Asian Tech Press (SEP 07) -- Asia's richest man, Mukesh Dhirubhai Ambani, has entered the world's exclusive $100 billion wealth club as his Reliance Industries Limited (RIL) shares hit a record high.

RIL shares rose more than 3% to a record high on Sept. 6 after its subsidiary announced the acquisition of a majority stake in genetic testing company Stand Life Sciences. Last Friday, the company's shares rose more than 4% as its subsidiary Reliance Retail Ventures acquired a controlling stake in Just Dial.

Ambani's net worth was $92.6 billion as of Friday, according to the Bloomberg Billionaires Index. And as RIL shares rose further on Monday, his value exceeded the $100-billion mark.

Analysts expect Reliance Industries shares to rise further.

Sources said Reliance had made a non-binding offer to acquire T-Mobile's Dutch subsidiary for a controlling stake of $5.7 billion. Moreover, a new smartphone will be launched by Reliance's mobile subsidiary Jio in the coming week.

In addition, Saudi Aramco is in talks to buy a 20% stake in Reliance's refining and chemicals business, boosting investors' confidence in the stock.

Headquartered in Mumbai, Reliance Industries Limited is an Indian multinational conglomerate. RIL's businesses include energy, telecommunications, mass media, petrochemicals, natural gas, retail, and textiles.