Reliance Industries chairman Mukesh Ambani has now overtaken Berkshire Hathaway founder Warren Buffet in the list of the world's richest people.
This comes after a string of deals in which stakes of the conglomerate's telecom arm Jio were sold to many companies including Facebook, Saudi Arabia's Public Investment Fund and many more.
According to various media reports, the business tycoon is now worth $68.3 billion, surpassing Warren Buffett's $67.9 billion as of Thursday.
On June 19, the billionaire announced that his oil-to-telecom conglomerate Reliance Industries is now net debt-free after raising a record Rs 1.69 lakh crore from global investors and a rights issue in under two months.
Reliance Industries Limited's market valuation, on July 6th, crossed Rs 11.5 lakh crore mark due to a rise in its share price.
Ambani is now the eighth richest person in the world, pushing Buffet to ninth place after the billionaire investor gave away billions of dollars to charity.
To add to the might of India's wealthiest man, British petroleum major BP Plc and Mukesh Ambani-owned Reliance Industries (RIL) recently announced the official launch of their retail fuel joint venture: Reliance BP Mobility Ltd (RBML). This unit, in which BP owns a 49 per cent stake with RIL holding the rest, will retail fuel on the market under the ‘Jio-bp’ brand, a joint statement said.
(With agencies inputs)