Mukesh Ambani is now the fifth richest person in the worth as per Bloomberg Billionaires Index.

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Mukesh Ambani, Asia’s richest person, who is on a fundraising spree amid the pandemic, saw his wealth swell by $5.61 billion or Rs 41,514 crore in a single day to Rs 6.56 lakh crore after shares of his flagship company Reliance Industries surged 7.06% to Rs 2,314 apiece on Thursday.

With yesterday’s rally in RIL stocks Mukesh Ambani regained the fifth position on the Bloomberg Billionaires Index pipping Bernard Arnault of France. Ambani’s net worth as on September 11, 2020 stands at $88.6 billion as compared to $86.5 billion for Arnault, as per the Bloomberg Billionaires Index.

RIL also became India’s first company to have a market capitalisation of more than $200 billion after Thursday’s rally. In this year so far Ambani has added $30 billion to his wealth after he raised $20 billion dollar from marquee and strategic investors in Jio Platforms, the holding company of his telecom assets. This amount along with a Rs 53,125 crore rights issue helped RIL become net debt free much ahead of the time line set by Ambani in RIL’s 2019 AGM.

After Jio, Ambani has reportedly offered to sell stake in his retail venture to those investors who invested in Jio Platforms between April-July. Earlier this week, US private equity investor Silver Lake announced to invest Rs 7,500 crore in Reliance Retail Ventures Ltd (RRVL), the holding company of his retail assets. The 63-year-old tycoon expects to raise in excess of Rs 60,000 crore by selling stake in RRVL.

Analysts believe RIL shares may see further upside if Ambani manages to attract more investors for RRVL and Jiomart, his recently launched ecommerce app, gains further traction after the initial success.

“We expect the company to attract further investments in the retail business from other investors which is leading to another round of rerating for the company. We remain positive on Reliance industries Ltd. and expect that the digital and the retail business will be the future growth drivers for the company…We continue to maintain our buy rating on reliance Industries with a target of Rs 2,366,” said Jyoti Roy, DVP (Equity Strategist), Angel Broking Ltd.