Reliance chief’s Mukesh Ambani rise from $1 bln to $80 bln.
Mukesh Ambani, the chairman of Reliance Industries, turns 66 today. Mukesh Ambani was born in Yemen’s Aden on April 19, 1957, and later moved to India. He was raised in Mumbai. Before joining his family business, Reliance Industries Ltd (RIL), in 1981, the business tycoon studied chemical engineering at the University of Bombay. RIL (then Reliance Commercial Corporation) was founded in 1966 by his father Dhirubhai Ambani as a small textile company. Mukesh Ambani kept the oil and petrochemical businesses, while his younger brother Anil Ambani took on the power and telecom ventures.
Mukesh Ambani has appeared on numerous billionaire lists. With an estimated net worth of $2.9 billion, he first appeared on the Forbes Billionaires List in 2004. Since then, he has been a constant on the Forbes Billionaires List and has consistently been ranked as one of the world’s wealthiest people. Mukesh Ambani has also been included in the Bloomberg Billionaires Index since its inception in 2012. In October 2007, he surpassed Bill Gates, Mexican business magnate Carlos Slim Helu, and billionaire investor Warren Buffet of Berkshire Hathaway to top the global rich list. In 2007, his fortune was valued at $63.2 billion. His fortune has grown significantly as a result of the expansion of his conglomerate Reliance Industries, which has businesses in sectors such as communications, infrastructure, petrochemicals, petroleum refining, and gas and oil exploration, among others.
Mukesh Ambani reclaimed his position as Asia’s richest person and the world’s ninth richest billionaire on Forbes’ 37th Annual World’s Billionaires List, which was released earlier this month. He regained his position as Asia’s richest person after Gautam Adani fell to No. 24 following the Hindenburg report on the company, which resulted in the entrepreneur losing $80.6 billion in wealth. Despite a significant decrease in the number of billionaires worldwide. According to Forbes’ 37th Annual World’s Billionaires List, the global number of billionaires fell from 2,668 in 2022 to 2,640 this year, while total billionaire wealth fell to $12.2 trillion, a $500 billion decrease from the previous year. Mukesh Ambani’s net worth is currently $83.4 billion. Last year, his oil-to-telecom firm Reliance Industries became the first Indian company to surpass $100 billion in revenue.
Mukesh Ambani took over as Chairman and Managing Director of Reliance Industries after his father’s death in July 2002, and the conglomerate has achieved strong double-digit growth under his leadership since then. Reliance’s market capitalization has increased at an annualised rate of 20.6 percent over the last 20 years, rising from Rs 41,989 crore in March 2002 to Rs 17.81 lakh crore in March 2022. Mukesh Ambani announced his succession plans for the company earlier this year during his 45th Annual General Meeting, handing over the telecom business to elder son Akash Ambani, the retail business to daughter Isha Ambani, and the new energy unit to younger son Anant Ambani.
Mukesh Ambani has led the company from textiles, plastics, oil and gas exploration, and refining to a much stronger focus on consumer businesses, with an emphasis on retail and telecom. The conglomerate’s revenue has been steadily increasing as a result of the new business focus. RIL announced the renewable venture at its annual general meeting the previous year.
The last decade has seen the company refocus on consumer-facing businesses, most notably with Jio’s re-entry into telecom and its continuous growth in retail through its presence across formats. Reliance Jio launched in 2016 and continues to lead wireless subscriber additions for the tenth consecutive month in January of this year. According to data from the Telecom Regulatory Authority of India (Trai), Jio added 1.66 million net new wireless subscribers in January.
Reliance Retail has posted a net profit of almost Rs. 5,000 crore in fiscal 2021-22, as per latest regulatory disclosures. Net profit grew 7.6% to Rs. 4,934.65 crore
Continue Reading: Reliance Retail FY2022 net profit rises 7.6% to Rs 4,935 crore
Meanwhile, Reliance Retail’s consolidated net profit in 3QFY23 increased by 6.2 percent year on year to Rs 2,400 crore for the quarter ended December, owing to higher sales and margins. Revenue from operations increased 18.6% year on year to Rs 60,096 crore, with the retail segment benefiting.
Meanwhile, Reliance Retail’s consolidated net profit in 3QFY23 increased by 6.2 percent year on year to Rs 2,400 crore for the quarter ended December, owing to higher sales and margins. Revenue from operations increased 18.6% year on year to Rs 60,096 crore, owing to increased footfalls, the festive season, and store expansion in the retail segment. The business vertical has recently gone all-in on acquisitions in the FMCG segment, among others, with the acquisition and re-launch of Campa Cola creating a stir in the market. Reliance Industries invested Rs 30,000 crore (approximately USD 3.76 billion) in its retail business earlier this year and added 2,500 stores, bringing the total store count to 15,196 in FY22.
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