IndiaRetailBiz

Thanks to spectacular gains recorded in the past few days by the shares of big companies in general and of Reliance group companies in particular, Mukesh Ambani, became richest person of the world, on Monday, the 29th. Mukesh Ambani’s flagship Reliance group is among the world’s largest players in oil exploration and refining, chemicals and man made fibres. He is also setting up the country’s largest retail business.

The feat was achieved on Monday the 29th, when Sensitive Index (Sensex) of the Bombay Stock Exchange crossed the figure of 20,000.

Earlier on September 26, Ambani had overtaken steel czar Lakshmi Mittal to become the richest Indian in the world, reports PTI.

Mukesh Ambani valued on Monday at $63.2 billion (Rs 2.49lakh crore) has surpassed the wealth of well known persons like American software giant Bill Gates (Microsoft USA: $62.2993 billion), Mexican telecom moghul Carlos Slim Helu (Movil and Grupo Carso :$62.29 billion) and American investment guru Warren Buffett (Berkshire Hathaway: $55.9 billion), and world’s largest steel maker Lakshmi Mittal (Arcelor Mittal $50.9 billion). Mittal, though living in and operating from Europe is an Indian by birth and owns Indian passport.

Mukush Ambani’s wealth of about Rs 2,49,000 crore includes about Rs 2,10,000 crore from RIL (50.98% stake), Rs 37,500 crore from RPL (37.5%) and Rs 2,100 crore from RIIL (46.23%).

Slim’s wealth has been calculated on the basis of his stake in companies like America Movil (30%), Carso Global (82%), Grupo Carso (75%), Inbursa (67%), IDEAL (30%) and Saks Inc (10%).

In September, 2007, US business magazine Forbes had named Gates as the richest American with a net worth of $59 billion, calculated as on August 30. The magazine had said that a movement of $2 in the share price for Microsoft, the world’s biggest software maker, could “add or subtract $1 billion” from his wealth.

Warren Buffett is at the fourth place with a net worth of $55.9 billion through his holding in his investment vehicle Berkshire Hathaway and in other companies.

Mittal currently ranks as the fifth richest in the world with a net worth of $50.9 billion through his 44.79% stake in world’s biggest steel maker ArcelorMittal.

Mukesh Ambani’s group is investing Rs. 25,000 crore through its retailing arm Reliance Retail to create a world class infrastructure of multi-format front-end stores, backed up by supply chain and logistics network.

Reliance Retail has in the past one year has already launched Reliance ‘Mart’ (Hypermarket), Reliance ‘Fresh’ (neghbourhood convenience grocery and fresh products’ stores), Reliance ‘Digital’ (Speciality Durables stores), Reliance ‘Trends’ (Speciality Apparels stores), and Reliance ‘Wellness’ (Speciality Healthcare and wellness stores) in different parts of the country. Reliance is well on its way to soon become the country’s largest retailer.

Mukesh Ambani’s Reliance group, though, according to media reports, has unofficially refuted news reports suuggesting that Mukesh Ambani has today become the world’s wealthiest persons.

Elder son of Dhirubhai and Kokilaben Ambani, fifty years old, Mukesh Ambani is married to Nita Ambani, who among others is actively involved in social and educational fields. Anil Ambani, the younger brother of Mukesh Ambani, who recent split with his brother Mukesh, is also a member of the wealthy persons club, with businesses extending from power to communication, and finance to entertainment.

Against Mukesh Ambani owned Reliance group’s market cap of Rs 4.86 lakh crore, Anil Ambani owned ADAG group’s market cap on the 29th was about 52% (2.56 lakh crore). Against Reliance posting growth in market cap of 138% in one year, ADAG could also record a similar growth of about 135%, during this period.