Reliance Industries – 50 years of India’s biggest company

Chairman Mukesh Ambani is leading the 50-year-old Reliance Industries toward renewables
Growth for India's most valuable company over the last 50 years has been nothing short of spectacular. What next for Reliance Industries?

Reliance Industries Limited may not be a household name outside India, but with a domestic market of 1.4 billion people and a business portfolio covering retail, energy, telco and other essential industries, times have never been better for the Mumbai-based conglomerate.

India’s most valuable private company with a current market capitalisation of US$206 billion, RIL was formed exactly 50 years ago by Dhirubhai Ambani – although his businesses began  15 years earlier. 

Early years were concentrated on the oil and gas sector but diversification and growth have seen RIL become a market leader in retail and owner of India’s largest mobile network, Jio.

Growth in recent years has been nothing short of spectacular – doubling its value in the last five years.

Youtube Placeholder

Like many energy companies, RIL is looking to move toward renewables. Speaking at the company’s AGM in 2022, chairman Mukesh Ambani told investors the company would build a 25GW solar plant by 2025 and 100GW plant by 2030.

Committed to achieving net zero by 2035, the company is building the sprawling Dhirubhai Ambani Green Energy Giga Complex over 5,000 acres at Jamnagar.

The company says its Reliance New Energy Limited (RNEL) business will be a mix of hydrogen, wind, solar, fuel cells, and batteries as it aims to bridge what it calls the ‘green energy divide in India and the world’.

RNEL has acquired and invested in several renewable energy companies, including sodium-ion battery tech company Faradion, high-performance battery company LithiumWerks, solar panel manufacturer REC, transport system skyTran, and solar software firm SenseHawk.

RIL chairman Mukesh Ambani – richest person in India

Chairman and managing director Mukesh Ambani is the son of Dhirubhai, taking over the company reins in 2002 following his father’s death. Since then, he has more often that not been named the richest person in India – although he was briefly overtaken in 2022 by Gautam Adani.

However, according to the latest Forbes billionaire tracker, Ambani is back on top in India, and ranked 15th richest person on the planet with a personal fortune of US$88.6 billion. In 2020, his wealth was ‘just’ US$36.8 billion.

A keen sports fan, Ambani is also currently the richest sports team owner in the world, as the man behind the Mumbai Indians cricket team.

Now aged 66, Ambani may well be looking to the future, and that means his children continuing the family business. Plans are already in place. Eldest son Akash is leading on telecom and digital business, his twin sister Isha is handling retail, and youngest son Anant is tasked with new energy.

******

For more business insights check out the latest edition of Business Chief Middle East & Africa and be sure to follow us on LinkedIn & Twitter.

You may also be interested in Business Chief US & Canada.

Please also check out our upcoming event - Sustainability LIVE in London on September 6-7 2023.

******

BizClik is a global provider of B2B digital media platforms that cover Executive Communities for CEOs, CFOs, CMOs, Sustainability Leaders, Procurement & Supply Chain Leaders, Technology & AI Leaders, Cyber Leaders, FinTech & InsurTech Leaders as well as covering industries such as Manufacturing, Mining, Energy, EV, Construction, Healthcare + Food & Drink.

BizClik – based in London, Dubai, and New York – offers services such as Content Creation, Advertising & Sponsorship Solutions, Webinars & Events.

Share

Featured Articles

Nirvik Singh, COO Grey Group on adding colour to campaigns

Nirvik Singh, Global COO and President International of Grey Group, cultivating culture and utilising AI to enhance rather than replace human creativity

How Longi became the world’s leading solar tech manufacturer

On a mission to accelerate the adoption of sustainable energy solutions, US$30 billion Chinese tech firm Longi is not just selling solar – but using it

How Samsung’s US$5billion sustainability plan is working out

Armed with an ambitious billion-dollar strategy, Samsung is on track to achieve net zero carbon emissions company-wide by 2050 – but challenges persist

UOB: making strides in sustainability across Southeast Asia

Sustainability

Huawei smartwatch goes for gold with Ultimate Edition

Lifestyle

How IKEA India plans to double business, triple headcount

Corporate Finance