Kolkata rape-murder case: Junior doctors to end protest, resume emergency services from...
Salman Khan's security breached, case registered against biker following actor's car
Sarfaraz Ahmed trolls Babar Azam in Champions One-Day Cup, star batter responds with century
After reducing debt, Anil Ambani's company now approves Rs 3014 crore...
Legends League Cricket 2024: Full schedule, squads, live streaming - All you need to know
India reacts to report on diversion of Indian defence exports to Ukraine, says, ‘it is…’
Tata Group-owned app to deliver iPhone 16 models in 10 minutes, service starts from…
Amitabh Bachchan apologises for this reason in viral video: 'Galat ho gaya tha...'
New COVID-19’s XEC 'contagious' variant spreads across 27 countries, here's what you need to know
Verantes Living Awarded as India’s No.1 Stainless Steel Modular Kitchen Brand
Narayana Murthy’s Infosys set to invest Rs 170000000 in this startup
Discover Stainless France, the Leading Supplier of Cobalt Chrome
India dismisses Khalistani terrorist Pannun's US lawsuit over assassination attempt, calls it…
IND vs BAN, 1st Test: R Ashwin joins Ravindra Jadeja in elite club, becomes second cricketer to....
More trouble for ex-RG Kar principal Sandip Ghosh, Bengal medical body now...
Tirupati Laddu row: Lab report confirms prasada contains beef fat, fish oil
Meet IPS officer who has resigned after serving for 18 yrs due to...
ITR filing: Haven’t received your income tax refund yet? Here’s what you should do
FATF says India faces severe 'terrorist financing threats' from...
WATCH: IAS officer poses as customer at liquor shop, imposes Rs 50000 fine for....
Meet Indian man, who got hired whopping Rs 12000000 crore salary job, not from IIT, IIM he is...
Meet ‘delivery boy’ who beats Mukesh Ambani in world’s billionaire list, his net worth is…
Suriya, Bobby Deol-starrer Kanguva gets new release date, averts clash with Rajinikanth's Vettaiyan
This Bajaj Group company's shares rose by Rs 1687 in just 5 days after...
5 super expensive assets Mukesh Ambani owns: Rs 15000 crore home, Rs 600 crore jet, MI worth...
IND vs BAN, 1st Test: Shubman Gill joins Virat Kohli in unwanted list after poor outing on Day 1
“I'm gonna cut…”: Know what Andrew Flintoff said to Yuvraj Singh before his 6 sixes feat
Kareena Kapoor revives vintage glam in 25-year-old Banarasi saree makeover
Atishi’s Delhi cabinet: AAP leader to retain four minsters; new face to be included
Centre investigates 26-year-old EY employee's death amid massive outrage
NASA's James Webb unveils black hole starving its host galaxy; see pic
'They will also finish....': Akhilesh Yadav slams BJP over 'one nation, one election'
Housing society issues notice over too many deliveries asks to hire personal watchman
ICC releases venues for women's T20 world cup, check list here
J-K Assembly Election 2024: 'Abdullahs, Muftis, Gandhis have given...,' says PM Modi in Srinagar
Meet woman who left medical career for UPSC exam , became IPS with AIR 165 then left job due to...
Meet Indian billionaire with Rs 32615 crore net worth who wants you to save Rs 600 daily because...
IAS Puja Khedkar case latest update: Delhi HC issues...; Know details here
Haryana Assembly Election 2024: BJP releases election manifesto, guarantees...
Amid Ind vs Ban, why is 'boycottBangladeshCricket' trending on social media? Know here
'Usko dekh...': Rishabh Pant during war of words with Liton Das during Ind vs Ban test
This is world's costliest rice, price of 1 kg will leave you shocked, it is grown in...
Could your phone be the next bomb? The scary truth about remote explosions
Watch video: Rohit Sharma's reaction after Virat Kohli's dismissal in Ind vs Ban test match
Bihar: 15 people held for torching 21 houses in Nawada, government says more arrests likely
Atishi, along with new cabinet, to take oath as Delhi CM on..., know details here
Ed raids ex-IAS, Noida Authority CEO's house, Rs 1 crore cash, Rs 19 crore jewellery recovered
Hezbollah walkie-talkie blast kills 20 in Lebanon; Israel declares 'start of new phase in war'
NASA Alert: Giant asteroid Apophis, as big as a skyscraper, will approach Earth on...
Himesh Reshammiya's father, music director Vipin Reshammiya, passes away at 87
This is now India's biggest alcohol firm, has surpassed Johnnie Walker maker Diageo by Rs...
Big win for ISRO: Centre approves Chandrayaan-4, Venus mission and a space station; allocates Rs...
BUSINESS
Reliance Industries plans to double in size by focusing on its five growth engines, including new energy, retail, and digital ventures.
TRENDING NOW
Reliance Industries Ltd is gearing up to double its size by the end of the decade by focusing on its five growth engines, according to chairman Mukesh Ambani. These engines include its established oil-to-chemicals (O2C) unit and newer ventures like retail, digital, media, and green energy and fuels. Ambani stated that three of these businesses are already valued at over $100 billion each, with expectations for even faster growth. He made these remarks during a virtual address at the company’s 47th annual general meeting.
The new energy business is projected to generate revenues similar to what the O2C business achieved in four decades. The O2C business brought in ₹5.64 trillion in revenue for FY24, out of the group's total consolidated revenue of ₹10 trillion.
Before Ambani's address, Reliance announced a plan to issue bonus shares in a 1:1 ratio. This marks the sixth bonus share issue since the company went public in 1980, and the first since 2017. The company’s board of directors is set to meet on 5 September to approve the plan. Following this announcement, Reliance's stock rose 1.5% on the BSE, bringing its market capitalization to ₹20.57 trillion.
Mum on Listing
In the lead-up to the AGM, there were media reports suggesting a possible announcement about the listing of Reliance's retail and digital arms. However, Ambani did not mention any such plans. Instead, he emphasized the company’s renewed focus on new energy and digital ventures under Jio, led by his sons Anant and Akash Ambani. His daughter, Isha Ambani, heads the group’s retail business, which is valued at over $100 billion based on private investments.
While Akash and Isha provided updates on Jio and retail, Anant, who recently got married, did not address shareholders on the new energy business. Ambani has already announced a ₹75,000 crore investment in this sector over the next few years. He expressed confidence that the new energy business would become as significant and profitable as the O2C business within five to seven years. He also highlighted the potential of green fuels and AI-based solutions as long-term growth engines for Reliance.
Reliance plans to leverage India’s net-zero transition plan, competing with groups like Adani and Tata in the new energy sector. The company aims to achieve net-zero status by 2035 and is building a new energy equipment manufacturing facility in Jamnagar, Gujarat, spread across 5,000 acres. This complex, named the Dhirubhai Ambani Green Energy Giga Complex, will produce photovoltaic panels, fuel cell systems, green hydrogen, energy storage, and power electronics.
Solar PV Modules by Year-End
Ambani announced that Reliance will start producing solar photovoltaic (PV) modules by the end of this year. The first phase of its integrated production facilities, including modules, cells, glass, wafers, ingots, and polysilicon, will be completed in the following quarters, with an initial annual capacity of 10 GW.
To meet India’s growing demand for round-the-clock power, Reliance is also building an advanced chemistry-based battery manufacturing facility in Jamnagar with a 30 GWh annual capacity, expected to begin production in the second half of next year. Ambani stated that ongoing developments at the Giga Complex would position Jamnagar as the energy capital of the world by 2025.
Reliance is also establishing a fully automated, multi-GW electrolyzer manufacturing facility on India’s west coast, expected to be ready by 2026. Electrolyzers are crucial for producing green hydrogen, a key component of the new energy sector. The facility will support various technologies and be built to Industry 4.0 standards, allowing modular expansion to meet market demand.
Meanwhile, Akash Ambani announced a range of new digital and entertainment services under Jio, which offers both telecom and digital services. After the O2C business, Reliance’s largest revenue contributors are retail and Jio. On Wednesday, the Competition Commission of India approved Reliance’s plan to merge Jio’s media and entertainment businesses with Disney+ Hotstar, creating the country’s largest media entity, valued at $8.5 billion.
Doubling Down on Deep Tech
Ambani highlighted Jio's success, noting that its network, with over 490 million users, handles 8% of global mobile traffic. Jio offers data prices that are one-fourth of the global average and just 10% of those in developed countries. Reliance plans to double Jio’s revenues within three to four years and add a million homes to its broadband service every 30 days. The company also aims to connect India’s 1.5 million schools and colleges, over 70,000 hospitals, and 1.2 million doctors.
Reliance’s retail arm also plans to double its business by expanding its range of offerings in the coming years. Isha Ambani mentioned the company’s omni-channel strategy, which includes formats like Tira, Sephora, Kiko Milano, and Blushlace, along with enhanced beauty and personal care offerings across grocery, fashion, and pharma, both online and offline.
Reliance Retail, which operates around 19,000 stores in India, recorded ₹3.06 trillion in revenue and ₹11,101 crore in net profit for FY24. The company also acquired Metro India Cash & Carry and raised $2.1 billion in FY24.
Investing in New Capacities
Ambani stated that Reliance’s O2C business would invest in new capacities to meet growing demand and improve financial performance while focusing on sustainability. The company, which currently recycles over 2 billion PET bottles annually, aims to reach a capacity of 5 billion bottles per year by next year.
Despite challenges such as geopolitical conflicts and weak economic growth in Western countries, Reliance’s O2C business achieved ₹5.64 trillion in revenue for FY24, making it the first Indian company to surpass ₹10 trillion in annual revenue.
With the adoption of deep-tech and advanced manufacturing, Ambani believes Reliance, which took over two decades to join the top 500 global companies, will soon earn a place among the world’s top 30 companies.
The DNA app is now available for download on the Google Play Store. Please download the app and share your feedback with us.