Reliance Industries Makes it to the Elite Club of 6 Global Energy GiantsNovember 20, 2019 11:29
Reliance Industries Makes it to the Elite Club of 6 Global Energy Giants:- Mukesh Ambani's Reliance Industries Limited beats BP Plc to break into the elite club of the energy giants across the globe. Reliance Industries overtook British energy giant's 132 billion USD value at the close of the trading yesterday with net worth of 133 billion USD. The shares of Reliance Industries increased three times after Mukesh Ambani announced his plans to cut the company's net debt to zero in the next 18 months through measures including the sale of stake in oil-to-chemicals business in Saudi Aramco. The shares alone bagged Reliance Industries a net worth of 56 billion USD and made Mukesh Ambani the richest businessman in Asia crossing Alibaba's Jack Ma.
Now, Reliance Industries surpassed BP for the first time and made it to the top six list of the global energy giants. Reliance Industries increased by 35% this year and BP gained just 1.2% this year. Oil companies have been struggling a lot because of the swing in the crude prices. Reliance Industries had many other benefits because of which it raced to the top. Reliance Industries can process low-quality crude and turn it into higher-grade fuels. Reliance Industries made massive investments in telecom and digital space and its two-third revenue comes from energy.
Reliance Industries is now the sixth-largest oil company in the world with Exxon Mobil Corporation on the top of the list with a market value of 290 billion USD.