Renewables, digital transformation with Jio & new materials seen as growth drivers
Reliance Industries (RIL) has firmed up plans to be among the top 20 companies in the world, identifying renewables, new materials and digi-transformation with Jio as key growth drivers. Speaking on the occasion of the company’s 40th foundation day ceremony in Mumbai, RIL chairman Mukesh Ambani articulated his five-point dream in front of 50,000 employees and their family members. The first point in his list of five, that is, to see RIL in the list of top 20 companies of the world, would entail a steep climb from its 215th position in the Fortune 500 list for India’s largest private sector company. The company ranked 20th in the list is Fannie Mae, with revenues of $107 billion. That is more than twice RIL’s turnover of $51 billion. Second on Ambani’s list is the intent to emerge as a leading provider of affordable, clean energy in India—read green and renewable energy—as we transition away from fossil fuels. The third focus area is innovative new materials. Ambani said that he expected “the world will invent new materials that will revolutionise how we manufacture and produce things, and improve the quality of life of every human being”, and he expects RIL to become a leading producer of such materials.
Reliance is today the largest producer of polyester in the world and has one of the largest capacities to produce polypro-pylene based synthetic materials. Its ambition of wanting to emerge a leader in new materials will therefore be noted by industry leaders and market experts. The fourth point in Ambani’s vision, is an idea that many had speculated about, but this has been clearly articulated now. And that is of seeing Jio emerge as a telecom platform, that will leverage the power of data mobility to transform the nation through interventions across entertainment, financial services, commerce, manufacturing, agriculture, education and healthcare, with artificial intelligence and block chain. “Can Jio be the first company to transform an entire nation in each one of these sectors?”, he asked the people present. The answer is evident in the company’s ambition and intent.
RIL already has presence in the news & entertainment segment through its acquisition of Network 18 group some years ago, and it has already started leveraging the power of data to facilitate the reach of healthcare services in distant locations. The company also has an e-commerce presence through its retail arm in, AJIO.com. And last, but not the least, he wants RIL and Jio to partner the nation’s people, merchants and enterprises to help make India a super power.