Reliance Industries emerges as India’s biggest company

Mukesh Ambani-led Reliance Industries has emerged as the country’s biggest company pushing Indian Oil on the second spot with revenues in 2018-19 totalling Rs 6.23 lakh crore.

The government-owned Indian Oil Corporation recorded sales of Rs 6.17 lakh crore for the year ended March.

Reliance has evolved from being a textiles and polyester company to an integrated player across energy, materials, retail, entertainment and digital services. A quarter of its revenue now comes from new businesses such as telecom, retail and digital services.

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Its Jamnagar manufacturing division is the world’s largest refining hub with  crude processing capacity of 1.24 million barrels per stream day. Reliance also has another refinery — the sixth largest in the world — in the special economic zone at Jamnagar with capacity for processing 580,000 barrels per day of crude oil.

However, while Ambani ranks as Asia’s richest man, Reliance has a net debt of Rs 1.93 lakh crore.

Indian Oil’s revenue streams in from oil refining, petrochemicals and gas businesses. Till March 2019, it had short-term and long-term loans of Rs 92,700 crore.

(With inputs from ANI)

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