Mukesh Ambani, Chairman and Managing Director of Reliance Industries Ltd., has surged past the Europe’s Wealthiest Man, making him the world’s fourth richest person. The Reliance Industries Chairman is now worth $80.6 billion after gathering $22 billion this year and is among the biggest wealth gainers of the year 2020. This Growth of the company gives him a bigger wealth stack than France’s Bernard Arnault whose LVMH (Louis Vuitton SE) has suffered from customers curbing high-end fashion purchases faster than the company can cut costs. The Reliance Chairman has a NetWorth of $80.2 billion and trails only Jeff Bezos, Bill Gates and Mark Zuckerberg. India’s Richest person Mukesh Ambani has already surpassed some of the biggest tycoons in the recent weeks. The list of Tycoons includes: Silicon Valley Titans such as Elon Musk and Alphabet Inc. Co-founders Sergey Brin and Larry Page as well as the so-called Oracle of Omaha himself, Warren Buffet.
While the Multi-industry company Reliance with a huge energy empire was slammed by the slump in demand for oil amid Covid-19, its shares have more than doubled from a low in March as its digital unit got billions in investments from companies including the Giants Facebook Inc. and Google.
Ambani has slowly been shifting his focus to e-commerce with tech-giants seeking to take a piece of India’s fast-growing digital business. Google has announced that it will be spending $10 billion in the coming years to accelerate the adoption of digital technologies in the World’s second most-populous nation.
The Uncertainties in Reliance’s Oil and petrochemicals businesses have been offset by tailwinds in its Internet and Retail Divisions. Reliance Jio’s valuation has increased past $ 65billion, while Reliance Retail has emerged as the biggest challenger to Amazon India and Walmart-owned Flipkart. Reliance Retail is also reportedly in talks to buy out Kishore Biyani’s Future Retail – a deal that is estimated to be valued at over Rs.25,000 crores. Reliance’s online Grocery service, JioMart which was launched earlier this year, is already fulfilling four lakh daily orders across 200 locations in India. JioMart is expected to take on the likes of Bigbasket, Grofers, Amazon Pantry, Flipkart Grocery, Swiggy stores and other retail giants.
