The Hush Post | 3:09 pm | One-minute read |
Asia’s richest man Mukesh Ambani is also the world’s thirteenth richest man. Surprisingly, the chairman of the Reliance group is also the India’s biggest debtor.
According to a Bloomberg Quint report, Ambani is under a debt of almost 3 lakh crore. It is reported that the billionaire has an empire so vast that he can’t do without borrowing. What is even more startling is that his debt has grown 4.5 times during the last 10 years.
The Bloomberg Quint report says that the Reliance Industries owed Rs. 64,606 crore to banks in 2010. In 2018, this amount rose to Rs. 2,87,505 crore.
Financial experts say no one in the country has this amount of debt on him as Ambani. However, this debt has helped him establish new industries which in turn has helped in employment generation, they say. The banks are relying on Ambani in the said circumstances.
Mukesh Ambani’s empire is estimated at an astonishing $87 billion. Interestingly, Ambani’s worth displayed a sharp fall between 2010 and 2014. From 2015 onwards, his assets marked an unprecedented growth which still continues.
He is soon venturing into the e-commerce sector and has ambitions to take on Amazon.com Inc. and Walmart Inc. in India