Ramnikbhai Ambani
Ramnikbhai Ambani
Facebook - Rajesh Barot

Mukesh Ambani’s uncle Ramnikbhai Ambani passed away on Monday afternoon. He was 95 years old.

The older brother of Reliance founder Dhirubhai Ambani, Ramnikbhai was known to be a passionate leader, Ahmedabad Mirror reported.

Ramnikbhai was responsible in setting up the Vimal textile plant in Naroda and even served on the Reliance board of members until five years ago.

During his professional life, he was instrumental in the development of his home state of Gujarat and was specially focused on the development and education of underprivileged children.

In all likelihood, Ramnikbhai would have died a happy and proud man, after Reliance overtook Exxon to become the world’s second most valuable energy firm after its market capitalisation scaled to a record high of over Rs 14 lakh crore.

The oil-to-telecom conglomerate is now ranked 46th globally on market cap, according to stock market data.

On Thursday, Reliance was ranked 48th and was behind ExxonMobil. Its share price on Friday scaled an all-time high of Rs 2,163 before settling at Rs 2,146.20, taking the company to 46th position.

The Rs 13.6 lakh crore m-cap of Reliance together with Rs 54,262 crore m-cap of its partly-paid shares that were issued in the recent rights issue and are traded separately, puts the company's combined market value at Rs 14.1 lakh crore or USD 189.3 billion.

This was enough to race past ExxonMobil which has an m-cap of USD 184.7 billion.

Globally, Saudi Aramco has the highest market cap of USD 1.75 trillion, followed by Apple (USD 1.6 trillion), Microsoft (USD 1.5 trillion), Amazon (USD 1.48 trillion), and Alphabet (USD 1.03 trillion).

Ramnikbhai is survived by his son Vimal, daughter-in-law Sonal, and grandchildren Amar and Anjali.

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Free Press Journal