India’s largest conglomerate achieves historic feat, but can it sustain its position against global tech titans?
I’ve witnessed many corporate milestones, but few as significant as what Reliance Industries has just accomplished. Mukesh Ambani’s industrial empire has achieved something no Indian company has done before – cracking the top 30 list of the world’s most valuable technology companies.
The Historic Achievement
According to a comprehensive 340-page report on artificial intelligence trends, Reliance Industries now sits at the 23rd position globally among the most highly valued tech companies, with a market capitalization of $216 billion (approximately Rs 18.22 lakh crore). This makes it the only Indian company to feature on this prestigious list, dominated by American tech giants.
This isn’t just about numbers on a spreadsheet. It represents India’s emergence as a serious player in the global technology race, with Reliance serving as the country’s standard-bearer.
The Strategic Pillars Behind Success
Digital Infrastructure Revolution Reliance’s transformation from a traditional oil-to-chemicals company into a tech powerhouse didn’t happen overnight. The foundation was laid through Jio, which revolutionized India’s telecom landscape with its 4G rollout and is now building the country’s largest 5G network. This digital backbone has become the launchpad for everything else.
Digital Infrastructure Revolution Reliance’s transformation from a traditional oil-to-chemicals company into a tech powerhouse didn’t happen overnight. The foundation was laid through Jio, which revolutionized India’s telecom landscape with its 4G rollout and is now building the country’s largest 5G network. This digital backbone has become the launchpad for everything else.
Retail Technology Integration Reliance Retail’s digital commerce push has been equally impressive. By seamlessly blending online and offline retail experiences, the company has created one of India’s most comprehensive retail ecosystems, reaching hundreds of millions of consumers across urban and rural markets.
Artificial Intelligence at the Core What sets Reliance apart is its serious commitment to AI. This isn’t just corporate buzzword bingo – the company has made substantial investments in data centers, networking infrastructure, and AI applications across customer support, software development, and scientific research. These aren’t peripheral experiments but core business operations.
Energy Transition Strategy While building its tech credentials, Reliance hasn’t abandoned its energy roots. Instead, it’s positioning itself at the forefront of India’s renewable energy transition, creating synergies between its traditional and new-age businesses.
India’s Broader AI Momentum
Reliance’s success reflects India’s growing appetite for artificial intelligence. The same report reveals that India leads the world in ChatGPT mobile app usage, accounting for 13.5% of monthly active users – significantly ahead of the USA (8.9%) and other major markets. Indians are also among the top users of Chinese AI application DeepSeek, with 6.9% of global users.
This widespread AI adoption indicates a tech-savvy population ready to embrace new technologies, providing a massive domestic market for companies like Reliance to test and scale their innovations.
The Reality Check: Challenges Ahead
The Scale Gap While $216 billion is impressive, it’s important to maintain perspective. The top American tech companies – Microsoft, Nvidia, and Apple – command market capitalizations exceeding $2 trillion. That’s nearly 10 times Reliance’s current valuation, highlighting the enormous gap that still exists.
US Market Dominance American companies continue to dominate the global tech landscape more than ever. The USA’s share of the most valuable tech companies has increased from 53% in 1995 to 70% in 2025. The top eight positions are exclusively held by US giants: Microsoft, Nvidia, Apple, Amazon, Alphabet, Meta, Tesla, and Broadcom.
Historical Volatility The tech industry’s history offers sobering lessons. Of the top 30 most valuable tech companies from 1995, only five – Microsoft, Oracle, Cisco, IBM, and AT&T – have maintained their positions consistently. Japan, which held 30% of top tech companies in 1995, has zero representation today. This volatility suggests that maintaining elite status requires continuous innovation and adaptation.
Capital Expenditure Sustainability The current AI boom is driving massive capital expenditure in chips, data centers, and networking infrastructure. The sustainability of this investment cycle remains questionable, and any slowdown could impact companies heavily invested in AI infrastructure.
What This Means for Investors
The Positive Case Reliance’s tech transformation represents a compelling growth story. The company has successfully diversified from cyclical energy businesses into secular growth areas like telecom, retail, and AI. Its integrated approach – combining digital infrastructure, consumer services, and enterprise solutions – creates multiple revenue streams and competitive moats.
The domestic market opportunity is enormous. With India’s digital economy expected to grow exponentially, Reliance is well-positioned to capture this growth across multiple sectors.
The Cautionary Notes However, investors should be mindful of execution risks. Building and maintaining a top-tier tech company requires continuous innovation, significant capital allocation, and the ability to attract top talent – all challenging in a competitive global environment.
Valuation concerns also persist. While Reliance’s tech pivot justifies a premium valuation, the stock needs to deliver consistent growth to justify its current market cap.
The Road Ahead
Reliance’s entry into the global tech elite is undoubtedly a proud moment for India Inc. It demonstrates that Indian companies can compete globally when they invest strategically in emerging technologies and execute effectively.
However, the journey from here is arguably more challenging than the one that brought Reliance to this position. Staying in the top 30 requires continuous innovation, substantial capital investment, and the ability to compete with the world’s most resource-rich technology companies.
The question isn’t whether Reliance can maintain its current position – it’s whether it can continue climbing higher. Given Mukesh Ambani’s track record of ambitious vision and execution, betting against Reliance would be unwise. But investors should approach this opportunity with realistic expectations about the challenges ahead.
Conclusion
Reliance Industries’ achievement marks a watershed moment for Indian technology ambitions. While celebrating this milestone, we must recognize it as the beginning of a longer journey rather than a destination. The company’s success will ultimately depend on its ability to continuously innovate and execute in an increasingly competitive global landscape.
For India, Reliance’s achievement opens doors to greater recognition as a technology hub. For investors, it represents both opportunity and risk in equal measure.
Disclaimer: This analysis is based on publicly available information and is intended for informational purposes only. It should not be considered as investment advice or a recommendation to buy, sell, or hold any securities. Investors should conduct their own research and consult with qualified financial advisors before making investment decisions. Past performance does not guarantee future results, and all investments carry inherent risks.