Mukesh Ambani's wealth increased by more than Rs 1.2 lakh crore this year

HIGHLIGHTS: 40% jump in Reliance Industries' share increases Ambani's wealth.

The wealth of Asia's richest man and Indian businessman Mukesh Ambani increased by nearly $ 17 billion (Rs 1.21 lakh crore) by December 23 this year. As a result, his net worth was $ 61 billion (Rs 4.34 lakh crore). This information has been revealed in the Bloomberg Billionaires Index. Compared to Mukesh Ambani, Alibaba founder Jack Ma's wealth increased by $ 11.3 billion (Rs 80,483 crore), while Jeff Bezos lost $ 13.2 billion (Rs 94 thousand crore).

40% jump in Reliance shares

According to a Bloomberg report, the main reason behind this increase in Ambani's wealth was his 40 per cent jump in Reliance Industries shares. This boom is more than double the profits of the country's benchmark S&P BSE SENSEX index over this period. Investors are investing money on Reliance. He hopes that telecommunications and retail will spend big money soon. Ambani has spent nearly $ 50 billion on Jio so far as part of the goal of creating local e-commerce on the lines of Amazon in the country. As a result, in three years, Jio has become No.1 in this field.

Great expectations from new businesses

Mukesh Ambani had said in August that Reliance would earn 50 per cent in a few years from new businesses such as telecommunications and retail, apart from traditional trades like oil and gas. Currently it is 32 percent. Ambani's goal of making his group debt-free by 2021 took Reliance stock to a record high. Shares of Reliance have nearly tripled since the end of 2016. The company's plans include giving Saudi Arabian Oil Company a stake in Reliance's oil-to-chemical business, listing telecommunications and retail units within five years, selling the tower asset.

Reliance Industries has debt of 1.54 lakh crores

Reliance Jio has more than 35 crore users across the country. Jio reported net income of Rs 9.96 billion in the September quarter. Despite this, the increasing debt on the company continues to haunt investors. Reliance Industries has spent $ 76 billion in the last five years. The company has a debt of Rs 1.54 lakh crore as of March 31.

Source: Web