Mukesh Ambani outlines future plans, says 'Reliance ready for next level of growth'
RIL released its annual report for the financial year ending March 2024 on Wednesday. In the chairman's speech in the report, Ambani noted, “Reliance has consolidated its balance sheet after the previous round of capex and is ready for the next level of growth.”
FollowReliance Industries Ltd has consolidated its balance sheet after the previous round of capex and is ready for the next level of growth, its chairman and managing director Mukesh Ambani said outlining plans from net zero to roll-out of True5G telecom network and retail. He stated in the company's most recent annual report that India is a shining example of stability and prosperity in a world full of instability and uncertainty.
After incorporating telecom, retail, and banking into its core business of oil and chemicals over the last ten years, the most valuable corporation in India is now taking a greener route, aiming to achieve net zero carbon emissions from its activities by 2035.
Jio 4G mobile phone services, according to Ambani, "turned a data dark India into a data rich nation, supplying every Indian home with affordable, high-speed 4G data" when they were introduced in 2016. "And this year, Jio has further enhanced the country's digital infrastructure by rolling out its True5G network across India in world-record time," he stated.
Regarding retail, he stated that Reliance Retail, the biggest store in India, is in a prime position to meet the demands of the rapidly expanding economy in terms of consumption. As demand grows for its wide range of items, he added, the company's new commerce program supports local indigenous merchants and kirana store owners in addition to offering home delivery services for anything from groceries to electronics.
"Reliance has consolidated its balance sheet after the previous round of capex and is ready for the next level of growth," he said.
He added that the company’s digital services arm Jio will “continue to play a stellar role in building the nation’s digital infrastructure and capabilities.” He added, “The world is increasingly recognising India as an innovation hub.”
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 gigawatts (GW) of renewable energy capacity will be established and enabled.”
Sharing future plans, Ambani said the company is also exploring multiple technologies for capture and recycling of carbon. He added, “Our R&D teams are working round-the-clock, devising solutions that can leverage novel techniques in the carbon recycling process.”
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