Ready for next level of growth, consolidated balance sheet: Mukesh Ambani | Company News
Mukesh Ambani, chairman and managing director of Reliance Industries (Photo: Bloomberg)
Mukesh Ambani, chairman and managing director of Reliance Industries, informed shareholders that the company is ready for the 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.”
Commenting on the global economy, Ambani said, “In this world of volatility and uncertainty, India is shining as a beacon of stability and prosperity.”
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.”
Taking note of supply chain issues, Ambani said, “Over the past couple of years, volatility in trade flows and supply chain disruptions have affected the energy sufficiency of multiple economies. With visionary and prudent leadership, the resilience and stability of the Indian economy amid such a global crisis is truly unparalleled.”
Ambani highlighted the company’s oil and gas division, with the commissioning of MJ Field, KG-D6 block now accounts for approximately 30 per cent of India’s domestic gas production.
On the progress of the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, Ambani added, “It is progressing rapidly.” 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.”
First Published: Aug 07 2024 | 3:38 PM IST
