Reliance Industries became the first Indian company to surpass a US$200 billion market capitalization.
Reliance crossed the milestone in 2021 as investors responded to growth in its digital and retail businesses, alongside its established energy operations. Its listed shares gave public-market investors exposure to a diversified Indian conglomerate rather than to a single industry.
The company began with Dhirubhai Ambani’s textile business and expanded into petrochemicals, refining, oil and gas, telecommunications, digital services, and retail. Reliance Jio, launched commercially in 2016, rapidly changed India’s mobile-data market and became a major part of the group’s technology ambitions.
Market-cap comparisons involving Indian companies can be complicated by currency conversion and by whether a ranking uses a parent company or a subsidiary. Reliance Industries is the listed parent, while businesses such as Jio Platforms may also be discussed separately in investment reporting.