Asia's richest man get richer by Rs 29,000 crore in 2 days

Asia's richest man is growing wealthier like never before. Mukesh Ambani got richer by Rs 29,000 crore since the company's annual general meeting on Monday.

Dalal Street took the launch of Jio Fibre positively; the stock rise by 11 per cent. The share price rise to Rs 1,288.30 at the end of Wednesday's trade from Rs 1,162 at the end of Friday. Since the August 12 AGM, Ambani's wealth has gone up by $4 billion (Rs 28,684 crore).

At the 42nd AGM, key announcements were made, which included the agreement to sell 20 per cent stake in the oil-to-chemicals vertical to Aramco, plan to turn net debt free in 18 months.

According to the Bloomberg Billionaires Index, now the senior Ambani holds the 13th spot on the world's richest list with a total wealth of $49.9 billion. Asia's richest person has gained $5.57 billion on a year-to-date (YTD) basis with shares of RIL jumping close to 15 per cent.

Reliance Industries' largest FDI deal with Saudi Aramco, the roadmap to becoming a zero net-debt company by March 2021. The unveiling of four new growth verticals and plans to unlock value in retail and telecom businesses had a host of foreign brokerages going gung ho on the stock.

Moody's Investors Service shared Indian firm's announcement of stake sale in its oil to chemicals business to Aramco was credit positive.