Sources from Mumbai reported that Chairman of India’s oil to telecom major Mukesh Ambani has overtaken Alibaba Group’s founder Jack Ma to become the richest person in Asia. Meanwhile a day after Reliance Industries’ stock entered the $100 billion market capitalization club, the stock went on to rally to breach the 7 lakh crore market valuation on Friday. As per Bloomberg Billionaires Index “With Reliance Industries trading up by 1.6%, Ambani’s net worth stood at $44.3 billion”.
Accordingly as per report Jack Ma’s wealth was at $44 billion. Alibaba Group Holding’s Ma has lost $1.4 billion in 2018. Moreover as per a Bloomberg report, Ambani added $4 billion to his fortune this year thanks to its petrochemical capacity doubling. In addition, investors have also lauded the success of his disruptive telecom venture Reliance Jio. Furthermore, Ambani recently also unveiled his plans on entering the ecommerce space by leveraging the 200+ million telecom subscribers that the company has amassed.
Furthermore after taking on incumbents such as
Idea, Airtel and Vodafone in the telecom space, Ambani now wants to take on
Amazon.com, Walmart, Paytm and the likes. Recently Ambani took over
Reliance Industries from his father Dhirubhai Ambani and has played an
important role in the company foraying into refining and petrochemicals in the
1990s and telecom and retail in the 2000s.
ISRO successfully launched GSLV-Mk III on Wednesday Indian Space Research Organization (ISRO) stated that the countdown had begun for the Wednesday evening launch of India's heaviest rocket GSLV-Mk III, carrying communication satellite GSAT-29 at the rocket port in Sriharikota. According to the Indian space agency standing at 43.4 metre tall and weighing 640 ton, the Geosynchronous Satellite Launch Vehicle (GSLV-Mk III) had taken off at 5.08 pm on Wednesday.
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