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energy | IST

Reliance Industries overtakes BP to become world’s sixth largest energy company

Mini

Mukesh Ambani-led Reliance Industries Ltd. at the close of trading on Tuesday surpassed British major BP Plc to become the world’s sixth-largest energy company in terms of market capitalisation.

Mukesh Ambani-led Reliance Industries Ltd. at the close of trading on Tuesday surpassed British major BP Plc to become the world’s sixth-largest energy company in terms of market capitalisation.
RIL’s stock has gained over 34 percent on a year-to-date basis while the company's market-cap has soared to Rs 9.8 lakh crore (approximately $138 billion).
RIL has increased its market cap by 35 percent this year compared to BP Plc's 1.2 percent gain.
RIL’s Journey
The company in August had announced plans to cut the its net debt to zero in 18 months through various measures, including a stake sale in its oil-to-chemicals business to Saudi Aramco.
Reliance's two-thirds of revenue comes from its energy business. In the September quarter, revenue from the petrochemicals segment stood at Rs 38,538 crore.
At 10:20 am, shares of RIL fell 0.71 percent to Rs 1,536.70 on the National Stock Exchange.
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