Reliance Industries (RIL) is ready for the next level of growth, as its green energy projects get ready to deliver, and telecom business Jio’s indigenously developed technologies, which are being deployed at scale in India, also takes to the rest of the world.
In the company’s FY24 annual report released on Wednesday, chairman and managing director, Mukesh Ambani said that in the world of volatility and uncertainty, India is shining as a beacon of stability and prosperity.
He said that the company is targeting net zero carbon emissions from its operations by 2035.
Ambani said the launch of Jio 4G mobile telephony services in 2016 turned a data-dark India into a data-rich nation, supplying every Indian home with affordable, high-speed 4G data.
“And this year, Jio has further enhanced the country’s digital infrastructure by rolling out its True5G network across India in world-record time,” he said, adding the launch of affordable smartphone JioBharat will go a long way in making India 2G-mukt.
While consumer facing businesses grow, Reliance continues to invest in traditional fossil fuels. Its gas field in Bay of Bengal meets about 30% of India’s needs while world’s largest single-site refinery at Jamnagar in Gujarat ensures a steady supply of fuel to both India and offshore markets.
All this while it invests in recycling and circular economy.
“Reliance has become the first Indian company to chemically recycle plastic waste-based pyrolysis oil into circular polymers,” Ambani said.
This is in addition to recycling of polyester and polyolefins, and converting PET bottles and plastic waste into road laying material.
“As we work towards our goal of attaining net carbon zero by the year 2035, the development of the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar is progressing rapidly,” he said. “This giga complex will be one of the largest end-to-end integrated renewable energy manufacturing facilities globally.”
Besides generating electricity from renewable sources like sunlight, it will produce solar modules and electrolysers to produce green hydrogen.
Reliance, he said, is also exploring multiple technologies for capture and recycling of carbon.
“We are confident that our new energy business will play a pivotal role in the global movement for adoption of cleaner fuels,” he said. “Our target is not just to make clean energy available, but also to make it accessible and affordable, thereby ensuring energy self-sufficiency for India.”
The group’s media and entertainment business consolidated its market share with record viewership of Indian Premier League T20 cricket on JioCinema.
It has also entered into a landmark agreement with The Walt Disney Company for creating a joint venture which combines the businesses of Viacom 18 and Star India. “The resultant JV will be one of the leading television and digital streaming platforms in India, bringing best-in-class entertainment,” he said.
The across-the-board growth in business catapulted Reliance to becoming the first Indian company to cross the Rs 20 trillion threshold in market capitalisation.
“Reliance has consolidated its balance sheet after the previous round of capex and is ready for the next level of growth,” he added.
