Mukesh Ambani, India's Richest Man, Sees Rise in Net Worth by Rs 29,000 Crore in 2 Days Post RIL's AGM
Reliance Industries Limited MD and Chairman Mukesh Ambani | File Image | (Photo Credits: PTI)

New Delhi, August 15: Barely two days after the Reliance Industries' 42nd annual general meeting, Mukesh Ambani's net worth increased by close to Rs 29,000 crore, despite the economic slowdown in the country. This could be due to the key announcement made by RIL chairman at the meeting, which also includes next month’s launch of Jio Fibre and agreement to sell 20 per cent stake in the oil-to-chemicals vertical to Aramco.

According to the stock market data, RIL's share rose to Rs 1,288.30 at the end of Wednesday’s trade from Rs 1,162 at the end of Friday. Reports also state that since August 12, the new announcement gave the stock an 11 per cent lift. Also, Ambani's wealth increased by USD 4 billion (Rs 28,684 crore). Reliance AGM 2019: Mukesh Ambani Claims Jio Subscriber Base Crosses 340 Million, Says Ready to Kick-Start 4 New Growth Engines

Reports from Bloomberg Billionaires Index stated that due to the sudden rise in wealth, Ambani now stands at the 13th spot on the world’s richest list with a total wealth of USD 49.9 billion. Considered as Asia's richest person, the senior Ambani has gained USD 5.57 billion on a year-to-date (YTD) basis with shares of RIL jumping close to 15 per cent.

Among the key announcement that Ambani made during the AGM also largest FDI deal with Saudi Aramco, under which the roadmap to becoming a zero net-debt company by March 2021 is the aim. Along with this, RIL is also aiming to unlock value in retail and telecom businesses with foreign brokerages going gung ho on the stock.