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Mukesh beats Premji to top slot

india Updated: Oct 16, 2006 15:07 IST
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Friday the 13th brought luck to Reliance India boss Mukesh Ambani. The elder Dhirubhai scion became the emperor of India’s corporate market as his personal net worth swelled to Rs 70, 000 crore after last week’s rally on the Sensex taking him past Azim Premji’s Rs 64,723 crore.

Mukesh pushed Wipro’s Azim Premji from the top slot by a margin of Rs 5,300 crore; while his Reliance India Ltd (RIL) beat state-owned oil giant Oil and Natural Gas Corporation (ONGC to become the country’s largest corporate entity.

ONGC’s market capitalisation stood at Rs 164516.67 crore, while that of RIL’s was Rs 1,65848.59 crore at the close of trading on October 13. But sources said the difference between the market caps of the behemoths was too narrow and the results could change when trading opened on Monday. Brother Anil’s net worth also soared after the recent record-breaking rally in the stock market.

Anil Ambani maintains his position as the country's third richest person with a net worth of over Rs 61,000 crore based on his shareholding in the Rs 1,08,500 crore Anil Dhirubhai Ambani Group companies. Wipro’s market capitalisation currently stands at Rs 80,000 crore. However, Premji’s net wealth is based on his 80.94 per cent holding in the company, estimated at Rs 64,723 crore.

Promoters, including Mukesh Ambani, hold 49.92 per cent stake in RIL, estimated at Rs 82,800 crore based on the company's share price of Rs 1190.15 on October 13.

The total promoters’ stake in the four Mukesh Ambani group companies — RIL, Reliance Petroleum IPCL and Reliance Petroleum — is worth more than Rs 1,00,000 crore, excluding the 5 per cent stake held by US energy major Chevron in RPL, while that of four ADAG companies is estimated at Rs 68,000 crore. The combined market value of the Mukesh Ambani group companies — RIL, (RPL, IPCL and RIIL — has soared to about  Rs 2,04,000 crore.