Reliance Industries Limited (RIL) chairman Mukesh Ambani on Friday, 13 July, replaced Alibaba Group founder Jack Ma as the richest person in Asia, Bloomberg reported.
According to a report, Mukesh Ambani's wealth rose to $44.3 billion on Friday, surpassing Ma's $44billion worth at the close of trade on Thursday.
Ambani, this year, added $4 billion to his riches, with Reliance doubling its petrochemicals capacity. The investors also celebrated the success of RIL's telecom venture, Reliance Jio Infocomm Ltd.
Ma, on the other hand, has already lost $1.4 billion this year.
In July, at the annual shareholders' meeting, Ambani said that Reliance witnessed “biggest growth opportunity in creating a hybrid, online-to-offline new commerce platform,” in the group's Reliance Retail Ltd and Reliance Jio businesses. Ambani also declared that the "size of Reliance will more than double" by 2025.
(With inputs from Bloomberg.)
(This is a developing story. More details awaited)
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