Mukesh Ambani's retail unit surpasses UK giant Tesco after swapping share

05:30:00 PM, Friday 27th of December 2019 | in business

Mukesh Ambani's retail unit's value has reached $34 billion after its decision to swap stocks to help shareholders in monetizing their investment. According to the rules of the scheme, the shareholders in Reliance Retail Ltd. can exchange four shares for one of its listed parent Reliance Industries Ltd. The valuation of Reliance has now exceeded Tesco Plc, the U.K.'s biggest supermarket chain, which is valued at $32 billion.