RIL stocks drag Mukesh Ambani's wealth to $30 bn

the asian age

Business, Companies

Reliance Industries replaced Tata Group firm TCS as most valued stock on BSE in April this year.

Reliance Industries chairman Mukesh Ambani.

Mumbai: Reliance Industries chairman Mukesh Ambani added $7 billion to his wealth in five months' period starting January 2017, according to a report in The Economic Times. Ambani-led RIL replaced Tata Group's TCS as most valued stock on markets in April this year.

According to data on Bloomberg website, Ambani’s wealth recorded a phenomenal increase of $7.10 billion to $29.9 billion as of May 17, 2017, from what it was on December 31.

The report added the $7 billion addition to Ambani's wealth was biggest increase in personal wealth of any Indian business tycoon. Besides, Reliance Industries flourished on "healthy growth in core business quarter after quarter and a good response to his telecom venture Reliance Jio".

Reliance Jio, telecom arm of Reliance Industries, has shown a robust growth in terms of expanding the subscribe base since its launch on September 5 last year. As of March 2017, Jio garnered 109 million customers, an unprecedented increase recorded by any telecom player.