Value creation in next 10 years to exceed value that RIL generated in 45 years: Mukesh Ambani to shareholders

Reliance Industries Ltd (RIL) Chairman and Managing Director Mukesh Ambani on Monday said he was confident that the value that RIL will create for all its stakeholders over the next decade will be multiple times greater than what it has generated over the past 45 years. He was speaking at the company’s 46th annual general meeting (AGM).

Talking about his company, Ambani noted that in less than three years, the valuation of Reliance Retail has almost doubled, notwithstanding the intervening Covid-19  pandemic. "Based on this valuation, Reliance Retail, had it been listed, would have ranked among the Top 4 companies  in India and Top 10 retailers globally. The pace of this value creation is unmatched globally. It is a testament to our unwavering commitment to quality,  innovation, customer-centricity, and adaptability," Ambani said. 

On New Energy business, Ambani said RIL was progressing well to deploy committed capital of Rs 75,000 crore to build New Energy manufacturing  ecosystem. He said his company was fast-tracking the execution of Dhirubhai Ambani Green Energy Giga Manufacturing Complex at Jamnagar. The priority is to deliver a fully-integrated, end-to-end Solar PV manufacturing ecosystem, he said.

"This will be one of the largest, most technologically advanced, flexible, and most cost-competitive Solar giga factory globally, and will  be converting sand into Solar PV modules. Our Solar giga factory will include manufacturing of PV Modules, Cells, Wafers and Ingots, Polysilicon, and Glass at a  single location in Jamnagar. We will target to bring the factory on-stream in a phased manner by the end 2025," he said.

Ambani said his company will also pursue wind power generation. "Towards this, we have made significant progress in developing a  manufacturing ecosystem critical to achieving cost-efficient Wind Power generation at giga scale," he said.

Ambani noted that every shareholder of RIL has received shares in JFS on a 1:1 basis following the recent demerger  of the financial services business. "This is equivalent to a mini bonus for our long-term investors," he noted.

Just like Jio and Retail, Ambani said, JFS too will prove to be an invaluable addition to the Reliance ecosystem of customer-facing  businesses.  "JFS will massively increase financial services penetration by transforming and modernising them with a digital-first  approach that simplifies financial products, reduces cost of service, and expands reach to every citizen through easily accessible digital channels," he said.

Ambani said with RIL's partner bp, the company has revived gas production in KG-D6 Block from near zero a few years ago to  about 20 million standard cubic meters per day (MMSCMD) in FY23. This is led by successful commissioning and  safe delivery of gas from R-Cluster and Satellite-Cluster projects in FY21 and FY22 respectively, he noted.