Shares of the multi-billionaire Reliance Industries, which counts energy as its biggest revenue driver, soared over 3% on Monday as recovering oil prices helped lift the stock of energy companies in India as one of the world’s top oil producers. The increase was particularly good for Reliance Chair Mukesh Ambani which added around $2.8 billion in his wealth and allowing the 64-year-old to surpass the record of billionaire in infrastructure Gautam Adani to claim the titl of the title of the most successful individual in India — and Asia.
As of Monday evening, Ambani is the world’s 10th richest person, worth about $89.7 billion according to According to Forbes estimates as well as Adani is worth roughly $87.8 billion-and ranked the world’s 11th richest.
To add to the positives for Reliance, Reuters on Sunday announced that the company is set to acquire at least 200 stores from struggling grocery chain Future Retail to expand its reach as the largest retailer in India. This major victory follows two years of legal battle against Future shareholder Amazon over Reliance’s $3.4 billion acquisition of significant portions of Future’s generally unprofitable business. In the last quarter of 2020, the giant of e-commerce has maintained that the deal does not comply with contractual terms tied to its investments–even though Future is counting on the cash in order to pay back a debt that was not paid.
“The ongoing litigation initiated by Amazon in October 2020… has created serious impediments” and resulted in a “severe adverse impact” on the company, CP Toshniwal, the chief financial officer of Future, told India’s stock exchange in a letter on Saturday. He said it was “hopeful” the $3.4 billion agreement with Reliance will be completed before the deal expires in September. Based on Reuters, Reliance will rebrand Future Retail. Future stores with approximately 1,500 stores under its flagship chain of supermarkets Big Bazaar. Shares of Future Retail jumped 6% on Monday.
It was established by Ambani’s father Dhirubhai Ambani in 1966 , as an unassuming textile maker, Reliance has since grown to become India’s biggest company, with earnings in the range of $73.8 billion (539,238 crore Indian rupees) last year, thanks to investments in telecom, petrochemicals, retail, and oil. Ambani took control of the business family-owned after his father’s passing away in 2002. Ambani and his family own a roughly 49% share in the company.
Despite the huge boost Ambani’s fortune, one billionaire was able to get even richer on Monday. Tesla chief executive Elon Musk is the richest person has added $14.4 billion to his fortune Monday when shares of the electric-car company increased by 7.5%. Following a steep nearly 40% plunge in Tesla shares in 2018, Bernstein analyst Toni Sacconaghi sparked the surge on Monday by telling investors Tesla’s “unique growth profile” stood in a sea of high-priced technology stocks. Musk is currently worth $236.8 billion–nearly $60 billion more than the world’s second-richest man, Bernard Arnault.