Reliance set for major transformation: Mukesh Ambani

Reliance Industries Ltd (RIL) is aiming at a business transformation initiative that would create a Reliance that is able to scale up existing businesses, add new businesses both organically and inorganically and accomplish all this with the least of stress, Mukesh Ambani, chairman and managing director of the group, said at the company's annual general meeting today.

Mukesh said Reliance would expand its Jamnagar petrochemical complex by adding two million tonnes a year of olefins and matching downstream capacities.

"Reliance has taken up new petrochemical capacity additions,'' he told shareholders at the company's 35th AGM here.
 
Reliance commercialised two transformational initiatives - the new petroleum refinery at Jamnagar and the deep-sea oil and gas production systems in the Bay of Bengal - Mukesh pointed out.

"The simultaneous commissioning of these two expansive initiatives is a testimony of the strength of Reliance in complex project execution and new value creation," he added.

While India made a big leap towards energy security with the two projects, Mukesh said the country's quest for rapid and broad-based economic growth amplifies her need for energy resources like never before.

"Reliance is now making significant contribution as an engine of the nation's economic growth- by lighting millions of people's lives; bringing smiles on thousands of farmers' faces; powering countless businesses, small, medium and big; catalysing employment generation for our youth; and by playing an important role in improving the environment," he said.