Mukesh Ambani enters Forbes' Real-Time Billionaires top 10 list as RIL becomes net debt-free

FPJ Web DeskUpdated: Friday, June 19, 2020, 09:39 PM IST
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Mukesh Ambani | File Image

Reliance Industries chairman and managing director Mukesh Ambani has made his way into the list of world's top 10 richest, according to the Forbes Real-Time Billionaire list.

The major milestone comes on a day when RIL announced it has become a net debt-free company. Shares of Reliance Industries continued its bull run on Friday afternoon to cross the Rs 1,700-mark for the first time. The stock hit a fresh all-time high of Rs 1,706.55 and its market capitalisation crossed Rs 10.81 lakh crore.

RIL has raised Rs1.75 trillion against its net debt of ₹1.61 trillion, through a 24.71% stake sale of equity of its subsidiary Jio Platforms to nearly a dozen investors.

RIL has become the first Indian company to enter the exclusive club of $150 billion in market capitalisation among the world's most valuable companies, and is now ranked 58 on the list.

RIL now has a market capitalisation of $151.2 billion and this is the highest ever valuation of an Indian company.

In the exclusive club of $150 billion mcap companies, RIL is now ahead of global leaders like Vanguard, Unilever, China Mobile, McDonalds, AstraZeneca, T Mobile, Amgen, Costco, Bank of China, Sanofi, Accenture, Royal Dutch Shell, Bristol Myer Squibb, Philip Morris, BHP group, Texas Instruments, Invesco, American Tower, Wells Fargo, Citigroup and IBM, among others.

The list of the world's most valuable companies is topped by Saudi Aramco with a market capitalisation of $1.7 trillion, followed by Apple at $1.5 trillion, Microsoft at $1.4 trillion and Amazon at $1.3 trillion. These four companies are in the trillion dollar club.

In a statement, RIL Chairman Mukesh Ambani said: "I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of March 31, 2021. Over the past few weeks, we have been overwhelmed by the phenomenal interest of the global financial investor community in partnering with Jio."

Meanwhile, in the Forbes' Real-Time Billionaires rankings, which tracks the world's richest people on a daily basis, Amazon founder Jeff Bezos stands first with a net worth of $160.4 billion followed by Bill Gates with $109.9 billion.

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