The value of the new business, including Reliance Industries’ energy, will reach १०० 100 billion
Information from the Wall Street brokerage Bemstein Research report
New Delhi: Billionaire Mukesh Ambani-led Reliance Industries Ltd plans to invest Rs 75,000 crore in new ventures in solar energy, batteries, fuel sales and hydrogen, valued at शं 100 billion.
The new solar business will be valued at ३ 36 billion (2.6 trillion), according to a report by Wall Street brokerage Bemstein Research.
Reliance currently operates in three segments – oil to chemicals (O2C) business, its oil refining projects, petrochemicals projects and fuel retail business, digital services – including telecom company Geo and retail business with e-commerce. The new energy sector will be the fourth division.
At the company’s annual general meeting last month, Ambani said he would invest Rs 75,000 crore in the new energy business over the next three years. The investment was announced.
According to the plan, the company will invest in solar energy, batteries and hydrogen. The company aims to produce clean energy that complements the environment.
Other big announcements made at the Annual General Meeting included the introduction of the new Geophone Nexus smartphone and the appointment of Aramco’s Chairman to the Board of Directors of Reliance Industries Ltd.
All these announcements have sent a positive message to all, including investors, that Reliance Industries has launched its O2C business.
Retail business will triple
Reliance Industries’ retail business is expected to triple in the next three to five years, according to a report by Wall Street brokerage Bemstein Research.
The company’s retail business will grow by as much as 35 to 40 per cent, the report said. Digital or new e-commerce business is projected to grow by 10 per cent.