Mukesh Ambani’s Reliance Industries Ltd has outshined BP Plc to break into an elite club of energy supermajors.
According to Bloomberg, Reliance Industries’ market capitalization was about $133 billion, overtaking the British energy giant’s $132 billion value at the close of trading on Tuesday. Reliance’s shares have increased at three times the pace of India’s benchmark index this year after its billionaire owner in August announced plans to cut the company’s net debt to zero in 18 months through measures including a stake sale in the oil-to-chemicals business to Saudi Aramco. The surge in shares gives Ambani a net worth of $56 billion, making him Asia’s richest person, above Alibaba Group’s Jack Ma, according to the Bloomberg Billionaires Index.
Reliance’s market value briefly surpassed BP for the first time at the end of last month, and it has now regained the lead over the British company after its shares ended at a record high in Mumbai. It also narrows the gap with PetroChina Co., currently Asia’s biggest oil company by market cap.
According to Business Today, Reliance Industries Limited (RIL) became the first Indian firm to cross the Rs 9.5 lakh crore market capitalization mark on Tuesday after the stock hit its fresh 52-week high on bourses. The rise in RIL share price comes after Vodafone India and Bharti Airtel announced a tariff hike from December. The tariff hike is likely to attract more subscribers for Reliance Jio.