Reliance Industries Ltd., run by Asia’s richest man Mukesh Ambani, has eclipsed BP Plc to break into an elite club of energy supermajors.
The Indian conglomerate is now valued at $138 billion, compared with the British energy giant’s $132 billion value at the close of trading on Tuesday. Reliance’s shares have increased at three times the pace of India’s benchmark index this year after its billionaire owner in August announced plans to cut the company’s net debt to zero in 18 months through measures including a stake sale in the oil-to-chemicals business to Saudi Aramco.
The surge in shares gives Ambani a net worth of $56 billion, making him Asia’s richest person, above Alibaba Group’s Jack Ma, according to the Bloomberg Billionaires Index.
