Ambani unveils next phase of growth at Reliance Industries

'I am pleased to inform you that this year, Reliance is among the world's Top 50 most valuable corporations,' RIL chairman & MD said

MUMBAI: Billionaire Mukesh Ambani on Thursday unveiled the next phase of growth at Reliance Industries Ltd, with retail and telecom worth over $100 billion each, doubling revenues and pre-tax profit in 3-4 years, new energy business becoming profitable by 2031, and core oil and chemical business continuing to be the robust growth engine.

The sprawling conglomerate with interests in refining, oil and gas, petrochemicals, telecoms, retail, and media is on track to more than double in size before the end of the decade, Ambani, chairman and managing director of Reliance, told company shareholders.

While the growing cash cow, the oil and chemicals business, Reliance will step up AI adoption and will launch 'Jio Brain' a suite of AI tools and platforms and set up gigawatt scale IAready data centres in Jamnagar in Gujarat "to create the world's lowest AI inferencing cost" to make such applications more affordable in India than anywhere else.

Ambani also announced upto 100 GB of free cloud storage for users of his group's telecom venture Jio - a move seen as disrupting the market.