RIL Breaches Rs 7 Lakh Crore Mark; Mukesh Ambani Becomes Asia’s Richest Man

Reliance Industries Limited (RIL) becomes the second Indian company after Tata Consultancy Services (TCS) to breach the Rs.7 lakh crore mark in valuations.

RIL market capitalisation increased to Rs 7,01,404 crore in the Bombay Stock Exchange (BSE), the Times of India reported. On Thursday (12 July), RIL had closed at 6,94,944 crore.

Due to this, Mukesh Ambani surpassed Alibaba Group founder Jack Ma to become Asia’s richest individual. Ambani was estimated to worth $44.3 billion which is $0.3 billion more than Jack Ma.

Ma’s worth was estimated to be $44 billion at the close of trade on Thursday (12 July). We will have to see if it will increase during the trade on Friday(13 July) in US, where his company is listed.

Ambani has added $4 billion this year to his total worth and is set to disrupt the e-commerce space with RIL.

RIL had also crossed $100 billion mark on Thursday (12 July), nearly after 10 years.

Currently, TCS is the country’s most valued firm with a market capitalisation of Rs 7.58 lakh crore.