Am­bani rich­est in Asia, top­ples Jack Ma

DNA (Delhi) - - FRONT PAGE -

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 Ama­ 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.

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