Reliance AGM: RIL will create more growth engines for accelerating its diversified growth, says Mukesh Ambani

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Published: July 16, 2020 4:15 AM

“In the years to come, Reliance will create more growth engines for accelerating its diversified growth. Among them, is our vision to make Reliance a new energy and new materials company,” he said.

“Our track record of value creation so far will itself open future tracks of investment on a sustainable basis,” Ambani said.“Our track record of value creation so far will itself open future tracks of investment on a sustainable basis,” Ambani said.

Mukesh Ambani, chairman and managing director, Reliance Industries said on Wednesday that the company, on the back of its robust balance sheet, and taking advantage of the favourable conditions in global debt markets, shall pursue all future growth opportunities across businesses.

Speaking at the company’s 43rd annual general meeting on the company’s value creation vision, Ambani said that as a technology and consumer company Reliance has built three hyper-growth engines — Jio Platforms business, Reliance Retail’s new commerce business and Reliance’s O2C business.

“In the years to come, Reliance will create more growth engines for accelerating its diversified growth. Among them, is our vision to make Reliance a new energy and new materials company,” he said.

He added that the company will be adopting a strategy of two Ps – partnerships with small merchants, farmers, SMEs (small and medium enterprises), teachers, healthcare workers – and help them become more productive and profitable, while also partnering with Indian start-ups and globally renowned technology and energy companies.

“Intellectual property is going to be an important pillar of our value creation journey,” he said. He said that Reliance will continue to strengthen its in-house capabilities in technological innovations. “Reliance will work with other Indian companies, including start-ups, to vigorously promote ‘Made-in-India’, ‘Made-for-India’ and ‘Made-for-the-world’ products,” he said.

Alluding to the fund raise done by Reliance through Jio Platforms, the rights issue and the petro-retail JV with BP, Ambani said that the company had demonstrated its ability to raise necessary investments to fire the growth engines. “Our track record of value creation so far will itself open future tracks of investment on a sustainable basis,” Ambani said.

The company has raised Rs 2,12,089 crore in total over the last three months through strategic and financial partnerships with technology giants like Facebook, the most recent being Google, and several big private equity investors and sovereign wealth funds which include Silver Lake, Vista Equity Partners, General Atlantic, KKR, ADIA, TPG among others.

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