Mumbai: Reliance Industries (RIL) released its annual report, emphasising its commitment to new energy solutions. chairman and managing director, Mukesh Ambani, stated that the era of fossil fuels is coming to an end. The company seeks shareholders’ approval to extend Ambani’s term as MD till 2029 without a salary.
The demerged Jio Financial Services, expected to be listed soon, will leverage digital and retail businesses. Reliance Jio received a $2.2 billion fund support from the Swedish Export Credit Agency (EKN) for financing 5G rollout equipment, relying on telecom gear from Ericsson and Nokia.
Ambani highlighted the company’s progress in the solar value chain and green hydrogen initiatives, aiming to offer affordable green hydrogen as an alternative to traditional fuels.
The oil to chemicals (O2C) and oil and gas segments contributed over half of RIL’s total Ebitda in FY23. Ambani emphasised the transformation of the O2C business towards renewable sources and newer energy technologies.
RIL plans to establish a world-class solar energy value chain and build a green hydrogen ecosystem, with a goal to transition to green hydrogen by 2025.
Ambani will address shareholders at the 46th annual general meeting on 28 August and seek re-appointment for another five-year term starting from April 2024.
The AGM will focus on new energy business developments, and the O2C business aims to shift from commodity product supplier to customer ownership through solutions and services.
The annual report also noted a 10-year high in domestic oil production, expecting healthy demand due to steady economic growth. The recently demerged financial services entity aims to provide innovative digital-first solutions and unlock value for shareholders.
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