Reliance Industries Ltd (RIL) has become the first Indian firm to cross the market capitalisation of Rs. 10 lakh crore as its shares touched its new 52-week high of Rs. 1,581.25 on November 27 morning, valuing RIL at over Rs. 10,03,206 crore. This makes company chairman Mukesh Ambani the 12th richest man in the world and Asia’s richest with personal wealth of $60.7 billion. Ambani controls almost 42 per cent of Reliance Industries.
It took just 25 trading sessions for the oil-to-retail conglomerate to reach the market capitalisation of Rs. 10 lakh crore from Rs. 9 lakh crore, while it took 284 trading sessions to reach the market capitalisation of Rs. 9 lakh crore from Rs. 8 lakh crore, according to Indian media reports.
India’s second most valued firm Tata Consultancy Services’ (TCS) market capitalization stands at Rs. 7,81,772 crore. RIL entered into an agreement with Saudi Aramco to sell 20 per cent stake in oil-to-chemicals business at valuation of $75 billion. It is also in talks with investors to sell stakes in retail, telecom and media businesses.
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