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News Analysis
Mukesh Ambani's RIL beats BP to make elite club of 6 global
energy giants
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 conglomerate’s
market capitalization was about $133 billion, overtaking the British energy giant’s
$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 Group’s Jack Ma,
according to the Bloomberg Billionaires Index.
Reliance’s market value briefly surpassed BP for the first time at the end of last
month, and it has now regained the lead over the British company after its shares
ended at a record high in Mumbai. It also narrowing the gap with PetroChina Co.,
currently Asia’s biggest oil company by market cap. Reliance has increased 35%
this year, compared with BP’s 1.2% gain as it works on cutting high debt levels.
Oil companies have struggled because of swings in crude prices and as
uncertainty persists over future energy demand.
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