Reliance Industries (RIL) is set for the next phase of growth, driven by its green energy projects and the global expansion of its telecom business, Jio. In the FY24 annual report released Wednesday, Chairman Mukesh Ambani highlighted India’s stability and prosperity amidst global uncertainty.
Ambani stated that RIL aims to achieve net zero carbon emissions by 2035. He credited Jio’s 2016 launch of 4G services for transforming India into a data-rich nation with affordable high-speed internet. This year, Jio rapidly rolled out its True5G network and introduced the affordable JioBharat smartphone to eliminate 2G dependence in India.
Despite its focus on green energy, RIL continues to invest in fossil fuels, with its Bay of Bengal gas field meeting 30% of India’s needs and its Jamnagar refinery supplying fuel domestically and internationally. The company also focuses on recycling, being the first Indian company to chemically recycle plastic waste into circular polymers.
RIL’s Dhirubhai Ambani Green Energy Giga Complex in Jamnagar is progressing quickly and will be one of the largest renewable energy manufacturing facilities globally, producing solar modules and green hydrogen.
Ambani expressed confidence that RIL’s new energy business will lead in the global adoption of cleaner fuels, making clean energy accessible and affordable for India. RIL’s media business saw record viewership of IPL T20 on JioCinema and formed a joint venture with The Walt Disney Company, combining Viacom 18 and Star India to create a leading entertainment platform. RIL recently became the first Indian company to surpass Rs 20 trillion in market capitalization. Ambani affirmed that RIL has consolidated its balance sheet and is ready for the next level of growth.
Reliance Industries Limited (RIL) is a major Indian conglomerate with diverse business interests, including petrochemicals, refining, oil, telecommunications, retail, and media. Founded by Dhirubhai Ambani in 1966, the company has grown to become one of the largest and most profitable corporations in India. Its flagship entity, Reliance Petroleum, is renowned for operating one of the world’s largest refineries in Jamnagar, Gujarat.
Additionally, Reliance Jio, the telecommunications arm, has revolutionized the Indian telecom sector by providing affordable 4G services, significantly increasing internet penetration across the country. The company’s retail segment, Reliance Retail, operates a vast network of stores offering a wide range of products, from groceries to electronics. Under the leadership of Mukesh Ambani, RIL continues to innovate and expand, contributing significantly to India’s economic growth and industrial development.
