A flood of investments into its digital platform has raised Reliance Industries’ market cap past that of its closest rival.
The acquisition marks the biggest deal in US energy since the global oil crash.
The investment represents a 7.7% interest in the Reliance Industries subsidiary, and the two companies expect to cooperatively develop a new smartphone.
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Wednesday trading saw Tesla’s market cap rise to $209 billion, gaining an appreciable lead over rival Toyota and cementing Tesla as the most valuable automaker in the world.
Following a severe revenue slump, Andy Palmer has stepped down as chief executive of the luxury carmaker.