The chairman of India’s Reliance Industries Mukesh Ambani overtook Alibaba Group founder Jack Ma to become Asia’s richest person as he positioned his conglomerate to disrupt the e-commerce space in India, according to a Bloomberg report. Ambani was estimated to be worth $44.3 billion on Friday and Reliance was rising 1.6% to a record Rs 1,099.8. Ma’s total net worth was at $44 billion. Ambani added $4 billion to his wealth this year after his firm expanded its petrochemicals capacity. His disruptive telecom venture Reliance Jio Infocomm also proved a big success. Recently, Ambani announced plans to leverage 215 million telecom subscribers to expand his e-commerce offerings. This month, he launched advanced fibre-based broadband connectivity service called JioGigaFibre and JioGigaTV, a set-top box with ability to play videos at 4k resolution.
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