Facebook helps Mukesh Ambani shed dependence on oil

For decades, Mukesh Ambani’s empire has been supported by the energy flank he inherited from his father.

But when Ambani faces shareholders at Reliance Industries Ltd.’s annual meeting on Wednesday, he’ll be speaking on behalf of an empire that is increasingly breaking free from oil-price fortunes. The billionaire’s string of deals with Facebook Inc. and other Silicon Valley players this year have propelled Reliance into the e-commerce and technology space like never before.

The stock has more than doubled since a low in March to a record as Jio Platforms Ltd., Reliance’s digital services business unit, netted almost $16 billion in a fundraising blitz. All this at a time when sentiment in the oil market remains fragile even after prices have recovered from a two-decade low.