Mukesh Ambani’s bet on India’s rising middle class is paying off

Billionaire Mukesh Ambani’s debt-fueled bet on the rise of the Indian consumer is starting to pay off, with his retail and telecommunications businesses contributing an increasing share of revenue and profit to his $87 billion empire.

The two divisions accounted for a combined 23 percent of revenue for the year ended March, up from 17 percent in the previous year, according to data compiled by Bloomberg. That growth has come at the expense of the conglomerate’s energy-related arms, which have been the bedrock of Ambani’s business for more than a decade. Their revenue share dropped to 77 percent from 83 percent, the data show.