With Mukesh Ambani as chairman, Reliance Industries marks double-digit growth

Reliance Industries Chairman and Managing Director Mukesh Ambani will complete two decades at the helm of Reliance Industries in 2022. The CMD took over the reins of the company after the demise of his father and Reliance founder Dhirubhai Ambani on July 6, 2002.

In its current tenure of 20 years, the company has managed to achieve consistent double digit growth in revenue, profit, net worth, assets as well as market capitalization. Among many achievements, RIL’s market capitalization has grown at an annual rate of 20.6 per cent over the last 20 years. 41,989 crore in March 2002 17,81,841 crore in March 2022.

It also managed to generate revenue at an annual rate of 15.4 percent. 45,411 crore in the financial year 2001-02 792,756 crore in the financial year 2021-22.

Not only revenue, its net profit grew by 16.3 percent Rs 3,280 crore in the financial year 2001-02 67,845 crore in the financial year 2021-22 while its exports increased by 16.9 percent. 11,200 crores in the financial year 2001-02 254,970 crore in the financial year 2021-22.

Reliance’s total assets grew at an annual rate of 18.7%. 48,987 crore in March 2002 14,99,665 crore in March 2022 while its net worth grew at an annual rate of 17 percent 27,977 crore in March 2002 645,127 crores in March 2022. RIL added The total wealth of investors in these two decades is Rs 17.4 lakh crore, which is an average of Rs. 87,000 crore every year, according to a statement by RIL.

Under Mukesh Ambani’s leadership, Reliance also launched Reliance Jio operations in 2016 and Reliance Retail in 2006, while its exploration and production business made the first hydrocarbon discovery in late 2002 and production began in 2009.

Reliance’s traditional businesses of refining and petrochemicals have also flourished and grown manifold in the last two decades. In 2002, Reliance had a refinery in Jamnagar. By 2009, a second 100 per cent export-oriented unit (EOU) refinery was set up, almost doubling RIL’s refining capacity, with the unique ability to convert even the worst crude into exportable fuel. With this, Jamnagar became the largest single-location refining complex in the world.

The Jamnagar Phase 3 (J3) expansion from 2012 to 2016 added some of the world’s largest and most unique downstream units. For example, Reliance set up the world’s largest refinery off-gas cracker at Jamnagar. RIL has also added the world’s largest petcoke gasification unit, the company statement said. It also set up the world’s first virtual pipeline around the world to import ethane from the US to diversify the feedstock.

The Reliance Foundation, backed by Reliance Industries, came under the leadership of Nita Ambani in 2010 to spearhead the company’s philanthropic initiatives. According to the statement, it has managed to touch the lives of more than 6.3 crore people in India by 2022 through various initiatives such as rural empowerment, nutritional security, ecological conservation, education and sports. Reliance Foundation is India’s largest Corporate Social Responsibility initiative in terms of reach as well as expenditure.

After the launch of Jio, India became the data capital of the world and the cost of data or GB fell from 500 12. India’s ranking in broadband data consumption rose from No. 150 in 2016 to No. 1 in 2018, thanks to Jio, the statement said.

With Reliance Retail, residents of Tier II and Tier III cities will now have shopping experiences at par with the likes of metro cities.

Now, Reliance Retail has brought global brands like Armani, Gas, Diesel and others across India through partnerships. According to the company, India now has a world-class convention center in Mumbai, which has one of the world’s best infrastructure for international exhibitions, conferences and meetings. The Geo World Center will host the next session of the International Olympic Committee in 2023.

Reliance Industries said it laid the foundation for New Energy Business Committing 75,000 crore investment over three years for setting up five exclusive integrated Giga Factories in Jamnagar with world’s latest technology. It will feature the latest ‘quartz-to-module’ solar panels. The ultimate objective is to emerge as the world’s lowest cost producer of solar power and green hydrogen.

Reliance aims to become net carbon neutral by 2035, contributing to India’s net carbon neutral mission. Reliance will commission a 10 GW solar PV cell and module factory by 2024, which will be scaled up to 20 GW by 2026. By 2025, RIL plans to switch to green hydrogen from captive solar power plants to generate round-the-clock electricity and intermittent power. ,

According to the company’s statement, Reliance created a capital fundraising record during the toughest period of the Covid lockdown in 2020-21. increased more than 2.5 lakh crore through rights issue, and sale of minority stake in Jio Platforms and Reliance Retail Ventures to global marquee investors. During the financial year 2020-21, Reliance was the largest foreign direct investor (FDI) generator for India.

Reliance Petchem is leading India’s sustainability solutions in the polyester sector, the company said, adding that it is actively supporting India’s textile value chain in adopting sustainable, circular concepts.

Reliance Industries brought in BP, one of the global petroleum industry leaders, as a partner in its Indian fuel retail business. The company also said that Reliance Mobility Solutions has brought the latest technology and offerings to consumers at petro-retail outlets through the Jio-BP brand. It aims to provide a new experience of buying fuel with high quality service and future-ready retail outlets with charging and battery swap facilities.

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