RIL's Green Energy Business Will Outperform All Other Ventures: Ambani

Reliance Industries (RIL) believes that green energy will be the new growth engine of the group and outperform its other businesses within 5-7 years. The company also plans to expand its businesses to newer markets. RIL chairman and managing Director Mukesh Ambani stated that the company has embarked upon this journey with a "vision of repeating" its success in wireless broadband.

RIL's true spirit of empathy and care has led it to chart its next path of transformation in order to help the world deal with climate change. Our investments in the green energy value chain will start to go live over the next 12 month, with an eventual scaling up over the next few years. Ambani stated that this new growth engine has great potential to outshine all of our existing growth engines within just 5-7 years." In the company's annual reports, Ambani stated.

RIL will create end-to-end solutions in green energy. This will ensure that everyone has access to clean, abundant energy at an affordable price. We will soon have the most affordable green energy in the world, just as India currently has the best wireless broadband. These solutions will be exported to other nations, helping them reduce carbon emissions," he said.

RIL began its green transformation in FY22. This will see India become the world's largest green energy producer. The business conglomerate announced in June that it would invest $10 billion over the next three-years in renewable energy. RIL's clean energy business would be focusing on the development of technologies, scaling capacity, and creating an Indian energy ecosystem that is net carbon neutral by 2035.

According to the annual report, Ambani received his salary for FY22 in keeping with his promise not to remunerate. For the second consecutive year, Ambani didn't receive any salary. In light of the Covid-19 epidemic in India, Ambani decided to forgo his FY21 salary in June 2020. Ambani's income was limited to Rs 15 crore in 2008-09, which is a personal example for moderation in managerial compensation.

RIL added 2.32 million jobs in FY22 to bring its total workforce up to 3.43 thousand at the close of fiscal. According to data from the annual report, 1.69 lakh retail jobs were created, while 57,883 were created by Reliance Jio Infocomm. From Rs 1.35 Trillion in FY21, the contribution of the energy-to-telecom conglomerate to the national exchequer increased 38.8% to Rs 1.88 trillion in FY22. This contributed 5.4% to the FY22 budgeted expenditure of Rs 34.83 trillion. RIL was the first Indian company with annual revenues exceeding $100 billion. It also filed 152 patent requests in FY22. 123 of these were granted. In FY22, RIL spent Rs 2,608 crore on R&D.