Mukesh Ambani is fast-tracking his goals for Reliance Industries (RIL), the country’s largest company by market capitalisation, betting on his ability to drive scale and leverage talent and technology.
Pivot from capital to innovation
Ambani also believes that what is good for India is good for RIL, emphasising that the oil-to-telecom major could aid the country in building what he describes as an “India-first model of development”, at a time when the global economy is navigating uncertainty, led by geopolitical tensions and volatility. This model would use deep tech to bring prosperity and security to India, improve the quality of life of each and every Indian, and protect the environment.
On Friday, Ambani, who is chairman of RIL, pledged that he would more than double earnings before interest, tax, depreciation and amortisation (Ebitda) by 2027, ahead of the earlier timeline of 2030.
Building an ecosystem with AI at core
Speaking at Reliance’s 48th Annual General Meeting (AGM), Ambani said the company would undergo its biggest transformation yet—pivoting into a deep-tech giant with artificial intelligence at its core. RIL would also continue to strengthen its existing businesses while betting on new vectors of growth including clean energy, genomics and advanced materials, he said.
“In 2022, I made a promise that we will double Reliance by the end of our Golden Decade. At that time, our Ebitda was about Rs 1.25 lakh crore. I reiterate that Reliance will more than double its Ebitda by the end of its Golden Decade in 2027,” Ambani said in his address to the shareholders.
Ambani’s comments come as RIL reported consolidated revenue of Rs 10.71 lakh crore and Ebitda of Rs 1.83 lakh crore in last fiscal. But markets were more focused on near-term pressures, with the government’s decision to slow down imports of discounted Russian crude threatening to squeeze gross refining margins (GRMs) at Reliance’s giant Jamnagar complex, the world’s biggest.
RIL, Ambani said, cumulatively invested Rs 5.6 lakh crore over the last three years, contributing 7.6% to India’s total merchandise exports.
The chairman also emphasised that RIL’s operating model was shifting from capital intensity to innovation intensity. “That is why we are attracting and empowering super-talented young leaders who will drive the next wave of value creation,” Ambani said.
He also said that RIL had adopted modern engagement formats in terms of employment, combining opportunities for upskilling, entrepreneurial drive, job satisfaction and higher earning potential.
“Today, our conventional and non-conventional workforce has grown to nearly 680,000 people. I see this growing to more than 1 million people over the next few years, ” he said.
RIL was also making every one of its businesses AI-native, positioning them for hyper-growth. “Our corporate philosophy of ‘We Care’ compels us to continuously improve the quality of our products and services in ways that promote the well-being of both people and planet,” he said.
Reiterating his long-term vision while concluding his speech, Ambani said that RIL would keep re-imagining itself as it sought to create long-term shareholder wealth. “Reliance will keep breaking its own records in business performance next year and beyond.” he added.