Reliance Industries Chairman and Managing Director Mukesh Ambani laid out a bold roadmap for value creation, emphasising the company’s commitment to exponential growth and wealth creation for India at the 47th Annual General Meeting. Drawing inspiration from the legacy of his father Dhirubhai Ambani, Mukesh Ambani said that Reliance’s growth has always been intertwined with the nation’s prosperity.
“Following in my father’s footsteps, 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 will create more opportunities for Reliance to grow all its businesses and create value exponentially,” Ambani said, reinforcing the company’s deeply rooted philosophy.
Ambani highlighted Reliance’s remarkable journey and underlined the company’s rise to the global elite. “When we celebrated our 40th anniversary in 2017, I promised that Reliance would enter the world’s Top 50 before our Golden Jubilee. I am happy to inform you that this year, Reliance is among the world’s 50 most valuable corporations,” he announced.
As a testament to the company’s rapid value creation, Ambani noted that Reliance crossed the $100 billion valuation mark in 2018 and in just six years, became the first Indian company to cross $250 billion in market value. Looking ahead, he reaffirmed his 2022 commitment that Reliance will double its value by 2027, stating, “Reliance is on track to double in size before the end of this decade and grow faster in the decades to come.”
Ambani highlighted the performance and future potential of Reliance’s five growth engines – Oil-to-Chemicals (O2C), Retail, Jio, Media and New Energy and Fuels. He highlighted that three of these engines already have valuations of over $100 billion each, and Jio and Retail are expected to double their revenues and EBITDA in the next 3-4 years.
“Our New Energy business will be the new jewel in Reliance’s crown. I foresee it becoming as large and profitable in the next 5-7 years as our O2C business that we built over the last 40 years. And I am confident that green fuels and AI-based solutions will become long-term growth drivers for Reliance,” he added, underlining the company’s focus on sustainability and innovation.
Ambani revealed that the company’s Board of Directors will meet on September 5 to consider the issue of bonus shares in a 1:1 ratio, reflecting the company’s confidence in its growth trajectory and its commitment to reward shareholders.
“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 that our balance sheet remains strong,” Ambani assured shareholders, seeking their continued support.
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