Billionaire Ambani Topples Jack Ma as Asia's Richest Person
Mukesh Ambani overtook Alibaba Group founder Jack Ma to become Asia’s richest person as he positions Reliance Industries Ltd. to disrupt the e-commerce space in India.
The chairman of India’s refining-to-telecoms conglomerate, Ambani was estimated to be worth $44.3 billion on Friday with Reliance Industries Ltd. rising 1.6 percent to a record 1,099.8 rupees, according to Bloomberg Billionaires Index. Ma’s wealth stood at $44 billion at close of trade on Thursday in the U.S., where the company is listed.
Ambani has added $4 billion to his fortune this year as Reliance doubled its petrochemicals capacity and investors cheered the success of his disruptive telecom upstart Reliance Jio Infocomm Ltd. Then earlier this month, the tycoon unveiled plans to leverage his 215 million telecom subscribers to expand his e-commerce offerings, taking on the likes of Amazon.com Inc.and Walmart Inc. Alibaba Group Holding Ltd.’s Ma has lost $1.4 billion in 2018.
“We need to broaden our horizon of expectation with Reliance,” said Nitin Tiwari, a Mumbai-based analyst at Antique Stock Broking. “They are in for something really transformational.”
Ambani, best known for executing large-scale projects, spearheaded construction of the world’s largest refining complex in Jamnagar, owns the most-widespread mobile data network globally and claims to have India’s biggest as well as most-profitable retail firm.
At this month’s annual shareholders’ meeting, Ambani said Reliance saw its “biggest growth opportunity in creating a hybrid, online-to-offline new commerce platform,” involving the group’s Reliance Retail Ltd. and Reliance Jio businesses. The "size of Reliance will more than double" by 2025, Ambani said at the meeting.
Jio will introduce a fiber-based broadband service across 1,100 Indian cities in August in what Ambani said would be the biggest greenfield fixed-line rollout anywhere in the world.
“Jio is the driver behind the surge in Reliance," said Deven Choksey, managing director at Mumbai-based KR Choksey Shares and Securities Pvt. “If the company is going to double profit a few years down the line, the stock price will also double, if not more."
A spokesman for Reliance didn’t immediately reply to an email seeking comment.
Equity Culture
Within a week of the announcements, Reliance re-entered the $100 billion club after more than a decade. He used the same venue two years ago to announce his disruptive telecom venture with free offers that eventually forced smaller rivals to quit and the biggest ones to merge.
The billionaire inherited Reliance from his much-storied father Dhirubhai Ambani, who is credited with sparking an equity culture among middle-class Indians and using their savings to build the group’s textile and petrochemical manufacturing units.
Dhirubhai’s death in 2002 left the group in the hands of Mukesh and his younger brother Anil Ambani. The brothers eventually split the company in 2005, as per a family pact brokered by their mother, after years of acrimony.
Courtesy: www.bloomberg.com
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U-19 Asia Cup: Suryavanshi disappoints as India lose to Pakistan by 43 runs
Dubai, Nov 30: Teen prodigy Vaibhav Suryavanshi's struggles against seam bowling was apparent during his brief stay as India U-19 comprising IPL contract owners struggled badly during their 43-run defeat to Pakistan in the Youth Asia Cup here on Saturday.
After muscular left-hander Shahzaib Khan thrashed Indian bowlers to submission with 10 sixes in his 159 off 147 balls, Indians were never in sight of victory target of 282.
They eventually got out for 238 in 47.1 overs but rising youngsters like Suryavanshi (1), Ayush Mhatre (20), C Andre Siddarth (15) and left-arm spinner Hardik Raj (0/47 in 6 overs) won't be amused with their performance.
However it must be mentioned that Mhatre with his touch and range looked a cut above the rest in the Indian team as he got out for 20 which had five boundaries.
The bulky left-hander Suryavanshi, who has had a very poor Ranji season, just got a solitary run as tall medium pacers Ali Raza and Abdul Subhan troubled him a lot.
Lot is expected of the Rajasthan Royals' Rs 1.10-crore signing but at 13 year and 8 months, he needs a lot of work to be even consistent at U-19 international level.
Subhan squared up Mhatre with a delivery that rose from length and moved a shade to take his outside edge, while Suryavanshi' feet didn't move when Raza slipped an angular fuller ball that he edged to the keeper.
The biggest disappointment turned out to be skipper Mohammed Amman, who dragged his way to 16 of 43 balls and his innings was one of the reasons that India U-19 couldn't really get the momentum once Mhatre was gone.
Nikhil Kumar's 67 was the only saving grace.
In the bowling department, India depended on their two spinners -- leg-spinner Mohammed Ennan (0/34 in 2 overs) and Raj, and both were taken to task by Shahzaib.
Especially Ennan, who either bowled half-trackers or over-pitched deliveries, all of which were dispatched into the stands.
In fact, Mhatre (2/30 in 7 overs) had to be brought in to cover for him and promptly got a couple of wickets, but Shahzaib had done enough damage and 280-plus was a winning total at the U-19 level.
Brief Scores
Pakistan U-19: 281/7; 50 overs (Shahzaib Khan 159; Samarth Nagraj 3/45, Ayush Mhatre 2/30)
India 238; 47.1 overs (Nikhil Kumar 67, Ayush Mhatre 20, C Andre Siddarth 15, Vaibhav Suryavanshi 1).
