Mukesh Ambani is now world’s fifth richest person

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New Delhi: Reliance Industries Ltd Chairman and Managing Director Mukesh Ambani is now the fifth richest person in the world thanks to the zooming stock price of his company which is India’s most valued commanding a market cap of Rs 13 lakh crore.

The market capitalisation of Ambani’s oil-to-telecom conglomerate reached Rs 1,355,141.31 crore Wednesday with RIL stock touching an all-time high of Rs 2,010 on the National Stock Exchange (NSE). RIL stock has surged over 62% in the last three months.

RIL CMD’s real-time net worth surged by $1.2 billion (Rs 8,951.35 crore) to $75.1 billion (Rs 5.60 lakh crore) Wednesday as he joined the exclusive club of world’s top five richest people, as per Forbes. Ambani is now ranked higher than Warren Buffett, globally celebrated investor and Bershire Hathway CEO on the Forbes index. On July 13, Ambani eclipsed Alphabet co-founder Larry Page.

As per the Bloomberg Billionaires Index, which tracks daily changes in world’s top 500 richest people, the real-time net worth of Ambani stood at $74.3 billion or Rs 5.5 lakh crore (USD/INR 74.75) Wednesday, which is $2.12 billion higher than yesterday.

Ambani has added over $10 billion to his fortune in the past month amid a record-breaking rally in the shares of Reliance Industries on back of investor euphoria owing over Jio. Jio Platforms, the digital arm of Reliance Industries, attracted almost $16 billion worth of investment commitments from marquee investment firms and tech players in the past few months breathing life into India’s moribund mergers & acquisition market in 2020.

Jio raised over Rs 1.52 lakh crore from investors including Facebook, Silver Lake Partners, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, PIF, Intel.

Global search engine giant Google announced that it will invest Rs 33,737 crore into Jio for 7.73% stake in the latter. The investment valued RIL’s digital arm at an equity value of Rs 4.36 lakh crore.

Jio Platforms and Google also entered into a commercial agreement to jointly develop an entry-level affordable smartphone with optimizations to the Android operating system and the Play Store. The company laid out its robust future plans in the recently-held 43rd Annual General Meeting on July 15.

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