Ambani richest in Asia, topples Jack Ma
Mukesh Ambani has overtaken Alibaba Group founder Jack Ma to become Asia’s richest person as he positions Reliance Industries Ltd. to disrupt the e-commerce space in India.
The RIL chairman was estimated to be worth $44.3 billion on Friday with his company rising 1.6 percent to a record Rs 1,099.8, according to Bloomberg Billionaires Index. Ma’s wealth stood at $44 billion at close of trade on Thursday in the US, where the company is listed.
Ambani has added $4 billion to his fortune this year as Reliance doubled its petrochemicals capacity and investors cheered the success of his telecom upstart Reliance Jio Infocomm Ltd.
Then earlier this month, Ambani unveiled plans to leverage his 215 million telecom subscribers to expand his e-commerce offerings, taking on the likes of Amazon.com Inc. and Walmart Inc. Alibaba Group Holding Ltd.’s Ma has lost $1.4 billion in 2018.
Ambani, best known for executing large-scale projects, spearheaded construction of the world’s largest refining complex in Jamnagar, owns the most-widespread mobile data network globally and claims to have India’s biggest as well as most-profitable retail firm.
Ambani inherited Reliance from his father Dhirubhai, who built the group’s textile and petrochemical manufacturing units.