Mukesh Ambani enters $100 billion club, joins Jeff Bezos and Elon Musk in the elite group

Asia’s richest person Mukesh Ambani has now joined Amazon founder Jeff Bezos and SpaceX CEO Elon Musk in the $100 billion wealth club. The chairman of India’s Reliance Industries Ltd entered the world’s most exclusive wealth group after the Reliance group’s stock climbed to a record on Friday. Ambani became the 11th person to enter the exclusive club. According to the Bloomberg Billionaires Index, Ambani's net worth has crossed the $100.6 billion mark.

 According to international reports, Ambani’s wealth grew by $23.8 billion this year boosting him to reach the benchmark. Earlier in June, Ambani made an ambitious foray into the green energy market with a planned investment of about $10 billion over three years. The Reliance Jio Network founder has been an ever-growing presence in the Indian market since inheriting the oil-refining and petrochemicals businesses of his late father’s empire in 2005.

A retail, technology and e-commerce titan, Ambani ventured into the telecommunications sector in 2016. His retail and technology ventures raised about $27 billion in 2020. Furthermore, Ambani’s ventures sold stakes to investors ranging from Facebook Inc. and Google to KKR & Co. and Silver Lake increasing the empire’s worth in the market. The chairman of India’s Reliance Industries Ltd has now entered the $100 billion wealth club alongside Amazon founder Jeff Bezos and SpaceX CEO Elon Musk. Meanwhile, Adani Group founder Gautam Adani added $39.5 billion to his fortune this year showing promise to become the next entry to the club from India.

Reliance Retail to open first 7-Eleven store in India

The US-based convenience store 7-Eleven Inc (SEI) inked an agreement with Reliance Retail Ventures Limited on October 7 to launch its first store in India. This came days after retail giant Future Retail dropped its franchise agreement with 7-Eleven on a mutual basis. Issuing a statement, Reliance Retail Ventures Limited Director, Isha Ambani confirmed that the first 7-Eleven store will be opened in Andheri and will later roll out more such stores in other neighbourhoods and commercial areas of greater Mumbai. Furthermore, SEI's agreement with RRVL will look forward to implementing and localise its convenience retail business in India further bringing its process and practices in an expanded form.

Mukesh Ambani hails new telecom reforms

Earlier in September, Jio Network Chairman Mukesh Ambani welcomed the Central government’s telecom reforms and has called it a move towards strengthening India’s vision of becoming the world’s leading Digital Society. In a press statement, the Telecom Giant asserted that the notable reform measures will accelerate PM Modi’s vision of making India a Digital global power and will enable the citizens to access the internet with more ease. 

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