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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We are together at home: Sharad Pawar on Ajit Pawar
Mumbai (PTI): Former Union minister Sharad Pawar on Monday said that he and nephew Ajit Pawar are together as a family, but made it clear that the latter was heading a different political party.
“Gharat tari ekatrach ahet (we are together at home least),” the veteran politician said at a press conference at Chiplun in coastal Konkan region.
He was responding to a query about the demand from “various quarters in the state” that the uncle-nephew duo should come together once again.
In July last year, Ajit Pawar broke away from his uncle to join the Eknath Shinde-led government in the state as deputy chief minister. Of late, there has been speculation over his continuation in the ruling alliance.
Asked about Ajit Pawar’s recent remarks the decision to make his wife Sunetra Pawar contest the Lok Sabha polls against Supriya Sule in Baramati was a mistake, the veteran politician said, “He is in a different party. Why should we comment on decisions taken by another party?”
Asked if the opposition Maha Vikas Aghadi (MVA) alliance of NCP (SP), Congress and Shiv Sena (UBT) had decided its chef ministerial face, Pawar said, “I don’t think that it is an urgent issue at the moment”.
When elections were held after the Emergency, Morarji Desai’s name as PM candidate was not disclosed before polling, he added.
“Our (MVA) attempt is to give a progressive alternative in Maharashtra with help of other parties like Samajwadi Party and Peasants and Workers Party,” he said.
“Our observation is that the people of Maharashtra have made up their mind to give us (MVA) a chance in the ensuing elections,” he said.
Asked about Andhra CM Chandrababu Naidu’s claim that sub-standard ghee with 'animal fat' was used to make prasad laddoos at Tirupati temple during Jaganmohan Reddy's tenure as CM, Pawar said, “If anything was mixed, it is very wrong and action should be taken against those involved”.
