[ad_1]
Reuters
Mukesh Ambani is the owner of Reliance Industries.
Indian billionaire Mukesh Ambani, Asia’s richest figure, lost $ 5 billion due to declining demand for fuel because people stayed home and did not need to consume that energy at in light of the Corona epidemic crisis.
His company, Reliance Industries, the giant in the oil and gas industry, refining and distribution, suffers from a significant drop in revenues and profits and a drop in the value of its shares to the lowest level over the past three months, which has prompted owner Mukesh Ambani to embark on a project to turn it into a tech and digital company, abandoning hydrocarbons.
The profits of “Reliance”, which owns the world’s largest oil refinery with a refining capacity of 1.24 million barrels per day, have fallen 15% in the past 3 months, to 1.3 billion. dollars in absolute terms, according to data released by the company Friday. Past because their income fell 24 percent.
Reliance Industries is the largest private economic company in India, established in 1966 by investing in textiles and polyester, before expanding later into the hydrocarbons and energy sectors, then into digital services and entertainment.
Source: Indian media
[ad_2]
Source link
