Mukesh Ambani has again got the title of the richest person of Asia from Jack Ma who is the Chinese tech entrepreneur. The Chairman of Reliance Industries noticed his wealth swelling by 4.7$ billion. On Thursday, Facebook made an official announcement of investing amount corpus worth Rs 43,574 crore in Ambani’s Reliance Jio for a 9.99% minority stake. Since the year began, Ambanis has seen his net worth tank a whopping 28%.
To the news of Facebook investing in Reliance Jio, equity markets reacted positively this would play a vital role in helping the share price of Reliance Industries Ltd hit an upper circuit after jumping 10%. On Wednesday, in terms of market capitalization, the oil-to-telecom behemoth added Rs 90,000 crore alone. Analysts strongly believe that the largest FDI investment for a minority stake will help Mukesh Ambani lead his Reliance Industries towards the goal of becoming a net-debt free company by next year. The investment made by Facebook is its biggest deal till now since it bought messaging application in the year 2014 which we know as “Whatsapp”.
If we look at the figures globally, Mukesh Ambani has lost his spot in the world’s top 10 richest people and is at the 17th spot. The fall in Ambani’s wealth is one of the result to the falling share price of Reliance Industries, which fell as much as 26% this year.
All the deal that they have received this year puts Ambani back on track to empower mom & pop stores across the country. On Thursday morning, the chairman of Reliance Industries stated that “In the, coming business plans JioMart — Jio’s digital new commerce platform — and WhatsApp would be empowering nearly 3 crores small Indian Kirana shops to use the method of digitally transact with every customer in their neighborhood”.