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Mukesh Ambani regains ‘Asia’s Richest Person’ title after $5.7 billion deal with FB

Due to the price war and coronavirus pandemic, Ambani’s fortune fell by $14 billion on the index in 2020.

SNS | New Delhi |

Mukesh Ambani, chairman and managing director of Reliance Industries, regained his position of Asia’s Richest Person after Facebook Inc.’s Mark Zuckerberg invested $5.7 billion (Rs 43,574 crore) in Reliance Jio platforms, leaving company’s stock surging.

After this investment, Facebook will now be able to enter in the big club of the e-commerce world and India with huge growth potential in the segment can be a perfect fertile ground.

Following the deal, Ambani’s fortune rose about $4.7 billion to $49.2 billion, reports stated.

With this development, Ambani is around $3.2 billion ahead of China’s Jack Ma, a Bloomberg report said.

Prior to the deal between Facebook Inc and Reliance Industries, Ambani held the title of India’s richest person, who owns the world’s largest oil refinery. But due to the price war and coronavirus pandemic, his fortune fell by $14 billion on the index in 2020, making it the biggest dollar fall of anyone in Asia.

“At the core of the Jio-Facebook partnership is the commitment that Mark Zukerberg, founder of Facebook and he share for the all-round digital transformation of India for serving all Indians. Together, our two companies will accelerate India’s digital economy to empower you, to enable you and to enrich you. Our partnership will be a great catalyst to make India the world’s leading digital society,” Ambani said in a video message which was posted shortly after Zuckerberg’s announcement.

“Facebook, WhatsApp, and Instagram have become household names in India over the last few years. WhatsApp, in particular, has entered our people’s daily vocabulary in all the 23 official languages of India. WhatsApp is not just a digital application,” he added.