Mumbai: Reliance Industries Ltd (RIL) aims to be among the top 20 companies in the world and become a leading provider of clean energy and solutions to the manufacturing sector as it enters its golden decade, chairman Mukesh Ambani said.
Ambani was speaking at the RIL Family Day celebrations held in Mumbai on 23 December to mark founder Dhirubhai Ambani’s 85th birth anniversary and celebrate the company’s 40 years in existence.
Outlining five goals, Ambani said he expects the younger generation at Reliance Industries to achieve them. Ambani said he wants RIL to become a leading global producer of innovative new materials to revolutionize manufacturing and improve the quality of life for people in general and Reliance Jio Infocomm Ltd to digitally transform segments including entertainment, financial services, commerce, manufacturing, agriculture, education and healthcare.
“As we enter our golden decade, we at Reliance are in a unique position to accomplish what very few companies in the world can even dream of. Can Reliance be among the top 20 companies in the world? Yes, we can and yes, we will," Ambani said at the gathering of nearly 50,000 employees and their families.
RIL ranks 203rd in terms of revenue, and 110th in terms of profit in Fortune’s Global 500 list of the world’s largest corporations.
With consolidated revenue of Rs3.3 trillion and net profit of Rs29,901 crore for the year ended 31 March 2017, Reliance Industries is India’s largest private sector company.
Ambani began his speech by paying tribute to his father Dhirubhai Ambani and other leaders who have contributed to the growth of Reliance. It is because of his father, Ambani said, that Reliance had grown from one employee to over 250,000; from a Rs1,000 company to over Rs6 trillion; from one city to 28,000 cities and towns, and over 400,000 villages.
Reliance Industries’s clean energy initiative could be in collaboration with its exploration and production partner BP Plc. This June, RIL and BP had said that the companies will expand their existing partnership for strategic cooperation on new opportunities across India’s energy sector.
In addition to the conventional transportation and aviation fuels retailing, the companies would collaborate on unconventional mobility solutions, addressing electrification, digitization and disruptive mobility trends.
“Together, these collaborations will seek to address the mobility needs of urban, rural/farm, industrial/commercial, and highway consumers in India, applying the leading capabilities of both partners," the companies had said on 15 June.
Reliance and BP are partners in the KG-D6 block where RIL holds a 60% stake and BP owns 30%. Canada-based Niko Resources Ltd owns the rest. The companies are also looking at opportunities in businesses as diverse as fuel retailing and solar power.