Ambani Added $17 Billion To His Wealth.
Mukesh Ambani the Indian tycoon added almost $17 billion to his wealth as of December 23, the most in Asia, taking his net worth to about $61 billion, according to the Bloomberg Billionaires Index. In comparison, Alibaba Group founder Jack Ma's net worth grew $11.3 billion, while Jeff Bezos lost $13.2 billion.Mr Ambani's fortune this year was fueled by a 40% jump in the shares of his Reliance Industries Ltd., a conglomerate that's pivoting more toward consumer offerings than its core oil refining and petrochemicals businesses. The rally in the stock is more than double the gains for India's benchmark S&P BSE Sensex index during the period.
Mukesh Ambani changed the narrative for Reliance Industries" as a leader not just in oil and gas but also in telecom and retail, and possibly soon in e-commerce as well, said Chakri Lokapriya, chief investment officer at TCG Asset Management, which oversees $3 billion in assets in Mumbai.He successfully identified, invested and executed rapidly to create this new narrative," Lokapriya said. "We believe this can potentially double shareholder value over the next four years.
newer businesses are likely to contribute 50% of Reliance's earnings in a few years, from about 32% now, Mr Ambani said in August. A representative for Reliance didn't reply to an email seeking comment on Mr Ambani's wealth.While the success of the phone operator was a cause for cheer, the business mogul's plans to pare Reliance's debt has sent Reliance's stock soaring to a record.Still, investors have been wary of the ballooning debt at the group that spent about $76 billion in the last five years. Reliance Industries had a net debt of 1.54 trillion rupees at the end of March 31, Ambani told shareholders in August.