According to Bloomberg billionaire’s Index, Mukesh Ambani is now the world’s 6th richest man surpassing Google and Alphabet co-founder Larry Page and silicon valley titan Elon Musk.
Reports say that Ambani’s net worth rose by $2.17 billion to 72.4 billion on Monday, July 13. The past 22 days have witnessed a record Breaking rally of Reliance industries.
Ambani is already standing at the position of Richest Asian and Indian man, aside from that the successor of Dhirajlal Hirachand Ambani is all set to join the exclusive club of the world’s top six Richest people.
Last week Ambani took over Warren Buffett known as the Oracle of Omaha to become the eight Richest man, says the Bloomberg Billionaire’s Index.
In the last couple of months, Jio has seen humongous investments, big names and huge ticket deals have also seen Reliance Jio’s market value go up as well.
The gush in reliance industries’market value since the first week of March has made Ambani grow his wealth.
Huge tech giants like Facebook, Intel, Qualcomm, silver Lake have invested in reliance Jio in the last few months. Sources now say that Google too is heeding to invest in Reliance Jio.
Mukesh Ambani’s potential empire is gradually shifting to e-commerce with tech biggies hunting to grab a chunk of India’s fastest-growing digital company. The world’s largest untapped economy has seen a rapidly increasing interest of American tech tycoons in its economy, especially from the silicon valley, for the past few months. Google proclaimed on Monday that it will spend over 10 billion dollars in the coming years to help India accelerate the espousal of technology in the country.
The Annual General Meeting of Reliance Jio
43rdAnnual General Meeting of Reliance industries limited was held on Wednesday. Amid the current situation, for the very first time, the annual general meeting was organized virtually through a webcast.
The meeting was expected to give a detailed look at the company’s future plans and also the current standing position of the company.
Reliance Industries Limited announced a slew of deals, including an investment of Rs.33,373 crores in its digital service armJio platform, by alphabet Inc. Google.
Mr.Ambani while leading the conference, mentioned that Reliance Industries Ltd became net debt-free in June, much ahead of the deadline, March 2021. This date was set by Mukesh Ambani in the last Annual General Meeting.
Ambani also addressed the failure of the Saudi Aramco deal, he said, that the deal could not progress according to original timelines.
Reliance Industries Ltd. Raised around 2,12,809 Cr. In less than 90 days, says Mukesh Ambani.
Ambani also expressed his delightfulness to welcome Google as a strategic investor. Google acquired a stake of 7.7% in Reliance Jio for Rs. 33,737 crores.
Mukesh Ambani’s daughter Isha Ambani spoke about Jio’s commitment towards digital health care.
Reliance Industries Ltd. became India’s first company to cross 12 lakh crore in market value, said chairman and marketing director Mukesh Ambani.
Conclusion of the annual general meeting
Ambani while addressing the meet, counts many of his achievements, including the milestones achieved in the past few months by reliance industries limited.
Reliance industries have also commissioned India’s first Butyl Rubber plant, which places reliance industries amongst the world’s top ten producers of Butyl Rubber, said Mr. Ambani while concluding the event.
On Atmanirbharbharat, Mukesh Ambani said, Reliance will work with other Indian companies, including start-ups, to zealously promote local for vocal, Made-in-India, Made-for-India and Made-for-the-World products.
STATISTICS of Reliance Jio
In 2020, Reliance Industries has raised ₹152,056 crores (US$21 billion) by selling 32.97% of its stake in Jio Platforms.
Reliance Jio reported a revenue of over 186 billion rupees in March 2020. Values showed rapid growth in revenue since December 2017. Owned by, Mukesh Ambani, and a wholly-owned subsidiary of Reliance Industries Limited, the telecommunications company disbursed to include digital services in recent months.
Operating revenue of Reliance Jio from December 2017 to March 2020(in billion Indian rupees)
|Value in billion Indian rupees|
Reliance Jio is likely to increase its share to 41% of the subscriber market and occupy a revenue market of 44% by end of FY24 on the back of its investors in Jio platform, strategy to win 2G customers from the existing market through budget-friendly smartphones and an ecosystem that will offer multiple selling opportunities to the telecom and digital arm of Reliance industries limited, say reports.
Reliance industries limited is now listed amongst the World’s top 60 companies by in terms of net worth by market capitalization. And while Reliance scales continue to reach higher summits of success, the employees and shareholders Reliance industries limited will certainly reap its rewards.