Skip to content
Subscriber Only

Reliance Overtakes Exxon to Become World’s No. 2 Energy Firm

Video player cover image
Ambani Is Asia's Richest Person Again
Updated on

Reliance Industries Ltd. toppled Exxon Mobil Corp. to become the world’s largest energy company after Saudi Aramco, as investors piled into the conglomerate lured by the Indian firm’s digital and retail forays.

Reliance, which is controlled by Asia’s richest man and manages the world’s biggest oil refinery complex, rose 4.3% in Mumbai on Friday, taking its market value to $189 billion, while Exxon Mobil lost about $1 billion. Aramco, with a market capitalization of $1.75 trillion, is the world’s biggest company.