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S&P Global Ratings has affirmed its 'A-' long-term issuer credit rating on Reliance Industries Ltd (RIL), citing resilient earnings, strong cash generation and improved funding flexibility following the listing of digital services subsidiary Jio Platforms Ltd. The outlook on the ratings remains stable. The rating agency expects Reliance Industries to sustain above-industry growth in digital services while generating sufficient cash flow to fund elevated capital expenditure and investments in emerging businesses, including artificial intelligence-related infrastructure, data centres and renewable energy. S&P projects RIL's consolidated EBITDA to grow 19-23 per cent to Rs 2.15 lakh crore-Rs 2.25 lakh crore in the financial year ending March 2027 (FY27), according to a statement by the rating agency. The energy-related and digital services businesses are each expected to contribute close to 45 per cent of group EBITDA. The oil-to-chemicals (O2C) business is expected to be a key ..
Reliance Industries chairman Mukesh Ambani has emerged as the world's biggest billionaire wealth gainer, adding over USD 6 billion to his fortune in a single day, as shares of his flagship company surged following a stronger-than-expected quarterly earnings performance. According to Forbes' Real-Time Billionaires list, Ambani's wealth increased by 7.85 per cent, or USD 6.3 billion, making him the biggest gainer globally in the latest update to the ranking on November 2. The gain was substantially ahead of the second-biggest wealth accretion on the list, with Spanish retail billionaire Amancio Ortega adding USD 1.7 billion, followed by China's Zhong Shanshan at USD 1.5 billion. The gains pushed Ambani to No.23 spot on the world billionaire list, making him the richest Indian ahead of Gautam Adani, who was ranked at No.26 with a wealth of USD 79.12 billion, according to the Forbes listing. Ambani had a wealth of USD 88.8 billion, according to Forbes. The sharp increase in Ambani's ..