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Mukesh Ambani dethrones Jack Ma, becomes Asia's richest person

ANI  |  New Delhi [India] 

Industries Ltd (RIL) has surpassed Alibaba Group's to become Asia's richest person.

While was estimated to be worth $44.3 billion on Friday as RIL shares rose 1.6 percent, Ma's wealth stood at $44 billion, according to Bloomberg Billionaires Index.

The petrochemical-to-telecom has added $4 billion this year to honcho's wealth.

The market valuation of Industries surged past Rs 7 lakh crore mark during Friday morning trade.

Earlier this month, announced the launch of fixed-line services GigaFiber.

"We will extend fiber connectivity to homes, merchants, small and medium enterprises and large enterprises simultaneously across 1,100 cities to offer the most advanced fiber-based connectivity solutions," said Ambani while addressing the shareholders at the Reliance Industries' 41st Meeting.

Ambani also noted that Reliance is India's largest payer of Goods and Services Tax (GST), Excise and Customs Duty, and Income Tax in the private sector.

He also announced the launch of Phone 2 which will hit the markets by August 16 this year and will be available at a price of Rs. 2999.

"We are now taking the JioPhone to the next level, with added capabilities and functionalities. Reliance is bringing WhatsApp, and to the Phone. We will now extend fiber connectivity to homes, merchants, small and medium enterprises and large enterprises simultaneously across 1,100 cities to offer the most advanced fiber-based connectivity solutions," daughter of Mukesh, Isha Ambani said while addressing the shareholders at the Reliance Industries' 41st Meeting.

The magnate was ranked by Forbes as 18th-wealthiest person in the world in January this year. He is the only Indian businessman, on Forbes' list of the world's most powerful people.

The tycoon, who owns the franchise Mumbai Indians, was named as one of the in the world in 2012 by Forbes.

Ambani resides at one of the world's most expensive private residences that value of which is close to $1 billion.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, July 14 2018. 07:40 IST
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