Newsmaker

Reliance Industries Limited (RIL) Chairman and Managing Director Mukesh Ambani is now richer than Alphabet (Google's parent) co-founders Sergey Brin and Larry Page in terms of net worth, becoming the world's sixth-richest person.

Ambani is now worth $72.4 billion, according to the Bloomberg Billionaires Index. Monday's 3 per cent surge in RIL's shares saw Ambani's wealth rising by $2.17 billion. A drop in US tech shares on Monday saw Page's value dropping to $71.6 billion, while Brin's stood at $69.4 billion.

Ambani, 63, had just last week surpassed Warren Buffett to become the eighth richest person in the world. With shares of RIL doubling since hitting a low in March owing to a series of investments in the digital unit Jio, Ambani's wealth saw a significant surge amid the coronavirus crisis. He is currently the only Asian business tycoon in the exclusive club of the world's top 10 richest people last month, according to the index.

However, despite the surge, Ambani's wealth was down 1 per cent compared to pre-COVID levels, according to a report by Hurun Research.

The reason behind Ambani's sharp climb on the BBI can be attributed to Reliance's performance.

RIL, which has now transformed itself into a consumer company from an energy producer, has seen its valuation rise sharply to top Rs 12 lakh crore.

It may be noted that Ambani has added almost $7.9 billion to his fortune over the past 22 days due to a sharp rally in Reliance's shares.

The Reliance boss has been gradually rising up the ranks on the BBI. Last week, he overtook Warren Buffet to become the eighth richest man in the world.

India's most valued company by market capitalisation (m-cap), Reliance Industries, is now the world's 51st most-valued company by market cap.

The m-cap of Reliance Industries surged above Rs 12 lakh crore after US telecom and tech giant Qualcomm Ventures announced an investment of up to Rs 730 crore for a 0.15 per cent equity stake in Jio Platforms. This was the 13th uninterrupted investment in Jio since April.

Qualcomm is the third strategic investor after Facebook Inc and US semiconductor company Intel in Jio Platforms, which comprises telecom company Jio Infocomm and movie, news and music apps.