India’s Richest person Mukesh Ambani chairs and runs $90 billion oil and gas giant Reliance Industries. With a wealth of around Rs 3,71,000 crore, Reliance Industries’ Chairman, Ambani holds the top position for the seventh year running on the back of over 45 per cent rise in the share price of the company. Wealth of Mukesh Ambani rose by Rs 300 crore per day over the past one year. In just four phenomenal decades, Reliance has grown from a small start to one of the most admired companies in the world. Mukesh Ambani’s wealth is more than the combined wealth of the next three: SP Hinduja & Family (Rs 1,59,000 crore), LN Mittal & Family (Rs 1,14,500 crore), and Azim Premji (Rs 96,100 crore).
Reliance Industries’s turnover has grown from Rs 70 crore in 1977 to over Rs 3,30,000 crore in 2019, an increase of nearly 4,700 times. Company’s total assets have increased from Rs 33 crore to over Rs 7,00,000 crore and a multiple of over 20,000 times. Above all, market capitalisation has multiplied from Rs 10 crore to over Rs 5 lakh crore.
Mukesh’s Annual Salary
For the tenth year on the trot, Mukesh Ambani has kept his annual salary from company Reliance Industries capped at Rs 15 crore. He has kept salary, perquisites and allowances and commission together at Rs 15 crore since 2008-09, forgoing almost Rs 24 crore per annum. At this time, the remunerations of all whole-time directors of the company, including cousins Nikhil and Hital Meswani, saw handsome raise in the fiscal year ended on March 31, 2018. The salary cap continued even as all other executive directors saw their remunerations go up.
About Reliance Industries
Reliance was founded by Dhirubhai Ambani, a yarn trader, in 1966 as a small textile manufacturer. After Dhirubhai Ambani’s death in 2002, Ambani and his younger sibling Anil divided up the family empire. In 2016, Reliance sparked a price war in India’s hyper-competitive telecom market with the launch of 4G phone service Jio. Jio has signed on more than 300 million customers by offering free domestic voice calls, dirt-cheap data services and virtually free smartphones.