Tycoon Mukesh Ambani Races Toward World's Exclusive $100 Billion Wealth Club

Mukesh Ambani added $3.7 billion to his net worth on Friday as shares of his flagship company surged after the tycoon doubled down on his clean-energy goals. Asia's wealthiest person is now worth $92.6 billion, according to the Bloomberg Billionaires Index. The tycoon is closing in on L'Oreal's Francoise Bettencourt Meyers at $92.9 billion, as both move closer to a rarefied group of men with fortunes of $100 billion. Mr Ambani's jump was due to a surge in the shares of his Reliance Industries after he said the company will “aggressively” pursue production of cheaper green hydrogen. 

Known for disrupting businesses he enters, Mr Ambani's telecommunications unit has become the dominant player in the Indian market while his digital operation has expanded with backing from investors including Facebook Inc. At the same time, Saudi Aramco is looking to acquire a stake in Reliance's oil refining business in a deal said to be worth as much as $25 billion.

Mr Ambani this year unveiled an ambitious plan to invest $10 billion in clean energy, marking a new pivot for India's most valuable company. The goal aligns with Prime Minister Narendra Modi's ambitions to combat climate change and slash imports into the world's third-biggest oil consumer. 

Reliance shares surged 4.1 per cent to a record in Mumbai Friday.

Original News: Corporates | (c) 2021 Bloomberg | Alexander Sazonov, Bloomberg

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