Mukesh Ambani added $3.7 billion to his net worth on Friday as shares of his flagship company soared after the tycoon doubled his clean energy goals. According to the Bloomberg Billionaires Index, Asia’s richest person is now worth $92.6 billion. The tycoon is approaching L’Oréal’s Francoise Bettencourt Meyers at $92.9 billion, as both get closer to a tenuous group of men with a $100 billion fortune. Mr Ambani’s jump was due to a surge in the shares of his Reliance Industries after he said the company will “aggressively” pursue the production of cheaper green hydrogen.
Known for disrupting businesses he enters, Mr Ambani’s telecommunications unit has become the dominant player in the Indian market as its digital business has expanded with support from investors including Facebook Inc. At the same time, Saudi Aramco is looking to acquire a stake in Reliance’s oil refining business in a deal reportedly worth a staggering $25 billion.
Mr Ambani unveiled an ambitious plan this year to invest $10 billion in clean energy, marking a new pivot for India’s most valuable company. The goal aligns with Prime Minister Narendra Modi’s ambitions to fight climate change and reduce imports to the world’s third largest oil consumer.
Reliance shares rose 4.1 percent on Friday to a record high in Mumbai.
(Except for the headline, this story has not been edited by NewsMadura staff and has been published from a syndicated feed.)