Jio stake and value unlocking makes Mukesh Ambani the richest businessman in Asia.
On average, daily wealth creation velocity since 2020 is Rs 163 crore which made him around Rs 60,000 crore in the last year, a rise of 9%.
Mukesh Ambani continues to be the richest man in India for the 10th consecutive year with a wealth of Rs 7,18,000 crore. On average, his daily wealth creation velocity since 2020 is Rs 163 crore which made him around Rs 60,000 crore in the last year, a rise of 9%.
Majority of his wealth is driven by Reliance Industries, Ambani’s family have about 50% shareholding in the company. Reliance Industries became the first Indian company to cross the USD 200 billion (Rs 15 lakh crore) market cap driven by retail and telecom operations. The share price has increased from Rs 1,987 to Rs 2,698 in 2021 which is 35% up YTD.
Turnaround in Reliance Industries business.
Till 2016, the company has been sticking with a traditional oil refinery, petrochemical business, and retail to some extent. Looking at the smartphone usage and requirement of mobile data, Ambani re-entered the telecom business, he provided data, unlimited calls at a much cheaper rate. Within a launch year, Jio got five crore subscribers, and now they have the largest market share in terms of subscribers.
Ambani was able to understand the telecom market potential much earlier. In 2010, he bought a 96% stake in Infotel who was the successful bidder in all 22 circles of the auction for broadband wireless access.
With this turnaround in the business, the company can make collaboration with big tech giants like Facebook. Ambani outlined JioMart which is Jio’s new digital commerce platform and WhatsApp together will enable about three crore small Indian grocery stores to do digital transactions. These shopkeepers will be able to do digital transactions with their customers. This means that you will be able to order and deliver daily items from all the local shops.
Within 5 years, his wealth has grown five times. In the 2016 Forbes list, his net worth was Rs 1,45,000 crore and now it is 7,18,000 crore. His plans are focused on transforming its legacy power business with a push into green energy, committing more than USD 10 billion over three years.
From time-to-time business keeps on changing, but his leadership on the wealthy list remains the same!
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