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Chairman of Reliance Industries Ltd Mukesh Ambani has now officially become the second-richest man in Asia according to the Bloomberg Billionaires Index after he added $12.1 billion (around Rs. 77,000 crore) to his wealth this year largely due to Jio telecom market venture.
Mukesh Ambani moved past Hong Kong's Li Ka-Shing to become Asia's second-richest man as investors rallied behind his Jio project to arm the general populace of India with cheap data-loaded phones. Further spurring investors is the announcement made last month of the launch of a Rs 1,500 mobile phone.
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The introduction of Reliance Jio swept away the telecom market like nothing before, as the brand gained 117.3 million users in the span of 9 months since it launched its free introductory offer, becoming the fourth-largest operator in India.
Described as "a jewel" among Reliance assets by Ambani himself, during the company's annual general meeting on July 21, Ambani said, "Its business and societal value will grow immensely over the next decade."
Although the gains made by Jio are indeed massive, the debt accumulated by the overall Reliance Industries has climbed to a 15-year-high. According to reports, over a period of 7 years, the telecom business of Reliance has sucked in nearly Rs 2 lakh crore ($31 billion) without earning Ambani or his shareholders any profits. Around 90 percent of Reliance's revenues continue to come in from its refining and petrochemical units followed by revenue from its retail, media and energy exploration units.
Around 90 percent of Reliance's revenues continue to come in from its refining and petrochemical units followed by revenue from its retail, media and energy exploration units.