Reliance Industries (RIL) expects green energy, the new growth engine for the group, to outshine its other businesses in 5-7 years, even as the company would expand its existing businesses to newer frontiers. RIL has embarked on this journey with a “vision to repeat” the feat it achieved in wireless broadband, according to RIL chairman and managing director Mukesh Ambani.
“In its true ethos of care and empathy, RIL has charted its next journey of transformation to help the world cope with the climate change crisis. Over the next 12 months our investments across the green energy value chain will gradually start going live, scaling up over the next couple of years. This new growth engine holds great promise to outshine all our existing growth engines in just 5-7 years,” Ambani said in the company’s annual report.
“In the field of green energy – RIL will develop end-to-end green energy solutions, which will make clean and abundant energy available to everyone at the most affordable price. Just as India has the world’s most affordable wireless broadband today, we will have the world’s most affordable green energy within this decade. And these solutions will then be exported to other countries, helping them contain carbon emissions,” he added.
RIL had started its green transformation in FY22 and at a scale which will make India the world’s leading green energy producer. In June last year, the business conglomerate announced plans to invest $10 billion in renewable energy space over the next three years. Under its clean energy business, RIL would focus on building technologies, scaling capacities and creating a new energy ecosystem for India and become net carbon zero by 2035.
Keeping his earlier promise to forgo remuneration, Ambani’s salary for FY22 was “nil”, according to the annual report. This the second year in a row Ambani did not take any salary. In June 2020, Ambani had voluntarily decided to forego his salary for FY21 in light of the Covid-19 outbreak in India.
Ambani’s salary was capped at Rs 15 crore from 2008-09 to set a personal example of moderation in managerial compensation levels.
RIL added 2.32 lakh jobs in FY22, taking its total workforce to 3.43 lakh at the end of the fiscal. Of this, 1.69 lakh jobs were added in retail and 57,883 were added by Reliance Jio Infocomm, data from the annual report said.
The energy-to-telecom conglomerate’s contribution to the national exchequer jumped 38.8% to Rs 1.88 trillion in FY22 from Rs 1.35 trillion in FY21. This accounted for 5.4% of the government’s budgeted expenditure for FY22 of Rs 34.83 trillion.
RIL, which became the first Indian company to cross $100 billion in annual revenues, also filed 152 patent applications in FY22, of which 123 were granted. The company R&D spend in FY22 was at Rs 2,608 crore.