In the Bloomberg Billionaires Index, Mukesh Ambani takes the 11th position and continues to be India’s and Asia’s richest man. His net worth is $93.8 billion.
To date, he has made $17.1 billion. The net worth of the 64-year-old billionaire could purchase 52.52 million troy ounces of gold or 1.34 billion barrels of crude oil.
In recent days, Ambani’s stocks have gained on reports that Indians can now use WhatsApp to order groceries from JioMart, a division of Reliance Industries Ltd, as the company challenges Amazon and Walmart’s dominance.
According to JioMart users, who received a 90-second tutorial and catalog via WhatsApp, delivery is free and there’s no minimum order value. Aside from fruits, vegetables, cereal, toothpaste, and cooking staples like paneer cottage cheese and chickpea flour, the company also offers daily essentials like fruits, vegetables, cereal, and pasta. When receiving their order, customers can choose whether to pay via JioMart or cash at the receiving point.
According to Boston Consulting Group, the country’s retail spending on food and groceries is estimated to reach as much as $1.3 trillion by 2025.
Using a no-frills $87 smartphone preloaded with JioMart and WhatsApp apps developed in partnership with Alphabet Inc.’s Google, Ambani’s group has strengthened its position to capture a larger share of that market. A 4G wireless network is among the other businesses of the Mumbai-based conglomerate.
In addition to his residential property, the billionaire owns a professional cricket team, the Mumbai Indians. 45% of Ambani’s wealth comes from publicly-traded Reliance Industries. Its website states that the company has the biggest oil refining complex in the world.
People familiar with the matter say the 64-year-old Indian tycoon’s preferred plan shares elements with that of Walmart Inc.’s Walton family. It could enable one of the biggest wealth transfers in recent memory.
Reliance Industries Ltd., his family’s flagship company listed in Mumbai, is being considered for a trust-like structure, the people said, declining to be identified because the topic is not public.
Ambani’s wife, Nita and her three children will own stakes in the company overseeing Reliance and participate in its board of directors, along with some of Ambani’s longtime confidants as advisers.
However, the management of India’s largest company will be largely handled by outsiders, including professionals who will handle a wide range of businesses, including oil refining and petrochemicals, telecommunications, e-commerce, and green energy.