On Friday in Mumbai, shares of the company, controlled by Asia's richest man Mukesh Ambani, jumped by 4.3%, bringing the company's market capitalization to $ 189 billion, while Exxon's market capitalization at Friday's close was $ 183.63 billion. The market capitalization of Saudi Aramco is at an unattainable level of $ 1.75 trillion.
Reliance's share gains, however, stem less from its oil and gas operations, which account for 80% of the company's revenue, but more from its digital services and technology and retail markets. For example, Reliance's digital division, Jio Platforms Ltd, has attracted $ 20 billion in investment, which is in line with an established trend in which global IT giants are more likely to see their future in India than in China.
source: bloomberg.com
Reliance's share gains, however, stem less from its oil and gas operations, which account for 80% of the company's revenue, but more from its digital services and technology and retail markets. For example, Reliance's digital division, Jio Platforms Ltd, has attracted $ 20 billion in investment, which is in line with an established trend in which global IT giants are more likely to see their future in India than in China.
source: bloomberg.com
