Mukesh Ambani's wealth grew most this year among all billionaires globally

NEW DELHI: The world over, billionaires whose fortunes are linked to the energy sector are struggling to protect their wealth, but not Mukesh Ambani, the owner of the world’s largest and the most complex refinery.

Mukesh Ambani’s wealth rose the most this January. Bloomberg data showed Mukesh Ambani, who is now 28th richest man on this planet, has seen a 2.9 per cent, or $690 million, rise in personal wealth, which stood at $22.80 billion.

During this time, Leonid Mikhelson (Russian billionaire, owner of gas company Novatek) and Mohammed Al-Amoudi (second richest Saudi Arabian, interest in construction and oil & gas sectors) witnessed 11.40 per cent and 5.3 per cent erosion in their personal wealth, respectively.

Three other billionaires Alice Louise Waltson (who gained $130 million), Tan Siol Tjien ($57 million loss) and James K Irving ($51.40 million), however, managed to withstand the global storm.

Mukesh Ambani-led Reliance group has two listed companies: Reliance Industries (RIL) and Reliance Industrial Infrastructure (RIIL). While shares of RIL, the second largest company on BSE by market capitalisation, are up 3.35 per cent this year, RIIL has lost 29 per cent of its market value so far.

Reliance Industries (RIL) is expected to report 35 per cent year-on-year (YoY) growth in December quarter net profit at Rs 7,100 crore later on Tuesday. The earnings are widely expected to beat analysts' expectations.

The company is likely to report 37 per cent YoY drop in net sales at Rs 60,686 crore compared with Rs 96,330 crore reported for the year-ago period, analysts polled by ET Now said in a survey.

They estimate gross refining margins (GRMs) to hit $11.6 a barrel for the quarter compared with $7.5 reported for the year-ago period and $10.6 in the previous quarter.