Mukesh Ambani joined an exclusive club last week. His net worth topped $100 billion, according to the Forbes Real-Time Billionaires List, as shares of his Reliance Industries soared more than 30% this year.
Ambani also said at the same meeting that Reliance raised $44.4 billion, the largest-ever capital raise by any company in a year. The funds were raised through share sales in Jio Platforms and Reliance Retail, rights issues to existing shareholders and asset monetization. Jio Platforms is the group’s digital business, which holds its telecom unit.
“This capital raise,” Ambani told the shareholders in June, “is a strong vote of confidence by global investors in India’s growth potential. It reflects their faith in the ability of your company’s management to execute ambitious projects and long-term value creation plans.” Reliance was founded by Dhirubhai in 1966 as a small textile manufacturer. He expanded over time and built Reliance Industries into a fabrics, textiles and energy empire. After their father's death in 2002, Mukesh and his brother Anil divided up the family’s empire. Members of the third generation are also involved in the businesses.
I am a freelance journalist based in the southern Indian city of Chennai, Tamil Nadu. I have over three decades of experience in mainstream and business journalism andI am a freelance journalist based in the southern Indian city of Chennai, Tamil Nadu. I have over three decades of experience in mainstream and business journalism and became a freelancer in August 2020.
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