Mukesh Ambani topples Jack Ma as Asia's richest person

July 13, 2018 19:03

Mukesh Ambani overtook Alibaba Group founder Jack Ma to become Asias richest person as he positions Reliance Industries Ltd to disrupt the e-commerce space in India.

The chairman of Indias refining-to-telecoms conglomerate, Ambani was estimated to be worth $44.3 billion on Friday with Reliance Industries Ltd rising 1.6 per cent to a record 1,099.8 rupees, according to Bloomberg Billionaires Index. Mas wealth stood at $44 billion at close of trade on Thursday in the US, 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.

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