Mukesh Ambani Reliance Industries Ltd (RIL) Chairman became Asia’s richest man on Friday pushing back Jack Ma the founder of Alibaba Group.
As Ambani positioned his company to impede the e-commerce space in India, the market valuation of the company surged past Rs 7 lakh crore mark on Friday.
His total value is estimated around $44.3 billion with RIL rising to a record 1,099.8 Rupees. He has added $4 billion to his net worth in 2018.
The business magnet made plans to leverage his 215 million telecom subscribers to expand his e-commerce offerings which were liked by Amazon.com Inc. and Walmart Inc.
“We need to broaden our horizon of expectation with Reliance,” said Nitin Tiwari, a Mumbai-based analyst at Antique Stock Broking, to the press. “They are in for something really transformational.”
“Biggest growth opportunity in creating a hybrid, online-to-offline new commerce platform,” involving the group’s Reliance Retail Ltd. and Reliance Jio businesses. The “size of Reliance will more than double” by 2025, said Ambani in the annual shareholders’ meeting, Ambani also said that there would be a biggest greenfield fixed-line rollout in the world as they will introduce a fiber-based broadband service across 1,100 Indian cities in August.