India’s richest man Mukesh Ambani is now the sixth richest man in the world as per Bloomberg’s Billionaire Index.
As of July 14, Ambani’s net worth is $72.4 billion (₹5.44 lakh crore). With a rise of $2.17 billion, he has surpassed Larry Page, the Co-Founder of Alphabet (the holding company of Google) whose net worth is $71.6 billion and Warren Buffet, whose value is $69.7 billion. The next Indian on the list Azim Premji ranks 77 with a net worth $16.9 billion.
The rise can be attributed to the strong performance of Reliance Industries Limited (RIL) of which Ambani is the Chairman. The company’s stock price has risen from a low of ₹ 875 per share in March to ₹1,915 per share in July.
RIL’s digital platforms have also seen investments from companies such as Facebook Inc., Silver Lake, Qualcomm Inc and most recent reports say that talks are on with Google as well.
On June 19, Ambani had made a statement that RIL was debt-free after it managed to raise ₹1,68,818 crore in just 58 days. The company is the only listed entity in India to have a market cap of more than ₹12 lakh crore.
From an energy producer, the conglomerate is now a multinational company with businesses across India engaged in energy, petrochemicals, textiles, natural resources, retail and telecommunications. He also owns the cricket team Mumbai Indians, which plays at the Indian Premier League.
Reliance Brands Limited (RBL), which is a part of Reliance Industries Limited is the largest retailer of international and domestic luxury brands in India. It has close to 50 brand portfolios, either through licensing, joint ventures or long-term master franchise agreements.
Luxury giant RBL began operations in 2007 with a mandate to launch and build international and domestic brand equity in the premium to luxury segment across fashion and lifestyle.
Its current portfolio of brand partnerships comprises Armani Exchange, Bally, Bottega Veneta, Brooks Brothers, Burberry, Canali, Coach, DC, Diesel, Dune, Emporio Armani, Ermenegildo Zegna, G-Star Raw, Gas, Giorgio Armani, Hamleys, Hugo Boss, Hunkemoller, Iconix, Jimmy Choo, Kate Spade New York, Kurt Geoger, Michael Kors, Mothercare, Muji, Paul & Shark, Pottery Barn, Pottery Barn Kids, Quicksilver, Replay, Roxy, Salvatore Ferragamo, Satya Paul, Steve Madden, Superdry, Scotch & Soda, Thomas Pink, Tumi, Villeroy & Boch and West Elm.
In 2019, RBL entered into a partnership with hallowed jewellery brand Tiffany & Co. to bring its exquisite jewellery to India and launched the first store in Delhi in January 2020.
Building premium real estate RIL through its real estate venture, Maker Maxity is working on taking Mumbai’s Bandra Kurla Complex’s luxury quotient notches higher with a retail mall, membership clubs, a rooftop drive-in theatre and a multiplex mall, which are all under construction at the moment. Reliance Industries has also got Oberoi Group to open a luxury hotel in BKC which will be named Anant Villas after Mukesh Ambani’s son Anant (RIL has an 18.53 per cent stake in Oberoi Group’s EIH Ltd).
Art impetus There are also talks of Mukesh’s Ambani’s wife Nita, who is also the Chairperson & Founder of Reliance Foundation and Dhirubhai Ambani International School; launch an art museum in Mumbai through Reliance Foundation. She is also the first Indian trustee of New York’s Metropolitan Museum.