Mukesh Ambani Topples Chinese Tycoon To Become Asia’s Richest Man

November 02, 2017 18:25
Mukesh Ambani Topples Chinese Tycoon To Become Asia’s Richest Man

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Mukesh Ambani Topples Chinese Tycoon To Become Asia’s Richest Man:- Chinese businessman Hui Ka Yan was toppled by the Reliance Industries Chairman Mukesh Ambani on Wednesday, to become the richest man in Asia.

On the Forbes Real Time list of billionaires across the globe, the business tycoon, Ambani ranked 14th in place. Following RIL’s mcap hitting Rs 6 lakh crore-mark, Ambani’s Real Time ranking shot up. The ranking is based on the value of one’s stock holding and assets on a real time basis.

On the back of rise in Reliance Industries Ltd stock prices, Mukesh Ambani's wealth swelled by USD 223 million to USD 41.8 billion, according to Forbes Real Time Billionaire list. The wealth of Hui Ka Yan, came down by USD 1.28 billion to USD 40.6 billion. Mr. Yan is the Chairman of China Evergrande Group.

Days after Amazon’s Jeff Bezos climbed past Bill Gates to become the world's richest man, Ambani’s shot to being the richest in Asia comes in. Bezos has a net worth of USD 93.3 billion.

A market capitalization (m-cap) of Rs 6,03,097.82 crore or about USD 93 billion, was commanded by the RIL, when the stock market closed on November 1. With the energy giant posting a 12.5 per cent increase in profits in the quarter ended September, the energy giant’s profits have been on a steady high.

With the launch of Jio, the great Indian tariff war in India’s telecom market was kicked off by Jio in 2016. Jio offers services at rock-bottom prices and calls virtually free of cost. Leaving other telcos reeling in losses, Jio has captured 130 million customers since then.

Mukesh Ambani became the richest Indian, for the 10th year in a row on Forbes list, in October.


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