Almost more than a decade’s journey, Reliance Industries Ltd. is back in the $100 billion club.
On Thursday, Shares for the billionaire Mukesh Ambani-helmed company jumped as much as 5.8 per cent, sending the market value to Rs. 6.9 lakh crore. With the mark value of $100 billion Reliance is the second Indian corporate after Tata Consultancy Services.
Reliance is on the ups and down 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.
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Earlier this month while addressing shareholders, laid out an ambitious e-commerce road map that would draw on group’s retail and telecom units to take on the likes on Amazon.com Inc. and Walmart Inc.
Sunil Sharma, who oversees $1 billion of assets as chief investment officer at Sanctum Wealth Management Pvt. in Mumbai said “Big Indian companies are demonstrating bigger innovation and ambition, precisely what is needed to take on the large US players.”
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