The shares of this multinational company gained up to 2 percent after the company likely to set up EV manufacturing in India in partnership with Tesla.
With a market capitalization of Rs 19.95 lakh crore, the shares of Reliance Industries Ltd were trading at Rs 2,949.20 per share, increasing around 0.76 percent as compared to the previous closing of Rs 2,927.10 apiece.
As per the Hindu Businessline reports Tesla may be looking for a local partner to establish its operations in India. The US electric car manufacturer is in negotiations with Reliance Industries about a potential joint venture to develop a manufacturing plant in the nation.
Moreover, While RIL’s involvement has not yet been crystallized, it is thought that the Indian conglomerate may play a key hand in creating the manufacturing site and the linked ecosystem for Tesla in India.
Furthermore, in 2023, RIL collaborated with Ashok Leyland to develop India’s first hydrogen internal combustion engine-powered heavy-duty vehicle. Last year, RIL also announced detachable and swappable batteries for electric vehicles.
Looking into Reliance Industries Ltd’s financials, the revenue increased by 4 percent, from Rs 216,737 crore in Q3 FY23 to Rs 225,086 crore in Q3 FY24. During the same period, net profit increased by 10 percent, from Rs 17,806 crore to Rs 19,641 crore.
Earlier in February 2024, RIL and Disney formed a strategic partnership to provide the most intriguing and engaging entertainment brands to India. The corporation has agreed to spend Rs 11,500 crore (~US$1.4 billion) in the JV to support its expansion goal.
Reliance Industries Limited is an Indian corporation that operates in the fields of hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, innovative materials and composites, renewables (solar and hydrogen), retail, and digital services.
Written by:- Abhishek Singh
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