100 billion on the back of the recent surge in the shares of his company.

On Friday, Ambani added $3.71 billion to his net worth, taking it to $92.6 billion, as per the Bloomberg Billionaires Index. Ambani is ranked 12th in the list of the world’s richest persons and is just behind L’Oreal’s Francoise Bettencourt Meyers, who has a net worth of $92.9 billion.

Shares of RIL closed 1.52 per cent higher at Rs 2,424.55 on the BSE on Monday. Last week, the company announced that its subsidiary Reliance Strategic Business Ventures Limited has acquired a stake in Strand Life Sciences for a cash consideration of Rs 393 crore.

RIL recently also said that its subsidiary Reliance Retail Ventures has taken sole control of local search engine platform Just Dial Limited with effect from September 1, 2021.

Also Read: Healthcare start-up Biddano raises $2 mn from new, existing investors

Ambani’s entry into the telecom space in India in 2016 though Jio Infocomm disrupted the sector by providing internet packs at dirt-cheap rates. Jio went on to become the biggest wireless service provider in India and had 43.66 crore subscribers at the end of June. Ambani has also managed to get investments from the likes of Facebook and Google for the company’s digital operations.

Mukesh Ambani’s wealth nears $100 bn as RIL shares surge, Besides, RIL is also in talks with Saudi Aramco for selling a stake in its refining and chemical business for as much as $25 billion, as per reports.

During RIL’s annual general meeting this year, Ambani announced an ambitious investment plan of Rs 75,000 crore in clean energy over the next three years.

Ambani said RIL plans to build four ‘Giga Factories’, which will manufacture and fully integrate all the critical components of the new energy ecosystem. These factories will work in the areas of solar energy, intermittent energy, green hydrogen, and stationary power. With such ambitious plans across diverse sectors, Ambani looks set to close the $100 bn net worth mark sooner than later.

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