The Golden Decade for Ambani and Reliance
Reliance Industries seem’s to be in its golden decade. Indian billionaire Mukesh Ambani has more than one reason to celebrate in the past weeks as his group became net debt-free, much ahead of its original goal of achieving the status by the end of March 2021. Mukesh Ambani's flagship project Jio Platforms Ltd. has attracted more than half the $30 billion investment into telecom companies globally this year, on bets the wireless and digital services firm will disrupt India's massive consumer market. Ten firms including Facebook Inc., General Atlantic, Silver Lake Partners, and KKR & Co. have poured a total of $15.2 billion into Jio, pending regulatory clearances.
Mr. Ambani had promised his shareholders a debt-free Reliance Industries shares jumped 1.48 percent to scale a new record high of Rs 1,762 as of 20th June. The shares have broken a slew of records in the past few days, rising on the back of investment in Jio as well as the success of the rights issue, say analysts. The RIL stock is up 9.39 percent so far this year, sharply outperforming the benchmark S&P BSE Sensex index which has fallen 17.08 percent.
Meanwhile, the Indian Businessman Mukesh Ambani has catapulted into the top ten of the global rankings of the world’s wealthiest people. Ambani is now the ninth richest man in the world, up four spots from March this year when Forbes last published its annual list of the world’s billionaires. The chairman of Reliance Industries has seen his company’s stock jumped 24% since February 8, when his net worth was calculated for the billionaire’s list. Ambani’s current net worth of $60.4 billion is up from $50 billion in March overtaking Chinese Billionaire Jack Ma in the process.
Reporter : Srijan Vasireddy