Mukesh Ambani beats Jack Ma to become richest Asian

World Saturday 14/July/2018 17:49 PM
By: Times News Service
Mukesh Ambani beats Jack Ma to become richest Asian

Muscat: Indian billionaire Mukesh Ambani has overtaken Chinese tycoon Jack Ma to become the wealthiest person in Asia.

According to Bloomberg’s billionaire’s index, Reliance chairman, Ambani’s worth stood at $44.3 billion on Friday, with Reliance Industries Limited rising 1.6 per cent to a new high of 1,099 rupees.

Whereas, Alibaba Group founder Ma’s net worth was $44 billion at the close of trading on the same day in the US, where his company is listed.

Earlier this year, Reliance doubled its petrochemical capacity and as a consequence, Ambani added $4 billion to his kitty. The Reliance chairman had also launched the much touted telecom start-up, Jio Infocomm Limted.

Ambani has plans to expand his e-commerce offerings and compete against giants like Amazon and Walmart by utilizing his 215 telecom subscribers.

Ma’s Alibaba Group Holding Limited, on the other hand, has lost $1.4 billion in 2018 so far.