Mukesh Ambani, who heads the parent company of the largest oil refineries in the world, still has net assets of 17.5 billion dollars. In August, the Indian currency has reached its lowest ever against the dollar, bringing down even the Mumbai Stock Exchange.

New Delhi (AsiaNews / Agencies) - Mukesh Ambani, the richest man in India, has become one of the "poorest" billionaires in the country: the collapse of the rupee to a historic low burnt 24% of his fortune. From May 1^st to present the president of Reliance Industries Ltd. (RIL), operator of the largest oil refinery complex in the world, has lost 5.6 billion dollars. According to the Bloomberg Billionaires Index, the 56-year old billionaire is "left" with net assets of  17.5 billion dollars.

Last month, the Indian rupee has touched record lows against the dollar, causing the collapse of more than 3% of the Mumbai Stock Exchange. A reduction of monetary stimulus by the U.S. Federal Reserve (Fed) had negative repercussions on the local market.

"With the depreciation of the rupee - Munesh Khanna, senior partner of Grant Thortnton Llp in Mumbai told Bloomberg - the value of investments of Indian billionaires is worth less in dollars. Foreign institutional investors are invested in the larger-cap companies and are pulling out money from India. That is putting a lot of pressure on those companies".

The wealth of Anil Ambani, Mukesh's younger brother, was also hit: he has lost 1.3 billion dollars (17%). His fortune is estimated at 6.3 billion dollars and he is considered the eighth richest man in India.

Much of the production of the two refineries at Jamnagar Reliance - in the Indian state of Gujarat - is for export and sale in U.S.. A stronger dollar increases earnings in rupees the Mukesh company.

 

• India
• rupee
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• economy
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• investment
• richest
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• US
• dollar