Mukesh Ambani unveils mega growth plans at Reliance AGM
19 June 2010
Reliance Industries chairman Mukesh Ambani on Thursday unveiled the group's mega plans for power and telecom sectors to double RIL's enterprise value to $160 billion in 10 years.
Addressing shareholders at RIL's 36th AGM in Mumbai yesterday, Mukesh Ambani also spelt out RIL's intent to supply gas to Anil Ambani group's power plants. Ambani said as and when the power plants of ADAG were ready to receive gas, RIL would commence supplies to them subject to government granting allocation.
RIL, India's most valuable company with a Rs345,000 crore market capitalisation, plans to leverage its strong balance sheet to establish a strong presence in coal, thermal and nuclear power and add capacity to produce polyester and chemicals to create "unprecedented value" for investors.
Ambani, the richest man in Asia, said RIL was poised for a "big surge forward" and would use its strong finances for "inorganic" growth in sectors like telecom.
"It took three decades for RIL to create an enterprise value of over $80 billion (Rs370,000 crore). I feel hopeful and confident that RIL can accomplish value creation of a similar magnitude in less than a decade," he said, while proposing 70 per cent dividend or Rs7 a share for 2009-10.
Mukesh spelt out RIL's growth plans in several key sectors including: