Mukesh Ambani Enters World’s Exclusive $100 Billion Club

Mukesh Ambani, the chairman and managing director of India’s biggest conglomerate Reliance Industries NSE 0.63 %, is closing in on a personal milestone as he is stone’s throw away from joining the elite club of businesspersons with a net worth of more than $100 billion.

Ambani’s current net worth stands at $92.6 billion, according to data compiled by Bloomberg’s Billionaires’ Index. The country’s richest person has added over $15 billion to his personal wealth in 2021 so far aided by a recent rally in shares of Reliance Industries.

Ambani is currently at 12th position in the list of world’s richest men, which is topped by the likes of Jeff Bezos, Elon Musk, Bernard Arnault and Bill Gates.

Shares of Reliance Industries have rallied over 15 per cent since the beginning of August aided by optimism for the new JioPhone Next, which will be launched on September 10, and improving outlook for the company’s energy business.

Investors are also waiting in anticipation for the announcement of the sale of a minority stake by Reliance in its oil-to-chemical business to Saudi Aramco. Media reports have suggested that the deal could be an all-stock agreement where RIL will get nearly 1 per cent equity in Aramco.