Ambani overtakes Jack Ma as Asia’s richest man

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.