29 August,2024 09:13 PM IST | Mumbai | mid-day online correspondent
Mukesh Ambani. File Pic
The Chairman and Managing Director of Reliance Industries Ltd (RIL) Mukesh Ambani on Thursday outlined an ambitious growth strategy for the conglomerate at the company's annual general meeting as he announced the launching of "Jio AI-Cloud Welcome Offer," which will provide Jio users with up to 100 GB of free cloud storage. The offer, set to launch around Diwali.
Mukesh Ambani on Thursday unveiled the next phase of growth at Reliance Industries Ltd, with retail and telecom worth over USD 100 billion each, doubling revenues and pre-tax profit in 3-4 years, new energy business becoming profitable by 2031, and core oil and chemical business continuing to be the robust growth engine.
The sprawling conglomerate with interests in refining, oil and gas, petrochemicals, telecoms, retail, and media is on track to more than double in size before the end of the decade, Ambani, chairman and managing director of Reliance, told company shareholders.
Mukesh Ambani highlighted that Reliance is not focused on short-term gains but on creating long-term value and energy security.
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He highlighted the company's remarkable growth, noting that Reliance has become one of the world's top 50 most valuable corporations and is on track to achieve its goal of doubling its value by 2027.
The company is also progressing on several fronts, including its retail business, which now operates 19,000 stores across over 7,000 cities and is among the top global retailers. Jio, with 490 million users, has completed its 5G rollout and aims to expand its broadband services to 100 million homes.
Key highlights of Ambani's roadmap include:
- Reliance plans to double its revenues and pre-tax profits within the next 3-4 years. The retail and telecom sectors, each valued over USD 100 billion, are expected to play pivotal roles in this growth.
- Reliance's new energy business is projected to become profitable by 2031. This sector will focus on green fuels and AI-driven solutions, which are anticipated to become major growth drivers.
- The company's core oil and chemical business, which remains a robust growth engine, will see increased AI adoption. The launch of âJio Brain', a suite of AI tools and platforms, and the development of gigawatt-scale data centers in Jamnagar are part of this innovation push.
- In a move likely to disrupt the telecom market, Reliance's Jio will offer up to 100 GB of free cloud storage to its users. This follows Jio's history of shaking up the market with its low-cost data and free voice services.
- Reliance will invest Rs 75,000 crore in establishing a new energy ecosystem. This includes solar photovoltaic module production, advanced battery manufacturing, and electrolyser facilities. The company has also secured land for green fuel production and infrastructure development.
- Reliance's board will consider issuing bonus shares in a 1:1 ratio, marking the first bonus issue since 2017. This is seen as a reward for shareholders who have supported the company's growth.
