Reliance to more than double in size by 2030: Mukesh Ambani

In a speech that spanned nearly 130 minutes at the 47^th AGM of Reliance Industries Ltd (RIL), Mukesh Ambani on Thursday promised a lot more to his shareholders and consumers.

Promising that RIL is well on track to more than double its size by 2030, Reliance Group Chairman Mukesh Ambani said that Reliance Jio and Reliance Retail are expected to double their revenues and EBITDA in the next 3-4 years.

Reliance Group, which already has the country’s most valuable company RIL under its umbrella, is sitting on what Mukesh Ambani calls his five growth engines – O2C, Retail, Jio, Media and Green Energy. According to Ambani, “three of these engines have a valuation of over $100 billion each, and they will continue to grow even faster.”

Reliance has said it is betting big on its New Energy business which it claims will be the new jewel in its crown. Mukesh Ambani foresees it “becoming as big and profitable over the next 5-7 years, as RIL’s O2C business which has been built over the past 40 years.”

As part of its growth plans, RIL announced big investments in the Artificial Intelligence (AI) space, harnessing it to power its way forward. In a big move, Mukesh Ambani unveiled the ‘Jio Brain’ to accelerate AI adoption within the group and also announced the Reliance Group will set up a gigawatt-scale AI data centre in Jamnagar.

Ambani has been quick to assure his shareholders that Reliance Group is keeping a watch on its finances as well. “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”, said RIL Chairman at the AGM.

“I am pleased to inform you that this year, Reliance is among the world's Top 50 most valuable corporations”, said Ambani at the AGM, promising that the group will soon be in the global Top 30 list.