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Reliance Industries Becomes No 2 among Energy Firms Globally

Gasoil News - Published on Tue, 28 Jul 2020

Image Source: Reliance Industries Jio
Reliance Industries Ltd with market cap of USD 189 billion has overtaken Exxon Mobil to become the world’s largest energy company after Saudi Aramco with market cap of USD 1.75 trillion as investors piled into the conglomerate lured by the Indian firm’s digital and retail forays. While the energy business accounted for about 80% of Reliance’s revenue in the year ended March 31, Chairman Mr Mukesh Ambani’s plan to expand the company’s digital and retail arms has helped him attract USD 20 billion into the Jio Platforms unit. That in turn helped add USD 22.3 billion to Mr Ambani’s wealth this year, propelling him to the fifth spot in the Bloomberg Billionaires Index. Mr Ambani’s deal making has lured investments from Google to Facebook Inc into his digital platform in recent months.

On the other hand, large-scale global oil demand destruction due to coronavirus, some 30 million barrels a day or a third of regular usage, in April has eroded market cap of big oil companies including Exxon and Chevron Corp.

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Posted By : Yogender Pancholi on Tue, 28 Jul 2020
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