Mukesh Ambani becomes 9th Richest Man in the World! How he Recovered losses from COVID19 crisis? Report

Reliance industries Chairman and Managing Director Mukesh Ambani is in the limelight again. He has entered the list of top ten richest people in the world according to the Forbes Real- Time Billionaire list. As per media reports, his net worth increased by over 12 times from USD 5.3 billion to USD 64.6 billion (Rs 4.9 lakh crore).

He owns 42% of Reliance and has benefited from many investments into the company's digital unit, Jio Platforms Ltd. Reliance will be net-debt free.

Ambani owns 42% of Reliance and has hugely benefited from investments made into the company’s digital unit, Jio Platforms Ltd. The company told the media that Jio has made it net-debt free ahead of March 2021 target. 

Ten firms including Facebook Inc., General Atlantic, Silver Lake Partners and KKR & Co. have invested total USD 15.2 billion into Jio, pending regulatory clearances. Saudi Arabia-based Public Investment Fund (PIF) was its most recent client. Saudi Arabia's sovereign wealth fund reportedly invested Rs 11,367 crore for 2.32 per cent stake in the company.

"RIL has raised over Rs 1,68,818 crore in just 58 days through investments by global tech investors (Rs 1,15,693.95 crore) and rights issue (Rs 53,124.20 crore)," the company said in a statement.

The company became India’s biggest telecom operator by subscribers.

“Forbes' Real-Time Billionaires rankings track the daily ups and downs in the fortunes of the world’s richest people. The value of individuals’ public holdings is updated every five minutes when respective stock markets are open,” Republic Now cited in its report.

Amazon founder Jeff Bezos tops the list with a net worth of USD 160.4 billion followed by Bill Gates with USD 109.9 billion and Facebook founder Mark Zuckerberg is fourth with USD 86.9 billion. Ambani is a ranked above Google's co-founder Larry Page with his net worth at USD 64.5 billion.

RIL became the first Indian company to be valued at USD 150 billion or Rs 11.52 lakh crore on Friday.