Mukesh Ambani has surpassed Li Ka Shing to be the Asia’s second richest man

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The investors rallied behind his efforts to arm India’s poor with cheap data-loaded phones. Some analysts are beginning to focus on the costs of his ambition. Reliance Industries has added $12.1 billion to his wealth this year, according to the Bloomberg Billionaires Index, as shares of his refining-to-telecom company surged to a record.

Mukesh Ambani has surpassed Li Ka Shing to be the Asia’s second richest man

Mukesh Ambani has surpassed Li Ka Shing to be the Asia’s second richest man

Spurring the rally on is optimism that a new $23 phone launched last month will expand the market for Ambani’s fourth-generation mobile network into India’s hinterland. The whistles and applause that greeted the JioPhone obscured the fact that by one measure the company’s debt has climbed to at least a 15-year high.

Chairman of Reliance Industries Limited Mukesh Ambani in the Reliance Industries Annual General Meet last month announced the launch of the Jio Phone. The Mobile will be free of cost but buyers will have to pay the amount of 1500 Rs that will be refunded later after 36 months. Ambani also announced that the board of directors of the conglomerate had had recommended 1:1 bonus share to shareholders. Bonus issue with a ratio of 1:1 means that shareholders will receive an additional share for every share of RIL they hold in the present.

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Mukesh Ambani said that “One thousand rupees invested in Reliance shares in 1977 is today worth Rs 16, 54,503 – over 1600 times more valuable,” the total worth of Ambani stood at $34.8 billion, which has propelled him to the number 19 rank in the Bloomberg Billionaires Index from 29 at the end of 2016.

Li Ka Shing is the richest man in the China whose business starts from telecommunication to retail and port.

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