Mukesh Ambani has just climbed up the ladder to join Jeff Bezos and Elon Musk is the world’s most exclusive wealth club with a fortune of at least $100 billion. The Reliance Industries Ltd. chairman entered the rarefied group of 11 men as his conglomerate’s stock climbed to a record on Friday. His net worth is now a whopping $100.6 billion after his wealth increased by $23.8 billion this year.
The journey of Abmani started after he inherited the oil-refining and petrochemicals businesses of his late father’s empire in 2005. Mukesh Ambani, now 64, has been seeking to transform the energy giant into a retail, technology, and e-commerce titan.
His telecommunications unit, Jio, which started its services in 2016, is now the most dominant carrier in the Indian market and is also the world’s second-largest telecom network. His retail and technology ventures raised about $27 billion last year, and the stakes have been sold to investors ranging from Facebook Inc. and Google to KKR & Co. and Silver Lake.
In June this year, Mukesh Ambani unveiled his ambitious project into green energy, with a planned investment of about $10 billion over three years. And just last month, Asia’s richest person stated that his company would “aggressively” pursue production of cheaper green hydrogen.
The plan of Mr. Ambani aligns with Prime Minister Narendra Modi’s ambitions of turning India into a global manufacturing hub for cleaner fuel. This step comes as the country pledges to combat climate change and slash energy imports since India is hailed as the world’s third-biggest oil consumer.
“Mukesh Ambani is at the forefront of creating new businesses with new emerging technologies. Creating businesses of scale at speed brings execution challenges, but he has demonstrated his capabilities.”
Reliance’s journey started way back in the late 1960s when Dhirubhai Ambani, who started as a gas station attendant in Yemen, began building his polyester business into a vast empire. But when he died of a sudden stroke back in 2002 without leaving a will, a succession feud erupted between his two sons, Mukesh and Anil. The feud was eventually settled by the siblings’ mother, Kokilaben, in 2005.
In the truce agreement between the two brothers, Mukesh got control of the flagship oil refining and petrochemicals businesses, meanwhile, his younger brother, Anil, got newer areas such as power generation, financial services, and telecommunications services