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Mukesh Ambani’s assets increased by Rs 90 crore per hour during lockdown

Mumbai: Mukesh Ambani has become the richest man in the country for the ninth consecutive year. Reliance Industries chairman Mukesh Ambani has topped the list of the 100 richest people in India by 2020 with assets worth Rs 6.58 lakh crore released by IIFL Wealth. The growth in property acquisition was 73%. According to the report, he has been saving Rs 90 crore every hour since the lockdown began in March. The new rankings come to a couple of days after US private equity firm Silver Lake’s Rs 7,500 crore investment in Reliance Retail, an investment that valued the venture at a pre-money equity value of Rs 4.21 lakh crore.

Ambani’s recent $20 billion fund-raising sprees have already fulfilled his target of making Reliance Industries net-debt-free. This gives the tycoon unrivaled financial clout at a time when most other companies’ balance sheets have been decimated by the pandemic. As of now, the 63-year-old tycoon has his sights firmly set on tech and retail as future growth drivers. Ambani’s ambitions include creating a home-grown e-commerce giant like China‚Äôs Alibaba. Mukesh Ambani is the only Indian to feature among the global top 5. The meteoric rise in his fortunes after diversifying from oil to telecom and retail has had its fair share of detractors too, with some analysts saying that business in India is increasingly going the monopoly way. But given big private equity’s unabated enthusiasm to tango with Ambani, any pivot away from his current strategy appears highly unlikely.

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