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.
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)