Reliance Industries Chairman Mukesh Ambani on 01 November 2017 became the richest man in Asia, overtaking Chinese businessman Hui Ka Yan. Across the globe, Mukesh Ambani ranked 14th on the Real Time list of billionaires, which is based on the value of person’s stock holding and assets on a real time basis.
Mukesh Ambani’s wealth rose by $223 million to $41.8 billion on the back of rise in Reliance Industries Ltd stock price, whereas, the wealth of Hui Ka Yan, the Chairman of China Evergrande Group slumped by $1.28 billion to $40.6 billion on November 1. In 2016, Reliance sparked a price war in India’s hyper-competitive telecom market with the launch of 4G phone service Jio. Jio has notched up 130 million customers by offering free domestic voice calls, dirt-cheap data services and virtually free smartphones.
Last month, Reliance Industries chairman Mukesh Ambani emerged as the richest Indian for the 10th year in a row on Forbes list as his net worth shot up to a staggering $38 billion (nearly Rs 2.5 lakh crore). Despite India’s economic hiccups, tycoons on the 2017 Forbes India rich list saw their wealth soar with their combined fortunes rising 26 per cent to $479 billion (over Rs 31 lakh crore).