Mukesh Ambani becomes Asia's richest man after Facebook-Jio mega business deal

After a slight dip in his fortunes following the coronavius pandemic, Mukesh Ambani, the chairman of Reliance Industries (RIL), has once again become Asia's richest person, following a deal between Jio and Facebook.Facebook acquired a 9.9 percent stake in Reliance Jio for $5.7 billion (Rs 43,574 crore), a deal that was announced on April 22. Ambani's wealth rose by $4.7 billion following the news, taking his net worth to 49.2 billion.

The transaction was Facebook's biggest bet since it acquired WhatsApp in 2014 and also its largest investment in India. "Our partnership will be a great catalyst to make India the world's leading digital society," Ambani said in a statement. Stock prices of Reliance Industries zoomed on Wednesday morning after the company announced that Facebook will invest Rs 43,574 cr in Jio Platforms for a 9.99 per cent stake. Accordingly, the company's stocks at the BSE gained Rs 83.85 or 6.78 per cent to Rs 1.319.90 per share from its previous close.