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Mukesh Ambani passes Li Ka-shing as Asia's second richest man

Reliance Industries share price rises nearly 50% since Jio launch last year

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India's Mukesh Ambani has overtaken Hong Kong's Li Ka-shing as Asia second richest man after China's Jack Ma.   © Reuters

MUMBAI -- Mukesh Ambani, the chairman and main shareholder of Indian conglomerate Reliance Industries, has overtaken Hong Kong's Li Ka-shing as Asia's second richest man in the Bloomberg Billionaires Index, riding investor confidence in Reliance Jio Infocomm, his telecom venture.

For a few days in April and again on July 7, Ambani had a net worth of $34.8 billion, according to Bloomberg. He ranks 19 in the global index, up from 29 at the end of 2016.

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