Cash-rich Reliance eyes new businesses
Reliance Industries Ltd, which is sitting on a cash pile of Rs 42,000 crore, has set its eyes on new businesses, with plans to boost them with the latest state-of-the-art technologies besides forging partnerships for growth in the new decade.business Updated: May 09, 2011 02:14 IST
Reliance Industries Ltd, which is sitting on a cash pile of Rs 42,000 crore, has set its eyes on new businesses, with plans to boost them with the latest state-of-the-art technologies besides forging partnerships for growth in the new decade.
Stating this in its annual report for 2010-11, Reliance — the company that clocked a net profit of Rs 20,286 crore on a revenue of Rs 258,651 crore for 2010-11 — said it will look to grow in the digital and financial services business along with its traditional businesses of energy, petrochemicals and textiles.
And for this, Reliance said it will be betting on young talent for the company's growth in the next 30 years."At the beginning of a new decade, we will be investing in technology to create new businesses of the future, and product and services offerings that don’t exist today," the company said in its annual report. "We will do this through partnerships to gain access to technology, markets, products and competencies."
While talking about digital services, Reliance Industries chairman and managing director, Mukesh Ambani in a letter to the sharholders said the company envisages significant value addition for consumers as also operators with the new services and connectivity,
Touching upon his company's foray into the financial services secror, Ambani said several international companies have approached Reliance to become their partner for financial services sector. He also said that the company wants to grow in the sector through partnerships with leading global companies.
While talking about new business and forging partnerships, Ambani also emphasised that his company is betting on young talent for the next 30 years of growth in the company.
"It was the youth in their 20s and 30s who brought RIL to this pedestal over the last three decades... going forward the intent is to pass the baton on to young leaders over the next 2 to 3 years," said the company's annual report.