With a net worth of US$44.3 billion, India's Mukesh Ambani has overtaken Alibaba founder Jack Ma as the richest person in Asia.
The name Mukesh Ambani might not immediately ring a bell for most people. After all, the 61-year-old business conglomerate’s name isn’t as popular as Bill Gates, or even Jack Ma, who was the richest person in Asia.
Despite this, Mukesh Ambani has managed to carve out a niche for himself and his company Reliance Industries Ltd. In fact, he has since overtaken Jack Ma as the richest person in Asia!
Who is Mukesh Ambani?
Mukesh’s father, Dhirubhai Ambani, started out as a clerk and who started the family fortune by trading spices and yarn. Eventually, he set up Reliance Industries, which was a manufacturer of fabrics and textiles.
Mukesh Ambani studied to become a chemical engineer and eventually became part of Reliance’s board when he was just 20. He frequently engaged in large-scale projects and was responsible for the company’s shift into mining and petrochemicals during the 90’s.
Mukesh also spearheaded the shift into telecom and retail in the 2000’s where the company has found continuous success.
He is now the richest person in Asia
While Reliance was successful in its refining business, Mukesh Ambani’s venture into telecommunications is responsible for the company’s recent success.
Reliance Jio Infocomm Ltd. was established back in 2015, and provides mobile broadband services and produces affordable smartphones for the local market.
Mukesh then announced plans that they will be going to integrate Reliance’s other businesses with its telecom and media arm; effectively using the telecom business to help expand his e-commerce venture which will pit him directly against services like Amazon and Alibaba.
During a shareholder’s meeting, Mukesh announced that by 2025, “size of Reliance will more than double.”
Investors and analysts are hopeful about Reliance’s future, as Mukesh Ambani has led the company to success time and time again.
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