Which company was the first Indian business to exceed a $200 billion market capitalization?

Reliance Industries was the first Indian business to exceed a $200 billion market capitalization.

Reliance crossed the milestone in 2021 as its share price rose and investors responded to its expansion beyond traditional petroleum refining and petrochemicals. The conglomerate had built major businesses in telecommunications through Jio and in retail, giving it exposure to India’s rapidly growing digital and consumer markets.

The milestone is about the market value of the publicly listed parent company, not the value of one subsidiary. It is also distinct from revenue rankings, where large banks, technology-services firms, and state-owned companies may appear differently. Reliance was founded by Dhirubhai Ambani and later became one of India’s most influential corporate groups.