Mukesh Ambani, Chairman and Managing Director of Reliance Industries and Asia’s richest man just added almost $17 billion to his wealth as of December 23, the most in Asia, taking his net worth to about $60 billion, according to the Bloomberg Billionaires Index. According to Forbes magazine, Mukesh Ambani is the 10th richest man in the world as of December 2019.
“I generally think that I should only speak by action and not by words.” ~ Mukesh Ambani
Reliance Industries shares jump by 40 %
The surge in Mukesh Ambani’s fortune in the 2019 year was fueled by a 40% jump in the shares of his Reliance Industries Ltd. The rally in the stock is more than double the gains for India’s benchmark S&P BSE Sensex index during the period.
With a goal of building a local e-commerce giant to challenge the likes of Amazon.com Inc. in India, Ambani has spent almost $50 billion -- mostly debt -- on a wireless carrier that’s become India’s No. 1 within three years of debut.
"Mukesh Ambani changed the narrative for Reliance Industries" as a leader not just in oil and gas but also in telecom and retail, and possibly soon in e-commerce as well, said Chakri Lokapriya, chief investment officer at TCG Asset Management.
Reliance Jio--Ambani's step in the telecom industry
Ambani shook India’s hyper-competitive telecom industry by starting a price war in 2016 with the launch of 4G phone service Jio that led to a consolidation in the sector.
Jio has signed on more than 340 million customers by offering free domestic voice calls, dirt-cheap data services and virtually free smartphones. In August, it had 348 million users, compared to Vodafone Idea's 375 million and Airtel's 328 million.
Mukesh Ambani's House Antilia
Antilia is one of the most expensive private residential properties, owned by the notable business tycoon Mukesh Ambani which is valued nearly $2 billion. Antilia is the 4,00,000 sq. Ft. building which is located on Altamount Road, Cumballa Hill in South Mumbai. Up at the top of the building are 3 helicopter pads. In the year 2010, his house generated a power bill of Rs 70,69,488.