RIL’s $150-bn capex in 10 yrs biggest ever in India

Mumbai: Reliance Industries Ltd (RIL) has cumulatively invested $150 billion (Rs 12.39 lakh crore) in the last 10 years, the biggest by any Indian corporate, its Chairman and Managing Director Mukesh Ambani said on Monday.

Speaking at the 46th Reliance annual general meeting (AGM), Ambani said Reliance has been the forerunner of emerging new India. “We have set seemingly impossible goals and achieved them,” he said.

Mukesh Ambani has appointed his three children Isha, Akash, and Anant to the board of the company which he will continue to chair for five more years. Till now, the three children were involved only at operating business-level and none were on the board of the India's largest listed company.

AI for all, everywhere

Jio Platforms is keen to lead efforts in developing India-specific AI models and AI-powered solutions across domains, delivering the benefit of this new-age technology to Indian citizens, businesses and government, Ambani said promising ‘AI to everyone, everwhere.’

Terming Artificial Intelligence (AI) as the most exciting frontier of growth for Jio, Ambani pledged the company’s commitment to create up to 2,000 MW of AI-ready computing capacity, across both cloud and edge locations.

Jio Financial to enter insurance sector

Reliance will enter the insurance segment to offer simple, yet smart life, general, and health insurance products through a seamless digital interface, potentially partnering with global players.

“Jio Financial Services, the newest addition to Reliance Industries will enter the insurance sector.It will use predictive data analytics to co-create contextual products with partners and cater to customer requirements in a truly unique way,” said Ambani.

This is a highly capital-intensive business. Reliance has capitalised JFS with a net worth of Rs 1.2 lakh crore crore to create one of the world’s highest capitalised financial service platforms at inception, he added.

RIL CMD told shareholders at the company's AGM that the conglomerate will create more value for all its stakeholders over the next decade and will be multiple times greater than what it has generated over the past 45 years.

“I am confident that as India grows from a $2,500 per-capita economy to a $10,000 per-capita economy, Reliance Retail will be our fastest growing business in revenues and EBITDA,” he said.

Earlier in 2020, RRVL had raised Rs47,265 crore ($6.4 bn) from global private equity funds for a 10.09 per cent stake, valuing the company at more than Rs4.2 lakh crore. The company had raised funds from Silver Lake, KKR, Mubadala, Abu Dhabi Investment Authority, GIC, TPG, General Atlantic and Saudi Arabia's Public Investment Fund at a valuation of around $57 billion at that time. RRVL, is aggressively expanding its business here by acquiring companies and getting franchise rights of leading international brands for the Indian market.

In its latest annual report, RIL had said Reliance Retail had achieved a significant milestone of crossing a billion transactions and its registered user base has grown to 249 million. In FY23, Reliance Retail's digital commerce and new commerce businesses contributed to 18 per cent of its revenue, which stood at Rs2.60 lakh crore.