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Mukesh Ambani is Asia’s Second Richest Man Overtaking Li Ka-Shing

Mukesh Ambani is Asia's second richest person
Written by Team Maffat

India’s richest person Mukesh Ambani has crossed Li Ka-Shing to become Asia’s second-richest man. As per Bloomberg’s latest report, RIL Chairman and MD Mukesh Ambani has added $12.1 billion to his wealth this year.

After Reliance Jio and Jio Phone launch, investors rallied behind Mukesh Ambani’s efforts. In 1 year, Reliance Industries’ shares surged to a record high. In Reliance AGM 2017 which was held last month, Ambani announced Rs 1500 JioPhone which will expand his market.

By one measure the Company’s debt has reached to almost 15-years-high. Reliance Jio which was a dream project of Mukesh Ambani has sucked in more than $31 billion in investment.

Mukesh Ambani Lifestyle and Schedule

With Reliance Jio, Mukesh Ambani sparkled a price war in World’s second largest mobile phone market. Approx. 90 percent of Reliance Industries’ revenues are coming from refining and petrochemicals and also from retail, media and energy exploration contribute he gets remaining 10 percent.

RIL’s net debt-to EBITDA ration has quadrupled in 5 years and is at the highest level since 2002. EBITDA measures company’s operating profit and accounting for depreciation and amortization.

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During RIL AGM 2017, Mukesh Ambani described Jio as a jewel among his company’s assets.

Asia's Second Richest Man - RIL Chairman Mukesh Ambani

Asia’s Second Richest Man – RIL Chairman Mukesh Ambani

He said, “Its business and societal value will grow immensely over the next decade. Jio will become India’s largest provider of data service, products and application platforms.”

In just 9 months after launch, Jio managed to get 117.3 million users.

The reduced reserves are inconvenient as the company has almost $12 billion of debt coming due in the next three years. Any repayment or refinancing will depend on the cash-churning legacy businesses, which helped the group pull in a net profit of about $4.7 billion in the last financial year.

Reliance’s reported debt numbers may actually increase over the next two to three years due to planned investments of about 550 billion rupees in the current fiscal.

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Mukesh Ambani is Asia’s Second Richest Man Overtaking Li Ka-Shing
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India’s richest person Mukesh Ambani has crossed Li Ka-Shing to become Asia’s second-richest man. As per Bloomberg’s latest report, RIL Chairman and MD Mukesh Ambani has added $12.1 billion to his wealth this year.


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