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on 2007/10/30 8:57:20
NEW DELHI: Reliance Industries moved swiftly on Tuesday to deny a report that company chief Mukesh Ambani has become the world's richest man thanks to a surge in stock market.
An agency report putting his wealth at $63.2 billion hailed his rise as another triumph for the nation's booming economy.
But Reliance said Ambani was not quite so rich after all, with a net worth of somewhere in the region of $50 billion.
The multi-billionaire was listed by Forbes magazine earlier this year in 14th place among the world's richest people with an estimated wealth of $20.1 billion, way behind Microsoft's Bill Gates on $56 billion.
The breakneck rise in benchmark Sensex index, which rocketed to 20,000 points on Monday, after gaining nearly 4,000 points in six weeks, meant 49-year-old Ambani was now worth 63.2 billion.
"They are completely wrong. They have done double calculations," Reliance spokesman Tushar Pania said, explaining that Ambani, 49, does not have a direct share in Reliance Petroleum.
Ambani's wealth was calculated on the strength of his holdings in Reliance Industries and group companies Reliance Petroleum and Reliance Industrial Infrastructure Limited.
An agency report putting his wealth at $63.2 billion hailed his rise as another triumph for the nation's booming economy.
But Reliance said Ambani was not quite so rich after all, with a net worth of somewhere in the region of $50 billion.
The multi-billionaire was listed by Forbes magazine earlier this year in 14th place among the world's richest people with an estimated wealth of $20.1 billion, way behind Microsoft's Bill Gates on $56 billion.
The breakneck rise in benchmark Sensex index, which rocketed to 20,000 points on Monday, after gaining nearly 4,000 points in six weeks, meant 49-year-old Ambani was now worth 63.2 billion.
"They are completely wrong. They have done double calculations," Reliance spokesman Tushar Pania said, explaining that Ambani, 49, does not have a direct share in Reliance Petroleum.
Ambani's wealth was calculated on the strength of his holdings in Reliance Industries and group companies Reliance Petroleum and Reliance Industrial Infrastructure Limited.
