Synopsis
Reliance Industries Limited (RIL) has been named one of the World’s Most Influential Companies by TIME magazine, marking its second appearance in the TIME 100 list. Recognized in the ‘Titans’ category, Reliance has significantly impacted various sectors in India and beyond, under the leadership of Mukesh Ambani. Key initiatives include Jio Platforms, the world’s largest refining complex, Reliance Retail, investments in new energy, and ambitious net zero goals. The inclusion highlights the growing global influence of Indian enterprises.
IANSReliance Industries Limited (RIL) has been named one of the World’s Most Influential Companies by TIME magazine, making its second appearance on the prestigious TIME 100 list. This recognition places Reliance in the ‘Titans’ category, highlighting its transformative impact across various sectors in India and beyond.
According to a press release, Reliance now holds the unique distinction of being the only Indian company to have been included twice in this elite list. This recognition comes after Jio Platforms, a subsidiary of Reliance, was included in the inaugural TIME 100 Most Influential Companies List of 2021. This distinction makes Reliance the only Indian company to receive this recognition twice, showcasing its continued impact and influence on a global scale.
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India’s Leading Conglomerate
TIME lauded the company, describing it as ‘India’s Juggernaut.’ The publication highlighted the company’s origins, tracing back to its foundation as a textile and polyester enterprise 58 years ago by Dhirubhai Ambani, and its evolution into India’s most valuable company with a market capitalization exceeding USD 200 billion.
The publication stated, “Today the sprawling conglomerate — which has aligned its growth with Indian Prime Minister Narendra Modi’s vision for a ‘self-reliant’ India — is the country’s most valuable company, with a market capitalization of more than $200 billion.”
Diverse Initiatives and Innovations
Under the leadership of Chairman Mukesh Ambani, Reliance has made significant strides in several sectors:
- Jio Platforms: Revolutionized India’s digital landscape by providing the most affordable mobile data tariffs globally, fostering unprecedented digital inclusion.
- Refining Complex: Established the world’s largest single-location refining complex.
- Reliance Retail: Ranked among the top 100 global retailers, with over 1.06 billion footfalls across 18,800+ stores in FY2024, 67% of which are in small towns and villages.
- New Energy and Materials: Invested $10 billion in developing a comprehensive ecosystem for new energy and new materials in India, aiming for a sustainable future.
- Net Zero Ambition: Set an ambitious goal to achieve net zero carbon emissions by 2035.
- Reliance Foundation: Led by Founder Chairperson Nita M. Ambani, the foundation has impacted over 76 million lives across more than 55,550 villages and urban locations in India.
Recognizing Indian Enterprises
In addition to Reliance, TIME magazine’s prestigious list of 100 World’s Most Influential Companies of 2024 features two other Indian companies alongside Reliance Industries Limited (RIL). The Tata Group, a stalwart in the Indian business landscape, was included in the list under the ‘Titans’ category. The Serum Institute of India, known for its pioneering work in vaccine manufacturing, was honored in the ‘Pioneers’ category. This year’s TIME 100 Most Influential Companies list, the fourth annual edition, celebrates businesses making extraordinary impacts globally.
Tata Group’s Transformation
TIME’s profile on the Tata Group highlighted the transformative leadership of its chairman, N Chandrasekaran, who assumed office in 2017. Chandrasekaran’s strategic vision has led the group to invest in new avenues such as tech manufacturing, artificial intelligence (AI), and semiconductor chips. The profile noted, “In 2023, it became the first Indian company to assemble iPhones and is building another plant. In September, Tata announced a partnership with Nvidia to develop an AI cloud in India. And this year, it announced plans for the country’s first major semiconductor manufacturing facility.”
These strategic moves have been successful, as evidenced by Tata’s combined market capitalization reaching a remarkable $365 billion in February, surpassing the entire economy of India’s neighbor and rival, Pakistan.
The selection process involved nominations from various sectors, input from TIME’s global network of contributors, correspondents, and outside experts, and evaluations based on impact, innovation, ambition, and success.
Broader Influence and Future Prospects
Reliance Industries’ recognition by TIME underscores its significant contributions to India’s economy and its broader influence on global markets. The inclusion in the TIME 100 list aligns with Reliance’s ethos of innovation, ambition, and success. The full TIME 100 Companies list will be featured in the June 10, 2024, issue of TIME, available on newsstands starting Friday, May 31.
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