Mukesh Ambani’s Reliance takes over ExxonMobil to become world’s second largest energy company

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Mukesh Ambani is shattering the boundaries set by global economic depression and is escalating upwards even in the era of coronavirus. Asia richest man is crossing milestones one after the other. The current developments in the world of business suggest that the owner of Reliance industries has marched forward and has snatched the second position to be the world’s largest energy company.

Reliance Industries has taken over ExxonMobil Corporation to hold the position, the first position is still maintained by Saudi Aramco. The current development is the result of piled up investment into the conglomerate industry chain.
Reliance gained 4.3 percent in its stake which is around $8 billion in Mumbai which exceeded its market value to $189 billion. However, ExxonMobil decelerated with $1 billion erased.

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Reliance’s shares have jumped 43 percent this year compared with a 39 percent drop in Exxon’s shares.
However, Saudi Aramco with a current market value of $1.76 trillion remains the world’s biggest energy company.

Before this, Google offered a massive investment in Reliance’s digital arm Jio worth Rs. 33.737 cr. When analyzed we can, however, say that the energy business contributes a higher stake in the industry’s growth of revenue. Last year the oil and energy arm contributed around 80% of the total revenue.

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