Reliance Industries Ltd Chairman Mukesh Ambani has become Asia’s second-richest man, reported Bloomberg on Tuesday.

Ambani surpassed Hong Kong business magnate Li Ka-Shing, as investors rallied behind Ambani after he launched the JioPhone on July 21. Shares of his telecom company had surged to a record high after he had made the announcement.

Ambani has added $12.1 billion (around Rs 77,000 crore) to his wealth this year, according to the Bloomberg Billionaires Index.

On July 21, Ambani had said that customers can get the JioPhone with a Rs 1,500 deposit, which they can claim after three years. The phone, he had said, would be “effectively free” barring a refundable deposit.

The “feature phone with a revolutionary device” will come with free voice calls. Users of the JioPhone will also get unlimited data and free text messages at Rs 153 per month.

JioPhone will be available for beta testing from August 15 and can be pre-ordered from August 24. It will be available to the public from September.