In the long run, Reliance Industries Ltd (RIL) will convert all the oil it refines into chemicals and new materials, CMD Mukesh Ambani told shareholders on Friday (June 19, 2026). 

“This transformation will fundamentally improve the quality, resilience, and value of our earnings. I am confident that our new Oil-to-Chemicals & Materials business, will become even more valuable than our current O2C business,” he said at the company’s AGM.

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He emphasised that the “ambition is to make Reliance the world’s leading integrated Energy and Materials company for the age of sustainability and intelligence.’

He said Reliance which has emerged as a partner for global chemicals and materials majors in this volatile world is open to flexible partnerships and co-building integrated complexes in India and abroad, anchored in the company’s integrated feedstock, unmatched manufacturing scale and execution capability, the lowest cost base, and a strong balance sheet. 

“India remains one of the most favourable geographies globally for expansion, and Reliance offers our partners a single, secure base to serve both – India’s large domestic market and global demand,” he said.

“The upcoming fully integrated green ecosystem will not only transform our Old Energy business, but also open up significant possibilities for Reliance’s and India’s future growth,” he pointed out. 

Reliance, with its five integrated engines of growth – UCG, Bioenergy, New Energy, O2C and the materials business – is now ready to deliver exponentially more value, Mr Ambani emphasised. 

With the New Energy & Materials platform, and an AI native way of working, Reliance is transforming its oldest business into a unique first-generation growth platform – “one that cannot be replicated on technology and scale,” he stated. 

Reliance under it’s New Energy mission will create two hundred thousand green jobs, Mr. Ambani said. 

“That is the number of green jobs we expect to create through the Giga Complex and the Kutch Solar Farm combined. Two hundred thousand Indians – engineers, technicians, operators, construction workers, farmers, and entrepreneurs – whose livelihoods will be built on clean energy,” he stated. 

The clean energy transition will be an engine of inclusive prosperity. It will create jobs, reduce import dependence, boost exports, lower energy costs for every Indian home and every Indian factory, and fulfil our obligation to save Bhoo Maata, (Mother Earth), from the climate crisis, he said. 

On India’s future ahead he said, “The world built its old energy on Middle Eastern oil. The world will now build its new energy on Indian sunshine.” The New Energy business is a third-generation business at Reliance, which it is building “with the purpose and passion of the First Generation.”