With a fortune of about $100 billion, Mukesh Ambani, Asia’s richest man, has followed Jeff Bezos and Elon Musk in the world’s greatest exclusive wealth club.
As his conglomerate’s shares surged to a new high on Friday, Reliance Industries Ltd.’s chairman joined an exclusive company of 11 men. As per the Bloomberg Billionaires Index, he is now worth $100.6 billion, up $23.8 billion from the previous year.
Since taking over his late father’s oil-refining and petrochemicals industries in 2005, Ambani, 64, has been attempting to turn the energy behemoth into a retail, technology, and e-commerce behemoth.
Mukesh Ambani says his firm would “aggressively” explore green hydrogen production
Ambani’s telecommunications unit, which began operations in 2016, is currently India’s most influential carrier. The year before, his retail and technology businesses raised $27 billion from investors ranging from Facebook Inc. and Google to KKR & Co. and Silver Lake.
In June, Ambani outlined an aspirational plan to invest $10 billion in green energy over the next three years.
Last month, the billionaire declared his enterprise would “aggressively” explore green hydrogen production. The proposal is in line with Prime Minister Narendra Modi’s plans to transform India into a worldwide manufacturing centre for the greener fuel in order to battle climate change and reduce India’s energy imports.
Ongoing negotiations to bring in Saudi Arabian Oil Co. as a partner
While some have interpreted Ambani’s statement as an admission that his company needs to move beyond oil to secure its future, fossil fuels continue to play a significant role at Reliance, accounting for about 60% of the company’s $73 billion in yearly revenue.
The oil-to-chemicals sector has been split out, and negotiations are ongoing to bring in Saudi Arabian Oil Co. as a partner.
“Mukesh Ambani is at the forefront of creating new businesses with new emerging technologies,” Chakri Lokapriya, chief investment officer at TCG Asset Management Co. in Mumbai, comments.
“Creating businesses of scale at speed brings execution challenges, but he has demonstrated his capabilities.”
History of Reliance
Reliance’s history begins in the late 1960s, when Dhirubhai Ambani, a Yemeni gas station employee, began developing his polyester firm into a large empire.
A succession feud emerged amongst his two sons, Mukesh and Anil, 62, when he perished of a stroke in 2002 before leaving a will, which was ultimately handled by the siblings’ mother, Kokilaben, in 2005.
Mukesh received ownership of the main oil refining and petrochemicals companies under the truce arrangement, while his younger sibling received emerging areas including power generation, financial services, and telecommunications services. Last year, Anil, who was formerly a billionaire, declared in a London court that his net worth was “zero.”
Adani increases his fortune by $39.5 billion this year; Azim Premji by $12.8 billion
As Asia’s strongest major stock market this year receives a boost from a spike in initial public offerings, India’s billionaires are among the biggest gainers on the world’s wealthy list.
Gautam Adani, the founder of the Adani Group, a coal-power and renewable energy giant, has increased his fortune by $39.5 billion this year, while technology mogul Azim Premji has increased his fortune by $12.8 billion.
With a fortune of about $100 billion, Mukesh Ambani, Asia’s richest man, has followed Jeff Bezos and Elon Musk in the world’s greatest exclusive wealth club.
As his conglomerate’s shares surged to a new high on Friday, Reliance Industries Ltd.’s chairman joined an exclusive company of 11 men. As per the Bloomberg Billionaires Index, he is now worth $100.6 billion, up $23.8 billion from the previous year.
Since taking over his late father’s oil-refining and petrochemicals industries in 2005, Ambani, 64, has been attempting to turn the energy behemoth into a retail, technology, and e-commerce behemoth.
Ambani says his firm would “aggressively” explore green hydrogen production
Ambani’s telecommunications unit, which began operations in 2016, is currently India’s most influential carrier. The year before, his retail and technology businesses raised $27 billion from investors ranging from Facebook Inc. and Google to KKR & Co. and Silver Lake.
In June, Ambani outlined an aspirational plan to invest $10 billion in green energy over the next three years.
Last month, the billionaire declared his enterprise would “aggressively” explore green hydrogen production. The proposal is in line with Prime Minister Narendra Modi’s plans to transform India into a worldwide manufacturing centre for the greener fuel in order to battle climate change and reduce India’s energy imports.
Ongoing negotiations to bring in Saudi Arabian Oil Co. as a partner
While some have interpreted Ambani’s statement as an admission that his company needs to move beyond oil to secure its future, fossil fuels continue to play a significant role at Reliance, accounting for about 60% of the company’s $73 billion in yearly revenue.
The oil-to-chemicals sector has been split out, and negotiations are ongoing to bring in Saudi Arabian Oil Co. as a partner.
“Mukesh Ambani is at the forefront of creating new businesses with new emerging technologies,” Chakri Lokapriya, chief investment officer at TCG Asset Management Co. in Mumbai, comments.
“Creating businesses of scale at speed brings execution challenges, but he has demonstrated his capabilities.”
History of Reliance
Reliance’s history begins in the late 1960s, when Dhirubhai Ambani, a Yemeni gas station employee, began developing his polyester firm into a large empire.
A succession feud emerged amongst his two sons, Mukesh and Anil, 62, when he perished of a stroke in 2002 before leaving a will, which was ultimately handled by the siblings’ mother, Kokilaben, in 2005.
Mukesh received ownership of the main oil refining and petrochemicals companies under the truce arrangement, while his younger sibling received emerging areas including power generation, financial services, and telecommunications services. Last year, Anil, who was formerly a billionaire, declared in a London court that his net worth was “zero.”
Adani increases his fortune by $39.5 billion this year; Azim Premji by $12.8 billion
As Asia’s strongest major stock market this year receives a boost from a spike in initial public offerings, India’s billionaires are among the biggest gainers on the world’s wealthy list.
Gautam Adani, the founder of the Adani Group, a coal-power and renewable energy giant, has increased his fortune by $39.5 billion this year, while technology mogul Azim Premji has increased his fortune by $12.8 billion.
With a fortune of about $100 billion, Mukesh Ambani, Asia’s richest man, has followed Jeff Bezos and Elon Musk in the world’s greatest exclusive wealth club.
As his conglomerate’s shares surged to a new high on Friday, Reliance Industries Ltd.’s chairman joined an exclusive company of 11 men. As per the Bloomberg Billionaires Index, he is now worth $100.6 billion, up $23.8 billion from the previous year.
Since taking over his late father’s oil-refining and petrochemicals industries in 2005, Ambani, 64, has been attempting to turn the energy behemoth into a retail, technology, and e-commerce behemoth.
Ambani says his firm would “aggressively” explore green hydrogen production
Ambani’s telecommunications unit, which began operations in 2016, is currently India’s most influential carrier. The year before, his retail and technology businesses raised $27 billion from investors ranging from Facebook Inc. and Google to KKR & Co. and Silver Lake.
In June, Ambani outlined an aspirational plan to invest $10 billion in green energy over the next three years.
Last month, the billionaire declared his enterprise would “aggressively” explore green hydrogen production. The proposal is in line with Prime Minister Narendra Modi’s plans to transform India into a worldwide manufacturing centre for the greener fuel in order to battle climate change and reduce India’s energy imports.
Ongoing negotiations to bring in Saudi Arabian Oil Co. as a partner
While some have interpreted Ambani’s statement as an admission that his company needs to move beyond oil to secure its future, fossil fuels continue to play a significant role at Reliance, accounting for about 60% of the company’s $73 billion in yearly revenue.
The oil-to-chemicals sector has been split out, and negotiations are ongoing to bring in Saudi Arabian Oil Co. as a partner.
“Mukesh Ambani is at the forefront of creating new businesses with new emerging technologies,” Chakri Lokapriya, chief investment officer at TCG Asset Management Co. in Mumbai, comments.
“Creating businesses of scale at speed brings execution challenges, but he has demonstrated his capabilities.”
History of Reliance
Reliance’s history begins in the late 1960s, when Dhirubhai Ambani, a Yemeni gas station employee, began developing his polyester firm into a large empire.
A succession feud emerged amongst his two sons, Mukesh and Anil, 62, when he perished of a stroke in 2002 before leaving a will, which was ultimately handled by the siblings’ mother, Kokilaben, in 2005.
Mukesh received ownership of the main oil refining and petrochemicals companies under the truce arrangement, while his younger sibling received emerging areas including power generation, financial services, and telecommunications services. Last year, Anil, who was formerly a billionaire, declared in a London court that his net worth was “zero.”
Adani increases his fortune by $39.5 billion this year; Azim Premji by $12.8 billion
As Asia’s strongest major stock market this year receives a boost from a spike in initial public offerings, India’s billionaires are among the biggest gainers on the world’s wealthy list.
Gautam Adani, the founder of the Adani Group, a coal-power and renewable energy giant, has increased his fortune by $39.5 billion this year, while technology mogul Azim Premji has increased his fortune by $12.8 billion.
With a fortune of about $100 billion, Mukesh Ambani, Asia’s richest man, has followed Jeff Bezos and Elon Musk in the world’s greatest exclusive wealth club.
As his conglomerate’s shares surged to a new high on Friday, Reliance Industries Ltd.’s chairman joined an exclusive company of 11 men. As per the Bloomberg Billionaires Index, he is now worth $100.6 billion, up $23.8 billion from the previous year.
Since taking over his late father’s oil-refining and petrochemicals industries in 2005, Ambani, 64, has been attempting to turn the energy behemoth into a retail, technology, and e-commerce behemoth.
Ambani says his firm would “aggressively” explore green hydrogen production
Ambani’s telecommunications unit, which began operations in 2016, is currently India’s most influential carrier. The year before, his retail and technology businesses raised $27 billion from investors ranging from Facebook Inc. and Google to KKR & Co. and Silver Lake.
In June, Ambani outlined an aspirational plan to invest $10 billion in green energy over the next three years.
Last month, the billionaire declared his enterprise would “aggressively” explore green hydrogen production. The proposal is in line with Prime Minister Narendra Modi’s plans to transform India into a worldwide manufacturing centre for the greener fuel in order to battle climate change and reduce India’s energy imports.
Ongoing negotiations to bring in Saudi Arabian Oil Co. as a partner
While some have interpreted Ambani’s statement as an admission that his company needs to move beyond oil to secure its future, fossil fuels continue to play a significant role at Reliance, accounting for about 60% of the company’s $73 billion in yearly revenue.
The oil-to-chemicals sector has been split out, and negotiations are ongoing to bring in Saudi Arabian Oil Co. as a partner.
“Mukesh Ambani is at the forefront of creating new businesses with new emerging technologies,” Chakri Lokapriya, chief investment officer at TCG Asset Management Co. in Mumbai, comments.
“Creating businesses of scale at speed brings execution challenges, but he has demonstrated his capabilities.”
History of Reliance
Reliance’s history begins in the late 1960s, when Dhirubhai Ambani, a Yemeni gas station employee, began developing his polyester firm into a large empire.
A succession feud emerged amongst his two sons, Mukesh and Anil, 62, when he perished of a stroke in 2002 before leaving a will, which was ultimately handled by the siblings’ mother, Kokilaben, in 2005.
Mukesh received ownership of the main oil refining and petrochemicals companies under the truce arrangement, while his younger sibling received emerging areas including power generation, financial services, and telecommunications services. Last year, Anil, who was formerly a billionaire, declared in a London court that his net worth was “zero.”
Adani increases his fortune by $39.5 billion this year; Azim Premji by $12.8 billion
As Asia’s strongest major stock market this year receives a boost from a spike in initial public offerings, India’s billionaires are among the biggest gainers on the world’s wealthy list.
Gautam Adani, the founder of the Adani Group, a coal-power and renewable energy giant, has increased his fortune by $39.5 billion this year, while technology mogul Azim Premji has increased his fortune by $12.8 billion.
