Mukesh Ambani Is Asia’s Richest, Wealth Surpasses This Chinese Billionaire

Mukesh Ambani - Sakshi Post

NEW DELHI: Mukesh Ambani has become the wealthiest man in Asia surpassing China's Jack Ma after the Reliance Jio-Facebook deal was announced, according to the Bloomberg Billionaires Index that was released on Thursday. Ambani's wealth has rose about $4.7 billion to $49.2 billion on Wednesday, after Reliance Industries Ltd. gained 10 per cent.

The ranking updates were put after the close of each trading day in the US which puts Ambani ahead of Alibaba Group Holding Ltd.'s chairman Jack Ma by $3.2 billion of Ma's $46 billion. Jack Ma had surpassed Mukesh Ambani to become Asia's richest man after oil saw the biggest plunge in 29 years in early March.

For the first time, US tech giant Facebook on Wednesday announced that it is going to buy a 9.99% equity stake in Mukesh Ambani's Reliance Jio for Rs. 43,574 crore. This is the largest foreign direct investment for technology in India. Facebook in a statement told that, "We are announcing a $5.7 billion, or INR 43,574 crore, investment in Jio Platforms Limited, part of Reliance Industries Limited, making Facebook its largest minority shareholder."

Jio Platforms, a wholly-owned subsidiary of Reliance Industries Limited is one of India's fastest-growing telecom networks in the countries. With just 4 years, Jio has more than 388 million customers in India. Facebook and Reliance have also agreed to let Reliance Retail use WhatsApp as a part of its business. WhatsApp and Instagram are also owned by Facebook.

The Reliance Industries Limited released a statement that, “Binding agreements for an investment of Rs 43,574 crore by Facebook into Jio Platforms.

This investment by Facebook values Jio Platforms at Rs 4.62 lakh crore pre-money enterprise value. Facebook's investment will translate into a 9.99% equity stake in Jio Platforms on a fully diluted basis."

Facebook co-founder and CEO, Mark Zuckerberg told that, India is home to the largest communities on Facebook and WhatsApp and it is in the middle of a major digital transformation.

"India is home to the largest communities on Facebook and WhatsApp, and a lot of talented entrepreneurs. The country is in the middle of a major digital transformation and organisations like Jio have played a big part in getting hundreds of millions of Indian people and small businesses online. This is especially important right now, because small businesses are the core of every economy and they need our support," said Mark Zuckerberg in a Facebook post.

The partnership of Facebook and Reliance Jio assumes special significance for India in the wake of severe disruptions caused by the coronavirus pandemic in the Indian and the global economy.

The Reliance Industries Chairman said that the RIL-Facebook deal would be a milestone for the government's 'Digital India' initiative. "The synergy between Jio and Facebook will help realise Prime Minister Narendra Modi's 'Digital India' with its two ambitious goals - Ease of living and Ease of Doing Business - for every single category of Indian people without exception," Ambani said.

"In the post-Corona era, I am confident of India's economic recovery and resurgence in the shortest period of time. The partnership will surely make an important contribution to this transformation," he added.

Also Read: Rs 43,574 Crores! Facebook Invests In Reliance Jio

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