RIL breaks into the club of six oil elites
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 conglomerates market capitalization was about $133 billion, overtaking the British energy giants $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 Groups Jack Ma, according to the Bloomberg Billionaires Index.
