India’s Reliance becomes world’s No. 2 energy firm

India’s Reliance becomes world’s No. 2 energy firm

Admin 12 hours ago News

Bloomberg

Reliance Industries Ltd., controlled by Asia's richest man, toppled ExxonMobil Corp. to become the world's largest energy company after Saudi Aramco, as investors piled into the conglomerate lured by the Indian firm's digital and retail forays. Reliance, which manages the biggest refinery complex, gained 4.3% in Mumbai adding $8 billion to take its market value to $189 billion, while Exxon Mobil erased about $1 billion. Reliance's shares have jumped 43% this year compared with a 39% drop in Exxon's shares as refiners across the globe struggled with a plunge in fuel demand. Aramco with a market capitalisation of $1.76 trillion is the world's biggest energy company. While the energy business accounted for about 80% of Reliance's revenue in the year ended March 31, Chairman Mukesh Ambani's plan to expand the company's digital and retail arms has helped him attract $20 billion into the Jio Platforms Ltd. unit. That in turn helped add $22.3 billion to Ambani's wealth this year. , propelling him to the fifth spot in the Bloomberg Billionaires Index. Ambani's dealmaking has lured investments from Google to Facebook Inc. into his digital platform in recent months. The 63-year-old tycoon has identified technology and retail