Mukesh Ambani-led RIL overtakes Exxon Mobil to become world's no. 2 energy company
New Delhi | Jagran Business desk: Reliance Industries Ltd has surged past ExxonMobil Corporation to become world's second-largest energy company. The Mukesh Ambani-led conglomerate is now only second to Saudi's Aramco, according to Bloomberg India report. After a 4.3% rally on Friday, RIL added $8 billion to take its market cap to $189 billion while Exxon Mobil lost about $1 billion.
Notably, no Indian company has ever crossed an m-cap of $189 billion. The oil-to tech giant has seen a jump of 43% this year compared to 39% drop in Exxon's stock price due to a downfall in global demand. Aramco with a market value of $1.76 trillion continued to world's largest energy company.
Reliance Industries is currently the biggest commercial group of entities in India in terms of total market capitalization. On the back of a string of deals for his digital business, RIL share price has rallied 131.5 per cent from March lows of Rs 868 apiece
Facebook has already announced an investment of USD 5.7 billion (Rs 43,574 crore) to buy a 10 per cent stake in the firm that houses billionaire Mukesh Ambani's telecom arm Jio. And last week, Google also agreed to invest $4.5 billion for a 7.73% stake in the top Indian telecom network.
Investment management firm Goldman Sachs has also projected that Reliance Industries would capture half of the online grocery sales through Facebook.
The biggest near term theme in India internet, in our view, is the foray of Reliance Industries (India's largest market-cap company with presence across sectors such as energy, telecom, and retail) into e-commerce, and the company's tie-up with WhatsApp for online grocery," it said. RIL's e-commerce venture, JioMart plans to use Facebook's WhatsApp to connect local grocery stores with customers.
(with PTI inputs)
Posted By: Rakesh Kumar Jha