Mukesh Ambani recovers all the wealth lost early in the lockdown phase— and some more, becoming the world’s ninth richest
- According to Forbes,
Mukesh Ambaniis now the ninth richest person in the world with as much as $64 billion in his pockets.
- He sold nearly half a quarter stake of his three-year-old telecom — raising $15 billion in 58 days — to Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mudabada, ADIA, TPG, Saudi PIF.
- In March around this time, when the novel coronavirus hit India, Ambani lost as much as $17 billion after sub-zero crude oil prices crashed the stock markets which slipped his Forbes rank to 21.
Asia’s richest has added almost $28 billion to his fortune within four months. According to Forbes, Mukesh Ambani is worth $64 billion.
His wealth is largely linked to Reliance Industries — an pharma to oil to telecom conglomerate gaining share price day by day. RIL’s stock crashed during the Indian stock market meltdown. But one of his most promising businesses — Jio — came to the rescue.
Reliance Industries added ₹1.75 trillion (about $23 billion) to its market capitalisation in the last six months as the one-time energy giant accelerated the pivot to becoming a technology, consumer and media giant. This included partnerships with some of the biggest name in each sector— from Facebook to Netflix and a pending offer from Google and Microsoft.
He sold nearly half a quarter stake of his three-year-old telecom — raising ₹168,818 crore (about $15 billion) in 58 days — to Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mudabada, ADIA, TPG, Saudi PIF.
READ ALSO: Inside the Reliance Jio deals – Akash Ambani was the one to choose Facebook, the next big investments and the ideas sold to investors
And today, his Reliance Industries declared itself net debt free — nine months before the actual deadline of his promise of becoming one.
In March around this time, when the novel coronavirus hit India, Ambani lost as much as $17 billion after sub-zero crude oil prices crashed the stock markets which slipped his Forbes rank to 21.
He also lost the title of Asia’s richest man to internet billionaire Jack Ma but he gained soon. Moreover, RIL’s share price plummeted as much as 39% between January 1 and March 23 during the massive sell off triggered by coronavirus — forcing them to trade below ₹1000 per piece.
SEE ALSO: Even before the India-China clash, Asia’s richest man Mukesh Ambani was working on replacing Huawei
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