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Mukesh Ambani once again Asia's Richest person
Mukesh Ambani once again Asia Richest person, dethrones Alibaba's Jack Ma after Facebook deal. Mukesh Ambani has reclaimed the title of Asia's richest person from Chinese tech entrepreneur Jack Ma, after adding Facebook to his friend's list. The Reliance Industries' Chairman saw his wealth swell by $4.7 billion on the Bloomberg Billionaires Index to touch $49.2 billion, whereas the Ma was left sitting at $46 billion. Mark Zuckerberg's Facebook on Thursday announced an investment worth $5.7 billion (Rs 43,574 crore) in Ambani's Reliance Jio for a 9.99% minority stake. Ambanis has seen his net worth tank a whopping 28% since the year began.
Equity markets reacted positively to the news of Facebook investing in Reliance Jio, helping the share price of Reliance Industries Ltd hit an upper circuit after jumping 10%. The oil-to-telecom behemoth added Rs 90,000 crore in terms of market capitalization on Wednesday alone. Analysts believe that the largest FDI investment for a minority stake will help Mukesh Ambani lead his Reliance Industries towards the goal of becoming a net-debt free company by next year. The investment made by Facebook is its biggest deal since it bought messaging application WhatsApp in 2014.
Globally, Mukesh Ambani has lost his spot in the world's top 10 richest people and now sits at the 17th spot ahead of MacKenzie Bezos and Jack Ma. The fall in Ambani's wealth has been attributed to the falling share price of Reliance Industries, which fell as much as 26% this year.
Facebook has pinned a value of Rs 4.62 lakh crore on Reliance Jio, putting it just behind the four most valuable listed companies - Reliance Industries Ltd; TCS; HDFC Bank; and HUL. The deal puts Ambani back on track to empower mom & pop stores across the country. "In the very near future, JioMart - Jio's digital new commerce platform - and WhatsApp will empower nearly 3 crore small Indian kirana shops to digitally transact with every customer in their neighbourhood," the Reliance Industries Chairman said in a video statement on Thursday morning.
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