Mukesh Ambani pips Li Ka-shing to become Asia's 2nd richest man

New Delhi: The success of Reliance Jio's thunderous entry into the telecom space has not only surprised the telecom market but has also straight away catapulted Reliance Industries Ltd (RIL) Chairman Mukesh Ambani to Asia's 2nd rich list spot.

Ambani piped Li Ka-shing to become Asia's second-richest man by adding a wealth of $12.1 billion (approximately around Rs. 77,000 crores) this year, according to the Bloomberg Billionaires Index.

Addressing the 40th annual general meeting (AGM) of RIL, Ambani called the next ten years as a "golden decade" for RIL, which will be completing fifty years as a listed entity in 2027. He said the company will achieve more in this decade than what it has done in the last 40 years.

Mukesh had joined the company in 1981, while he was still pursuing MBA at Stanford, to help erect the company's biggest bet at that time -- a polyester plant at Patalganga on the outskirts of the financial capital.

RIL consolidated net profit went up by 28 percent during the first quarter (April-June) of 2017-18.

Consolidated net profit of the company stood at Rs 9,108 crore as against Rs 7,113 crore in the corresponding period of the previous year.

The company clocked a revenue of Rs 90,537 crore, an increase of 26.7 per cent, as compared to Rs 71,451 crore in the corresponding period of the previous year.