Indian Billionaire Mukesh Ambani Becomes Asia’s Richest Person Again Amid Putin’s War

Indian Billionaire Mukesh Ambani Becomes Asia’s Richest Person Again Amid Putin’s War

Red-hot oil prices and a deal between two of India's biggest retail players helped push up Mukesh Ambani's fortune by $2. 8 billion on Monday, even as broader global markets reeled. Shares of sprawling conglomerate Reliance Industries, which counts energy as its biggest revenue driver, soared more than 3% Monday as recovering oil prices lifted energy stocks in India, one of the world's top oil producers. The boost was especially good to Reliance Chair Mukesh Ambani, adding about $2. 8 billion to his fortune and helping the 64-year-old surpass infrastructure billionaire Gautam Adani to reclaim the title of richest person in India—and Asia. As of Monday evening, Ambani is the world's tenth richest person, worth about $89. 7 billion, Forbes estimates, while Adani is worth roughly $87. 8 billion–and ranked the world's 11th richest. Adding to the good news for Reliance, Reuters on Sunday reported the firm would acquire at least 200 stores from struggling supermarket chain Future Retail to expand its footprint as India's biggest retailer. The major win follows a two-year legal battle with Future investor Amazon over Reliance's proposed $3. 4 billion deal to acquire significant portions of Future's largely unprofitable business. Since late 2020, the e-commerce