NEW DELHI: Reliance Industries chairman, Mr Mukesh Ambani has emerged as the richest Indian, with his $27 billion fortune surpassing that of billionaire rivals Mr L N Mittal and Mr Azim Premji, according to Forbes India magazine.

As per the list of the 100 wealthiest Indians compiled by Forbes, the combined net worth of India’s 100 richest people rose to $300 billion this year from $276 billion last year, driven by the country’s booming economy and a rally in the stock market.
Mr Ambani was followed in the list by steel baron Mr Lakshmi Mittal, who retained his second position in the Forbes India Rich List with a net worth of $26.1 billion. However, the wealth of both of these billionaires as calculated by Forbes is believed to be 15 per cent lower than their fortunes in the previous year.
Mr Mukesh’s younger sibling Mr Anil Ambani lost the third spot on the list to IT major Wipro chairman, Mr Azim Premji and fell to sixth rank in the latest list. Mr Anil Ambani’s net worth of $13.3 billion is less than half that of his elder brother, Mr Mukesh.
Writing about Mr Mukesh Ambani, the magazine said, “In a surprising move, he ended a long-running feud with younger sibling Anil in May and scrapped their non-compete pact. Jumped into telecom, paying USD 1 billion for wireless broadband firm Infotel. His Reliance Industries, India’s most valuable company, is investing in shale gas assets.”