Mumbai, July 27: Reliance Industries Ltd. on Monday became the world’s second-largest energy company after Saudi Aramco, reported Bloomberg. Reliance Industries Ltd., controlled by Asia’s richest man Mukesh Ambani toppled ExxonMobil Corporation, as investors piled into the conglomerate lured by its digital and retail forays.
According to a report published by Bloomberg, Reliance gained 4.3 percent in Mumbai on Friday adding USD 8 billion. The market value of Reliance is now USD 89 billion, while Exxon Mobil lost about USD one billion. The India firm’s shares have jumped 43 percent in 2020. However, during the same period, Exxon’s shares dropped by 39 percent as refiners across the globe struggled due to dip in fuel demand.
Meanwhile, Aramco has a market capitalisation of USD 1.76 trillion. As per Bloomberg, the energy business accounted for about 80 percent of Reliance’s revenue in the year ended March 31. Ambani’s plan to expand the company’s digital and retail arms has helped him in attracting USD 20 billion into the Jio Platforms unit. Due to this strategy, USD 22.3 billion have been added to Ambani’s wealth this year. He is now at the fifth spot in the Bloomberg Billionaires Index.
Earlier this month, while addressing shareholders at his company’s 43rd annual general meeting (AGM) announced that search engine giant Google would invest Rs 33,737 crores for a 7.7 percent stake in Jio Platforms. With this investment, Google has become the second-largest investor in Jio Platforms after social media giant Facebook that invested USD 5.9 billion for a 9.99 percent stake.