[HONG KONG] Asia's richest man has entered a new league of wealth. Read more at The Business Times.
The rise of the 63-year-old as India heads for its worst-ever recession is a reminder of the nation's deep economic divide, in which the top 10 per cent hold more than three-quarters of the total wealth, and where most new fortune creation stays in the hands of the richest 1 per cent.
In the latest potential deal slated to bolster Mr Ambani's e-commerce ambitions, Reliance is close to acquiring stakes in some units of Future Group, which already has a partnership with Amazon.com, people familiar with the matter have said. In a settlement brokered by their mother, the brothers split the family business. Mukesh retained control over the refining, petrochemicals, oil and gas, and textiles operations, while Anil took the telecommunications, asset-management, entertainment and power-generation businesses. In 2013, the brothers announced a US$220 million pact to share a fibre-optic network, their first deal since splitting the Reliance empire.
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