Mukesh Ambani, chairman and managing director of Reliance Industries (Photo: Bloomberg)
Reliance Industries Limited (RIL) has consolidated its balance sheet and is ready for the next level of growth, the conglomerate’s chairman and managing director Mukesh Ambani told shareholders.
RIL released its annual report for the financial year ending March 2024 on Wednesday.
“Reliance has consolidated its balance sheet after the previous round of capex and is ready for the next level of growth,” Ambani said.
Commenting on the global economy, the RIL chairman said, “In this world of volatility and uncertainty, India is shining as a beacon of stability and prosperity.”
And that the “world is increasingly recognising India as an innovation hub,” he said, while adding that India is faring much better than other economies.
“Over the past couple of years, volatility in trade flows and supply chain disruptions have affected the energy sufficiency of multiple economies. With visionary and prudent leadership, the resilience and stability of the Indian economy amid such a global crisis is truly unparalleled.”
Talking about the company’s oil and gas division, Ambani said that with the commissioning of MJ Field, KG-D6 block now accounts for Rs 30 per cent of India’s domestic gas production.
While referring to the company’s digital services arm Jio, Ambani said, it will “continue to play a stellar role in building the nation’s digital infrastructure and capabilities.”
Ambani also said that the conglomerate’s another mega project, Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, is progressing fast.
The annual report noted the phased commencement of operations at the Solar PV giga factory is anticipated by the end of 2024.
Part of the larger clean energy plan, the annual report said, “By 2030, 100 gigawatt (GW) of renewable energy capacity will be established and enabled.”
Sharing future plans, Ambani said the company was also exploring multiple technologies for capture and recycling of carbon.
“Our R&D teams are working round-the-clock, devising solutions that can leverage novel techniques in the carbon recycling process,” the Reliance chairman said.
First Published: Aug 07 2024 | 3:38 PM IST
