The chairman of India’s refining-to-telecoms conglomerate, Ambani was estimated to be worth $44.3 billion on Friday with Reliance Industries Ltd. trading 1.7 percent higher, according to Bloomberg Billionaires Index. The stock fetched 1,100.65 rupees as of 12.25 p.m. in Mumbai and is set for a record. Ma’s wealth stood at $44 billion at close of trade on Thursday in the US, where the company is listed.
Ambani has added $4 billion to his fortune this year as Reliance doubled its petrochemicals capacity and investors cheered the success of his disruptive telecom upstart Reliance Jio Infocomm Ltd. Then earlier this month, the tycoon unveiled plans to leverage his 215 million telecom subscribers to expand his e-commerce offerings, taking on the likes of Amazon.com Inc. and Walmart Inc. Alibaba Group Holding Ltd.’s Ma has lost $1.4 billion in 2018.
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