Industrialist Mukesh Ambani, who is the head of multiple businesses under India’s one of the biggest company’s Reliance, has left behind Alibaba Group founder Jack Ma to become Asia’s richest man. Reports say that Mukesh Ambani’s net worth on Friday was estimated to be around $44.3 billion. Industry reports say that trading was done at 1.7% higher. While Alibaba’s Jack Ma’s wealth was calculated at around $44 billion before markers closed on Thursday in the United States.
Son of industrialist Dhirubhai Ambani, Mukesh Ambani holds the largest share in Reliance Industries Limited (RIL). Reliance Industries is also considered as one of the most valuable company by market value. Mukesh Ambani holds 44.7% stake in the company. The company has business spread in several sectors including refining, petrochemicals, and in the oil and gas sectors. Apart from Reliance Industries, it also owns Reliance Retail Ltd which is another subsidiary of the business group and the largest retailer in India.
Mukesh Ambani ventured his fate into telecommunication business at a time when other operators like Airtel, Vodafone were leading the competition. Mukesh Ambani’s with his Reliance Jio telecommunications network, shook the telecommunication market as he introduced his network at a very low price. Reliance Jio completely restructured the competition in the telecommunication market, which forced other leading operators including Airtel, Vodafone, Idea and others to bring down their tariff rates, ultimately benefitting the consumers.
Reports say that Reliance might soon plan to venture into the e-commerce business, which could lead to massive competition into the already one of the most competitive market in the country.