Reliance IndustriesChairman and Managing Director Mukesh Ambani has announced plans for 100GW of renewable energy generation by 2030, entry into the insurance space through Jio Financial Services (JFS), and numerous initiatives related to 5G and artificial intelligence under the Jio platform. It presented a blueprint for group companies, including initiatives. .
“I am confident that the value your company will create for all your stakeholders over the next 10 years will be several times the value you have created over the past 45 years,” Mukesh Ambani said at the company's 46th general meeting.
He said the new Reliance was a harbinger of an emerging new India and that the $150 billion invested in the past decade had helped it achieve “seemingly impossible goals”.
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“The best way to describe this new Reliance is that we have become a new-age technology company with unique capabilities. Today, we are a net producer of technology and a large-scale deployer of technology. and a democratizer of technology,” he added.
Asked about the company's priorities in building a new energy ecosystem and its capital commitment of Rs 75,000 crore, Ambani said providing a fully integrated end-to-end solar manufacturing ecosystem is a priority. This is expected to be completed by 2020, he said. As part of its renewable energy efforts, the company also plans to promote wind power generation. “Towards this, we have made significant progress in developing the manufacturing ecosystem essential to delivering giga-scale, cost-effective wind power,” he said.
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Read: Reliance Industries aims for 100GW of green energy: Ambani unveils ambitious plans for energy transition
geofin service
reveal his plan Geo Financial Serviceswhich went public last week, Ambani said the company was conceived to fill a critical gap in the financial needs of a large section of the Indian economy.
Jio Financial is looking at possibilities of partnering with global companies and plans to use predictive data analytics to jointly develop contextual products with partners that cater to customer requirements, RIL Chairman Mukesh said. Ambani said at the shareholders' meeting.
Ambani attributed Jio Financial's growth potential to its digital-first architecture, sound capital management, net worth of Rs 1,200 crore and a strong management committee led by KV Kamath.
“Like Jio and Retail, JFS will also be a valuable addition to the Reliance ecosystem of customer-facing businesses,” he said.
In its digital business, Reliance announced a slew of new services, including Jio AirFiber and smart home services, which will be launched on September 19. Ambani also announced that Jio Platforms will lead the development of India-specific AI models and AI-powered solutions across various sectors. The RIL chief also pledged the company's commitment to create up to 2,000 MW of AI-enabled computing capacity across both cloud and edge locations while adopting sustainable practices and a greener future.
5 key principles
Ambani said future plans follow five fundamental principles aimed at creating value.
One is to intentionally choose to partner with businesses that have significant pent-up demand and persistent demand, ensuring that they grow at a healthy rate of growth every year for decades. Growth businesses such as petrochemicals, retail, Jio and now Jio Financial all met this value creation criterion.
Second, its growth was driven by providing customers with the highest quality products and services, building customer trust and loyalty, which led to continued revenue growth. “In fact, we are transforming the market and gaining customer loyalty by constantly offering better alternatives. And this also creates enduring demand.”
The third guiding principle was to disrupt the sector through new technology and innovation. “Our business operations are fully digital, agile and efficient, making us cost-competitive. This ensures a larger market share, the highest quality output and industry-leading profits. will be realized.”
The fourth principle is to drive growth through business discipline, which means a strong focus on prudent capital allocation and financial management.
The fifth principle was that growth is driven by global market potential. Mr. Ambani said his company's business has achieved a leadership position in the country and is now in a position to test the global market.
Ambani spoke about the importance of talent in the value creation process, saying the company is building a strong pipeline of “young and highly capable leaders.”
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