Reliance has returned to the $100 billion club for the first time after the group was split between the two Ambani brothers. Reliance is the second Indian corporate to enter the $100-billion club after TCS surpassed the $100 billion value mark in April.
The country’s largest oil-to-retail conglomerate had last hit $100 billion in market capitalisation on 18 January 2008. The latest surge comes with the launch of Reliance Jio Infocomm Ltd in September 2016 that helped RIL double its market capitalisation.
Reliance hopes to get half of its revenue from newer consumer businesses for which chairman Mukesh Ambani laid out an ambitious e-commerce plan last week.
Shares for the Mukesh Ambani-led company jumped as much as 5.8 per cent on Thursday, sending the market value to Rs6,90,000 crore. Reliance is the second Indian corporate after Tata Consultancy Services in April surpassed the $100 billion value mark.
Reliance is on the cusp 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.
Ambani, while addressing shareholders earlier this month, laid out an ambitious e-commerce road map that would draw on group's retail and telecom units to take on the likes of Amazon.com Inc. and Walmart Inc.