Reliance currently has three verticals — oil-to-chemical (O2C) business that houses its oil refineries, petrochemical plants, and fuel retailing business; digital services that comprise telecom arm Jio; and retail including e-commerce. New Energy will be the fourth vertical.
At the company’s annual general meeting of shareholders last month, Ambani announced a plan to invest Rs 75,000 crore in a new energy business over the next 3 years in the next stage in its transformation. Under plans announced, the company will invest across solar, batteries, and hydrogen to create an integrated clean energy ecosystem.
Other big announcements at the AGM were the launch of the new smartphone JioPhone Next and the induction of Aramco chairman to the RIL Board, which is positive for the spin-off in the O2C business.