Mukesh Ambani's Reliance Industries overtook ExxonMobil Corporation to become the world's second-largest energy company after Saudi Aramco after attracting investors into the firm's digital and retail sectors.
Reliance's shares have jumped 43 per cent this year compared with a 39 per cent drop in Exxon's shares as refiners across the globe struggled with a continuous dip in the fuel demand due to the coronavirus pandemic.
Reliance, which manages the biggest refinery complex, gained 4.3 per cent in Mumbai on Friday, July 24, adding $8 billion to take its market value to $189 billion, while Exxon Mobil erased about $1 billion.
The Saudi Arabian company, Aramco, with a market capitalisation of $1.76 trillion is the world's biggest energy company. Reportedly, the energy business accounted for about 80 per cent of Reliance's revenue in the last financial year.
Chairman Mukesh Ambani during the company's Annual General Meeting said he plans to expand the company's digital and retail arms which have helped him attract $20 billion into the Jio Platforms unit.
Ambani has managed to lure investments from Google to Facebook Inc. into his digital platform in recent months. The 63-year-old tycoon has identified technology and retail as future growth areas in a pivot away from the energy businesses.