In March 2020, Mukesh Amban ranked 21st on Forbes’ annual billionaire list accompanied by a net value of $36.8 billion, whereas Page and Brin took the 13th and 14th position on the list.
As Reliance Industries (RIL) market capitalization exceeded the Rs 11-trillion mark on Friday, the company’s Chairman and Managing Director Mukesh Ambani has moved ahead to become the ninth richest billionaire in the world on the Forbes Real-time Billionaires List amassing net value of $64.6 billion. Ambani has outpaced Google co-founders Larry Page and Sergey Brin, two stand at the 10th and 11th position in the list, respectively, and Ambani is behind Amancio Ortega, founder of Zara.
In March 2020, Ambani stood at the 21st position on Forbes’ annual billionaire list, amassing a net value of $36.8 billion, while Page and Brin positioned at the 13th and 14th rank, respectively. From that time, Ambani has moved forward of Walmart’s Walton family members, and also left behind Mexican billionaire Carlos Slim, and Alibaba founder Jack Ma.
On Friday, RIL’s shares strike a fresh all-time high of Rs 1,788.60 on the BSE prior to terminating at Rs 1,759.50 (up to over 6 percent) subsequent to Ambani’s statement which informed that the company had turned out to be net debt-free outpacing their March 2021 deadline.
Until March 2020, Reliance had a net obligation of Rs 1.61 trillion. The firm managed to make itself net debt-free by getting Rs 1.68 trillion via a 24.7 percent stake sale in Jio Platforms and the rights issue.
In the former two months, Jio Platforms, the company’s digital services ancillary, has brought up Rs 1.15 trillion, by providing a 24.7 percent stake to a group of global financiers comprising of Facebook, marquee private equity firms, and sovereign wealth capitalists from Saudi Arabia and the UAE.
The company has embedded the complete income of Rs 53,124-crore rights issue, the hugest share offer in the country, in its calculation. Despite this they have obtained only 25 percent of the issue proceeds (Rs 13,281 crore) in the current financial year; the outstanding 75 percent would be obtained in FY22.
“Exceeding the expectations of our shareholders and all other stakeholders, again and yet again, is in the very DNA of Reliance. Therefore, on the proud occasion of becoming a net debt-free company, I wish to assure them that Reliance in its golden decade will set even more ambitious growth goals, and achieve them,” Ambani mentioned in a statement.