India's Reliance Industries Has Become the World's Second-Largest Energy Company

India's RelianceIndustries on Friday passed Exxon to become the world's second-largest energy company after Saudi Arabia's Aramco, according to reports.

Reliance Industries is India's most valuable company, with diversified businesses including oil refining. Its market value reached $189 billion (RS.14.1 trillion) on Friday, according to Indian media reports, surpassing exxonMobil.

Reliance Industries has become the first Indian company with a market capitalisation of more than Rs14tn ($187bn). Its shares have been rising in recent weeks after tech giants such as Google invested in the company's Jio platform, while amazon is reportedly considering buying a 9.9 per cent stake in reliance retail.

Reliance Industries has increased its market value by $39 billion in the past five weeks, according to the Economic Times. In the past 14 trading days alone, RelianceIndustries shares have soared, adding $29bn to the company's market capitalisation.

However, the Indian conglomerate is not an energy company per se and most of the market's rise in recent weeks has been due to its digital and retail businesses rather than the oil sector. In any case, Reliance Industries has become the world's second-largest energy firm.

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