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Reliance Industries Limited (RIL) plans to make clean energy not only available but also accessible and affordable, ensuring energy self-sufficiency for India, Chairman and Managing Director Mukesh Ambani stated in the company’s FY24 annual report released on August 7.
The new energy business of Reliance aims to play a crucial role in the global shift towards cleaner fuels, the report highlighted. Ambani highlighted the company’s dedication to reaching Net Carbon Zero by 2035, mentioning the swift progress of the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar. This Giga complex is set to become one of the world’s largest end-to-end integrated renewable energy manufacturing facilities.
In addition to renewable energy, Reliance is also exploring multiple technologies to capture and recycle carbon. Ambani reiterated the company’s focus on innovative solutions for sustainable energy.
On the domestic front, Ambani mentioned that despite global challenges, India’s demand for downstream chemicals has remained robust. Reliance’s oil-to-chemicals (O2C) business demonstrated resilience amid these headwinds. The company’s domestic production increased by 53.2% year-over-year in FY24, reaching 268.6 billion cubic feet equivalent (BCFe).
Ambani also highlighted India’s growing recognition as an innovation hub. He noted that Jio, Reliance’s telecom arm, continues to enhance the nation’s digital infrastructure and capabilities. The company is investing in emerging technologies such as artificial intelligence (AI), machine learning (ML), augmented reality (AR), virtual reality (VR), robotics, and natural language processing.
Despite global economic volatility and significant headwinds, Ambani credited Reliance’s strategic depth, talented teams, and resilient domestic markets for navigating these challenges effectively.
Reliance Industries’ consolidated EBITDA grew by 16.1% year-over-year to Rs 1,78,677 crore in FY24, while consolidated net profit increased by 7.3% year-over-year to Rs 79,020 crore.