Billionaire Mukesh Ambani-led Reliance Industries reclaimed the Rs 8 lakh crore mark in value after the firm's shares surged following a slew of disruptive announcements made in RIL's 42nd AGM yesterday.
Billionaire Mukesh Ambani-led Reliance Industries reclaimed the Rs 8 lakh crore mark in value after the firm’s shares surged following a slew of disruptive announcements made in RIL’s 42nd AGM yesterday. Reliance Industries share price surged by more than 9.2% to hit the day’s high at Rs 1,270. The shares posted their biggest intra-day gain in since February 2017. The rally in the stock helped RIL reclaim the Rs 8 lakh crore market capitalisation. Notably, IT behemoth TCS retains the tag of India’s most valued firm with a market cap of Rs 8.35 lakh crore.
Apart from various announcements relating to the lauch of Jio Gigafiber, First Day First Show etc Mukesh Ambani shared his ambitious growth strategy for oil and gas, retail and e-commerce. In Reliance Industries’ 42nd AGM, Chairman Mukesh Ambani has announced a plan to make it a zero net-debt company within the next 18 months of March 2021. Notably, the firm’s net debt currently stands at Rs 154,478 crore. Sharing the roadmap towards this ambitious goal, Mukesh Ambani announced two major deals with Saudi Aramco and British major BP to to raise an aggregate Rs 1.1 lakh crore. Apart from this, the firm has received strong interest from strategic and financial investors in its consumer businesses, Jio and Reliance Retail.
Among the key annoucements was Reliance Industries mega New Commerce Plan to capture a $700 billion unorganised market. Mukesh Ambani said that New Commerce is a unique business model built in partnership with millions of small merchants and kirana shops, so that they can be empowered to serve the Indian customers. Further, Mukesh Ambani said that RIL plans to list the two behemoths — Reliance Retail and Reliance Jio in the next 5 years. “Sceptics used to say that Reliance cannot succeed in consumer businesses. Jio and Reliance Retail have proved them wrong. If these two consumer businesses had been separately listed companies, each would be ranked among the top 10 in India today, in terms of value,” said Mukesh Ambani, adding that RIL will move towards listing of both these companies within the next five years.