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Anil Ambani may be world’s richest man

If the Reliance Power stock lists at Rs 900, Anil Ambani will jump over Carlos Slim Helu, the richest of them all. Arun Kumar reports.Powering ahead | graphics

business Updated: Jan 21, 2008 02:47 IST
Arun Kumar
Arun Kumar
Hindustan Times

With his wealth estimated at more than $57 billion, Anil Dhirubhai Ambani has emerged as India’s wealthiest citizen after the blockbuster IPO of his Reliance Power, and all indications are that he may jump to the top of the global rich list as well.

The value of Anil’s holdings in seven listed entities will be around Rs 229,363 crore or $57.3 billion at last Friday’s closing price, taking into account the price of a Reliance Power share at Rs 450 per share, the cut-off price of the public issue which closed on Friday.

Market experts expect Reliance Power to list at a much higher value. If the stock lists at Rs 900, Ambani will jump over Carlos Slim Helu, the Mexican telecom tycoon who topped last year’s rich list with an estimated $67.8 billion to his account according to Forbes magazine.

At Rs 900 per share, Anil Ambani’s personal wealth would be estimated at Rs 2,75,000 crore or $68.7 billion. Microsoft chairman Bill Gates followed Carlos Slim last year with an estimated wealth of $59.2 billion.

Anil’s elder brother Mukesh Ambani, who runs the largest corporation in the country, Reliance Industries Ltd, which has a market cap of Rs 434,170 crore, will now slip to number two in the rich list. The value of his personal wealth is estimated at Rs 218,860 crore or $54.7 billion as per the last closing price.

Although much depends upon the market dynamics, experts feel that at least three Indians — the Ambani Brothers and steel baron Lakshmi Mittal — are expected to make in the top 10 richest.