Mukesh Ambani, the billionaire Chairman and Managing Director of Reliance Industries, has outlined an ambitious vision to significantly expand the company by the end of the decade. He has set a goal to double the size of Reliance Industries, with a particular focus on increasing the revenue and EBITDA of its key divisions, Jio and Retail, within the next three to four years.
The new energy sector, a burgeoning area of focus, is anticipated to grow to a scale and profitability comparable to the company’s established O2C (Oil to Chemicals) business within five to seven years. In his concluding remarks at the 47th annual general meeting of Reliance Industries, Ambani confidently projected that the Reliance Group is on a clear path to more than double in size before the decade concludes and expects the company to experience accelerated growth in the subsequent decades.
Although Ambani did not address the potential public listing of Reliance’s digital and retail segments, he highlighted a strategy aimed at generating substantial value. This strategy includes leveraging the strengths of Reliance Jio and Reliance Retail, alongside developing new growth drivers such as green fuels and AI-powered solutions.
Ambani emphasized that as India’s economy continues to strengthen and grow, it will unlock additional opportunities for Reliance to expand its business operations and enhance value creation exponentially. He also noted that as Reliance grows at an exponential rate, it will contribute significantly to India’s overall economic prosperity.
Three of Reliance’s five primary growth engines each hold a valuation exceeding $100 billion, and Ambani assured that these segments will maintain their rapid growth trajectories. He specifically identified the New Energy business as a key area of future success, predicting it will become as significant and profitable as the O2C division, which has been developed over the past four decades.
In this new energy domain, Ambani committed to investing ₹75,000 crores to build the necessary infrastructure. He announced that the production of solar photovoltaic (PV) modules is expected to commence by the end of the year, with an initial annual capacity of 10 gigawatts (GW). The plan includes scaling up the Giga factory to achieve a total capacity of up to 20 GW with minimal costs.
Additionally, an advanced battery manufacturing plant with a 30-gigawatt-hour (GWh) annual capacity is set to begin operations in the latter half of the following year. The strategy includes integrating cell manufacturing and battery chemicals to enhance efficiency. By 2025, Reliance aims to establish Jamnagar, its main operational hub, as the epicenter of its new energy ventures.
The company has acquired arid land in Kutch, located approximately 250 kilometers from Jamnagar, which has the potential to generate around 150 billion units of electricity over the next decade. This output is projected to meet nearly 10 percent of India’s energy needs.
Development is underway for this project, including the construction of its own transmission infrastructure to facilitate the rollout of solar generation projects, ensuring a consistent supply of renewable energy on a continuous basis starting from 2026. Ambani assured stakeholders of Reliance’s strong financial position, its healthy annual accruals, and access to competitive global institutional capital to support its New Energy goals responsibly.
In the domains of Jio and Retail, Ambani plans to harness the power of artificial intelligence (AI) to drive further growth. The retail sector will benefit from advanced technological capabilities, with plans to enter the luxury jewelry market. He highlighted that Reliance Retail ranks among the top five global retailers in terms of store count, is among the top ten by market capitalization, is within the top twenty for employee numbers, and stands in the top thirty for revenue.
For Jio, Ambani foresees significant transformations through the widespread adoption of AI. He emphasized that AI should be accessible across all types of devices, not just the high-end models, and that innovations will open up new revenue streams and profit avenues. The impact of AI and 5G is expected to be transformative for sectors such as agriculture, healthcare, and education.
Ambani also announced a pivotal partnership with Disney, which will significantly enhance Reliance’s media and entertainment sector by providing affordable content across multiple platforms. In its core O2C business, the company is expanding its capabilities by establishing an integrated vinyl chain facility at Dahej and Nagothane, with planned capacities of 1.5 million tonnes for vinyl, 1 million tonnes for polyester, and 3 million tonnes for PTA by 2027. As cash flows continue to rise, this segment will remain a crucial driver of growth for the company.
