October 07, 2008

Mr Mukesh Ambani becomes world\'s richest Indian

PTI reported that Mr Mukesh Ambani chairman of Reliance Industries has overtaken Mr LN Mittal president & CEO of Arcelor Mittal to become the richest Indian in the world due to the unprecedented boom in the Indian stock market.

As per report, Mr Ambani's net worth has soared past USAD 50 billion dollars making him fourth richest person in the world after Mr Bill Gates of Micosoft, Mr Carlos Slim Helu Mexican business baron and Mr Warren Buffett.

Based on the closing share prices of various group companies such as RIL, Reliance Petroleum, IPCL and Reliance Industrial Infrastructure, Mr Mukesh Ambani is estimated to hold shares worth USD 50.1 billion dollars through promoter holdings in these companies. The four companies together have a market value of USD 103 billion dollars

As per report, Mr Mittal owns shares worth about USD 48.4 billion dollars in ArcelorMittal based on EUR 55 per share value giving it a market cap of about USD 108 billion.

However, it may be noted that while the net worth of Mr Ambani and Mr Mittal are based on the current market values of their group companies, that of Mr Gates, Mr Buffett and Mr Carlos Slim are based on figures for August end.