ON JUNE 24, Mukesh Ambani, the Chairman and Managing Director of Reliance Industries Ltd. (RIL), said his company achieved a net debt-free balance sheet after raising $44.4 billion through a mix of equity sale, rights issue and asset monetisation in FY2021. Addressing shareholders virtually at the 44th Annual General Meeting, he announced a mega investment in sunrise sectors. “Initial investment from our internal resources in the new energy business will be over $10 billion in three years,” he said. RIL registered a net profit of ₹53,739 crore in FY2021, 34.8% more than the previous year.
The growth template laid out by India’s largest business enterprise is not something unique. Hundreds of Indian companies have been utilising the Covid-19 induced economic disruption to become leaner and financially healthier. This means they are ready to make fresh investments in capacity addition and expansion.
JSW Steel, for instance, plans to spend around ₹28,000 crore to expand steel-making capacity from 24.5 million tonnes (MT) to 36.5 MT by March 2024, Tata Motors is investing ₹28,900 crore – in subsidiary Jaguar Land Rover and hydrogen fuel cell vehicles – in FY2022, while Adani Ports and SEZ Ltd. is planning a capital expenditure (capex) of about ₹4,000 crore in FY2022. Similarly, Aditya Birla Group has budgeted ₹2,600 crore for capex this year, while another group entity, Ultratech Cement Ltd, has set aside ₹1,500 crore. Telecom major Airtel says its FY2022 capex may be $5 billion, up from $4.6 billion the previous year, as it gets ready to offer next generation services (including 5G) in the coming years. The list goes on.
This story is from the December 2021 edition of Fortune India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 2021 edition of Fortune India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
ANGELINA'S PLAN TO DESTROY BRAD
AT IT AGAIN! A SOURCE SAYS ANGELINA JOLIE IS THREATENING TO RELEASE SECRET TAPES OF BRAD PITT BEING ABUSIVE.
WHY BREAST CANCER COMES BACK!
What every gal needs to know
Baby, This Is Motherhood
Welcoming 14-month-old son Leo put everything into perspective for Keke Palmer.
MAN, OH, MANDRELL!
Barbara's making a music comeback
On the Rebound
Her brand has hit a rough patch but J.Lo is already on to the next thing
On The Case
Girls Next Door alum Holly Madison dives into true crime stories in Lethally Blonde
MARGOT FUMES AS SHAKIRA TOYS WITH BARBIE!
DOLLFACE Margot Robbie is normally mild-mannered, but Shakira's Barbie zingers are getting under her skin and spies say she's telling people to keep the witch away from her - or else!
This Is a New Chapter in Our Lives
Welcome to suburbia! Bravo's buzzy new spinoff features a few familiar faces along with some fresh blood
INSECURE K-CLAN BEACH BUNNIES KICK SAND IN EACH OTHER'S FACES!
Mean momager Kris stirs the pot from 3,000 miles away!
BALDWIN'S LOOK ARE SHOT TO HELL!
Stress is killing old matinee idol
J.Lo to Ben: I WANT A BABY!
After getting a second chance at love, Jennifer Lopez wants a baby with Ben Affleck.
SHE'S THE STAR!
AS THE NEW SEASON OF THE REGENCY-ERA ROMANCE ARRIVES, NICOLA COUGHLAN FINDS HERSELF FRONT AND CENTER.
KEVIN: I WANT TO COME BACK TO YELLOWSTONE!
Will Yellowstone patriarch John Dutton return to the ranch?
SACHA & ISLA WHY IT REALLY ENDED
How ego and fundamental differences torpedoed Sacha Baron Cohen and Isla Fisher's marriage
Ben's Secret Texts to Matthew's Ex
Ben Affleck's brief stint on the dating app Raya in 2019 produced one very interesting love connection.
Billionaire Kylie GOING BROKE?!
As sales reportedly dip for Kylie Cosmetics, the makeup mogul hatches new ways to make money
GARTH DITCHES TRISHA!
Garth Brooks raises eyebrows for skipping wife Trisha Yearwood's big moment at the CMT Awards
Kate's New Life
How Princess Kate has prioritized her children and relied on a tight inner circle, led by Prince William, for support during her brave cancer battle
Are The Kardashians Finally At Peace?
The disgraced athlete quietly haunted the reality stars' lives long after he was acquitted of murder
NEW WALLOP FOR WILD MAN WALLEN!
More rehab & Worse after latest boozy bust
ABOVE THE LAW!
Explosive court papers dish Scientology warred on lawmen to protect Masterson rape secrets
GIRL, 7, SELLS LEMONADE TO BUY MOM'S GRAVE MARKER
Raises $10G after tragedy
WHY TORI SPELLING CAN'T POOP ALONE!
DEAR DR. GILDA: What's the straight poop on Tori Spelling? The D-list actress says she can't go to the bathroom without someone watching her - is this normal?
JUNKIE SON TRASHING 'UNFIT' CHER
Tells court she can't manage her own life!
VAIN MARIAH OUT TO PUMP UP HER SHRINKING MELONS!
CHESTY songbird Mariah Carey is in total meltdown mode as her once-prized 34F breasts have shriveled in size and are sinking toward her navel, say sources.
LAUER & LEMON'S REVENGE FANTASY!
Toxic team aims to conquer world
BRIT BEGS SAM TO SAVE HER!
Sends coded messages to get under his skin
GOLDEN BACHELOR'S HOUSE OF CARDS!
GOLDEN Bachelor Gerry Turner and his bachelorette Theresa Nist tied the knot in a glitzy Jan. 4 TV ceremony — yet three months later, the honeymooners were still in a long-kiss-dance relationship.
INSIDE THEIR SHOCKING SPLIT
The Golden Bachelor's Gerry Turner and Theresa Nist end their three-month marriage amid tension over where to begin their life together
WYNONNA JUDD'S NEW HEARTACHE!
Troubled daughter tangles with law again, leaving own baby in jeopardy