Apart from strengthening its position in the energy and material businesses, Mukesh Ambani led Reliance Group plans to take a leading position in renewables.

After giving its shareholders and the country a Jio bonanza, India’s largest conglomerate plans to tap the renewable energy sector, making itself future ready.

Speaking at the company’s 40th Annual general meeting , Mukesh Ambani pressed upon the company’s plans to invest in new sources of energy like renewable and in materials having multiple new applications.

As a part of Reliance’s value-creation strategy for both our existing and new businesses, Ambani says, “India’s energy and materials demand will grow steadily to meet the needs of a fast-growing economy and the rapidly increasing aspirations of our people. We will invest in new sources of energy, aiming for leading positions in renewable. ”

He mentioned that the company has invested over 1.3 lakh crore in its energy and material businesses in a bid to strengthen the ‘Make in India’ initiative and has asked the leadership team in other consumer businesses to set themselves a target of achieving profitability similar to the energy and materials business within the coming decade.

Elaborating on the business’s financial position, he says that the company has made total capital investment of 330,000 crores, which would start generating revenues in the coming months. Out of the total investments, energy business holds strong significance.

The company has recently announced to an investment of Rs 40,000 Crore, along with its Joint venture partner BP, in the Krishna Godaveri-D6 gas field assets.

“Our energy and materials businesses constitute a strong platform to generate stable, annuity-like cash flows with a potential to reach EBITDA of ` 100,000 crore within the next few years. The company over the last five years has made capital investment of Rs 3.3 lakh crore, of which Rs 1.3 lakh crore were in its energy and material businesses and the remaining Rs 2 lakh crore in digital services”, says Ambani.

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