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Reliance crosses ₹ 12 lac crore market cap ranking Mukesh Ambani as 8th richest

On Monday, Reliance Industries Limited(RIL) has crossed the ₹12 lac crore mark in terms of market capitalization. In 2014, Mukesh Ambani, Chairman of RIL, stated that the industry will accomplish much more in the next three years than it has achieved in the past 37 years. By 2017, RIL reached its ₹6 lac crore and now in 2020, it has crossed the ₹12 lac crore market cap boundary.

A 3% rise in RIL cap, Mukesh’s wealth rose to $72.5 billion crowning him the 8th richest person in the world. The RIL stock soared up by 28% this year.

Credit Suisse raised the price target for RIL placing Jio at $88.5 billion. Some of the non-telecom services Reliance Jio has to offer are in the field of health, education, agri-tech, enterprise services, etc. As per Suisse, Jio has an edge due to its wide range of services, when compared with its competitors. Jio platforms also raised ₹1.2 lac crore from social media stalwart, Facebook.

Earlier in 2019, the industrial giant Mukesh Ambani said that the share of consumer businesses would reach 50%. The statement was then seen with perplexity but now it has become more of a reality.

In the financial year 2018, their digital services business escalated to a net profit of ₹723 crores on revenue of ₹23,714 crores. By the financial year 2020, the gross revenue multiplied by almost three times and came up with ₹68,462 crores. The net profit shot up by seven times and came with ₹5,562 crores.

Reliance Industries consumer-based business has seen exponential growth making it a top retail company. Its revenue for the financial year 2020 is ₹1.63 lac crore. Today RIL has become the largest functioning retailer with around 11,784 stores spread across more than 6,600 towns of India.

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