Reliance Group aims to double in size by end of decade
Reliance Industries is the most valuable Indian company with a consolidated turnover of $119.9 billion for FY24.
India’s most valued corporation, Reliance Group, aims to double its size before the end of this decade with the technology of artificial intelligence (AI) being one of the key enablers.
Addressing the 47th annual general meeting of Reliance Industries, Chairman Mukesh Ambani said, “Overall, the Reliance Group is well on track to more than double in size before the end of this decade and grow faster in the decades ahead. This will further cement our position among the most respected and valuable companies in the world.”
Reliance Industries ended FY24 with a consolidated turnover of Rs 10,00,122 crore ($119.9 billion) with a net profit of Rs 79,020 crore ($9.5 billion).
Reliance Industries Chairman Mukesh Ambani
During his speech, Ambani also recalled that in July 2018, Reliance had crossed the $100 billion valuation mark and in 2024 it became the first Indian company to cross $250 billion. “In 2022, I promised that Reliance would double its value by the time we complete 50 Glorious Years in 2027,” he remarked.
The Reliance Group has five key business segments: Oil to chemicals (O2C), retail, Jio (telecom), media, and green energy and fuels. According to Ambani, three of these businesses are valued over $100 billion and will continue to grow faster.
“Jio and Retail are expected to double their revenues and EBITDA in the next 3-4 years. I see immense growth potential in our media business. Our 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,” Ambani said.
The Reliance Industries chairman pegged AI as the game changer for the company and the country. “The birth of AI, perhaps the most transformative event in the evolution of the human race, has opened up opportunities to address a number of complex problems facing mankind,” he said.
“I am extremely confident that by harnessing the power of AI, India will leap into a future of unprecedented progress and prosperity,” Ambani said.
Edited by Affirunisa Kankudti