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Mukesh Ambani Becomes 9th Richest Person In World On RIL Share Price Surge

By Staff
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Mukesh Ambani, the chairman and managing director of Reliance Industries Limited (RIL) is the ninth richest person in the world on Forbes' Real-Time Billionaires List.

 

In the Forbes' 2019 rich list, released earlier this year, he was ranked at the thirteenth position globally. His rise could be attributed to RIL surpassing the Rs 10 lakh crore market capitalisation mark on Thursday, the first Indian company to do so.

As per calculation on the Forbes 'The Real-Time Billionaires List', Ambani's 'Real Time Net Worth' stood at $60.8 billion on Thursday.

Mukesh Ambani Becomes 9th Richest Person In World On RIL Share Price Surge

Amazon's CEO and founder Jeff Bezos' 'Real Time Net Worth' was at $113 billion on Thursday and topped the list.

On Thursday, shares of RIL rose to a high of Rs 1,581.25 after a 0.64 percent jump to breach the market valuation of Rs 10 trillion for the first time. The stock hit another all-time high of Rs 1,581.95 on Friday before falling again.

In recent months, RIL has made some big-ticket announcements that caught investors' interest. At the Annual General Meeting this year, the conglomerate said that it aims to become net debt-free by the end of the financial year 2019-20 and also announced the sale of 20 percent stake in refining and petrochemical business to Saudi Aramco.

 

Recently it 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 currently has an equity investment of Rs 650 billion in Jio.

Story first published: Friday, November 29, 2019, 12:30 [IST]
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