Mukesh Ambani beats Jack Ma to be Asia’s richest man

Reliance Industries Ltd. (RIL) Chairman Mukesh Ambani pushed Alibaba Group founder Jack Ma to the second spot to become the richest Asian, according to a report by Bloomberg.

The market valuation of Reliance Industries increased to Rs 7 lakh crore on Friday as Ambani positioned his company to disrupt the e-commerce space in India. RIL crossed USD 100-billion market capitalisation mark for the first time in the last 10 years.

Ambani was estimated to be worth $44.3 billion with Reliance Industries rising 1.6 percent to a record 1,099.8 Rupees, according to Bloomberg Billionaires Index.

Ma’s wealth on the other hand stood at $44 billion at the trade closed on Thursday in the US, where the company is listed.

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The success of the Reliance JIO Infocomm Ltd. coupled with the increase in the petrochemical capacity has added an additional $4 billion to his fortune.

The market valuation of RIL had alread crossed the Rs 6 lakh crore mark in November last year and with Ambani announcing aggressive plans to expand his e-commerce offerings, the valuation seemes only to increase.

Ambani had announced “that the size of reliance will be more than double by 2025.”

Meanwhile, Alibaba Group Holding Ltd. owner Ma has lost $1.04 billion this year.

Jio, which is now ready to introduce a fibre-based broadband services across 1,100, cities is one of the most important reasons behind Reliance’s such big influence in the market.