Reliance Industries, which over the past decade added telecom, retail and finance to its core business of oil and chemicals, is now pivoting a green pathway, targeting net zero carbon emissions from its operations by 2035
Reliance Industries is ready for the next level of growth as the historically fossil fuel-heavy conglomerate pivots a green path agenda while consolidating its telecom business that turned data-dark India into a data-rich nation, its chairman Mukesh Ambani said.
In the firm's latest annual report, he said in the world of volatility and uncertainty, India is shining as a beacon of stability and prosperity.
India's most valuable company, which over the past decade added telecom, retail and finance to its core business of oil and chemicals, is now pivoting a green pathway, targeting net zero carbon emissions from its operations by 2035.
Ambani said the launch of Jio 4G mobile telephony services in 2016 "turned a data-dark India into a data-rich nation, supplying every Indian home with affordable, high-speed 4G data".
"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 said, adding the launch of affordable smartphone JioBharat will go a long way in making India '2G-mukt'.
On retail, he said as India's largest retailer, Reliance Retail is perfectly positioned to serve the consumption needs of a fast-growing economy.
While its all-encompassing range of products gains traction, its new commerce initiative is not just home deliveries of groceries to electronics but also supporting small indigenous merchants and kirana shop owners, he said.
The world now realising the enormous potential of India saw marquee names investing in Reliance Retail Ventures Ltd at USD 100 billion valuation, he said.
While consumer facing businesses grow, Reliance continues to invest in traditional fossil fuels. Its gas field in Bay of Bengal meets about 30 per cent of India's needs while world's largest single-site refinery at Jamnagar in Gujarat ensures a steady supply of fuel to both India and offshore markets.
All this while it invests in recycling and circular economy.
"Reliance has become the first Indian company to chemically recycle plastic waste-based pyrolysis oil into circular polymers," he said.
This is in addition to recycling of polyester and polyolefins, and converting PET bottles and plastic waste into road laying material.
"As we work towards our goal of attaining net carbon zero by the year 2035, the development of the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar is progressing rapidly," he said. "This giga complex will be one of the largest end-to-end integrated renewable energy manufacturing facilities globally."
Besides generating electricity from renewable sources like sunlight, it will produce solar modules and electrolysers to produce green hydrogen.
Reliance, he said, is also exploring multiple technologies for capture and recycling of carbon.
"We are confident that our new energy business will play a pivotal role in the global movement for adoption of cleaner fuels," he said. "Our target is not just to make
clean energy available, but also to make it accessible and affordable, thereby ensuring energy self-sufficiency for India."
The group's media and entertainment business consolidated its market share with record viewership of Indian Premier League T20 cricket on JioCinema.
It has also entered into a landmark agreement with The Walt Disney Company for creating a joint venture which combines the businesses of Viacom 18 and Star India. "The resultant JV will be one of the leading television and digital streaming platforms in India, bringing best-in-class entertainment," he said.
The across-the-board growth in business catapulted Reliance to becoming the first Indian company to cross the Rs 20 lakh crore threshold in market capitalisation.
"Reliance has consolidated its balance sheet after the previous round of capex and is ready for the next level of growth," he added.