Reliance Industries chairman Mukesh Ambani sees the company’s oil to chemical business achieve substantial growth, delivering stable returns as geopolitical tensions subside.
Ambani said at the AGM that RIL sees rapid innovation driven growth in materials business and is well positioned to produce high value green fuel and chemicals which India and the world will need.
“Our new and clean energy business is being built with a similar purpose to make India self-sufficient in energy and to resolve India’s energy trilemma of security, affordability and sustainability through world scale giga manufacturing, round-the-clock renewable electricity, and through green fuels and chemicals at global scale,” Ambani said.
He said that the company is laying a robust foundation for India’s energy transition in order to help it achieve freedom from imports by 2047. He added that the global economy is navigating through uncertainties.
From Oil to New Energy
The chairman noted that RIL’s new and clean energy business will be a major driver of growth for many decades with the potential to become as big as its oil to chemical business in the next 5-7 years.
“The global economy today is navigating through an era of great uncertainty. Geopolitical tensions are rising, volatility is persistent. Predictability is scarce. The world is realising that conflict produces no winners whereas cooperation ensures shared prosperity. When nations cooperate, trade flows freely, investments flourish, and everyone wins,” said Ambani.
The company announced that it is building the world’s most advanced clean energy ecosystem and sees clean energy, genomics, and artificial intelligence as the immediate opportunities.
Building India’s energy future
Addressing the AGM, Anant Ambani, the company’s executive director said that Reliance’s battery giga factory will start in 2026. He also said that the company is co-developing the world’s largest single-site solar project in Kutch, Gujarat.
The company also plans to build a 3 mmtpa green hydrogen capacity by 2032 and set up 55 CBG (compressed biogas plant) plants this year with a target of over 500 CBG plants by 2027.
The company is also developing Dhirubhai Ambani Giga Energy Complex in Jamnagar which will be four times the Tesla Gigafactory in terms of building area.
Anant Ambani also announced a slew of new projects worth over `75,000 crore which includes a 1.2 MT PVC plant in Nagothane, an expanded CPVC and 2 million PTA facility in Dahej and 1 MT specialty polyester facility in Palghar.
The company contributes to 30% of nations natural gas output.
The company’s KG D6 basin produced 28 mmscmd of gas and 21,000 barrels of oil per day in FY25. RIL plans to add more new wells in the next fiscal. In the KG basin the company is advancing infrastructure led exploration with fresh drilling scheduled in 2026.
US President Donald Trump has announced an additional penalty of 25% on India above the 25% tariff already existing for buying Russian oil – a move that could severely disrupt Indian supplies while also resulting in a potential increase in the import bill as the country will lose its access to discounted barrels.
Reliance Industries oil purchases increased by 2.4% this month to 1.34 million bpd, as per data by Kpler. Reliance imports as much as 50% of its oil from Russia.
The US Treasury Secretary Scott Bessent had earlier said that India is profiteering from Russian oil and made $16 billion in excess profits.
