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Mukesh goes past Premji, is richest

india Updated: Oct 16, 2006 01:05 IST

MUKESH AMBANI's personal worth touched Rs 70,000 crore on Friday. It made him the richest person in the country, leaving behind Aziz Premji of Wipro, who had long held that position, at second place, worth Rs 64,723 crore.

The share prices of all the Mukesh Ambani companies surged during the recent bull run at the markets on that day, with Reliance Industries Ltd (RIL) becoming number one in marketing capitalisation, displacing the state-owned Oil and Natural Gas Commission (ONGC) from that position.

Promoters, including the elder Ambani, hold a 49.92 per cent stake in RIL, whose market cap stood at Rs 165,848 crore. The combined market value of the Mukesh Ambani group companies reached Rs 204,000 crore, in which too the promoters' stake is just over Rs 100,000 crore. Complex calculations with these and other figures revealed Ambani's personal wealth had surpassed Premji's.
Wipro's market capitalisation stands at about Rs 80,000 crore.

Premji's wealth is calculated on the basis of his 80.94 per cent personal holding in the company. However, market capitalisation can be a tricky measure of riches. Premji can be back at the top in a couple of days.