Billionaire Mukesh Ambani’s Reliance Industries is India’s answer to US giants Exxon, AT&T and Amazon – all rolled into one, Bernstein Research said on Tuesday.
“Reliance has disrupted the energy and telecoms industry in India and is on the cusp of doing the same to retail, fintech, and media,” it said in a report adding the company has an enviable track record of innovation and execution.
For the oil-to-telecom conglomerate, energy remains core business and is expected to further expand as India is forecast to be the fastest-growing market for fuel and chemical products over the next decade, it said adding the company’s partnership with BP of the UK and Saudi Aramco will support this.
Reliance owns the world’s largest single-site oil refining complex and has multiple petrochemical plants. Three years back it forayed into telecom business and has reached 34 percent share of market revenue.
“Based on the current net add run-rates it will likely reach 44 percent share by the end of the next financial year,” Bernstein said.