Reliance Industries Market Cap Tops Rs 10 Lakh Crore After Slew Of Investments In Jio

Reliance Industries, majority owned by the country's richest man Mukesh Ambani, topped Rs 10 lakh crore in market capitalisation to become the most valued Indian company after its Jio Platforms got another investment. In the latest investment round in Jio Platforms, Reliance Industries announced on Friday that Abu Dhabi's Mubadala Investment Company (Mubadala) will take 1.85 per cent equity stake in the conglomerate's digital unit for Rs 9,093.60 crore. The investment from Abu Dhabi-based sovereign investor Mubadala follows Jio's deals with Facebook, Silver Lake and General Atlantic in the past few weeks.

Following this development, Reliance Industries surged as much as 2.39 per cent to hit record high of Rs 1,617.70 on the BSE taking its market capitalisation over Rs 10.11 lakh crore.

With the latest investment, Jio Platform has raised Rs 87,655.35 crore from leading global technology and growth investors, including US-based Facebook, Silver Lake, Vista Equity Partners, General Atlantic and KKR within less than six weeks.

Reliance Industries said the Mubadala investment is another strong endorsement of Jio's technological capabilities, disruptive business model and long-term growth potential.

The deal marked Mubadala's largest investment in an Indian firm.

"I am delighted that Mubadala, one of the most astute and transformational global growth investors, has decided to partner us in our journey to propel India's digital growth towards becoming a leading digital nation in the world," said Mukesh Ambani, chairman and managing director, Reliance Industries.

As of 12:41 pm, Reliance Industries shares were trading 1 per cent higher at Rs 1,595, outperforming the Sensex which was up 0.5 per cent.