RIL is world’s 2nd most valuable energy firm

Reliance Industries Ltd (RIL) has overtaken ExxonMobil to become the world’s second most valuable energy company after its market capitalization scaled to a record high of over ₹14 trillion.

The oil-to-telecom conglomerate is now ranked 46th globally on market cap, according to stock market data. Meanwhile, RIL chairman Mukesh Ambani overtook Steve Ballmer to become the fifth-wealthiest person on the planet, with a net worth of $77.4 billion, Bloomberg reported.

On Thursday, Reliance was ranked 48th and was behind ExxonMobil. Its share price on Friday scaled an all-time high of ₹2,163 before settling at ₹2,146.20, taking the company to 46th position.

The ₹13.6 trillion m-cap of Reliance together with ₹54,262 crore m-cap of its partly-paid shares that were issued in the recent rights issue and are traded separately, puts the firm’s combined market value at ₹14.1 trillion ($189.3 billion).

This was enough to race past ExxonMobil which has an m-cap of $184.7 billion.

Globally, Saudi Aramco has the highest market cap of $1.75 trillion, followed by Apple ($1.6 trillion), Microsoft ($1.5 trillion), Amazon ($1.48 trillion), and Alphabet ($1.03 trillion).

Reliance is now the second most valuable energy firm. Aramco being the top energy company.

No Indian company has ever crossed an m-cap of ₹14 trillion.

Besides being higher than ExxonMobil in m-cap, Reliance is also above Chevron which has an m-cap of about $169 billion as well as likes of Oracle, Unilever, Bank of China, BHP Group, Royal Dutch Shell and SoftBank Group.

Reliance is the 10th highest m-cap company in Asia. China’s Alibaba Group is ranked 7th globally.