Mukesh Ambani, Asia’s richest man, joins the $100 billion club

Mukesh Ambani, Asia’s wealthiest person, has joined the exclusive club of those with fortunes of $100 billion. According to Business Standard, Ambani joined the $100 billion club on Monday when the value of his family’s shareholding in Reliance Industries Limited (RIL) reached the $100 billion barrier.

According to the Capitaline database, the Ambani family’s 49.14 per cent ownership in RIL was worth $107 billion, and the company’s market capitalization (m-cap) reached $218 billion. This covers the partially paid shares of the firm.

According to the statistics, Mukesh Ambani joined the exclusive $100 billion club on Monday and has since added over $8 billion (Rs 54,000 crore) to his net worth.

Mukesh Ambani’s stock soared when he announced that his business, Reliance Industries, will explore the manufacture of green hydrogen at a lower cost. Ambani is well-known as a disruptor of industry norms, and his latest entrance into telecoms via the Reliance Jio framework has been a smashing success. Jio has established itself as the leading player in India’s massive telecom industry.

In addition, Ambani announced a plan to invest $10 billion in sustainable energy this year in order to tackle climate change and reduce imports into the world’s top oil user.

RIL and Mukesh Ambani have reaped the most benefits from the stock market’s post-second pandemic wave rise.

Meanwhile, Reliance Jio, controlled by Ambani, is preparing to unveil the Reliance JioPhone Next on September 10. The smartphone is anticipated to be the most affordable in the world. The phone, developed by Reliance in partnership with Google, is believed to include features tailored to Indian customers.

Given Jio’s experience with the Indian market and the country’s vast telecom potential, the phone may become the country’s next big thing.

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Ketan Barot
Ketan Barot
I'm Ketan Barot working as an intern for Frontier India. I have a keen interest for journalism. When not at work, I try my hands at making memes, watch football (GGMU) and listen to Travis Scott. *Views are personal.
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