Reliance Industries Ltd (RIL), the country’s most valuable company, on Monday set the tone for the future during its 45th annual general meeting, saying it would aim to double its market value by 2027, the year the company celebrates its golden jubilee, a report by Business Standard stated.
"The company will invest ₹2 trillion in the roll-out of a standalone 5G network, ₹75,000 crore in expanding its O2C (oil-to-chemicals) capacities across value chains, and ₹75,000 crore in new energy as announced last year," RIL Chairman and Managing Director Mukesh Ambani said at its shareholders’ meet.
Outlining the company’s plans, Mukesh Ambani said the momentum would be driven by sustained investment in new and existing businesses, including 5G, new energy, oil-to-chemicals (O2C), retail, and fast-moving consumer goods (FMCG), noted BS.
Talking about telecom, Mukesh Ambani said standalone 5G services would be rolled out in four metros by Diwali, with a nationwide scale-up planned within 18 months of launch, apart from a push into FMCG and a Whatsapp-Jiomart partnership in new commerce, the BS report said.
In new energy, BS stated that Mukesh Ambani reiterated the commitment of ₹75,000 crore announced last year. This could be doubled, based on scalability and the evolving environment in the sector, it added.
On Reliance Retail, Mukesh Ambani said the subsidiary had achieved the milestone of a ₹2-trillion turnover and EBITDA (earnings before interest, tax, depreciation, and amortisation) of ₹12,000 crore.
Mukesh Ambani outlined the succession plan for the company, saying his children -- Akash, Isha and Anant -- were confidently taking over the reins across businesses, noted the report. It further pointed out that Ambani also gave clear timelines in green energy, with a 10 gigawatt solar photovoltaic cell and module facility slated to start production by 2024, while green hydrogen production would commence by 2025.
Shareholders, however, were disappointed with Mukesh Ambani’s road map for the future, in part because specific timelines for a listing of the company’s retail and telecom businesses were not indicated, added BS.