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.
According to Business World, as a part of Reliance’s value-creation strategy for both our existing and new businesses, Ambani said that 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 3,300 billion, 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 400 billion, along with its Joint venture partner BP, in the Krishna Godaveri-D6 gas field assets.
