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Reliance Chairman Mukesh Ambani Bags 17th Position in Latest World Billionaires List By Forbes

Telecom tycoon Sunil Mittal is at 154th position with $9.5 billion net worth

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Ambani
Mukesh Ambani chairs and runs $88 billion (revenue) oil and gas giant Reliance Industries, among India's most valuable companies. Wikimedia Commons

Reliance Industries’ Chairman Mukesh Ambani has been ranked 17th in the latest world billionaires list by Forbes with a net worth of $44.3 billion – once again leading the tally from Indias perspective.

Mukesh Ambani chairs and runs $88 billion (revenue) oil and gas giant Reliance Industries, among India’s most valuable companies.

Reliance Jio has signed on more than 340 million customers by offering free domestic voice calls, dirt-cheap data services and virtually free smartphones, said the report.

The next Indian on the 34th annual list — veteran Mumbai investor Radhakishan Damani who is touted as India’s retail king after the March 2017 IPO of his supermarket chain DMart – is at a distant 65th position with a net worth of $16.6 billion.

Damani got into retailing in 2002 with one store in suburban Mumbai and has been unstoppable since. His property portfolio includes the 156-room Radisson Blu Resort in Alibag and a popular beach-front getaway close to Mumbai, according to the report.

At 114th position, HCL Technologies Founder Shiv Nadar is worth $12.4 billion. One of India’s leading philanthropists, Nadar has donated $662 million to his Shiv Nadar Foundation.

While Hinduja brothers are at 116th position with $12.2 billion net worth. Srichand and Gopichand live in London and Prakash resides in Monaco while the youngest sibling Ashok oversees their Indian interests from Mumbai.

At 138th position, Uday Kotak is worth $10.7 billion. His Kotak Mahindra Bank is now among India’s top four banks in the private sector, boosted by its 2014 acquisition of ING Bank’s Indian operations.

Mukesh
Reliance Industries’ Chairman Mukesh Ambani has been ranked 17th in the latest world billionaires list by Forbes with a net worth of $44.3 billion – once again leading the tally from Indias perspective. Wikimedia Commons

In January this year, the bank reached an agreement with the Reserve Bank of India over the issue of reducing Kotak’s stake in the bank to 26 per cent.

Telecom tycoon Sunil Mittal is at 154th position with $9.5 billion net worth. Bharti Airtel today is among India’s largest mobile phone operators with more than 418 million customers.

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Others in the latest list are Cyrus Poonawalla who is founder of Serum Institute of India (at 161th position with $9.2 billion net worth), Gautam Adani at 162th position with $9.2 billion net worth and steel tycoon Lakshmi Mittal with $8.9 billion net worth at 170th spot, among others. (IANS)

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Here’s Why Reliance Chairman Mukesh Ambani is No Longer The Richest Man in Asia

Ambani controls almost 42 per cent of Reliance Industries, owner of the world's largest oil refining complex

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Mukesh Ambani
Ambani's current net worth amounts to $41.8 billion, while that of Jack Ma stands at $44.5 billion. Globally, Ambani is the 19th richest man just behind Jack Ma who is at the 18th rank. Wikimedia Commons

Reliance Industries Chairman Mukesh Ambani is no longer the richest man in Asia, owing to the recent freefall in oil prices.

According to the Bloomberg Billionaires Index, Chinese billionaire Jack Ma, the founder of e-commerce major Alibaba Group has toppled Ambani to get the top spot in Asia.

The persistent concerns of severe impact of the coronavirus epidemic coupled with the recent carnage in the oil markets have erased $5.8 billion from the RIL chief’s net worth.

Ambani’s current net worth amounts to $41.8 billion, while that of Jack Ma stands at $44.5 billion. Globally, Ambani is the 19th richest man just behind Jack Ma who is at the 18th rank.

Energy markets went into a free fall on Monday with oil prices across variants plunging around 30 per cent, the biggest fall since the 1991 Gulf War. The slide comes after Saudi Arabia shocked the market by launching a price war after no consensus was arrived between OPEC and Russia to cut crude oil production as part of market stabilisation exercise.

The shares of Reliance Industries (RIL) recorded its worst fall in around 10 years on Monday as it fell to a low of Rs 1,094.95 per share.

It closed at Rs 1,113.15, lower by Rs 156.90 or 12.35 per cent from its previous close.

Mukesh Ambani
Reliance Industries Chairman Mukesh Ambani is no longer the richest man in Asia, owing to the recent freefall in oil prices. Wikimedia Commons

Following the fall in share price, RIL also lost the crown of the company with the highest market capitalisation in India to Tata Consultancy Services (TCS). At the end of trade on Monday, the market capitalisation of RIL stood at Rs 7.05 lakh crore, while that of TCS was Rs 7.40 lakh crore.

Ambani controls almost 42 per cent of Reliance Industries, owner of the world’s largest oil refining complex. The Mumbai-based conglomerate’s other businesses include a 4G wireless network across India.

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On top of the Bloomberg Billionaires Index is the Amazon CEO Jeff Bezos with a net worth of $112 billion, followed by Microsoft co-founder Bill Gates with a fortune of $106 billion. (IANS)

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“Collaboration Between Microsoft and Jio is Defining Partnership of the Decade”, Says Reliance Chairman Mukesh Ambani

Ambani said that the mindset to leverage the use of technology already exists in India, but the partnership between Jio and Microsoft will help organizations to get the digital toolset to scale their businesses

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Ambani
"Every entrepreneur in India has the potential to become a Dhirubhai Ambani or Bill Gates," Ambani said during a fireside chat session with Nadella. IANS

Congratulating Microsoft CEO Satya Nadella for his leadership of the organisation, Reliance Industries Ltd. (RIL) Chairman and Managing Director Mukesh Ambani said on Monday that the collaboration between Microsoft and Jio would be the defining partnership of the decade.

The partnership between the two organizations, announced at the Microsoft’ “Future Decoded Summit’ here, is aimed at helping organisations of all sizes in the country scale their businesses.

“Every entrepreneur in India has the potential to become a Dhirubhai Ambani or Bill Gates,” Ambani said during a fireside chat session with Nadella. Saying that India has transformed tremendously over the past two decades — from a $300 billion economy in early 1990s to becoming a $3 trillion economy in 2020 — Ambani stressed that India is on track to become one of the top three economies of the world.

Ambani said that the mindset to leverage the use of technology already exists in India, but the partnership between Jio and Microsoft will help organizations to get the digital toolset to scale their businesses.

About 38 crore people have migrated to the 4G technology platform offered by Jio in about three years, Ambani informed, adding that since the establishment of Jio, average data rate has come down drastically in India — from Rs 300-Rs 500 per GB to Rs 12-Rs14 per GB.

Microsoft
The partnership between the two organizations, announced at the Microsoft’ “Future Decoded Summit’ here, is aimed at helping organisations of all sizes in the country scale their businesses. IANS

Nadella said that the mission of Microsoft is to help organisation to become independent — not dependent — to build their own Artificial Intelligence and other tech capabilities, and tech intensity. “In the next decade, our main investment will be on making software engineeres that organisations hire more productive,” Nadella said, adding that Microsoft will build complete toolchain for developers. The Microsoft CEO said that the increasing rate of digitization of people, places, and things, will be the defining secular trend over the next 10 years.

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Saying that Microsoft’s differentiated approach across the cloud and edge is winning customers, Nadella said that Microsoft now has 57 data centre regions in the world.

In India, Microsoft has three data centre regions — Mumbai, Pune and Chennai — besides a Cybersecurity Engagement Centre in New Delhi. (IANS)

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“India Has Opportunity To Become One of The Top Three Economies in The World”, Says Reliance Chairman Mukesh Ambani

The RIL chairman said that empowering small and medium businesses would be key to driving India's growth faster

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Mukesh Ambani
The RIL chairman said that empowering small and medium businesses would be key to driving India's growth faster. Wikimedia Commons

Riding on the power of technology, India has the opportunity to become a premier digital society and one of the top three economies in the world, Reliance Industries Ltd (RIL) Chairman and Managing Director Mukesh Ambani said here on Monday.

Ambani said that India has the opportunity to become the most technically-enabled society where all the development could be powered by the tools of technology. “We can argue about whether it will happen in five years or 10 years but it is going to happen, and we will be in the top three countries in the world,” he said in a fireside chat with Microsoft CEO Satya Nadella.

The RIL chairman said that empowering small and medium businesses would be key to driving India’s growth faster. “Every small business and entrepreneur in India has the potential to become a Dhirubhai Ambani or Bill Gates. And that is the power that differentiates India from the rest of the world,” he said during Microsoft’s “Future Decoded Summit” here.

“I think that the entrepreneurial power that we have at the grassroots is enormous. We have to realise that small, medium and micro enterprises provide 70 per cent of India’s employment. They drive 40 per cent of India’s exports,” Ambani added. India has transformed tremendously over the past two decades — from a $300 billion economy in early 1990s to becoming a $3 trillion economy in 2020.

“And I think, I can easily say that the mobile networks in India now are better or at par with anybody else in the world,” he said. About 38 crore people have migrated to the 4G technology platform offered by Jio in about three years, Ambani informed, adding that since the establishment of Jio, average data rate has come down drastically in India — from Rs 300-Rs 500 per GB to Rs 12-Rs14 per GB.

Congratulating Nadella for his leadership of the organisation, Ambani said that the collaboration between Microsoft and Jio would be a defining partnership of the decade. RIL in August last year announced partnership of its subsidiary Reliance Jio Infocomm with Microsoft in the technology space, including creation on cloud solutions.

As per the partnership, Jio will leverage the Microsoft Azure cloud platform to develop innovative cloud solutions focused on the needs of Indian businesses. Jio will set up data centres in locations across India, consisting of next-generation compute, storage and networking capabilities, and Microsoft will deploy its Azure platform in these data centres to support Jio’s offerings.

Mukesh Ambani
Riding on the power of technology, India has the opportunity to become a premier digital society and one of the top three economies in the world, Reliance Industries Ltd (RIL) Chairman and Managing Director Mukesh Ambani said here on Monday. Wikimedia Commons

Nadella said that the mission of Microsoft is to help organisation to become independent — not dependent — to build their own Artificial Intelligence and other tech capabilities, and tech intensity. “In the next decade, our main investment will be on making software engineeres that organisations hire more productive,” Nadella said, adding that Microsoft will build complete toolchain for developers.

The Microsoft CEO said that the increasing rate of digitization of people, places, and things, will be the defining secular trend over the next 10 years. Saying that Microsoft’s differentiated approach across the cloud and edge is winning customers, Nadella said that Microsoft now has 57 data centre regions in the world.

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In India, Microsoft has three data centre regions — Mumbai, Pune and Chennai — besides a Cybersecurity Engagement Centre in New Delhi. (IANS)