Mukesh Ambani-led Reliance Industries has overtaken BP Plc in becoming the sixth-biggest energy company in the world. The company is valued at $138 billion. Reliance Industries current shares have increased by thrice the pace of India’s benchmark index after an announcement was made by Ambani to reduce the company’s net debt to zero in just 18 months.
He stated that the stake sale in the oil-to-chemicals business to Saudi Aramco would be one of the measures to this end.
The flow in shares increased Mukesh Ambani’s net worth to $56 billion, making him the richest person in Asia. The rally has also improved Reliance Industries on its path to a market value of Rs 10 lakh crore.
Reliance Industries is now closing in on PetroChina Co, which Asia’s largest oil firm by value. The sixth-largest oil company in the world is now ranked behind Exxon Mobil with a market value of $290 billion. However, Saudi’s Aramco’s plans of a public offering with a valuation target between $1.6 trillion and $1.7 trillion, could replace Exxon as the largest oil company.
However, the bulk of its revenue comes from the energy business, and Reliance Industries has also made wide strides within the telecom and digital service industries with Reliance Jio. Reliance Industries is growing its retail business to take on Walmart and Amazon.
