Daily Management Review

Indian Reliance bypasses ExxonMobil to become the world's second energy company


Indian Reliance Industries Ltd bypassed American ExxonMobil Corp. and ranked second in the list of the largest energy companies in the world by market capitalization. Saudi Aramco remained in first place.

On Friday in Mumbai, shares of the company, controlled by Asia's richest man Mukesh Ambani, jumped by 4.3%, bringing the company's market capitalization to $ 189 billion, while Exxon's market capitalization at Friday's close was $ 183.63 billion. The market capitalization of Saudi Aramco is at an unattainable level of $ 1.75 trillion.

Reliance's share gains, however, stem less from its oil and gas operations, which account for 80% of the company's revenue, but more from its digital services and technology and retail markets. For example, Reliance's digital division, Jio Platforms Ltd, has attracted $ 20 billion in investment, which is in line with an established trend in which global IT giants are more likely to see their future in India than in China.

source: bloomberg.com