Reliance Industries Limited is well on track to more than double in size before the end of this decade and grow faster in the decades ahead, said Chairman and Managing Director Mukesh Ambani, while addressing the company’s shareholders at its 47th annual general meeting (AGM).
“This will further cement our position among the most respected and valuable companies in the world,” Ambani added.
For Reliance, wealth creation for India and value creation for all the company’s stakeholders are two sides of the same coin, said Ambani.
“Following in the footsteps of my father, Dhirubhai Ambani, I have always believed that for Reliance, wealth creation for India and value creation for all our stakeholders are two sides of the same coin. When India’s economy grows faster and stronger, which it surely will, it creates more opportunities for Reliance to grow all its businesses and create value exponentially. And when Reliance grows exponentially, which it certainly will, it will contribute more to India’s inclusive prosperity,” he said.
He added that RIL’s value creation strategy for the future rests on the solid foundation of its track record, which is matched by very few companies globally.
“When we celebrated our 40th anniversary in 2017, I had promised that Reliance would enter the world’s Top 50 before our Golden Jubilee. I am pleased to inform you that this year, Reliance is among the world’s Top 50 most valuable corporations. In July 2018, Reliance crossed the $100 billion valuation mark. And in just six years, we have become the first Indian company to cross $250 billion in market value. In 2022, I promised that Reliance would double its value by the time we complete 50 Glorious Years in 2027,” Ambani said.
Talking about the conglomerate’s value creation roadmap, he mentioned that RIL is uniquely positioned to grow new businesses around the adjacencies of all its five growth engines: O2C, Retail, Jio, Media, and Green Energy and Fuels.
“Today, three of these engines have a valuation of over $100 billion each, and they will continue to grow even faster. As I have already explained, Jio and Retail are expected to double their revenues and EBITDA in the next 3-4 years,” Ambani pointed out. He added that he sees immense growth potential in the group’s media business.
“Reliance has never rested on laurels. Complacency is not in our DNA,” he said.
Ambani noted that RIL’s new energy business will be the new jewel in Reliance’s crown.
“I foresee it becoming as big and profitable over the next 5-7 years, as our O2C business, which we had built over the past 40 years. And I am confident that Green fuels and AI-based solutions will become long-term growth engines for Reliance,” he said.
“I assure you that we will continue to operate within our prudent financial framework, allocating resources to projects and businesses that deliver superior returns to our shareholders while ensuring our balance sheet remains robust,” he added.
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