Mukesh Ambani, Chairman, and Managing Director of RIL (Reliance Industries Limited), the country’s largest private sector company, has once again topped the Forbes Annual List as the wealthiest Indian, for the sixth year, in a row. With a net worth of $ 21.5 billion, he was followed by Lakshmi Mittal, Chairman and CEO of ArcellorMittal, known to have a net worth of $ 16.5 billion.
US Business Magazine, Forbes, published the record list of 1426 world’s billionaires on Tuesday and had Mukesh Ambani in the 22nd position. Other Indians in the list include Aziz Premji, Dilip Sanghvi, Shashi & Ravi, Kumar Mangalam Birla, Savitri Jindal, Shashi & Ravi Ruia, Kumar Mangalam Birla, Savitri Jindal, Shiv Nadar, K P Sanghvi, etc.
Forbes deemed Mukesh Ambani as India’s richest person and his conglomerate, RIL to be country’s most valuable company. Another China based firm, Hurun, had also entitled him as the richest Indian, a few months ago. The conglomerate, RIL, posted an increase in net profit to Rs. 5502 crore for the third quarter ended December 31, 2012 and hence, reported a 24% climb. Apart from that, it also reported a rise in GRM to $ 9.6 barrel from $ 6.8 per barrel, last year. The strong performance of the petrochemical segment enabled the company to beat investors and analysts' expectations, and report a better than expected performance. Paving the way for further development, the company intends to invest Rs. 1, 00,000 crore in order to strengthen their petrochemical capacities and leveraging their refining business. The higher naptha margins served to be a triggering factor for their refining business. Taking into consideration the last nine months ending December 2012; the retail division also inked a 44% growth in revenue that accounted to Rs. 7749 crore. Apart from the developments made in the retail venture, the company has set the balls rolling for launching its 4G services.
Reliance Industries and BP Plc, are also likely to invest $ 5 bn to augment their KGD6 gas output to around 4 trillion cubic feet of discovered natural gas reserves. The investment will cater to a field optimization plan via compression and water handling. This will also enable them to quicken their projects provided the government gives them the necessary clearances.