Reliance Industries’ shares hit a fresh all-time high during Friday’s intra-day trading, as the oil-to-telecom conglomerate’s stock witnessed an uptick over the announcement of launch of its joint venture with UK-based gas and fuel major bp. The Reliance Industries Limited (RIL) stock rose above 3 per cent in Friday’s trading to hit a new high of Rs 1,884.40. At closing however, the stock had pared some of the gains to close at Rs 1,878.50 apiece, 2.95 per cent in the green. At Rs 11,90,857 crore, the company’s market capitalisation has inched further closer to the benchmark Rs 12 trillion-mark.
The positive move came after late on Thursday, Reliance announced the launch of its fuel and mobility joint venture with bp. According to an official release, bp paid RIL $1 billion for a 49 per cent stake in the joint venture, while RIL will be holding the remaining 51 per cent. “Operating under the “Jio-bp” brand, the joint venture aims to become a leading player in India’s fuels and mobility markets,” the release said.
RBML aims to expand from its current fuel retailing network of over 1,400 retail sites to up to 5,500 over the next five years, the release also said.
Meanwhile, on Friday RIL also announced the company on Friday said that it will be holding its 43rd Annual General Meeting (AGM) on 15 July. The AGM comes in the backdrop of a spell of investments in the company’s telecom arm Jio Platforms following which Chairman and Managing Director Mukesh Ambani said that the company has overcome its net debt, a target that was set for March 2021.