Business

Mukesh Ambani’s wealth jumps by Rs 29,000 crore post Reliance Industries’ 42nd AGM

India’s richest man Mukesh Ambani’s wealth has gone up since the Reliance Industries’ annual general meeting (AGM).

Mukesh Ambani got richer by close to Rs 29,000 crore since the company’s AGM on Monday. Consequently, shares of the company zoomed to Rs 1,288.30 at the end of Wednesday’s trade from Rs 1,162 at the end of Friday. Since the August 12 AGM, Ambani’s wealth has gone up by $4 billion (Rs 28,684 crore).

As per Bloomberg Billionaires Index, the senior Ambani now stands at the 13th spot on the world’s richest list with a total wealth of $49.9 billion. Asia’s richest person has gained $5.57 billion on a year-to-date (YTD) basis with shares of RIL jumping close to 15 per cent. Moody’s Investors Service on Wednesday said Reliance Industries’ announcement of sale of a 20 per cent stake in its oil to chemicals (O2C) business to Saudi Arabian Oil Company (Aramco) will reduce the company’s net leverage and is credit positive. “The O2C business, which has an enterprise valuation of USD 75 billion, includes RIL’s refining and petrochemical divisions, and RIL’s 51 per cent stake in its fuel marketing business,” Moody’s said in a report.

During Reliance Industries’ 42nd AGM, Mukesh Ambani made some key announcements including the agreement to sell 20 per cent stake in the oil-to-chemicals vertical to Aramco, plan to turn net debt free in 18 months and next month’s launch of Jio Fibre were taken positively by Dalal Street over the past two days.

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