Continuing with a mind-set of investing in India and in her future, Mukesh Ambani, Chairman of Reliance Industries Limited (RIL), at the 38thAnnual General Meeting held on Thursday in Mumbai, promised to the company’s shareholders that the company will invest nearly Rs. 1 lakh crore over the next five years in India to build ‘a stronger and more diversified Reliance’.
Conveying the promise of a buoyant future via a holistic enterprise growth, Mukesh Ambani shared with the company’s shareowners his ambitious plans to double the company’s operating profit over the next five years on the back of investments across all of company’s core businesses and margin improvement projects in a new capacity as well as boosting Reliance’s consumer business front, which will form a significant part of the company’s value over the next decade.
The theme for MukeshAmbani’s statement this year was ‘Partnering for India’s New Future’. The enthusiasm expressed by him did manage to rouse invigorated optimism among his fellow shareowners; a sentiment quite rare among business investors in the current spate of mounting inflation, adverse foreign exchange rate movements, surging economic upheavals and policy paralysis. Nevertheless, the promise of continuously pedalled efforts in the direction of more partnerships – domestic and international – and sustained financial strength, assured a promising outlook for the company over the upcoming years. “In spite of adverse conditions, Reliance has grown stronger by expanding its asset base and significantly improving its financial position. We have also improved our competitive position in our core businesses. It is today among the most profitable companies in its sectors globally,” stated Mukesh Ambani in his AGM address. He also made a note of RIL’s plan to strengthen investments in organised retail and telecom services business which, he exclaimed, will create new waves of growth and value for Reliance.
Presently RIL is working on augmenting its gas output to 60 mmscmd over the next 3-4 years,at the same time strengthening its petrochemicals portfolio globally. The company is also eyeing a six-fold jump in its retail business through improved processesand new partnership frameworks. RIL’s telecom venture, which will see the company roll out the next generation 4G broadband services, is closing completion and is expected to be a ‘significant value creator’ for the firm and its shareholders over the next five years of the company’s operations. With its new strategy of partnerships, Reliance is looking to contribute even more decisively to India’s ‘new future’ and its own too.