Mukesh Ambani becomes ninth richest person in the world

Mukesh Ambani becomes ninth richest person in the world

Mukesh Ambani, the chairman and managing director of Reliance Industries Limited (RIL) becomes the ninth richest person in the world, with a net worth of $64 billion. 

According to reports, Mukesh Ambani had lost about $17 billion when the Indian market was at an all-time low. However, within four months of time, Ambani managed to recover his lost fortune and add more than what he had lost during the lockdown period. 

Ambani added $28 billion to his total fortune in just four months, taking his net worth to a total of $64 billion. According to Forbes, he is the ninth richest man in the world. 

Media reports suggest, RIL's stock market hit rock bottom as soon as the novel coronavirus entered India and PM Modi announced a  nation-wide lockdown. Although, Jio - Reliance's telecommunications company continued to function as it is and helped RIL recover its losses at a faster pace. 

Reliance Industries has several branches in almost every sector, right from a pharma company to telecom company. In the past six months, it added over $23 billion to its market capitalisation, this helped RIL become the largest technology, consumer and media giant. 

RIL has several partnerships with big firms like Facebook, and Netflix, meanwhile there are also few pending offers from Google and Microsoft. 

Mukesh Ambani sold ₹168,818 crores ( $15 billion) which is close to half a quarter of his stakes at its three-old telecom company Jio to Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mudabada, ADIA, TPG, and Saudi PIF, in just 58 days.

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