Mukesh Ambani, chairman and managing director of Reliance Industries on Monday laid out a comprehensive roadmap of the conglomerate’s investments in the new age businesses, which would go on to double the company’s value by the end of 2027. Speaking at the company’s 45th annual general meeting, Ambani, 65, also identified the businesses his three children will lead, thus putting in place a clear succession plan.

RIL’s investments in rolling out 5G services, which will begin from Diwali, and in expanding capacities in the core petrochemical and oil business would total Rs 2.75 trillion. In addition, the company’s retail arm will foray into the FMCG business.

The most ambitious of the announcement was the rollout plan for 5G services, where just a month ago, the company’s telecom arm Reliance Jio acquired 5G spectrum worth Rs 88,078 crore. Taking this into account and further capex, the company’s investment will total Rs 2 trillion, which will see it offering pan-India 5G services by December 2023.

The rollout of the services in the four metros of Delhi, Mumbai, Chennai and Kolkata will begin from Diwali and the company will keep on adding additional centres every month after this.

Also read: Reliance AGM 2022 Updates: RIL to roll out Jio 5G services by Diwali this year; to launch FMCG biz so

On the much talked about initial public offer (IPO) of Reliance Retail and Reliance Jio, Ambani said that he will share an update on them in the annual general meeting of the company next year.

“I will take up your inputs with our board of directors on the question on IPO for Jio and Retail. The principles on timing and valuation of IPOs remain unchanged. I will update you on the IPO in my speech next year,” he said responding to shareholders questions.

An investment of Rs 75,000 crore will go in expanding capacities in the core petrochemical and oil business.

Ambani said that the company will add a fifth Giga Factory of power electronics in addition to the four Giga Factories for solar panels, energy storage, electrolysers and fuel cells announced last year.

The succession plan announced by Ambani was on expected lines where twins Akash and Isha, would head the telecom and retail arms, respectively. Akash has already taken over as chairman of Jio while Isha, who is heading the retail business is expected to be upgraded as its chairperson later. Ambani’s youngest son Anant has joined the company’s new energy business and is being groomed for the leadership position.

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Ambani, however, insisted he isn’t retiring yet and will ‘continue to provide hands-on leadership as before’.

He said the ‘robust architecture’ being created will ensure that Reliance ‘remains a united, well-integrated and secure institution’ that ‘more than doubles its value by the end of its Golden Decade in 2027’.

While Ambani dwelt at length on Jio’s upcoming 5G services which he said will connect everyone, every place and everything with the highest quality and most affordable data and will be the world’s largest and most advanced 5G network, he did not announce how the services will be priced.

On foraying into the FMCG business, Isha said that in the first phase, the company will be working with some of the strong heritage brands in the FMCG domain, including staples, food and beverages, home and personal care and beauty categories. It will also forge strategic partnerships through tie-ups and acquisitions to build manufacturing capabilities and to expand distribution penetration.

Reliance will also look at transforming its private labels to consumer brands, with improved quality, packaging and communication through a focused approach.