Mukesh Ambani had lost the title of being Asia's 'richest man' to Gautam Adani. But destiny played its part, and the former reclaimed his throne once again. Details inside!
A few days ago, media reports suggested that Mukesh Ambani, the Chairman and Managing Director of Reliance Industries Ltd, had lost his title 'Asia's richest man' to Gautam Adani. Gautam Adani is the founder and chairman of Adani Groups. His net worth had increased drastically since April 2020. For the unversed, Mukesh Ambani has been a keeper of his title for the last six years.
According to reports, the net worth can change numbers based on the little movement on the stock prices. A little shift in the stock prices can take off or add billions to the net worth. As per the analysts, most of the Adani Group stocks like Adani Transmission, Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone increased last year.
In an interview with ET Now, Deven R Choksey, MD, KR Choksey Investment Managers, revealed that Mukesh Ambani's groups of companies are scattered through the sectors of oil & gas and industrial products along with consumer-facing businesses, Jio and Retail business, which gives a 55-45 ratio mix. He said:
"In case of Adani group level EBITDA would be around Rs. 38,000-40,000 crore. In case of Reliance, it is around Rs. 1,15,000-1,20,000 crore."
Choksey further shed light upon the fact that the Adani group is mainly involved with infrastructure and power-related businesses. He added:
"Infrastructure is generally a high cash business once the capex programme is completed and that is why they are getting a relatively higher valuation."
A couple of weeks ago, a report in the Mid-Day had revealed that Ambani's experience of spending the lockdown in their Mumbai home had made them build a new abode for them. So, they have decided to make their London property, their new nest, which they had purchased at Rs. 592 crore earlier this year. However, the Ambanis had brushed off all these rumours.
All that said and done, Mukesh Ambani has been winning the title of being the richest Indian since 2015, while Gautam Adani is a new entrant among the top 10 India and Asia. We wish Mukesh Ambani a heartiest congratulations!