Ambani now world's ninth richest person, only Asian tycoon in top 10

Mumbai: Mukesh Ambani made more than what he lost during the lockdown. Just today, the rally in the shares of Reliance added over $5 billion to his net worth, making him the ninth richest man in the world.

Asia’s richest has added almost $28 billion to his fortune within four months. According to Forbes, Mukesh Ambani is worth $64 billion.

His wealth is largely linked to Reliance Industries — an pharma to oil to telecom conglomerate gaining share price day by day. RIL’s stock crashed during the Indian stock market meltdown. But one of his most promising businesses — Jio — came to the rescue.

Reliance Industries added ₹1.75 trillion (about $23 billion) to its market capitalisation in the last six months as the one-time energy giant accelerated the pivot to becoming a technology, consumer and media giant. This included partnerships with some of the biggest name in each sector⁠— from Facebook to Netflix and a pending offer from Google and Microsoft.

He sold nearly half a quarter stake of his three-year-old telecom — raising ₹168,818 crore (about $15 billion) in 58 days — to Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mudabada, ADIA, TPG, Saudi PIF.

And today, his Reliance Industries declared itself net debt free — nine months before the actual deadline of his promise of becoming one.

In March around this time, when the novel coronavirus hit India, Ambani lost as much as $17 billion after sub-zero crude oil prices crashed the stock markets which slipped his Forbes rank to 21.

He also lost the title of Asia’s richest man to internet billionaire Jack Ma but he gained soon. Moreover, RIL’s share price plummeted as much as 39% between January 1 and March 23 during the massive sell off triggered by coronavirus — forcing them to trade below ₹1000 per piece.