Reliance Industries Becomes the First Indian Company to Hit the Market of Rs 10 Lakh CroresNovember 28, 2019 14:15
(Image source from: Moneycontrol.com)
Reliance Industries Becomes the First Indian Company to Hit the Market of Rs 10 Lakh Crores:- Mukesh Ambani's Reliance Industries Limited (RIL) becomes the first Indian company to hit the milestone of Rs 10 lakh crores in the market cap. This happened after its share rose to a record high. The shares of Reliance Industries surged by 40% since the start of this year. Mukesh Ambani announced plans to cut the company's net debt to zero in 18 months after the stake sale in the oil-to-chemicals business to Saudi Aramco. Recently, its telecom arm Jio announced that it will increase tariffs in the next few weeks.
Reliance Industries now operates the world's biggest oil-refining complex in Jamnagar, Gujarat. This can process low-quality crude and it can turn into higher-grade fuels. RIL announced that it would invest over Rs 100 lakh crores to create a digital services company. RIL had in August announced a deal that gives the European oil major a 49% stake. Reliance Industries is racing ahead despite of the ongoing slump all over.