India’s richest man Mukesh Ambani who is also called as the Indian Business Magnate has beaten Warren Buffet in the Top richest people in the world. Mukesh Ambani is now the 8th richest person on the planet.
When the pandemic has been difficult on most of the people from losing jobs, losing homes and losses in businesses because of the lockdown, it has not been the same for the richest man in India who is the face behind the Reliance group and Jio platforms.
Mukesh Ambani had managed to clear his debt before time by bringing in huge investment from around the world. Whether it is Facebook or Equity firms or UAE based firms. Mukesh Ambani has had a string on deals in the past couple of months.
He managed to bring leading companies like Facebook to invest in his business n return for stake and sure did have a roller coaster year.
Now he has managed to check one more box from the list by eclipsing the fortune of Warren Buffet.
Mukesh Dhirubai Ambani is the Indian Billionaire who is also the Chairman and managing director of Reliance Group of Industries Ltd. This is a fortune 500 global company. The Billionaire is now worth of 68.3 Billion dollar which surpasses 67.9 Billion dollars which is held by Warren Buffet, and American Investor. The Mumbai based Billionaire got more than 15 Billion dollars of investment on his Jio platforms in return for stake from huge companies from America, UAE and Saudi Arabia. Facebook and Silver Lake are among the 10 investors who put their money in the Jio platforms which is a subsidiary
This escalation of rising above for Ambani happened when he got 1 billion dollar investment in Reliance fuel retail business by BP plc which is an oil industry company. Warren Buffet’s fortune dropped after he gave away 2.9 billion dollars of his fortune to a charity.
Warren Buffet who is also known as the Oracle of Omaha is being slipping down from his top 5 position after he has been donating 37 billion dollar of Berkshire Ha Hathaway Inc stock since 2006. Berkshire Hathaway’s chairman and CEO Warren Buffet is considered the most successful investors in the world. He is known as a business tycoon, philanthropist and business tycoon around the world. Warren Buffet is now the ninth richest man in the world and Mukesh Ambani up scaled to eighth highest position. Mukesh Ambani is now the only Asian Business tycoon in the list of top 10 richest people on the planet.
Mukesh Ambanihas had a string of deals during this coronavirus pandemic in the last couple of months. Because of Ambani’s deal India has now become and emerged as a hot-spot for the Mergers and Acquisitions this year. The M&A in India this year has accounted for more than 12% of those announced in the whole Asia Pacific. The 12% is the highest rate of M&A for India since the 1998.
Jio platforms has changed the entire telecommunication business in India by introducing Jio platforms few years back. Jio digital has a number of digital platforms and has recently launched JioMeet which is a video conferencing platform like Zoom. JioMeet comes at a time when everyone in the country is using video conferencing platforms like Zoom to attend classes, meetings and much more. JioMeet is the first Indian Video conferencing platform.
By Deepika Agarwal
