It is now only behind Saudi Aramco. Reliance added $8 billion Friday to take its market value to $189 billion, while Exxon Mobil erased about $1 billion.
Reliance's market valuation crossed Rs 11 lakh crore in the previous session after Ambani announced that his oil-to-telecom conglomerate had become net debt-free.
Ten firms including Facebook, General Atlantic, Silver Lake Partners and KKR & Co. poured a total $15.2 billion into Reliance Jio, pending regulatory clearances.
Mukesh Ambani, who made a pledge to shareholders in August to slash group’s net debt to zero within 18 months, went on a fundraising spree starting April.
The proposal would be the third fund-raising announced by company in recent weeks, underscoring Mukesh Ambani’s confidence despite a pandemic that’s slammed the oil industry.
The last time this matter flared up was when Delhi Chief Minister Rekha Gupta, in a very similar directive in April, called for the relocation of stray dogs in the capital.
Finance ministry says the proposed revamp will focus on structural reforms, rate rationalisation & ease of living, & will be deliberated upon in the coming weeks.
The project is meant to be a ‘protective shield that will keep expanding’, the PM said. It is on the lines of the ‘Golden Dome’ announced by Trump, it is learnt.
Now that both IAF and PAF have made formal claims of having shot down the other’s aircraft in the 87-hour war in May, we can ask a larger question: do such numbers really matter?
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