With Reliance Industries Limited (RIL) overtaking ExxonMobil and becoming the world’s second most valuable energy firm, it became the first Indian company to hit a market capitalization of more than USD 187 billion.
The most valuable Indian oil-to-telecoms corporation, which has varied operations including oil refining, is now a leading firm doing business in energy after Saudi Arabia’s oil giant Aramco.
The Indian multinational company now ranks 46th on market capitalization globally.
Reliance Industries which was earlier at 48th rank on Thursday was behind ExxonMobil.
ExxonMobil is one of the world’s largest publicly traded international oil and gas companies.
ExxonMobil from 1996 to 2017 varied from the first to sixth-largest publicly traded company by market capitalization.
The firm overtook to 46th position when its share price on Friday scaled an all-time high of Rs 2,163 before settling at Rs 2,146.20.
Its shares have been growing in recent weeks after tech giants such as Google invested in Reliance’s Jio Platforms, while Amazon is reported to be considering buying a stake of 9.9 percent in Reliance Retail.
The Rs 13.6 lakh crore market capitalization of Reliance together with Rs 54,262 crore market capitalization of its partly-paid shares that were issued in the recent rights issue and are traded separately, puts the company’s combined market value at Rs 14.1 lakh crore or USD 189.3 billion, positioning it ahead of ExxonMobil with a market capitalization value of USD 184.7 billion.
Know more about ExxonMobil here.
The Saudi Arabian Oil company, Aramco is leading the list with USD 1.75 trillion.
Besides being above ExxonMobil in market capitalization, Reliance is also above Chevron which has a market capitalization of about USD 169 billion along with the likes of Oracle, Unilever, Bank of China, BHP Group, Royal Dutch Shell and SoftBank Group
Also, it became the 10th highest market capitalization firm in Asia,
The issue came to an end on June 4, 2020, when investors had to pay Rs 314.25 to own each of the partly paid-up shares.
On June 15, 2020, the ReliancePP shares listed on stock exchanges.
Through Rights Issue, equity sale in Jio Platforms, and investment by BP in its fuel retailing venture..the Indian conglomerate raised a sum of Rs 2,12,809 crore
Know more about Reliance Industries Ltd here.
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