Reliance Industries has toppled state-owned Indian Oil Corporation (IOC) to become the country’s biggest company by revenue.

In 2018-19, Reliance has reported a turnover of Rs 6.23 lakh crore. In comparison, IOC posted a turnover of Rs 6.17 lakh crore for the fiscal, according to regulatory filings by the two companies.

The Mukesh Ambani-led Reliance Industries (RIL), which was about half the size of Indian Oil Corporation (IOC) till nearly 11 years ago, has displaced the public sector refiner as the biggest company by revenue.

While the net revenue of RIL surged by 44.8% in FY19 to `5.67 lakh crore, the revenues of IOC rose by 28.03% during the year to `5.28 lakh crore — `38,986 crore less than that of RIL, Bloomberg data show.

Reliance Industries along with BP have bid for an exploration acreage for the first time in their eight-year partnership under the government’s open acreage licensing policy for oil and gas that has put 32 blocks up for auction.

Reliance-BP has made an offer for one block in the Krishna-Godavari basin. The block had been demarcated by BP earlier.

Richest Indian Mukesh Ambani-led Reliance Industries' entry into online retailing will help expand the current 15,000 digitised retail stores to over 5 million by 2023, a study of Bank of America Merrill Lynch said.As much as 90 per cent of India's USD 700 billion retail market is unorganised, made up mostly of neighbourhood kirana stores selling groceries and other sundries.

Reliance Industries subsidiary Reliance Brands Ltd (RBL) is acquiring 100% stake in Hamleys Global Holdings, the owner of British toys brand Hamleys, from Hong Kong-based C Banner International Holdings. An agreement to this effect has been signed between the two entities, RBL said in a statement late Thursday evening.

As Paytm’s e-commerce unit struggles to compete against Amazon and Walmart-owned Flipkart that jointly commands close to 80% of the country’s e-commerce market, the former is understood to be in preliminary discussion with investors to raise around $500 million, an industry source told FE. The bulk of the funds would be spent on building Paytm Mall’s O2O (online-to-offline) strategy, the source said.

Shares of billionaire Mukesh Ambani-led Reliance Industries extended losses on Thursday, after global firm Morgan Stanley downgraded the stock. RIL share price tanked by more than 3% to hit the day’s low at Rs 1,259.15. Notably, the shares have lost more than 10% this week alone, taking the overall mcap loss to more than Rs 88,000 crore in the period.

Reliance Industrial Investments Holdings Ltd (RIIHL), the investment arm of India’s most valuable company, plans to raise ₹13,900 crore through a rights issue of non-cumulative optionally convertible preference shares.

The funds will be used for acquisitions and to meet the group’s other funding requirements, two people aware of the development said, requesting anonymity.

Pioneer Natural Resources is in advanced talks to sell its Eagle Ford acreage in South Texas to privately owned energy producer Ensign Natural Resources, sources familiar with the matter said on Friday.

If successful, the sale would achieve Pioneer’s long-stated aim of becoming an energy producer focused solely on the Permian basin of West Texas and Eastern New Mexico, the heart of the US shale revolution.

Shares of billionaire Mukesh Ambani-led Reliance Industries slumped in trade on Monday morning, after the firm’s GRMs came in at the lowest level since Q3FY15. Reliance Industries shares slumped nearly 3% to hit the day’s low at Rs 1,345.30 on BSE. Notably, the firm has reported a drop in standalone net profit for the first time in 17 quarters.

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