Online edition of India's National Newspaper
Thursday, Sep 27, 2007
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Online edition of India's National Newspaper Thursday, Sep 27, 2007 ePaper |
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NEW DELHI: Reliance Industries Chairman, Mukesh Ambani, has overtaken NRI steel tycoon Lakshmi Mittal to become the richest Indian in the world, thanks to the unprecedented boom in the domestic stock market. Mr. Ambani’s net worth has soared past $50 billion, making him the first Indian and only the fourth person in the world to have a wealth higher than this amount. The RIL chief is now believed to be next only to software Czar Bill Gates of the U.S., Mexican business baron Carlos Slim Helu and Warren Buffett, regarded as the world’s greatest investor. Based on the closing share prices of various group companies such as RIL, Reliance Petroleum, IPCL and Reliance Industrial Infrastructure, Mr. Ambani is estimated to have held shares worth $50.1 billion (about Rs. 2,00,000 crore) through promoter holdings in these companies. The four companies together have a market value of Rs. 4,09,325 crore ($103 billion). On the other hand, Mr. Mittal owns shares worth about $48.4 billion in ArcelorMittal, the world’s biggest steelmaker in terms of revenue, assets and market value.— PTI
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