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Reliance Industries records fresh high; becomes first
Indian firm to cross $200 billion market cap –
With the news of a
fresh spate of investment in its subsidiaries, Shares of telecom-to-oil-to-retail
major Reliance Industries soared over 6% on BSE to a fresh record high of Rs
2,343.90 on Thursday’s trade. Along with that, the partly paid up shares of the
company also jumped nearly 8% to new record high of Rs 1,365. Adding both of
these, the total market cap of the company rose to a record high of Rs
1,472,580.26 crore or $200.68 billion, and Industries becomes the first Indian
company to hit $200 billion market cap. This is near about twice the size of
the next biggest Indian firm, TCS, which is valued at $119 billion.
As per media report and
company announcement, Reliance Retail is heading to get a series of investments
from major PE firms and other companies. Silver Lake already said it will
announce Rs 7,500 crore while reports said Saudi Arabia’s Public Investment
Fund (PIF), Abu Dhabi-based Mubadala Investment Company, Abu Dhabi Investment
Authority (ADIA), L Catterton and KKR are likely to pick up stakes in the
retail venture as well. They had also invested in Jio Platforms.
As per a report by Bloomberg
News on Thursday, Reliance Industries is offering to sell a roughly $20 billion
stake in its retail arm to Amazon.com Inc. The Reliance Industries, which has
already raised $20 billion in this year from investors including Facebook and
Google, is willing to sell an up to 40 per cent stake in the retail business to
Amazon, the agency reported.
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