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Mukesh Ambani's net worth inches closer to $100 billion club as RIL shares surge

Mukesh Ambani's Reliance Industries share price surged 4.15 per cent on Friday after the RIL chairman announced to double the production of cheaper green hydrogen. (MINT_PRINT)Premium
Mukesh Ambani's Reliance Industries share price surged 4.15 per cent on Friday after the RIL chairman announced to double the production of cheaper green hydrogen. (MINT_PRINT)

Mukesh Ambani's net worth now stands at $92.60 billion — around $10 billion lesser from Warren Buffett's net worth of $102.6 billion, says Bloomberg Billionaires Index

Reliance Industries (RIL) chairman Mukesh Ambani's net worth grew $3.7 billion as RIL share price skyrocketed more than 4 per cent on Friday trade session. After this robust rise in Reliance Industries share price on Friday, Mukesh Ambani's net worth now stands at $92.60 billion — around $10 billion lesser from Warren Buffett's net worth of $102.6 billion, says Bloomberg Billionaires Index. With $92.60 billion, RIL chairman Mukesh Ambani is closely following L’Oreal’s Francoise Bettencourt Meyers whose net worth stands at $92.9 billion in the Bloomberg Billionaires Index.

RIL shares surged 4.15% on Friday after the RIL chairman announced to double the production of cheaper green hydrogen. Ambani's Reliance Jio has also become one of the major players in the Indian telecom market. After the Bharti Airtel's announcement of ARPU (Average Revenue Per User) at 200, Indian markets have made an assessment of Reliance Jio ARPU at 160 to 170, which also led to rise in market valuations of Reliance Jio.

Mukesh Ambani has emerged as a dominant player in the digital space in the Indian markets as his digital business has expanded with backing from investors including Facebook Inc. Apart from this, Saudi Aramco is looking to acquire a stake in Reliance’s petrochemical business in a deal said to be worth around $25 billion.

All these developments led to a sharp rise in the Reliance Industries share price on Friday. The large-cap stock opened with an upside gap of 15.60 at 2310 and went on to scale to its lifetime high of 2,395 per equity share. Reliance shares closed at 2,389.65 — 95.25 or 4.15 per cent up from its Thursday close of 2,294.40 per stock levels.

Ambani this year announced an ambitious plan to invest $10 billion in clean energy, marking a new pivot for India’s most valuable company. The plan is in sync with Indian PM Narendra Modi’s ambitions to combat climate change and curtail imports into the world’s third-biggest oil consumer.

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