Mumbai: Towards the end of Reliance Industries’ FY19-20 earnings presentation last week, an interesting information nugget popped up. In the last 10 years, three global technology giants – Amazon, Apple and Microsoft have each notched up trillion dollar market caps while all S&P energy companies put together are not worth more than $582 billion. These asset light technology companies have created more value than legacy
businesses and investors have lapped them up.
There is a reason why this data point finds a place in the presentation of a predominantly energy and petrochem company. There was a time when RIL and its founder Dhirubhai Ambani wanted to emulate the exploits of global energy super giants like Exxon and Royal Dutch/Shell and RIL’s own journey from a small textile firm to a global energy and petchem major is testimony to that.
