Reliance Industries Ltd. is back in the $100 billion club, a journey that has taken more than a decade.

Reliance is the second Indian corporate after Tata Consultancy Services in April surpassed the $100 billion mark. Ambani has regained the second-richest Asian tag, overtaking Tencent Holdings’ CEO Ma Huateng.

“Big Indian companies are demonstrating bigger innovation and ambition, precisely what is needed to take on the large U.S. players,” Sunil Sharma said.

“It is a big deal,” said Sunil Sharma, who oversees $1 billion of assets as a chief investment officer at Sanctum Wealth Management Pvt. in Mumbai. “Indian companies sporting large market caps is an announcement of the nation’s emergence and entry into the big leagues.”

Reliance is an Indian conglomerate holding company headquartered in Mumbai, Maharashtra. Reliance owns businesses across India engaged in energy, petrochemicals, textiles, natural resources, retail, and telecommunications. Reliance is one of the most profitable companies in India, the second largest publicly traded company, in India by market capitalization and the second largest company in India as measured by revenue after the government-controlled Indian Oil Cooperation

Reliance is on the brink of transformation as it hopes to get as much as half of its revenue from the newer consumer businesses and reducing its dependence on the traditional oil-refining and petrochemical segments. Ambani, while addressing shareholders earlier this month, laid out an ambitious e-commerce roadmap that would draw on group’s retail and telecom units to take on the likes on Amazon.com Inc. and Walmart Inc.

Shares for the billionaire Mukesh Ambani-helmed company jumped as much as 5.8 percent on Thursday, sending the market value to Rs. 6.9 lakh crore. Reliance is the second Indian corporate after Tata Consultancy Services, in April surpassed the $100 billion value mark.

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