Reliance Industries, an energy-to-telecom conglomerate, made a series of statements at its annual general meeting on Thursday, including a proposal for bonus shares, intentions to rank among the world's top 30 firms, and specific timetables for the new energy division.
The promoter did not provide any information about a potential offering for the firm's retail and telecom sectors, which was a significant announcement that the street was hoping for.
According to a notification filed with the stock exchanges, the firm's board of directors will meet on September 5 to examine and recommend a 1:1 bonus share issuance ratio. RIL's previous bonus share announcement occurred in 2017.
In his introductory remarks, Ambani stated that he saw RIL being one of the world's top 30 firms in the near future, up from its current ranking among the world's top 50 most valuable corporations.
"With our strategic adoption of deep tech and advanced manufacturing, I can clearly see Reliance earning a place in the top 30 league in the near future," added Mr. Singh. Reliance has now become a net producer of technology. Furthermore, the billionaire expects the new energy industry to generate earnings comparable to RIL's current oil-to-chemicals (O2C) operation during the next 5 to 7 years. "We believe that our new energy business will be truly unique—delivering cash flows that are less cyclical and more predictable," he added.
He also stated that digital services, Jio, and retail are anticipated to treble their revenues and EBITDA within the next three to four years. Ebitda refers to profits before interest, taxes, depreciation, and amortization.
Meeting street expectations, Ambani also provided specific dates for the new energy firm.
He stated that the multi-GW electrolyser production facility, which is currently under construction, will be completed by 2026. He noted that the integrated advanced chemistry-based battery manufacturing facility, with an annual capacity of 30 GWh, will start production in the second half of next year.
According to Ambani, RIL would begin by building battery energy storage systems (BESS) for utility-scale applications, followed by various pack solutions for the residential, commercial, industrial, telecom, and mobility markets. "Progressively, over the next few quarters, we will integrate backward to cell manufacturing and eventually to battery chemicals production," the CEO remarked.
The billionaire identified 2026 as the year to bring GW-scale solar power plants online round-the-clock (RE-RTC) in a staggered manner.
Ambani also plans to exploit the company's coastal infrastructure, which includes 2,000 acres of land at Kandla port, to obtain a competitive advantage in the production, storage, evacuation, and transportation of green fuels to domestic and international markets.
RIL, according to Ambani, is also increasing its bioenergy investments with the goal of having 55 operational compressed biogas (CBG) units by 2025. "Additionally, we have initiated an energy plantation pilot on 1,000 acres of arid wasteland to establish a first-of-its-kind integrated CBG plant," the CEO said.
The chairman also announced expansions in the oil-to-chemicals industry. He stated that the company is increasing capacity across both existing and new chemical value chains, including 1.5 million tonnes (MT) of PVC and CPVC by 2026-27.
Ambani further stated that the firm plans to construct one million tonnes of specialized polyester capacity by 2026-27, which will be merged backward with a three million tonne PTA capacity by 2027.
Ambani also mentioned the carbon fiber plant in Hazira, which is now under construction. RIL, he noted, intends to increase its Very Large Ethane Carriers (VLEC) fleet to nine from the current six, which are used to source ethane from North America.
