Not Jack Ma, this is the richest guy in Asia
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Mukesh Ambani, Reliance Industries chairman has beaten Alibaba founder Jack Ma to become thr richest man in Asia on Friday, according to a report by Bloomberg.
As per the report, Ambani’s estimated wealth rose to a whooping 44.3 billion dollars on Friday as Reliance Industries Ltd’s shares shot up to 1.6 per cent. Alibaba Group founder Ma’s wealth stood at 44 billion dollars at close of trade on Thursday in the US.
Reliance doubled its petrochemicals capacity, adding 4 billion dollars to Ambani’s fortune in 2018. According to the report, Ambani also announced his plans to leverage his 215 million telecom subscribers to expand his e-commerce offerings.
On the other hand, Ma lost 1.4 billion dollars in wealth this year.
The shares of RIL rose for the fifth consecutive session on Thursday, and surged to a 52-week high of Rs 1,091 on the BSE, amid aggressive business plan announced in the AGM, ahead of its June quarter earnings.
The company announced aggressive business plan at its annual general meeting (AGM) held last week. The stock has been on an uptrend ever since and has gained 13.05 per cent since July 5.
At the AGM, Mukesh Ambani had unveiled an ultra high-speed fixed line fibre broadband for homes and enterprises across 1,100 cities and announced plans for an e-commerce platform that may rival likes of Amazon.
Questions & Answers
Q.How much has Mukesh Ambani's wealth increased by this year?
How much has Mukesh Ambani's wealth increased by this year?
His fortune increased by 4 billion dollars in 2018, primarily due to Reliance doubling its petrochemicals capacity. His estimated total wealth reached 44.3 billion dollars on Friday.
Q.What business plans did Reliance Industries announce at its recent AGM?
What business plans did Reliance Industries announce at its recent AGM?
The company announced an aggressive business plan, including an ultra high-speed fixed line fibre broadband service for homes and enterprises across 1,100 cities. They also unveiled plans for a new e-commerce platform.
Q.How will Mukesh Ambani expand his e-commerce offerings?
How will Mukesh Ambani expand his e-commerce offerings?
He plans to use his 215 million telecom subscribers as a base to expand his e-commerce offerings. This involves creating an e-commerce platform that could compete with major players.
Q.What was the impact of the AGM announcements on Reliance Industries' share price?
What was the impact of the AGM announcements on Reliance Industries' share price?
Following the AGM, the company's shares rose for the fifth consecutive session, surging to a 52-week high of Rs 1,091 on the BSE. They have gained 13.05 per cent since July 5.
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