Mukesh Ambani joins Jeff Bezos, Elon Musk in world’s exclusive $100 billion club

Agencies
October 9, 2021

Mukesh Ambani, Asia’s richest person, joined Jeff Bezos and Elon Musk in the world’s most exclusive wealth club with a fortune of at least $100 billion.

The chairman of India’s Reliance Industries Ltd. entered the rarefied group of 11 men as his conglomerate’s stock climbed to a record on Friday. He’s now worth $100.6 billion, according to the Bloomberg Billionaires Index, after his wealth increased by $23.8 billion this year.

Mukesh Ambani, chairman and managing director of the Reliance Industries Ltd., right, and his wife Nita Ambani, left, arrive for the company's annual general meeting in Mumbai, India, on Monday, August 12, 2019. Saudi Aramco will buy a 20% stake in the oil-to-chemicals business of India’s Reliance Industries Ltd., including the 1.24 million barrels-a-day Jamnagar refining complex on the country’s west coast, Ambani said at the company’s annual general meeting in Mumbai.

Since inheriting the oil-refining and petrochemicals businesses of his late father’s empire in 2005, Ambani, 64, has been seeking to transform the energy giant into a retail, technology and e-commerce titan. His telecommunications unit, which started services in 2016, is now the dominant carrier in the Indian market. His retail and technology ventures raised about $27 billion last year, selling stakes to investors ranging from Facebook Inc. and Google to KKR & Co. and Silver Lake.

Ambani unveiled an ambitious push into green energy in June, with a planned investment of about $10 billion over three years. And last month, the mogul said his company would “aggressively” pursue production of cheaper green hydrogen. The plan aligns with Prime Minister Narendra Modi’s ambitions of turning India into a global manufacturing hub for the cleaner fuel to combat climate change and slash energy imports by the world’s third-biggest oil consumer. 

While Ambani’s announcement has been viewed by some as an acknowledgment that his group needs to look beyond oil to cement its future, the fossil fuel still plays a central role at Reliance, accounting for almost 60% of its $73 billion in annual revenue. The oil-to-chemicals business is now a separate unit, and talks are under way to get Saudi Arabian Oil Co. as an investor.

“Mukesh Ambani is at the forefront of creating new businesses with new emerging technologies,” said Chakri Lokapriya, chief investment officer at TCG Asset Management Co. in Mumbai. “Creating businesses of scale at speed brings execution challenges, but he has demonstrated his capabilities.”

The story of Reliance dates back to the late 1960s when Dhirubhai Ambani, who started out as a gas-station attendant in Yemen, began building his polyester business into a vast empire. When he died of a stroke in 2002 without leaving a will, a succession feud erupted between his two sons, Mukesh and Anil, 62, which was eventually settled by the siblings’ mother, Kokilaben, in 2005. 

Under the truce agreement, Mukesh got control of the flagship oil refining and petrochemicals businesses, while his younger brother got newer areas such as power generation, financial services and telecommunications services. Anil -- once a billionaire -- told a London court last year that his net worth was “zero.”

India’s billionaires are some of the largest gainers on the world’s rich list, as Asia’s best-performing major stock market this year gets a boost from a surge in initial public offerings. 

Gautam Adani, founder of coal-power and renewable energy conglomerate Adani Group, has added $39.5 billion to his fortune this year, while the country’s third-richest person, technology tycoon Azim Premji, saw his wealth to grow by $12.8 billion.

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News Network
November 21,2025

Bantwal: A domestic dispute appears to have led to a violent confrontation in BC Road area, where the owner of a textile shop was allegedly attacked with a knife by his wife on Wednesday evening.

Krishna Kumar Somayaji, the owner of Somayaji Textiles, sustained serious injuries in the incident and was immediately taken to a hospital for treatment. He is currently receiving care in the intensive care unit and is reported to have survived the assault, according to police.

The Bantwal Town police have registered a case against Somayaji's wife, Jyothi KT, who has since been taken into custody.

Police stated that the complainant, Namita, an employee at the shop, reported the sequence of events. She stated that around 7 p.m. on Wednesday, the suspect entered the shop, wearing a burqa and disguised as a customer, before attacking Somayaji with a knife. The employee then transported the injured owner to a local hospital via an autorickshaw.

Superintendent of Police Arun K confirmed that an ongoing domestic dispute between Somayaji and his wife reportedly preceded the attack. Police noted that Jyothi KT had previously visited the shop and issued threats.

Based on the complaint, Bantwal Town police have registered a case under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Indian Arms Act-1959. An investigation into the incident is currently underway.

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News Network
November 26,2025

Mangaluru, Nov 26: Assembly Speaker and local MLA U.T. Khader has initiated a high-level push to resolve one of Mangaluru’s longest-standing traffic headaches: the narrow, high-density stretch of National Highway-66 between Nanthoor and Talapady.

He announced on Tuesday that a formal proposal has been submitted to the Union Ministry of Road Transport and Highways (MoRTH) seeking approval to prepare a Detailed Project Report (DPR) for the widening of this crucial corridor.

The plan specifically aims to expand the existing 45-meter road width to a full 60 meters, coupled with the construction of dedicated service roads. Khader highlighted that land for a 60-meter highway was originally acquired during the initial four-laning project, but only 45 meters were developed, leading to a perpetual bottleneck.

"With vehicle density rising sharply, the expansion has become unavoidable," Khader stated, stressing that the upgrade is essential for ensuring smoother traffic flow and improving safety at the city's main entry and exit points.

The stretch between Nanthoor and Talapady is a vital link on the busy Kochi-Panvel coastal highway and connects to major city junctions. The move to utilize the previously acquired land for the full 60-meter width is seen as a necessary measure to catch up with the region's rapid vehicular growth and prevent further traffic gridlocks.

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News Network
November 24,2025

lebanon.jpg

Israel has launched a new act of aggression on a residential neighborhood in Lebanon's capital, Beirut, killing and injuring about two dozen civilians.

The Israeli regime's military said in a statement that its forces carried out a so-called precise strike in a residential apartment in Dahiyeh in the southern suburbs of Beirut on Sunday.

The aggression targeted residential areas, killing at least five people and injuring more than 28 people, Lebanon's Health Ministry said. 

Hezbollah announced the martyrdom of senior Hezbollah commander Haytham Ali Tabatabai and four resistance fighters.

Lebanese President Michel Aoun condemned the airstrike, calling it a clear demonstration of Tel Aviv’s disregard for repeated international calls to halt violations on Lebanese soil.

“Israel refuses to implement international resolutions and all efforts aimed at ending the escalation and restoring stability,” Aoun said, urging the international community to take action to prevent further aggression.

The Palestinian Islamic Jihad movement also condemned the attack, holding the international community accountable. 

“The international community bears responsibility and continues to provide cover for these attacks as long as it does not restrain the occupiers,” said Ali Abu Shahin, a member of the group’s political bureau.

Israeli prime minister Benjamin Netanyahu’s office announced that the Israeli army carried out a strike “in the heart of Beirut."

Netanyahu reportedly approved the operation following recommendations from top Israeli security officials.

Two senior US officials commented on the Israeli strike.

The first official said that Israel did not notify Americans in advance about the attack. "We were informed immediately after the strike was carried out."

The second senior official said that the "US knew for several days that Israel was planning to escalate its strikes in Lebanon, but did not know in advance the timing, location, or target of the strike."

Speaking from the site of the Israeli strike, Lebanese MP Ali Ammar condemned the attack as part of a broader campaign of aggression that has targeted "all of Lebanon since the Washington-sponsored ceasefire."

He stated that "any attack on Lebanon is a violation of red lines; this aggression is part and parcel of the entity that targets Lebanon's dignity, sovereignty, and security of citizens."

Ammar went on to say the resistance is responding with "utmost wisdom, patience, and will confront the enemy at the appropriate time."

"Unfortunately, the enemy is emboldened to commit its aggression by voices within Lebanon that have turned themselves into tools that support its aggression," he added.

The Israeli attack on the southern suburbs of the Lebanese capital is the latest blatant violation of the ceasefire Israel signed with Hezbollah in November 2024, which was intended to end hostilities that had escalated into full-scale war.

An Israeli strike on the Ain al-Hilweh camp near Sidon in southern Lebanon late Tuesday killed at least 14 people. It wounded several others, including young students, according to the Lebanese health ministry.

The military claimed the attack targeted “a Hamas training compound” used to plan and carry out attacks against the regime -- a claim that has frequently been made without evidence.

Hamas rejected the allegations as “a blatant lie aimed at justifying the massacre,” stating it had “no military installations in the Palestinian camps in Lebanon” and that the targeted site was merely “an open sports field.”

According to Lebanese authorities, Israeli attacks have killed approximately 4,000 people and displaced more than 1.2 million residents across the country since October 2023.

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