Mukesh Ambani beats Hong Kong business tycoon, becomes 2nd richest man in Asia

Reliance Industries chairman, Mukesh Ambani has topped Hong Kong business tycoon, Li Ka-Shing and has become Asia's 2nd richest man

Mukesh Ambani who is believed to be the richest man in the country has managed to surpass Hong Kong business tycoon Li Ka-Shing and become the second richest man in Asia. The development close on heels of Mukesh Ambani, the chairman of Reliance Industries launching Jio’s first feature phone– Jio Phone– at the company’s 40th Annual Annual General Meeting (AGM) last week.

With this, Mukesh Ambani has added a wealth of $ 12.1 billion which is approximately around Rs. 77,000 crores. while launching the Jip phone, Mukesh Ambani announced that the Jio will give people access to unlimited data on the JioPhone and that the JioPhone will be available to Indian for an effective price of Rs 0.

The investors hailed Ambani’s efforts for providing unlimited data and option of using a cost-effective phone to the Indians. As per reports, the telecom business is yet to earn profits for the Ambani and his shareholders and most of the revenues generated by the Reliance group of industries come from petrochemicals units, with retail, media and energy exploration.

Also Read: Mukesh Ambani leads Forbes list of ‘Global Game Changers’, thanks to Jio

The profits earned by Ambani have taken reportedly taken his net worth to $34.8 billion (around Rs. 2.2 lakh crore). “JioPhone will make the 2G feature phone obsolete. With this, I am sure Jio will set a new world record. From last quarter of 2017, all JioPhones will be made in India. We are targeting to have 5 million JioPhones a week,” Mukesh Ambani had said.

Asserting that Jio will provide digital freedom to all the feature phone users, Ambani stated that from 15th August 2017, all Indians will have access to the highest quality and quantity, affordable and unlimited data.

As per a Bloomberg report, it is due to Jio that it due to Jio that the company’s debts have seen at least a 15-year high and the cash reserves have gone down by 7 per cent in the past five years despite the revenue generated from refining and petrochemical businesses.

Read More: Mukesh Ambani launches Jio Phone in Mumbai for ‘Rs 0’

Source: Bloomberg

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