Mumbai: Reliance Industries Ltd. becomes the first Indian co to hit a market cap of $250 billion. The market cap gap between two of India’s most valued Indian companies (Reliance, TCS), widened further in the last four months. Reliance Industries saw an increase of ~$20 billion while TCS saw a decline of ~$20 billion in its market cap in 2022.
RIL is one of India’s biggest conglomerates with a presence in refining or marketing petrochemicals (O2C), oil and gas exploration, retail, digital services, and media, making it a well-diversified business entity. In the April-December period (9MFY22), O2C and oil and gas contributed 50 percent to the EBITDA level whereas retail, digital, and others contributed 10 percent, 34 percent, and 6 percent, respectively.
RIL and Abu Dhabi Chemicals Derivatives Company RSC (TA’ZIZ) on Tuesday signed a shareholder agreement for a chemical project in Ruwais, Abu Dhabi. The development acquires significance as it will focus on Chlor-alkali, ethylene dichloride (EDC), and polyvinyl chloride (PVC) production, which is used in a wide range of industrial applications.
This is expected to unlock new revenue streams for RIL as well as the Abu Dhabi National Oil Company (ADNOC) and ADQ, an Abu Dhabi-based investment and holding company, who are strategic partners in TA’ZIZ, a joint venture company.
At 12:25 pm, Reliance Industries Ltd. Shares were trading at Rs 2,834.20 or 2.03 percent higher on Thursday.
